India Gelatine & Chemicals reports 62.7% EBITDA decline and 7.5 pp EBITDA Margin decline from 12.6% to 5.1%
27-05-2015 • About India Gelatine & Chemicals (
$INDGELA) • By InTwits
India Gelatine & Chemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 5.1% in FY2015, 12.6% in FY2014, 18.9% in FY2013, 10.9% in FY2012, 6.6% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
India Gelatine & Chemicals ($INDGELA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 842 | 1,001 | 1,171 | 1,209 | 1,123 | -7.1% |
| EBITDA | 56 | 109 | 222 | 153 | 57 | -62.7% |
| Net Income | 28 | 71 | 114 | 81 | 62 | -22.8% |
Balance Sheet
|
|---|
| Cash | 41 | 187 | 146 | | | |
| Short Term Debt | 3 | 1 | | | | |
| Long Term Debt | 0 | 1 | 0 | | | |
Cash flow
|
|---|
| Capex | 27 | 89 | 131 | | | |
Ratios
|
|---|
| Revenue growth | -31.1% | 18.9% | 17.0% | 3.2% | -7.1% | |
| EBITDA growth | -47.1% | 95.2% | 103.6% | -31.2% | -62.7% | |
| EBITDA Margin | 6.6% | 10.9% | 18.9% | 12.6% | 5.1% | -7.5% |
| Net Income Margin | 3.3% | 7.1% | 9.7% | 6.7% | 5.5% | -1.1% |
| CAPEX, % of revenue | 3.2% | 8.9% | 11.2% | | | 0.0% |
| ROIC | 1.2% | 5.6% | 14.2% | | | 0.0% |
| ROE | 2.9% | 7.2% | 10.9% | | | 0.0% |
| Net Debt/EBITDA | -0.7x | -1.7x | -0.7x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
India Gelatine & Chemicals's Revenue decreased on 7.1% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 7.5 pp from 12.6% to 5.1% in FY2015.
Net Income marign decreased slightly on 1.1 pp from 6.7% to 5.5% in FY2015.
Appendix 1: Peers in Specialty Chemicals
Below we provide India Gelatine & Chemicals benchmarking against other companies in Specialty Chemicals industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dai-Ichi Karkaria ($DAICHI) | | 20.7% | 31.4% | 45.4% | 22.8% |
| Dynemic Products ($DYNPRO) | -55.8% | 27.4% | -0.0% | 40.6% | |
| Camlin Fine Sciences ($CAMLINFIN) | | 95.3% | 11.4% | 36.1% | 9.8% |
| Sudarshan Chemical Industries ($SUDARSCHEM) | | 10.5% | 9.1% | 28.2% | 8.3% |
| Vinati Organics ($VINATIORGA) | | 38.7% | 23.6% | 25.9% | 10.9% |
| |
|---|
| Median (27 companies) | -51.4% | 20.7% | 11.4% | 13.7% | 9.8% |
|---|
| India Gelatine & Chemicals ($INDGELA) | | | 17.0% | 3.2% | -7.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.7% | 21.8% | 22.7% | 24.9% |
| Indian Toners & Developers ($INDTONER) | | | | | 22.6% |
| Solar Industries India ($SOLARINDS) | 18.1% | 18.5% | 17.5% | 17.9% | 19.3% |
| Ultramarine & Pigments ($ULTRAMAR) | 20.1% | 18.0% | 15.5% | 17.4% | 17.2% |
| Camlin Fine Sciences ($CAMLINFIN) | 9.1% | 9.1% | 12.8% | 12.8% | 16.7% |
| |
|---|
| Median (20 companies) | 11.6% | 10.6% | 11.2% | 10.6% | 14.8% |
|---|
| India Gelatine & Chemicals ($INDGELA) | | 10.9% | 18.9% | 12.6% | 5.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 8.2% | 7.3% | 4.8% | 12.6% | 16.9% |
| Solar Industries India ($SOLARINDS) | 14.2% | 13.0% | 9.9% | 12.3% | 10.3% |
| Nitta Gelatin India ($NITTAGELA) | 21.3% | 8.8% | 4.6% | 8.5% | |
| Meghmani Organics ($MEGH) | 9.9% | 10.2% | 10.3% | 7.9% | 4.6% |
| Camlin Fine Sciences ($CAMLINFIN) | 7.5% | 4.3% | 5.7% | 7.1% | 5.1% |
| |
|---|
| Median (19 companies) | 7.2% | 4.9% | 4.5% | 4.4% | 4.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 27.6% | 30.6% | 29.8% | 46.4% | 26.3% |
| Vinati Organics ($VINATIORGA) | 31.4% | 29.6% | 26.2% | 30.6% | 34.8% |
| Pidilite Industries ($PIDILITIND) | 29.3% | 27.4% | 29.3% | 29.8% | 29.0% |
| Camlin Fine Sciences ($CAMLINFIN) | 9.9% | 11.1% | 17.8% | 24.2% | 29.5% |
| Plastiblends India ($PLASTIBLEN) | 19.4% | 18.3% | 15.8% | 24.0% | 24.5% |
| |
|---|
| Median (35 companies) | 15.2% | 15.3% | 15.0% | 11.4% | 21.4% |
|---|
| India Gelatine & Chemicals ($INDGELA) | | 5.6% | 14.2% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 0.7x | -0.0x | -0.0x | 32.3x | |
| Alkali Metals ($ALKALI) | 4.3x | | 5.1x | 11.6x | 0.0x |
| Kiri Industries ($KIRIINDUS) | 3.9x | 8.2x | 31.3x | 10.6x | |
| Vikas Globalone ($VIKASGLOB) | 0.0x | 2.5x | 4.4x | 4.9x | |
| Jayant Agro-Organics ($JAYAGROGN) | 3.9x | 2.8x | 3.1x | 4.6x | 6.5x |
| |
|---|
| Median (28 companies) | 1.4x | 1.5x | 1.7x | 1.7x | 0.2x |
|---|
| India Gelatine & Chemicals ($INDGELA) | | -1.7x | -0.7x | 0.0x | 0.0x |
