Narmada Gelatines reports 46.6% Net Income decline in 2016 and 1.9% Revenue decline
26-05-2016 • About Narmada Gelatines (
$SHAWGELTIN) • By InTwits
Narmada Gelatines reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Narmada Gelatines's Revenue decreased slightly on 1.9%. Revenue decline was accelerating on average at -5.0 pp per annum in FY2012-FY2016. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 6.4 pp from 15.9% to 9.5% in FY2016.
Net Income margin decreased on 5.3 pp from 11.5% to 6.3% in FY2016. During the last 5 years Net Income margin topped in FY2013 at 12.6% and was declining since that time.
Financial and operational results
Narmada Gelatines ($SHAWGELTIN) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,067 | 1,218 | 1,305 | 1,343 | 1,317 | -1.9% |
| EBITDA | 159 | 221 | | 214 | 125 | -41.7% |
| Net Income | 111 | 154 | 163 | 155 | 83 | -46.6% |
Balance Sheet
|
|---|
| Cash | 30 | 20 | | | | |
| Short Term Debt | 23 | 2 | | | | |
| Long Term Debt | 0 | 0 | | | | |
Cash flow
|
|---|
| Capex | 46 | 38 | | | | |
Ratios
|
|---|
| Revenue growth | 17.3% | 14.1% | 7.1% | 2.9% | -1.9% | |
| EBITDA growth | 4.2% | 39.3% | | | -41.7% | |
|
|---|
| EBITDA Margin | 14.9% | 18.2% | | 15.9% | 9.5% | -6.4% |
| Net Income Margin | 10.4% | 12.6% | 12.5% | 11.5% | 6.3% | -5.3% |
| CAPEX, % of revenue | 4.3% | 3.1% | | | | |
|
|---|
| ROIC | 21.5% | 26.5% | | | | |
| ROE | 18.2% | 21.6% | | | | |
| Net Debt/EBITDA | -0.0x | -0.1x | | 0.0x | 0.0x |
Peers in Specialty Chemicals
Below you can find Narmada Gelatines benchmarking vs. other companies in Specialty Chemicals 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 |
|---|
| Black Rose Industries ($BLACKROSE) | - | 30.6% | -5.6% | 70.0% | -10.0% |
| Kiri Industries ($KIRIINDUS) | 7.9% | -86.5% | 24.8% | 34.7% | - |
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 14.1% | 4.7% | 19.5% | 30.0% | - |
| Keltech Energies ($KELENRG) | - | -13.4% | -0.4% | 24.4% | -6.3% |
| Dai-Ichi Karkaria ($DAICHI) | - | 31.4% | 45.4% | 22.8% | -36.4% |
| |
|---|
| Median (28 companies) | 14.8% | 13.7% | 12.5% | 11.3% | -0.5% |
|---|
| Narmada Gelatines ($SHAWGELTIN) | - | 14.1% | 7.1% | 2.9% | -1.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.8% | 22.7% | 24.9% | 32.8% |
| Indian Toners & Developers ($INDTONER) | - | - | - | 22.6% | - |
| Solar Industries India ($SOLARINDS) | 18.5% | 17.5% | 17.9% | 19.3% | 19.3% |
| Anil ($ANILLTD) | 18.1% | 16.9% | 17.1% | 17.4% | 16.2% |
| Ultramarine & Pigments ($ULTRAMAR) | 18.0% | 15.5% | 17.4% | 17.2% | - |
| |
|---|
| Median (33 companies) | 10.0% | 10.8% | 10.6% | 10.3% | 15.3% |
|---|
| Narmada Gelatines ($SHAWGELTIN) | 14.9% | 18.2% | - | 15.9% | 9.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Adi Finechem ($ADIFINCHM) | 7.3% | 4.8% | 12.6% | 16.9% | 9.0% |
| Anil ($ANILLTD) | - | 6.7% | 5.2% | 11.5% | 8.5% |
| Solar Industries India ($SOLARINDS) | 13.0% | 9.9% | 12.3% | 10.3% | 9.6% |
| Pidilite Industries ($PIDILITIND) | 5.2% | 2.9% | 4.4% | 8.5% | 3.8% |
| Oricon Enterprises ($ORICON) | 10.2% | 6.2% | 4.7% | 7.9% | - |
| |
|---|
| Median (17 companies) | 5.3% | 4.7% | 4.4% | 5.1% | 8.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vinati Organics ($VINATIORGA) | 29.6% | 26.2% | 30.6% | 34.8% | 32.2% |
| Camlin Fine Sciences ($CAMLINFIN) | 11.1% | 17.8% | 24.2% | 29.5% | 23.3% |
| Pidilite Industries ($PIDILITIND) | 27.4% | 29.3% | 29.8% | 29.0% | 38.3% |
| Adi Finechem ($ADIFINCHM) | 30.6% | 29.8% | 46.4% | 26.3% | 20.6% |
| Ultramarine & Pigments ($ULTRAMAR) | 20.0% | 16.3% | 20.8% | 25.7% | - |
| |
|---|
| Median (36 companies) | 14.7% | 14.5% | 11.2% | 17.1% | 21.2% |
|---|
| Narmada Gelatines ($SHAWGELTIN) | 21.5% | 26.5% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kiri Industries ($KIRIINDUS) | 8.2x | 31.3x | 10.6x | 7.7x | - |
| Jayant Agro-Organics ($JAYAGROGN) | 2.8x | 3.1x | 4.6x | 6.5x | 3.4x |
| Anil ($ANILLTD) | 2.2x | 3.4x | 3.8x | 4.0x | 4.2x |
| Oricon Enterprises ($ORICON) | 1.2x | 1.0x | 1.7x | 3.2x | - |
| Sudarshan Chemical Industries ($SUDARSCHEM) | 2.4x | 5.1x | 3.2x | 3.2x | - |
| |
|---|
| Median (31 companies) | 1.5x | 1.7x | 1.7x | 0.0x | 0.0x |
|---|
| Narmada Gelatines ($SHAWGELTIN) | -0.0x | -0.1x | - | 0.0x | 0.0x |
