Jaybharat Textiles & Real Estate revenue dropped on 73.7% while EBITDA Margin surged on 26.3 pp from -25.2% to 1.1%
25-05-2016 • About Jaybharat Textiles & Real Estate (
$JAYTEX) • By InTwits
Jaybharat Textiles & Real Estate reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Jaybharat Textiles & Real Estate is a company in decline: FY2016 revenue growth was -73.7%, 5 years revenue CAGR was -20.6%
- Jaybharat Textiles & Real Estate motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0% while average EBITDA Margin was -4.2% for the sames years
- The company has unprofitable business model: ROIC is -4.3%
- It operates with high leverage: Net Debt/EBITDA is 247.8x while industry average is 4.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Jaybharat Textiles & Real Estate's Revenue dropped on 73.7%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 26.3 pp from -25.2% to 1.1% in FY2016.
Net Income margin increased slightly on 1.4 pp from -31.7% to -30.3% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 247.8x and Debt / EBITDA is 249.7x. Net Debt / EBITDA surged247.8x from to 247.8x in FY2016. Debt decreased on 5.4% while cash jumped on 22.5%.
Jaybharat Textiles & Real Estate has short term refinancing risk: cash is only 2.0% of short term debt.
Financial and operational results
Jaybharat Textiles & Real Estate ($JAYTEX) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7,404 | 5,456 | 5,478 | 7,561 | 1,991 | -73.7% |
| EBITDA | 382 | 101 | 228 | -1,908 | 21 | |
| Net Income | -357 | -707 | -356 | -2,399 | -604 | |
Balance Sheet
|
|---|
| Cash | 14 | 19 | 43 | 34 | 42 | 22.5% |
| Short Term Debt | 2,080 | 2,119 | 2,138 | 2,156 | 2,056 | -4.7% |
| Long Term Debt | 2,115 | 3,314 | 3,319 | 3,382 | 3,182 | -5.9% |
Cash flow
|
|---|
| Capex | 9 | | 0 | 0 | 0 | -100.0% |
Ratios
|
|---|
| Revenue growth | 17.2% | -26.3% | 0.4% | 38.0% | -73.7% | |
| EBITDA growth | -41.5% | -73.5% | 125.4% | -937.7% | -101.1% | |
|
|---|
| EBITDA Margin | 5.2% | 1.9% | 4.2% | -25.2% | 1.1% | 26.3% |
| Net Income Margin | -4.8% | -13.0% | -6.5% | -31.7% | -30.3% | 1.4% |
| CAPEX, % of revenue | 0.1% | | 0.0% | 0.0% | 0.0% | |
|
|---|
| ROIC | -0.5% | -5.3% | -1.9% | -44.9% | -4.3% | 40.6% |
| ROE | -32.7% | -142.3% | -350.3% | | | |
| Net Debt/EBITDA | 10.9x | 53.6x | 23.8x | | 247.8x |
Peers in Textiles
Below we provide Jaybharat Textiles & Real Estate 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Olympia Industries ($OLYMPTX) | -58.0% | -96.6% | 74,809.1% | 1,749.9% | - |
| Shri Dinesh Mills ($SHRIDINE) | 5.0% | 5.1% | -76.5% | 304.9% | - |
| Santaram Spinners ($SANTASPN) | 6.0% | 60.7% | -40.9% | 112.0% | - |
| Asahi Industries ($ASAHIIND) | - | 23.0% | 24.4% | 103.9% | -47.3% |
| Blue Chip Tex Industries ($BLUECHIPT) | - | 12.9% | 29.9% | 56.1% | 23.7% |
| |
|---|
| Median (74 companies) | 4.5% | 9.7% | 14.5% | -0.3% | -2.7% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | - | -26.3% | 0.4% | 38.0% | -73.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sil Investments ($SILINV) | - | - | - | 93.8% | - |
| Swadeshi Polytex ($SWADPOL) | - | - | - | 64.4% | - |
| Binny ($BINNY) | - | - | - | 60.9% | - |
| Ruby Mills ($RUBYMILLS) | 28.3% | 25.1% | 28.6% | 29.3% | - |
| Premier Synthetics ($PREMSYN) | - | - | - | 25.9% | - |
| |
|---|
| Median (85 companies) | 6.5% | 9.5% | 9.8% | 7.4% | 9.3% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 5.2% | 1.9% | 4.2% | -25.2% | 1.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Nitin Spinners ($NITINSPIN) | 1.9% | 2.6% | 8.0% | 42.3% | 4.7% |
| Maharaja Shree Umaid Mills ($MAHASHR) | 18.6% | 24.1% | 6.8% | 16.8% | - |
| Jindal Worldwide ($JINDWORLD) | 3.0% | 10.5% | 20.7% | 11.6% | - |
| SRF ($SRF) | 0.0% | 18.7% | 20.0% | 11.4% | 13.0% |
| Welspun India ($WELSPUNIND) | 5.6% | 7.8% | 16.4% | 10.9% | 17.7% |
| |
|---|
| Median (20 companies) | 3.4% | 5.6% | 7.4% | 6.7% | 6.2% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 0.1% | - | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Welspun India ($WELSPUNIND) | 9.3% | 15.6% | 8.5% | 21.9% | 25.2% |
| Maharaja Shree Umaid Mills ($MAHASHR) | -0.5% | 9.2% | 8.3% | 20.4% | - |
| Nitin Spinners ($NITINSPIN) | 6.0% | 19.5% | 21.5% | 17.5% | 17.8% |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 9.5% | 13.6% | 19.8% | 14.6% | 14.4% |
| Arvind ($ARVIND) | 11.3% | 11.2% | 13.7% | 13.2% | 13.1% |
| |
|---|
| Median (127 companies) | 3.6% | 9.2% | 9.2% | 9.6% | 12.5% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | -0.5% | -5.3% | -1.9% | -44.9% | -4.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bombay Rayon Fashions ($BRFL) | 4.9x | 4.9x | 11.6x | 10.0x | 7.3x |
| Ruby Mills ($RUBYMILLS) | 12.6x | 15.3x | 10.8x | 8.6x | - |
| Dcm ($DCM) | 13.5x | 3.5x | 3.7x | 5.5x | - |
| Nahar Spinning Mills ($NAHARSPING) | 70.8x | 3.8x | 3.2x | 4.9x | - |
| Rai Saheb Rekhchand Mohota Spg.& Wvg.Mills ($RAIREKMOH) | 10.0x | 0.0x | 0.0x | 4.6x | - |
| |
|---|
| Median (71 companies) | 3.8x | 3.2x | 0.0x | 0.0x | 0.0x |
|---|
