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Raj Rayon Industries revenue decline accelerated to 61.0% in FY2015 vs. 33.7% a year earliner

30-05-2015 • About Raj Rayon Industries ($RAJRAYON) • By InTwits

Raj Rayon Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Raj Rayon Industries is a company in decline: FY2015 revenue growth was -61.0%, 5 years revenue CAGR was -2.6%.

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

Raj Rayon Industries ($RAJRAYON) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue4,3076,8287,0864,7011,833-61.0%
EBITDA465577612-499
Net Income413837-878-749
Balance Sheet
Cash5113270
Short Term Debt6368661,170
Long Term Debt9351,3052,098
Cash flow
Capex301592
Ratios
Revenue growth105.6%58.5%3.8%-33.7%-61.0%
EBITDA growth79.1%24.2%6.0%-181.6%
EBITDA Margin10.8%8.4%8.6%-10.6%0.0%10.6%
Net Income Margin0.9%0.6%0.5%-18.7%-40.8%-22.2%
CAPEX, % of revenue7.0%8.7%0.0%
ROIC10.0%11.4%8.7%0.0%
ROE4.5%3.8%2.9%0.0%
Net Debt/EBITDA3.3x3.5x5.2x0.0x

Revenue and profitability


The company's Revenue dropped on 61.0% in FY2015.

Net Income marign dropped on 22.2 pp from -18.7% to -40.8% in FY2015.


Appendix 1: Peers in Textiles


Below we provide Raj Rayon Industries 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
Santaram Spinners ($SANTASPN)6.0%60.7%-40.9%112.0%
Asahi Industries ($ASAHIIND)36.2%23.0%24.4%103.9%
Blue Chip Tex Industries ($BLUECHIPT)303.8%12.9%29.9%56.1%
Jaybharat Textiles & Real Estate ($JAYTEX)17.2%-26.3%0.4%38.0%
Binayak Tex Processors ($ZBINTXPP)-1.2%-6.8%17.3%27.0%
 
Median (63 companies)-37.8%4.8%10.0%14.4%-0.1%
Raj Rayon Industries ($RAJRAYON)58.5%3.8%-33.7%-61.0%


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 (74 companies)12.9%6.3%9.5%10.1%8.0%


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 (19 companies)4.5%3.0%5.6%6.8%6.7%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Welspun India ($WELSPUNIND)5.1%9.3%15.6%8.5%21.9%
Maharaja Shree Umaid Mills ($MAHASHR)9.9%-0.5%9.2%8.3%20.4%
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%
Arvind ($ARVIND)9.9%11.3%11.2%13.7%13.2%
 
Median (102 companies)10.1%3.5%9.3%9.2%9.0%
Raj Rayon Industries ($RAJRAYON)10.0%11.4%8.7%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Bombay Rayon Fashions ($BRFL)5.9x4.9x4.9x11.6x10.0x
Ruby Mills ($RUBYMILLS)15.9x12.6x15.3x10.8x8.6x
Dcm ($DCM)3.1x13.5x3.5x3.7x5.5x
Rai Saheb Rekhchand Mohota Spg.& Wvg.Mills ($RAIREKMOH)6.1x10.0x0.0x0.0x4.6x
Raymond ($RAYMOND)3.3x3.7x4.6x3.7x4.1x
 
Median (63 companies)3.9x3.8x3.2x0.0x0.0x


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