Acrysil demonstrated fast growth in recent years. Will the growth continue?
30-05-2015 • About Acrysil (
$ACRYSIL) • By InTwits
Have you thought about Acrysil as a growth stock? It showed noticeble revenue performance in the last years among with attractive profitability and financial model.
Growth story
Acrysil showed fast growth in the last financial year. Acrysil's revenue surged on 19.4% in FY2015. At the same time Acrysil well managed its profitability and showed even faster growth in EBITDA of 33.2% for the same period.
In the longer period the company showed fast revenue growth of 27.5% from FY2012 to FY2015 annually. EBITDA surged on 48.3% from FY2012 to FY2015 annually.
Acrysil ($ACRYSIL) financials for the last 5 years
| mln. INR | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Revenue | 552 | 614 | 796 | 1,065 | 1,271 |
|---|
| Revenue growth, % | | 11.3% | 29.6% | 33.8% | 19.4% |
|---|
| SG&A, % | | | | | |
|---|
| EBITDA | 106 | 76 | 133 | 186 | 248 |
|---|
| EBITDA growth, % | | -28.5% | 75.7% | 39.3% | 33.2% |
|---|
| EBITDA margin, % | 19.2% | 12.4% | 16.8% | 17.5% | 19.5% |
|---|
| Net Income | 51 | 16 | 48 | 77 | 87 |
|---|
| Net Income margin, % | 9.32% | 2.66% | 6.07% | 7.25% | 6.87% |
|---|
| |
| CAPEX | 117 | 48 | 87 | 102 | 118 |
|---|
| CAPEX/Revenue, % | 21.2% | 7.79% | 11.0% | 9.57% | 9.27% |
|---|
| Debt | 212 | 235 | 311 | 392 | 729 |
|---|
| Cash | 11 | 18 | 20 | 21 | 60 |
|---|
| Net Debt/EBITDA | 1.9x | 2.9x | 2.2x | 2.0x | 2.7x |
|---|
| |
| ROIC, % | | 7.7% | 16.2% | 20.2% | 21.0% |
|---|
| ROE, % | | 6.6% | 18.4% | 25.0% | 23.1% |
|---|
Profitability and return on investment
EBITDA growth was supported by margin expansion. EBITDA margin surged on 2 pp from 17.5% to 19.5% in FY2015. If we look for the longer period Acrysil showed fast EBITDA margin growth of 7.10 pp from 12.4% in FY2012 to 19.5% in FY2015.
Acrysil shows attractive ROIC at 21.0% for the last 12 months which assumes stable development model. Three years ago it was considerably lower at 7.70%. Average ROIC for the last three years was 19.1%.
The company showed decline of 0.400 pp from 7.30% to 6.90% in FY2015. In the last 3 years Acrysil's Net Income margin surged on 4.20 pp from 2.70% in FY2012 to 6.90% in FY2015.
Acrysil operates at ROE of 23.1%. For the last three years the average ROE was 22.1%.
Capital expenditures (CAPEX)
To this fast growth Acrysil had to invest in CAPEX.In FY2015 the company had CAPEX/Revenue of 9.27%. Acrysil's CAPEX/Revenue surged on 1.49 pp from 7.79% in FY2012 to 9.27% in FY2015. It's average CAPEX/Revenue for the last three years was 9.94%.
Leverage (Debt)
Acrysil has medium debt level at 2.7x Net Debt/EBITDA to maintain high growth. In the last 3 years leverage decreased on 0.15x from 2.86x in FY2012 to 2.70x in FY2015.
Peers in Plastic Products
Below we provide Acrysil benchmarking against other companies in Plastic Products 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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, %
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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
| FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Top 5 |
|---|
| 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 |
