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Vishal Fabrics EBITDA increased on 9.8% in 2015 and Revenue increased on 9.6%

28-05-2015 • About Vishal Fabrics ($VISHAL) • By InTwits

Vishal Fabrics reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 8.1% in FY2015 vs. 8.1% in FY2014 vs. 9.4% in FY2011.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Vishal Fabrics ($VISHAL) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue1,4341,4611,8322,0402,2369.6%
EBITDA1351431741661829.8%
Net Income317212993222.5%
Balance Sheet
Cash871111-100.0%
Short Term Debt117315308324-100.0%
Long Term Debt319297253211-100.0%
Cash flow
Capex117982711-100.0%
Ratios
Revenue growth-44.5%1.8%25.5%11.3%9.6%
EBITDA growth-13.2%6.3%21.4%-4.8%9.8%
EBITDA Margin9.4%9.8%9.5%8.1%8.1%0.0%
Net Income Margin2.1%0.5%1.1%1.4%4.2%2.8%
CAPEX, % of revenue8.2%6.7%1.5%0.5%-0.5%
ROIC6.4%7.4%9.7%10.0%-10.0%
ROE8.8%1.8%5.4%7.0%-7.0%
Net Debt/EBITDA3.2x4.2x3.2x3.2x0.0x-3.2x

Revenue and profitability


Vishal Fabrics's Revenue increased on 9.6% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 2.3 pp from 5.5% to 7.7% in FY2015.

Net Income marign increased on 2.8 pp from 1.4% to 4.2% in FY2015.


Appendix 1: Peers in Textiles


Below we provide Vishal Fabrics benchmarking against other companies in Textiles 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
Olympia Industries ($OLYMPTX)-99.6%-58.0%-96.6%74,809.1%
Gujarat Cotex ($GUJCOTEX)-6.2%-66.0%176.2%-52.0%
T T ($TTL)-39.2%-21.8%28.7%47.8%
Filatex India ($FILATEX)-74.3%-2.7%158.7%44.5%
Gtn Textiles ($GTNTEX)-8.8%51.2%39.4%-36.3%
 
Median (73 companies)-34.6%5.0%9.3%14.4%-0.1%
Vishal Fabrics ($VISHAL)1.8%25.5%11.3%9.6%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Sil Investments ($SILINV)93.8%
Swadeshi Polytex ($SWADPOL)64.4%
Binny ($BINNY)60.9%
Ruby Mills ($RUBYMILLS)25.2%28.3%25.1%28.6%29.3%
Premier Synthetics ($PREMSYN)25.9%
 
Median (55 companies)12.9%6.3%9.5%10.1%8.0%
Vishal Fabrics ($VISHAL)9.4%9.8%9.5%8.1%8.1%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Nitin Spinners ($NITINSPIN)0.2%1.9%2.6%8.0%42.3%
Maharaja Shree Umaid Mills ($MAHASHR)2.4%18.6%24.1%6.8%16.8%
SRF ($SRF)0.0%0.0%18.7%20.0%11.4%
Welspun India ($WELSPUNIND)11.3%5.6%7.8%16.4%10.9%
Sutlej Textiles & Industries ($SUTLEJTEX)2.3%3.4%1.8%5.6%10.7%
 
Median (17 companies)4.5%3.0%5.9%7.4%6.8%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Nitin Spinners ($NITINSPIN)13.8%6.0%19.5%21.5%17.5%
Sutlej Textiles & Industries ($SUTLEJTEX)16.0%9.5%13.6%19.8%14.6%
Vardhman Textiles ($VTL)15.5%6.6%11.9%17.3%8.5%
Maral Overseas ($MARALOVER)4.6%14.1%16.0%
Rswm ($RSWM)17.4%2.2%15.2%15.5%11.8%
 
Median (126 companies)10.1%3.5%9.0%8.9%8.3%
Vishal Fabrics ($VISHAL)6.4%7.4%9.7%10.0%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Jaybharat Textiles & Real Estate ($JAYTEX)8.4x10.9x53.6x23.8x
Sree Jayalakshmi Autospin ($SREEJAYA)3.4x9.7x12.8x
Bombay Rayon Fashions ($BRFL)5.9x4.9x4.9x11.6x10.0x
Sel Manufacturing Company ($SELMCL)5.6x9.4x6.6x11.5x
Ruby Mills ($RUBYMILLS)15.9x12.6x15.3x10.8x8.6x
 
Median (69 companies)3.9x3.8x3.2x0.0x0.0x
Vishal Fabrics ($VISHAL)3.2x4.2x3.2x3.2x0.0x


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