Acrysil Debt surged on 86.2% in 2015 and Net Debt / EBITDA surged on 0.7x from 2.0x to 2.7x
23-05-2015 • About Acrysil (
$ACRYSIL) • By InTwits
Acrysil reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Acrysil has high CAPEX intensity: 5 year average CAPEX/Revenue was 11.8%. At the same time it's a lot of higher than industry average of 8.4%.
- CAPEX is quite volatile: 47.2 in FY2015, 6.8 in FY2014, 16.2 in FY2013, 8.0 in FY2012, 6.7 in FY2011
- The company has highly profitable business model: ROIC is at 21.0%
- It operates with high leverage: Net Debt/EBITDA is 2.7x while industry average is 1.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Acrysil ($ACRYSIL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 552 | 614 | 796 | 1,065 | 1,271 | 19.4% |
| EBITDA | 106 | 76 | 133 | 186 | 248 | 33.2% |
| Net Income | 51 | 16 | 48 | 77 | 87 | 13.1% |
Balance Sheet
|
|---|
| Cash | 11 | 18 | 20 | 21 | 60 | 180.9% |
| Short Term Debt | 158 | 190 | 263 | 282 | 463 | 64.2% |
| Long Term Debt | 54 | 45 | 48 | 110 | 266 | 142.8% |
Cash flow
|
|---|
| Capex | 117 | 48 | 87 | 102 | 118 | 15.6% |
Ratios
|
|---|
| Revenue growth | -62.7% | 11.3% | 29.6% | 33.8% | 19.4% | |
| EBITDA growth | | -28.5% | 75.7% | 39.3% | 33.2% | |
| EBITDA Margin | 19.2% | 12.4% | 16.8% | 17.5% | 19.5% | 2.0% |
| Net Income Margin | 9.3% | 2.7% | 6.1% | 7.3% | 6.9% | -0.4% |
| CAPEX, % of revenue | 21.2% | 7.8% | 11.0% | 9.6% | 9.3% | -0.3% |
| ROIC | | 7.7% | 16.2% | 20.2% | 21.0% | 0.9% |
| ROE | | 6.6% | 18.4% | 25.0% | 23.1% | -1.9% |
| Net Debt/EBITDA | 1.9x | 2.9x | 2.2x | 2.0x | 2.7x | 0.7x |
Revenue and profitability
Acrysil's Revenue jumped on 19.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 21.6% to 23.5% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 9.3%. CAPEX/Revenue increased slightly on 1.5 pp from 7.8% in FY2012 to 9.3% in FY2015. It's average level of CAPEX/Revenue for the last three years was 9.9%.
Return on investment
The company operates at high and attractive ROIC (21.05%) and ROE (23.09%). ROIC increased slightly on 0.89 pp from 20.2% to 21.0% in FY2015. ROE decreased slightly on 1.9 pp from 25.0% to 23.1% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.7x and Debt / EBITDA is 2.9x. Net Debt / EBITDA jumped on 0.7x from 2.0x to 2.7x in FY2015. Debt jumped on 86.2% in FY2015 while cash surged on 181% in FY2015.
Appendix 1: Peers in Plastic Products
Below you can find Acrysil benchmarking vs. other companies in Plastic Products industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Astral Poly Technik ($ASTRAL) | 41.6% | 41.7% | 41.6% | 30.8% | |
| Shaily Engineering Plastics ($SHAILY) | | 14.9% | -16.0% | 23.3% | 19.2% |
| Wim Plast ($WIMPLAST) | -63.9% | 27.5% | 23.1% | 19.5% | |
| Jain Irrigation Systems ($JISLJALEQS) | | 20.9% | 2.1% | 16.1% | 5.6% |
| Responsive Industries ($RESPONIND) | -52.3% | 42.7% | 29.4% | 15.5% | |
| |
|---|
| Median (11 companies) | -50.4% | 18.2% | 23.4% | 12.6% | 12.4% |
|---|
| Acrysil ($ACRYSIL) | | 11.3% | 29.6% | 33.8% | 19.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Wim Plast ($WIMPLAST) | 18.5% | 18.1% | 17.9% | 18.1% | |
| Shaily Engineering Plastics ($SHAILY) | 11.5% | 14.3% | 13.9% | 16.0% | 14.8% |
| Astral Poly Technik ($ASTRAL) | 13.5% | 14.2% | 14.2% | 14.8% | |
| Jain Irrigation Systems ($JISLJALEQS) | 18.6% | 16.6% | 12.6% | 12.6% | 12.4% |
| Flexituff International ($FLEXITUFF) | 13.1% | 15.1% | 13.5% | 11.1% | |
| |
|---|
| Median (9 companies) | 11.1% | 12.2% | 11.2% | 11.1% | 13.6% |
|---|
| Acrysil ($ACRYSIL) | 19.2% | 12.4% | 16.8% | 17.5% | 19.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Flexituff International ($FLEXITUFF) | 11.0% | 10.8% | 10.3% | 15.7% | |
| Shaily Engineering Plastics ($SHAILY) | 1.9% | 3.7% | | 10.7% | 17.2% |
| Astral Poly Technik ($ASTRAL) | 9.3% | 11.9% | 8.4% | 8.6% | |
| Responsive Industries ($RESPONIND) | 18.7% | 14.7% | 10.3% | 6.9% | |
| Jain Irrigation Systems ($JISLJALEQS) | 12.2% | 10.9% | 6.0% | 5.7% | 3.6% |
| |
|---|
| Median (7 companies) | 5.4% | 10.8% | 8.1% | 6.9% | 10.4% |
|---|
| Acrysil ($ACRYSIL) | 21.2% | 7.8% | 11.0% | 9.6% | 9.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Astral Poly Technik ($ASTRAL) | 22.6% | 29.3% | 31.1% | 33.3% | |
| Wim Plast ($WIMPLAST) | 31.0% | 31.8% | 31.2% | 31.0% | |
| Shaily Engineering Plastics ($SHAILY) | 12.1% | 19.5% | 15.0% | 19.3% | 15.2% |
| Flexituff International ($FLEXITUFF) | 14.7% | 18.6% | 15.9% | 11.0% | |
| Jain Irrigation Systems ($JISLJALEQS) | 15.0% | 13.4% | 8.3% | 9.0% | 8.6% |
| |
|---|
| Median (21 companies) | 12.4% | 10.2% | 10.9% | 11.0% | 11.9% |
|---|
| Acrysil ($ACRYSIL) | | 7.7% | 16.2% | 20.2% | 21.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jain Irrigation Systems ($JISLJALEQS) | 3.4x | 3.8x | 5.1x | 4.8x | 4.8x |
| Flexituff International ($FLEXITUFF) | 3.5x | 2.2x | 3.1x | 4.3x | |
| Responsive Industries ($RESPONIND) | 1.9x | 3.3x | 2.9x | 2.4x | |
| Shaily Engineering Plastics ($SHAILY) | 4.0x | 1.9x | 1.8x | 1.9x | 2.6x |
| Astral Poly Technik ($ASTRAL) | 0.4x | 1.0x | 0.7x | 0.9x | |
| |
|---|
| Median (12 companies) | 2.4x | 2.1x | 2.3x | 0.4x | 3.7x |
|---|
| Acrysil ($ACRYSIL) | 1.9x | 2.9x | 2.2x | 2.0x | 2.7x |
