Vhcl Industries revenue dropped on 77.8% in 2015

28-09-2015 • About Vhcl Industries ($VHCLINDUS) • By InTwits

Vhcl Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 2.2x while industry average is 0.7x.

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

Vhcl Industries ($VHCLINDUS) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1	2,282	4,802	4,982	1,105	-77.8%
EBITDA		184	213	315		-100.0%
Net Income	-0	69	69	0	-125	-44,041.5%
Balance Sheet
Cash	0	2	1	3		-100.0%
Short Term Debt		83	216	253		-100.0%
Long Term Debt	3	180	342	1,004		-100.0%
Cash flow
Capex	0	163	21	145		-100.0%
Ratios
Revenue growth	-99.9%	326,720.2%	110.4%	3.8%	-77.8%
EBITDA growth			15.7%	47.8%
EBITDA Margin	0.0%	8.1%	4.4%	6.3%	0.0%	-6.3%
Net Income Margin	-31.0%	3.0%	1.4%	0.0%	-11.3%	-11.3%
CAPEX, % of revenue	0.0%	7.1%	0.4%	2.9%		-2.9%
ROIC		56.8%	22.6%	20.2%		-20.2%
ROE		47.1%	16.4%	0.1%		-0.1%
Net Debt/EBITDA		1.4x	2.6x	4.0x		-4.0x

Revenue and profitability

Vhcl Industries's Revenue dropped on 77.8% in FY2015.

Net Income marign dropped on 11.3 pp from 0.0057% to -11.3% in FY2015.

Appendix 1: Peers in Other Industrial Goods

Below you can find Vhcl Industries benchmarking vs. other companies in Other Industrial Goods 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
Gee ($GEE)		17.7%	7.6%	-10.2%	7.6%
Ifgl Refractories ($IFGLREFRAC)		28.2%	11.2%	15.9%	1.2%
Amd Industries ($AMDIND)		31.8%	-15.5%	21.0%	-9.9%
Graphite India ($GRPHIDM)		32.5%	1.9%	3.1%	-14.9%
Heg ($HEG)		27.9%	13.6%	-9.8%	-15.9%
Median (6 companies)	-34.2%	28.2%	7.6%	3.1%	-12.4%
Vhcl Industries ($VHCLINDUS)			110.4%	3.8%	-77.8%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Snl Bearings ($SNL)					29.0%
Heg ($HEG)	20.7%	17.0%	18.1%	16.9%	16.3%
Amd Industries ($AMDIND)	15.4%	15.3%	12.3%	16.4%	15.3%
Ifgl Refractories ($IFGLREFRAC)	8.6%	13.2%	8.5%	15.1%	11.3%
Graphite India ($GRPHIDM)	21.7%	16.9%	14.1%	12.7%	8.2%
Median (8 companies)	15.4%	15.3%	12.3%	15.3%	9.8%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Heg ($HEG)	7.3%	14.4%	9.3%	18.7%	2.6%
Ifgl Refractories ($IFGLREFRAC)	3.3%	0.8%	2.9%	1.3%	2.5%
Insilco ($INSILCO)					1.6%
Graphite India ($GRPHIDM)	6.8%	7.1%	2.7%	1.2%	1.6%
Median (4 companies)	6.8%	3.5%	3.5%	2.3%	2.1%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Ifgl Refractories ($IFGLREFRAC)	11.8%	20.0%	11.7%	23.5%	15.7%
Heg ($HEG)	9.8%	9.0%	10.4%	8.3%	5.5%
Graphite India ($GRPHIDM)	13.3%	12.6%	8.6%	8.0%	4.2%
Snl Bearings ($SNL)	54.6%	61.1%	48.2%	31.9%
Raasi Refractories ($RASSIREF)	5.6%	11.0%	1.6%
Median (11 companies)	12.5%	15.3%	12.0%	19.3%	5.5%
Vhcl Industries ($VHCLINDUS)		56.8%	22.6%	20.2%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Heg ($HEG)	3.9x	5.2x	4.1x	3.3x	4.1x
Graphite India ($GRPHIDM)	1.0x	2.0x	2.7x	1.7x	2.4x
Snl Bearings ($SNL)	0.3x	0.2x	0.6x	1.1x	0.0x
Ifgl Refractories ($IFGLREFRAC)	2.9x	1.2x	2.1x	0.7x	0.9x
De Nora India ($DENORA)	-0.2x	-0.1x	-0.1x	0.0x
Median (8 companies)	1.0x	1.2x	1.3x	0.4x	0.0x
Vhcl Industries ($VHCLINDUS)		1.4x	2.6x	4.0x

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