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Ncl Industries revenue surged on 30.8% in 2015

31-05-2015 • About Ncl Industries ($NCLIND) • By InTwits

Ncl Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2015 vs. 6.7% in FY2014 vs. 26.6% in FY2011.

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

Ncl Industries ($NCLIND) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue3,6205,0014,2114,0835,33930.8%
EBITDA9641,322573275-100.0%
Net Income234443-115-40889
Balance Sheet
Cash122620
Short Term Debt7621,3841,445
Long Term Debt2,8771,176793
Cash flow
Capex179400248
Ratios
Revenue growth-43.1%38.2%-15.8%-3.0%30.8%
EBITDA growth43.4%37.1%-56.7%-51.9%
EBITDA Margin26.6%26.4%13.6%6.7%0.0%-6.7%
Net Income Margin6.5%8.8%-2.7%-10.0%1.7%11.7%
CAPEX, % of revenue4.9%8.0%5.9%0.0%
ROIC11.8%19.2%5.3%0.0%
ROE16.0%25.5%-6.3%0.0%
Net Debt/EBITDA3.8x1.9x3.9x0.0x0.0x

Revenue and profitability


The company's Revenue jumped on 30.8% in FY2015.

Net Income marign surged on 11.7 pp from -10.0% to 1.7% in FY2015.


Appendix 1: Peers in Cement & Cement Products


Below we provide Ncl Industries benchmarking against other companies in Cement & Cement 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
Indian Hume Pipe Co ($INDIANHUME)-20.3%34.5%18.3%22.7%
J.K.Cement ($JKCEMENT)21.8%14.7%-4.0%21.2%
Visaka Industries ($VIKASAS)14.7%22.0%-2.6%13.6%
Prism Cement ($PRISMCEM)33.2%4.9%5.3%12.5%
K.C.P ($KCP)54.3%11.7%-8.2%12.4%
 
Median (12 companies)-23.0%14.7%11.7%5.1%9.1%
Ncl Industries ($NCLIND)38.2%-15.8%-3.0%30.8%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Saurashtra Cement ($SAURASHCEM)9.7%11.4%21.6%11.9%16.8%
India Cements ($INDIACEM)13.3%20.6%18.4%12.4%15.1%
Deccan Cements ($DECCANCE)19.2%22.8%13.2%14.7%14.9%
J.K.Cement ($JKCEMENT)13.3%20.3%19.2%12.7%13.4%
K.C.P ($KCP)21.1%19.2%9.4%11.7%13.0%
 
Median (12 companies)13.3%16.2%13.2%11.8%10.4%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Udaipur Cement Works ($UDAICEMENT)91.1%
J.K.Cement ($JKCEMENT)14.1%6.5%18.8%55.8%16.2%
Birla Corporation ($BIRLACORPN)23.2%19.1%7.1%5.5%6.9%
K.C.P ($KCP)28.2%8.6%9.9%12.6%5.2%
India Cements ($INDIACEM)23.9%14.3%10.9%4.8%5.1%
 
Median (10 companies)9.0%5.5%7.8%6.9%4.1%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Saurashtra Cement ($SAURASHCEM)4.3%38.6%42.7%13.9%26.9%
Indian Hume Pipe Co ($INDIANHUME)15.5%7.6%13.8%15.0%18.0%
K.C.P ($KCP)14.9%17.6%6.7%7.1%9.3%
Deccan Cements ($DECCANCE)7.6%17.4%8.0%6.4%9.1%
Visaka Industries ($VIKASAS)16.7%14.1%16.6%6.4%8.3%
 
Median (13 companies)7.6%13.7%9.8%6.4%8.3%
Ncl Industries ($NCLIND)11.8%19.2%5.3%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Prism Cement ($PRISMCEM)3.4x4.8x6.0x10.0x6.0x
J.K.Cement ($JKCEMENT)4.5x2.3x2.3x6.9x5.8x
India Cements ($INDIACEM)4.8x3.2x3.5x5.5x4.6x
Visaka Industries ($VIKASAS)1.3x1.3x2.2x3.8x2.7x
K.C.P ($KCP)2.6x1.1x3.0x3.6x2.3x
 
Median (13 companies)2.4x2.0x2.6x3.2x2.7x
Ncl Industries ($NCLIND)3.8x1.9x3.9x0.0x