Excel Industries Net Income surged on 129% in 2015 and Revenue surged on 15.8%
23-05-2015 • About Excel Industries (
$EXCELINDUS) • By InTwits
Excel Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Excel Industries has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.5%. At the same time it's a lot of higher than industry average of 4.9%.
- CAPEX is quite volatile: 329 in FY2015, 353 in FY2014, 220 in FY2013, 240 in FY2012, 102 in FY2011
- The company has highly profitable business model: ROIC is at 20.3%
- It operates with high leverage: Net Debt/EBITDA is 1.3x while industry average is 1.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Excel Industries ($EXCELINDUS) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,750 | 3,155 | 3,841 | 4,159 | 4,816 | 15.8% |
| EBITDA | 346 | 267 | 417 | 406 | 723 | 78.0% |
| Net Income | 140 | 154 | 149 | 180 | 412 | 128.9% |
Balance Sheet
|
|---|
| Cash | 17 | 46 | 64 | 76 | 18 | -76.1% |
| Short Term Debt | 371 | 700 | 625 | 765 | 767 | 0.2% |
| Long Term Debt | 147 | 55 | 105 | 259 | 182 | -29.8% |
Cash flow
|
|---|
| Capex | 102 | 240 | 220 | 353 | 329 | -7.0% |
Ratios
|
|---|
| Revenue growth | -51.0% | 14.7% | 21.7% | 8.3% | 15.8% | |
| EBITDA growth | 38.6% | -22.9% | 56.4% | -2.6% | 78.0% | |
| EBITDA Margin | 12.6% | 8.5% | 10.9% | 9.8% | 15.0% | 5.3% |
| Net Income Margin | 5.1% | 4.9% | 3.9% | 4.3% | 8.6% | 4.2% |
| CAPEX, % of revenue | 3.7% | 7.6% | 5.7% | 8.5% | 6.8% | -1.7% |
| ROIC | 13.8% | 8.5% | 14.2% | 11.9% | 20.3% | 8.4% |
| ROE | 13.1% | 13.0% | 11.5% | 12.5% | 24.3% | 11.8% |
| Net Debt/EBITDA | 1.4x | 2.7x | 1.6x | 2.3x | 1.3x | -1.0x |
Revenue and profitability
Excel Industries's Revenue surged on 15.8% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from -2.5% to -0.61% in FY2015.
Net Income marign increased on 4.2 pp from 4.3% to 8.6% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Excel Industries's CAPEX/Revenue was 6.8% in FY2015. Excel Industries showed small CAPEX/Revenue decline of 0.77 pp from 7.6% in FY2012 to 6.8% in FY2015. It's average CAPEX/Revenue for the last three years was 7.0%.
Return on investment
The company operates at high and attractive ROIC (20.33%) and ROE (24.34%). ROIC increased on 8.4 pp from 11.9% to 20.3% in FY2015. ROE jumped on 11.8 pp from 12.5% to 24.3% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.3x and Debt / EBITDA is 1.3x. Net Debt / EBITDA dropped on 1.0x from 2.3x to 1.3x in FY2015. Debt decreased on 7.4% in FY2015 while cash dropped on 76.1% in FY2015.
Management team
Excel Industries's CEO Ashwin Champraj Shroff has spent 14 years at the company.
Appendix 1: Peers in Agrochemicals
Below you can find Excel Industries benchmarking vs. other companies in Agrochemicals 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 |
|---|
| Astec Lifesciences Limited ($ASTEC) | | 2.6% | 55.7% | 18.4% | 28.9% |
| Bhagiradha Chemicals & Industries ($BHAGCHEM) | | 15.2% | 113.6% | 18.4% | 25.9% |
| P.I.Industries ($PIIND) | | 22.2% | 31.0% | 38.9% | 21.6% |
| Rallis India ($RALLIS) | | 17.4% | 14.4% | 19.8% | 4.3% |
| Monsanto India ($MONSANTO) | | 2.9% | 16.8% | 33.6% | -4.6% |
| |
|---|
| Median (6 companies) | -59.4% | 15.9% | 18.2% | 19.8% | 13.0% |
|---|
| Excel Industries ($EXCELINDUS) | | 14.7% | 21.7% | 8.3% | 15.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monsanto India ($MONSANTO) | 18.3% | 15.1% | 16.4% | 7.3% | 20.9% |
| Astec Lifesciences Limited ($ASTEC) | 14.5% | 15.5% | 16.7% | 17.1% | 20.3% |
| P.I.Industries ($PIIND) | 15.5% | 17.0% | 15.8% | 18.4% | 19.6% |
| Rallis India ($RALLIS) | 18.2% | 16.2% | 14.7% | 15.2% | 15.4% |
| Jubilant Industries ($JUBLINDS) | 9.9% | 1.8% | 1.6% | | 15.3% |
| |
|---|
| Median (6 companies) | 14.5% | 15.1% | 14.7% | 12.9% | 17.5% |
|---|
| Excel Industries ($EXCELINDUS) | 12.6% | 8.5% | 10.9% | 9.8% | 15.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| P.I.Industries ($PIIND) | 13.5% | 13.4% | 13.2% | 4.0% | 8.7% |
| Astec Lifesciences Limited ($ASTEC) | 32.6% | 41.7% | 14.9% | 9.2% | 7.5% |
| Rallis India ($RALLIS) | 12.1% | 4.5% | 3.2% | 3.4% | 3.3% |
| Jubilant Industries ($JUBLINDS) | 3.5% | 1.7% | | | 2.6% |
| Monsanto India ($MONSANTO) | 3.3% | 3.3% | 2.0% | 1.9% | 1.7% |
| |
|---|
| Median (5 companies) | 12.1% | 7.6% | 8.1% | 3.9% | 3.3% |
|---|
| Excel Industries ($EXCELINDUS) | 3.7% | 7.6% | 5.7% | 8.5% | 6.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| P.I.Industries ($PIIND) | 22.4% | 23.9% | 22.5% | 31.3% | 34.0% |
| Rallis India ($RALLIS) | 32.6% | 26.3% | 25.3% | 28.3% | 25.4% |
| Insecticides (India) ($INSECTICID) | 23.5% | 19.2% | 15.6% | 15.7% | |
| Astec Lifesciences Limited ($ASTEC) | 7.2% | 5.6% | 9.7% | 10.7% | 19.1% |
| Monsanto India ($MONSANTO) | 15.1% | 12.4% | 15.3% | 7.8% | 29.2% |
| |
|---|
| Median (9 companies) | 15.1% | 6.4% | 9.7% | 15.7% | 27.3% |
|---|
| Excel Industries ($EXCELINDUS) | 13.8% | 8.5% | 14.2% | 11.9% | 20.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jubilant Industries ($JUBLINDS) | -0.0x | 12.1x | 11.5x | | 2.5x |
| Astec Lifesciences Limited ($ASTEC) | 2.7x | 4.1x | 2.4x | 2.3x | 1.7x |
| Rallis India ($RALLIS) | 0.5x | 0.7x | 0.1x | 0.2x | 0.4x |
| P.I.Industries ($PIIND) | 2.1x | 1.6x | 1.2x | 0.3x | 0.2x |
| Bhagiradha Chemicals & Industries ($BHAGCHEM) | 13.9x | 163.2x | 3.6x | 0.0x | 0.0x |
| |
|---|
| Median (6 companies) | 1.3x | 3.4x | 3.0x | 0.2x | 0.3x |
|---|
| Excel Industries ($EXCELINDUS) | 1.4x | 2.7x | 1.6x | 2.3x | 1.3x |
