Kalyani Forge EBITDA dropped on 40.1% in 2015 while Revenue jumped on 17.0%
30-05-2015 • About Kalyani Forge (
$KALYANIFRG) • By InTwits
Kalyani Forge reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: 5.8% in FY2015 vs. 11.3% in FY2014 vs. 10.8% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Kalyani Forge ($KALYANIFRG) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,309 | 2,725 | 2,581 | 2,054 | 2,403 | 17.0% |
| EBITDA | 249 | 400 | 318 | 232 | 139 | -40.1% |
| Net Income | 64 | 134 | 88 | 48 | -23 | -147.3% |
Balance Sheet
|
|---|
| Cash | 15 | 84 | 59 | | | |
| Short Term Debt | 513 | 408 | 280 | | | |
| Long Term Debt | 200 | 230 | 319 | | | |
Cash flow
|
|---|
| Capex | 203 | 152 | | | | |
Ratios
|
|---|
| Revenue growth | -15.0% | 18.0% | -5.3% | -20.4% | 17.0% | |
| EBITDA growth | 40.3% | 60.5% | -20.4% | -27.2% | -40.1% | |
| EBITDA Margin | 10.8% | 14.7% | 12.3% | 11.3% | 5.8% | -5.5% |
| Net Income Margin | 2.8% | 4.9% | 3.4% | 2.3% | -0.9% | -3.3% |
| CAPEX, % of revenue | 8.8% | 5.6% | | | | 0.0% |
| ROIC | 9.4% | 17.8% | 11.7% | | | 0.0% |
| ROE | 8.5% | 15.8% | 9.3% | | | 0.0% |
| Net Debt/EBITDA | 2.8x | 1.4x | 1.7x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue surged on 17.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 7.5% to 9.4% in FY2015.
Net Income marign decreased on 3.3 pp from 2.3% to -0.94% in FY2015.
Appendix 1: Peers in Auto Parts & Equipment
Below you can find Kalyani Forge benchmarking vs. other companies in Auto Parts & Equipment 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 |
|---|
| Spectra Industries ($SPECTRA) | | 16.4% | 40.2% | -10.1% | 57.1% |
| India Nippon Electricals ($INDNIPPON) | | 13.6% | 3.2% | -2.4% | 24.8% |
| Amara Raja Batteries ($AMARAJABAT) | | 34.3% | 25.1% | 16.1% | 22.6% |
| Enkei Wheels (India) ($ENKEIWHEL) | | 16.9% | 1.3% | 11.7% | 21.6% |
| Ip Rings ($IPRINGLTD) | | 4.0% | 2.4% | -0.1% | 19.5% |
| |
|---|
| Median (33 companies) | -15.5% | 16.9% | 2.7% | 5.0% | 8.8% |
|---|
| Kalyani Forge ($KALYANIFRG) | | 18.0% | -5.3% | -20.4% | 17.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ist ($ISTLTD) | | | | | 71.6% |
| Tube Investments Of India ($TUBEINVEST) | 33.7% | 18.4% | 24.4% | 28.3% | 30.0% |
| Shivam Autotech ($SHIVAMAUTO) | 23.2% | 24.1% | 24.1% | 20.6% | 18.7% |
| Amara Raja Batteries ($AMARAJABAT) | 15.0% | 14.9% | 15.7% | 14.2% | 17.0% |
| Suprajit Engineering ($SUPRAJIT) | 16.5% | 16.2% | 17.0% | 17.2% | 16.2% |
| |
|---|
| Median (38 companies) | 10.9% | 10.8% | 9.8% | 10.1% | 10.3% |
|---|
| Kalyani Forge ($KALYANIFRG) | 10.8% | 14.7% | 12.3% | 11.3% | 5.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amtek Auto ($AMTEKAUTO) | | 18.9% | | 27.1% | 30.3% |
| Jbm Auto ($JBMA) | 18.1% | 9.8% | 8.4% | | 14.4% |
| Rico Auto Industries ($RICOAUTO) | 9.5% | 5.8% | 10.9% | 5.7% | 14.2% |
| Shivam Autotech ($SHIVAMAUTO) | 11.6% | 11.6% | 4.1% | 4.9% | 12.5% |
| Amara Raja Batteries ($AMARAJABAT) | 2.9% | 3.7% | 2.5% | 10.9% | 9.6% |
| |
|---|
| Median (26 companies) | 7.6% | 5.8% | 4.6% | 4.9% | 4.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 30.5% | 32.1% | 34.5% | 30.3% | 35.4% |
| Exide Industries ($EXIDEIND) | 34.2% | 24.2% | 24.3% | 29.5% | 26.9% |
| Munjal Showa ($MUNJALSHOW) | 18.8% | 29.9% | 23.8% | 22.5% | 24.9% |
| Motherson Sumi Systems ($MOTHERSUMI) | 23.7% | 13.5% | 16.5% | 25.0% | 24.9% |
| Gabriel India ($GABRIEL) | 20.3% | 19.9% | 15.5% | 18.0% | 24.0% |
| |
|---|
| Median (41 companies) | 16.5% | 15.7% | 12.7% | 13.6% | 14.5% |
|---|
| Kalyani Forge ($KALYANIFRG) | 9.4% | 17.8% | 11.7% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 8.1x | 17.6x | 17.8x | 17.3x | 16.4x |
| Amtek Auto ($AMTEKAUTO) | | 4.8x | | 5.3x | 5.8x |
| Remsons Industries ($REMSONSIND) | 3.2x | 2.8x | 4.3x | 3.6x | 5.7x |
| Steel Strips Wheels ($SSWL) | 4.6x | 5.4x | 6.3x | 6.5x | 5.6x |
| Ucal Fuel Systems ($UCALFUEL) | 4.1x | 4.3x | 5.6x | 5.7x | 3.6x |
| |
|---|
| Median (36 companies) | 2.1x | 1.2x | 2.2x | 0.8x | 0.7x |
|---|
| Kalyani Forge ($KALYANIFRG) | 2.8x | 1.4x | 1.7x | 0.0x | 0.0x |
