Kalyani Forge reports 337% EBITDA growth in 2016 and 21.0 pp EBITDA Margin growth from 5.8% to 26.8%
27-05-2016 • About Kalyani Forge (
$KALYANIFRG) • By InTwits
Kalyani Forge reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is quite volatile: 26.8% in FY2016, 5.8% in FY2015, 11.3% in FY2014, 12.3% in FY2013, 14.7% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 5.8%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 21.0 pp from 5.8% to 26.8% in FY2016. During FY2012-FY2016 EBITDA Margin bottomed in FY2015 at 5.8%.
Net Income margin increased slightly on 1.4 pp from -0.94% to 0.49% in FY2016. Net Income margin followed a declining trend at -1.3 pp per annum in FY2012-FY2016.
Management team
Avinash Khare is a the company's CFO. Avinash Khare has spent 5 years at the company.
Financial and operational results
Kalyani Forge ($KALYANIFRG) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,725 | 2,581 | 2,054 | 2,403 | 2,264 | -5.8% |
| EBITDA | 400 | 318 | 232 | 139 | 607 | 337.2% |
| Net Income | 134 | 88 | 48 | -23 | 11 | |
Balance Sheet
|
|---|
| Cash | 84 | 59 | | | | |
| Short Term Debt | 408 | 280 | | | | |
| Long Term Debt | 230 | 319 | | | | |
Cash flow
|
|---|
| Capex | 152 | | | | | |
Ratios
|
|---|
| Revenue growth | 18.0% | -5.3% | -20.4% | 17.0% | -5.8% | |
| EBITDA growth | 60.5% | -20.4% | -27.2% | -40.1% | 337.2% | |
|
|---|
| EBITDA Margin | 14.7% | 12.3% | 11.3% | 5.8% | 26.8% | 21.0% |
| Net Income Margin | 4.9% | 3.4% | 2.3% | -0.9% | 0.5% | 1.4% |
| CAPEX, % of revenue | 5.6% | | | | | |
|
|---|
| ROIC | 17.8% | 11.7% | | | | |
| ROE | 15.8% | 9.3% | | | | |
| Net Debt/EBITDA | 1.4x | 1.7x | 0.0x | 0.0x | 0.0x |
Peers in Auto Parts & Equipment
Below you can find Kalyani Forge benchmarking vs. other companies in Auto Parts & Equipment 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 |
|---|
| Spectra Industries ($SPECTRA) | 16.4% | 40.2% | -10.1% | 57.1% | - |
| Simmonds Marshall ($SIMMOND) | - | 4.6% | 13.4% | 28.5% | 0.1% |
| India Nippon Electricals ($INDNIPPON) | 13.6% | 3.2% | -2.4% | 24.8% | - |
| Amara Raja Batteries ($AMARAJABAT) | - | 25.1% | 16.1% | 22.6% | 11.4% |
| Enkei Wheels (India) ($ENKEIWHEL) | - | 1.3% | 11.7% | 21.6% | 0.4% |
| |
|---|
| Median (38 companies) | 17.9% | 2.7% | 5.0% | 8.7% | 1.8% |
|---|
| Kalyani Forge ($KALYANIFRG) | - | -5.3% | -20.4% | 17.0% | -5.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ist ($ISTLTD) | - | - | - | 71.6% | - |
| Tube Investments Of India ($TUBEINVEST) | 18.4% | 24.4% | 28.3% | 30.0% | 21.4% |
| Shivam Autotech ($SHIVAMAUTO) | 24.1% | 24.1% | 20.6% | 18.7% | - |
| Amara Raja Batteries ($AMARAJABAT) | 14.9% | 15.7% | 14.2% | 17.0% | 17.6% |
| Suprajit Engineering ($SUPRAJIT) | 16.2% | 17.0% | 17.2% | 16.2% | - |
| |
|---|
| Median (45 companies) | 10.8% | 9.8% | 10.1% | 10.3% | 10.9% |
|---|
| Kalyani Forge ($KALYANIFRG) | 14.7% | 12.3% | 11.3% | 5.8% | 26.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amtek Auto ($AMTEKAUTO) | 18.9% | - | 27.1% | 30.3% | - |
| Jbm Auto ($JBMA) | 9.8% | 8.4% | - | 14.4% | - |
| Rico Auto Industries ($RICOAUTO) | 5.8% | 10.9% | 5.7% | 14.2% | 7.4% |
| Shivam Autotech ($SHIVAMAUTO) | 11.6% | 4.1% | 4.9% | 12.5% | - |
| Amara Raja Batteries ($AMARAJABAT) | 3.7% | 2.5% | 10.9% | 9.6% | 11.0% |
| |
|---|
| Median (26 companies) | 5.8% | 4.5% | 4.8% | 4.6% | 4.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 32.1% | 34.5% | 30.3% | 35.4% | 33.7% |
| Exide Industries ($EXIDEIND) | 24.2% | 24.3% | 29.5% | 26.9% | 20.5% |
| Munjal Showa ($MUNJALSHOW) | 29.9% | 23.8% | 22.5% | 24.9% | 19.8% |
| Motherson Sumi Systems ($MOTHERSUMI) | 13.5% | 16.5% | 25.0% | 24.9% | 25.1% |
| Gabriel India ($GABRIEL) | 19.9% | 15.5% | 18.0% | 24.0% | 25.0% |
| |
|---|
| Median (51 companies) | 15.7% | 12.7% | 15.1% | 14.6% | 15.4% |
|---|
| Kalyani Forge ($KALYANIFRG) | 17.8% | 11.7% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 17.6x | 17.8x | 17.3x | 16.4x | 0.1x |
| Amtek Auto ($AMTEKAUTO) | 4.8x | - | 5.3x | 5.8x | - |
| Remsons Industries ($REMSONSIND) | 2.8x | 4.3x | 3.6x | 5.7x | - |
| Steel Strips Wheels ($SSWL) | 5.4x | 6.3x | 6.5x | 5.6x | 4.2x |
| Autopal Industries ($AUTOPAL) | - | 3.4x | 3.8x | 4.4x | 0.0x |
| |
|---|
| Median (43 companies) | 1.2x | 2.3x | 0.9x | 0.1x | 0.0x |
|---|
| Kalyani Forge ($KALYANIFRG) | 1.4x | 1.7x | 0.0x | 0.0x | 0.0x |
