Kisan Mouldings reports 79.6% EBITDA growth in 2016 and 3.5% Revenue growth

24-05-2016 • About Kisan Mouldings ($KISAN) • By InTwits

Kisan Mouldings reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Kisan Mouldings's Revenue increased on 3.5%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 2.5 pp from 3.4% to 5.8% in FY2016.

Net Income margin increased on 5.1 pp from -8.4% to -3.3% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2015 at -8.4%.

Financial and operational results

Kisan Mouldings ($KISAN) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	2,918	5,178	5,361	4,487	4,642	3.5%
EBITDA	322	457		150	270	79.6%
Net Income	44	24	23	-378	-153
Balance Sheet
Cash	75	137
Short Term Debt	876	1,440
Long Term Debt	614	600
Cash flow
Ratios
Revenue growth	5.9%	77.5%	3.6%	-16.3%	3.5%
EBITDA growth	8.0%	42.1%			79.6%

EBITDA Margin	11.0%	8.8%		3.4%	5.8%	2.5%
Net Income Margin	1.5%	0.5%	0.4%	-8.4%	-3.3%	5.1%

ROIC	10.0%	11.8%
ROE	6.6%	2.9%
Net Debt/EBITDA	4.4x	4.2x		0.0x	0.0x

Peers in Plastic Products

Below you can find Kisan Mouldings benchmarking vs. other companies in Plastic Products 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	FY2012	FY2013	FY2014	FY2015	FY2016
Astral Poly Technik ($ASTRAL)	41.7%	41.6%	30.8%	32.4%	-
Max India ($MAX)	28.0%	23.7%	10.1%	27.4%	-
Wim Plast ($WIMPLAST)	27.5%	23.1%	19.5%	23.5%	-
Acrysil ($ACRYSIL)	-	29.6%	33.8%	19.4%	31.6%
Shaily Engineering Plastics ($SHAILY)	-	-16.0%	23.3%	19.2%	25.5%
Median (11 companies)	24.2%	23.4%	15.5%	8.5%	18.5%
Kisan Mouldings ($KISAN)	-	77.5%	3.6%	-16.3%	3.5%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Acrysil ($ACRYSIL)	12.4%	16.8%	17.5%	19.5%	17.1%
Wim Plast ($WIMPLAST)	18.1%	17.9%	18.1%	17.0%	-
Shaily Engineering Plastics ($SHAILY)	14.3%	13.9%	16.0%	14.8%	17.3%
Jain Irrigation Systems ($JISLJALEQS)	16.6%	12.6%	12.6%	12.4%	-
Responsive Industries ($RESPONIND)	13.4%	11.5%	10.3%	12.2%	-
Median (14 companies)	12.9%	12.1%	11.8%	11.7%	14.0%
Kisan Mouldings ($KISAN)	11.0%	8.8%	-	3.4%	5.8%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Shaily Engineering Plastics ($SHAILY)	3.7%	-	10.7%	17.2%	13.0%
Flexituff International ($FLEXITUFF)	10.8%	10.3%	15.7%	10.0%	5.0%
Acrysil ($ACRYSIL)	7.8%	11.0%	9.6%	9.3%	5.0%
Wim Plast ($WIMPLAST)	14.3%	8.1%	3.7%	7.9%	-
Astral Poly Technik ($ASTRAL)	11.9%	8.4%	8.6%	6.0%	-
Median (8 companies)	9.3%	8.2%	7.7%	7.0%	5.0%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Wim Plast ($WIMPLAST)	31.8%	31.2%	31.0%	31.2%	-
Acrysil ($ACRYSIL)	7.7%	16.2%	20.2%	21.0%	16.9%
Astral Poly Technik ($ASTRAL)	29.3%	31.1%	33.3%	19.7%	-
Shaily Engineering Plastics ($SHAILY)	19.5%	15.0%	19.3%	15.2%	18.2%
Max India ($MAX)	8.9%	24.3%	7.0%	12.7%	-
Median (21 companies)	10.2%	10.9%	15.1%	13.9%	16.9%
Kisan Mouldings ($KISAN)	10.0%	11.8%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Flexituff International ($FLEXITUFF)	2.2x	3.1x	4.3x	5.3x	4.5x
Jain Irrigation Systems ($JISLJALEQS)	3.8x	5.1x	4.8x	4.8x	-
Acrysil ($ACRYSIL)	2.9x	2.2x	2.0x	2.7x	1.4x
Shaily Engineering Plastics ($SHAILY)	1.9x	1.8x	1.9x	2.6x	1.5x
Responsive Industries ($RESPONIND)	3.3x	2.9x	2.4x	1.9x	-
Median (14 companies)	2.1x	2.2x	0.7x	0.2x	0.0x
Kisan Mouldings ($KISAN)	4.4x	4.2x	-	0.0x	0.0x

Kisan Mouldings stock price chart

Kisan Mouldings financials

mln.	FY2010	FY2011	FY2012

Revenue	5,443	2,756	2,918
EBITDA	203.9	297.9	321.6
Net income	46.071	37.226	44.030
CAPEX	363.5	251.0	0.000
Debt	1,100	1,659	1,490
Cash	39.934	284.7	74.815

About Kisan Mouldings

Kisan Mouldings Limited manufactures and sells pipes and fittings primarily for water management, irrigation, water distribution, and sewage disposal systems in India. The company offers various pipes, including rigid uPVC, SWR, free flow uPVC plumbing, HDPE, submersible, casing, conduit, underground drainage, and PLB duct pipes, as well as suction/delivery hoses and garden tubing products. It also provides fittings comprising molded, SWR, free flow uPVC, and conduit fittings; CPVC plumbing systems, composite piping systems, drip and sprinkler irrigation systems, and rain water systems; and solvent cement for joining pipes and fittings. In addition, the company offers rubber lubricants used for lubricating the elastomeric or rubber ring used in PVC pipes; cisterns and seat covers; and ghamelas and crates. Further, it provides custom molded articles; and molded furniture, which includes various models of chairs, stools, center tables, etc. Kisan Mouldings Limited offers its products under the Kisan brand name. The company also exports its products. Kisan Mouldings Limited was founded in 1982 and is headquartered in Mumbai, India.