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Excel Industries's growth is outstanding: revenue grew 15.1% and EBITDA 39.4% annually over the last three years

30-05-2015 • About Excel Industries ($EXCELINDUS) • By InTwits

Pay attention to Excel Industries as a growth stock. It showed noticeble revenue performance in the last years among with attractive profitability and financial model.

Growth story


Excel Industries showed fast growth in the last financial year. Excel Industries's revenue surged on 15.8% in FY2015. Together with revenue growth Excel Industries also managed to keep EBITDA growth. EBITDA grew 78.0% for the same period.

In the last 3 years Excel Industries showed fast revenue growth of 15.1% from FY2012 to FY2015 annually. EBITDA surged on 39.4% from FY2012 to FY2015 annually.

Excel Industries ($EXCELINDUS) financials for the last 5 years

mln. INR FY2011 FY2012 FY2013 FY2014 FY2015
Revenue2,7503,1553,8414,1594,816
Revenue growth, %14.7%21.7%8.3%15.8%
SG&A, %
EBITDA346267417406723
EBITDA growth, %-22.9%56.4%-2.6%78.0%
EBITDA margin, %12.6%8.45%10.9%9.77%15.0%
Net Income140154149180412
Net Income margin, % 5.09%4.87%3.89%4.33%8.55%
 
CAPEX102240220353329
CAPEX/Revenue, %3.73%7.60%5.73%8.50%6.83%
Debt5187557301,024948
Cash1746647618
Net Debt/EBITDA1.4x2.7x1.6x2.3x1.3x
 
ROIC, %13.8%8.5%14.2%11.9%20.3%
ROE, %13.1%13.0%11.5%12.5%24.3%

Profitability and return on investment


EBITDA growth was supported by margin expansion. Excel Industries's EBITDA margin surged on 5.20 pp from 9.80% to 15% in FY2015. In the longer period Excel Industries showed fast EBITDA margin growth of 6.50 pp from 8.50% in FY2012 to 15% in FY2015.

Excel Industries shows attractive ROIC at 20.3% for the last 12 months which assumes stable development model. During the last three years it surged - it was 8.49% in FY2012. It's average ROIC for the last three years was 15.5%.

Excel Industries showed fast Net Income margin growth of 4.30 pp from 4.30% to 8.60% in FY2015. If we look for the longer period the company's Net Income margin surged on 3.70 pp from 4.90% in FY2012 to 8.60% in FY2015.

Excel Industries operates at ROE of 24.3%. Average ROE for the last three years was 16.1%.

Capital expenditures (CAPEX)


To fuel this fast growth Excel Industries had to invest in CAPEX.In FY2015 Excel Industries had CAPEX/Revenue of 6.83%. Excel Industries's CAPEX/Revenue dropped on 0.772 pp from 7.60% in FY2012 to 6.83% in FY2015. For the last three years the average CAPEX/Revenue was 7.02%.

Leverage (Debt)


Having such a fast growth profile Excel Industries keeps medium debt level at 1.3x Net Debt/EBITDA. If we look for the longer period the company's leverage dropped on 1.37x from 2.66x in FY2012 to 1.29x in FY2015.

Management team


Ashwin Champraj Shroff is a CEO of Excel Industries.

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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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, %

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
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

 FY2011 FY2012 FY2013 FY2014 FY2015
Top 5
Jubilant Industries ($JUBLINDS)-0.0x12.1x11.5x2.5x
Astec Lifesciences Limited ($ASTEC)2.7x4.1x2.4x2.3x1.7x
Rallis India ($RALLIS)0.5x0.7x0.1x0.2x0.4x
P.I.Industries ($PIIND)2.1x1.6x1.2x0.3x0.2x
Bhagiradha Chemicals & Industries ($BHAGCHEM)13.9x163.2x3.6x0.0x0.0x
 
Median (6 companies)1.3x3.4x3.0x0.2x0.3x
Excel Industries ($EXCELINDUS)1.4x2.7x1.6x2.3x1.3x


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