India Steel Works revenue decline continued from 15.4% in FY2014 to 16.3% in FY2015
31-05-2015 • About India Steel Works (
$ISWL) • By InTwits
India Steel Works reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: India Steel Works is a company in decline: FY2015 revenue growth was -16.3%, 5 years revenue CAGR was -3.1%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
India Steel Works ($ISWL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,996 | 6,014 | 7,249 | 6,132 | 5,130 | -16.3% |
| EBITDA | 92 | 205 | 135 | 125 | | -100.0% |
| Net Income | -136 | -71 | -108 | -126 | 21 | |
Balance Sheet
|
|---|
| Cash | 63 | 61 | 101 | 18 | | -100.0% |
| Short Term Debt | 0 | 0 | 239 | 249 | | -100.0% |
| Long Term Debt | 1,321 | 1,284 | 1,144 | 406 | | -100.0% |
Cash flow
|
|---|
| Capex | 19 | 78 | 182 | 181 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -50.0% | 100.7% | 20.5% | -15.4% | -16.3% | |
| EBITDA growth | -291.2% | 121.6% | -34.0% | -7.3% | | |
| EBITDA Margin | 3.1% | 3.4% | 1.9% | 2.0% | 0.0% | -2.0% |
| Net Income Margin | -4.5% | -1.2% | -1.5% | -2.1% | 0.4% | 2.5% |
| CAPEX, % of revenue | 0.6% | 1.3% | 2.5% | 3.0% | | -3.0% |
| ROIC | -2.2% | 3.3% | -0.2% | -1.0% | | 1.0% |
| ROE | -148.0% | -73.7% | | | | 0.0% |
| Net Debt/EBITDA | 13.6x | 6.0x | 9.5x | 5.1x | | -5.1x |
Revenue and profitability
The company's Revenue dropped on 16.3% in FY2015.
Net Income marign increased on 2.5 pp from -2.1% to 0.41% in FY2015.
Management team
India Steel Works's CEO is Sudhir Kumar H Gupta. Sudhir Kumar H Gupta has 10 years tenure at the company.
Appendix 1: Peers in Iron & Steel/Interm.Products
Below we provide India Steel Works benchmarking against other companies in Iron & Steel/Interm.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, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Uttam Galva Steels ($UTTAMSTL) | | 12.0% | 11.0% | -13.2% | 55.0% |
| Modern Steels ($MDRNSTL) | | -2.6% | -22.7% | 0.7% | 20.3% |
| Maithan Alloys ($MAITHANALL) | | -1.5% | 59.1% | 1.1% | 15.0% |
| Pennar Industries ($PENIND) | | 0.9% | -8.5% | 0.5% | 12.7% |
| Vaswani Industries ($VASWANI) | | 51.4% | -2.1% | 5.6% | 12.6% |
| |
|---|
| Median (30 companies) | 11.4% | 11.9% | 3.2% | 3.4% | 1.9% |
|---|
| India Steel Works ($ISWL) | | 100.7% | 20.5% | -15.4% | -16.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 48.3% | 37.5% | 30.5% | 28.1% | 29.8% |
| Sarda Energy & Minerals ($SARDAEN) | 15.2% | 16.3% | 21.5% | 21.3% | 21.5% |
| Bhushan Steel ($BHUSANSTL) | 29.0% | 31.2% | 32.3% | 28.1% | 20.4% |
| Jsw Steel ($JSWSTEEL) | 20.2% | 17.8% | 17.1% | 17.9% | 17.7% |
| Tata Metaliks ($TATAMETALI) | 3.2% | -9.6% | 0.9% | 6.8% | 14.6% |
| |
|---|
| Median (27 companies) | 13.4% | 9.5% | 9.2% | 7.4% | 9.0% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 64.7% | 34.2% | 47.6% | 69.6% | 26.4% |
| Jayaswal Neco Industries ($JAYNECOIND) | 27.9% | 20.4% | 44.0% | 31.1% | 17.3% |
| Steel Authority Of India ($SAIL) | 25.3% | 20.9% | 20.7% | 19.3% | 16.9% |
| Bhushan Steel ($BHUSANSTL) | 81.1% | 47.2% | 44.0% | 50.4% | 16.2% |
| Jsw Steel ($JSWSTEEL) | 22.0% | 11.9% | 14.7% | 11.3% | 12.7% |
| |
|---|
| Median (18 companies) | 12.3% | 9.7% | 11.6% | 7.7% | 4.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tata Metaliks ($TATAMETALI) | 3.1% | -23.5% | -3.7% | 19.9% | 57.4% |
| Pennar Industries ($PENIND) | 31.6% | 26.8% | 18.4% | 12.3% | 15.7% |
| Maithan Alloys ($MAITHANALL) | 34.5% | 16.3% | 15.1% | 5.5% | 15.3% |
| Kirloskar Ferrous Industries ($KIRLFER) | 20.0% | 19.1% | 16.8% | 12.4% | 14.7% |
| Gallantt Metal ($GALLANTT) | 9.7% | 8.7% | 11.7% | 8.5% | 11.7% |
| |
|---|
| Median (36 companies) | 9.6% | 7.2% | 5.7% | 6.0% | 5.0% |
|---|
| India Steel Works ($ISWL) | -2.2% | 3.3% | -0.2% | -1.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Visa Steel ($VISASTEEL) | 6.9x | 20.1x | | 24.4x | 187.1x |
| Ismt ($ISMTLTD) | 4.4x | 5.3x | 9.8x | 19.9x | 48.3x |
| Kic Metaliks ($KAJARIR) | 6.6x | 9.2x | 3.0x | 18.2x | 19.8x |
| Bhushan Steel ($BHUSANSTL) | 8.1x | 6.3x | 8.6x | 12.9x | 17.7x |
| Prakash Industries ($PRAKASH) | 1.8x | 2.5x | 2.8x | 2.5x | 11.9x |
| |
|---|
| Median (25 companies) | 3.6x | 4.2x | 4.3x | 3.2x | 2.5x |
|---|
