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Ncl Industries Net Income surged on 496% and Revenue jumped on 23.8%

30-05-2016 • About Ncl Industries ($NCLIND) • By InTwits

Ncl Industries reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Ncl Industries is a growth stock: FY2016 revenue growth was 23.8%, 5 year revenue CAGR was 12.8% at FY2016 ROIC .

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 surged on 23.8%.

Net Income margin increased on 6.4 pp from 1.7% to 8.0% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at -10.0% and was growing since that time.

Investments (CAPEX, working capital and M&A)


In FY2016 the company had CAPEX/Revenue of 2.8%. The company's CAPEX/Revenue decreased on 3.1 pp from 5.9% in FY2013 to 2.8% in FY2016.

Leverage (Debt)


Debt level is 0.6x Net Debt / EBITDA and 0.8x Debt / EBITDA. Net Debt / EBITDA jumped0.6x from to 0.6x in FY2016. Debt jumped while cash surged.

Ncl Industries has short term refinancing risk: cash is only 37.4% of short term debt.

Valuation and dividends


The company's trades at EV/EBITDA 4.0x and P/E 7.8x while industy averages are 17.8x and 21.9x.

Management team


Ncl Industries's CFO is N Gvsg Prasad. N Gvsg Prasad has 5 years tenure at the company.

Financial and operational results


Ncl Industries ($NCLIND) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue5,0014,2114,0835,3396,60823.8%
EBITDA1,3225732751,241
Net Income443-115-40889531496.4%
Balance Sheet
Cash2620211
Short Term Debt1,3841,445564
Long Term Debt1,176793453
Cash flow
Capex400248185
Ratios
Revenue growth38.2%-15.8%-3.0%30.8%23.8%
EBITDA growth37.1%-56.7%-51.9%

EBITDA Margin26.4%13.6%6.7%18.8%
Net Income Margin8.8%-2.7%-10.0%1.7%8.0%6.4%
CAPEX, % of revenue8.0%5.9%2.8%

ROIC19.2%5.3%
ROE25.5%-6.3%
Net Debt/EBITDA1.9x3.9x0.0x0.6x

Peers in Cement & Cement Products


Below you can find Ncl Industries benchmarking vs. other companies in Cement & Cement 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
Deccan Cements ($DECCANCE)--2.1%-21.6%11.9%32.3%
J.K.Cement ($JKCEMENT)-14.7%-4.0%21.2%10.9%
K.C.P ($KCP)-11.7%-8.2%12.4%9.2%
Kakatiya Cement Sugar & Industries ($KAKATCEM)-9.0%8.8%-3.9%9.1%
Birla Corporation ($BIRLACORPN)-13.8%15.9%6.4%2.0%
 
Median (13 companies)14.3%11.7%1.8%6.2%-0.6%
Ncl Industries ($NCLIND)--15.8%-3.0%30.8%23.8%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Deccan Cements ($DECCANCE)22.8%13.2%14.7%14.9%19.9%
K.C.P ($KCP)19.2%9.4%11.7%13.0%18.1%
India Cements ($INDIACEM)20.6%18.4%12.4%15.1%17.8%
Heidelbergcement India ($HEIDELBERG)8.3%9.3%15.9%7.4%15.3%
J.K.Cement ($JKCEMENT)20.3%19.2%12.7%13.4%14.5%
 
Median (13 companies)16.2%13.9%11.9%12.0%13.2%
Ncl Industries ($NCLIND)26.4%13.6%6.7%-18.8%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Orient Cement ($ORIENTCEM)-2.9%-59.7%24.5%
K.C.P ($KCP)8.6%9.9%12.6%5.2%19.8%
J.K.Cement ($JKCEMENT)6.5%18.8%55.8%16.2%9.2%
Heidelbergcement India ($HEIDELBERG)51.5%19.2%--7.6%
Birla Corporation ($BIRLACORPN)19.1%7.1%5.5%6.9%5.1%
 
Median (11 companies)5.5%7.2%6.9%5.2%4.8%
Ncl Industries ($NCLIND)8.0%5.9%--2.8%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Saurashtra Cement ($SAURASHCEM)38.6%42.7%13.9%26.9%23.6%
Deccan Cements ($DECCANCE)17.4%8.0%6.4%9.1%20.8%
K.C.P ($KCP)17.6%6.7%7.1%9.3%15.0%
Indian Hume Pipe Co ($INDIANHUME)7.6%13.8%15.0%18.0%14.5%
Visaka Industries ($VIKASAS)14.1%16.6%6.4%8.3%8.8%
 
Median (14 companies)13.7%11.2%6.4%8.3%8.2%
Ncl Industries ($NCLIND)19.2%5.3%---


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Udaipur Cement Works ($UDAICEMENT)---17.1x358.6x
Orient Cement ($ORIENTCEM)--0.1x1.1x3.5x6.8x
Prism Cement ($PRISMCEM)4.8x6.0x10.0x6.0x5.3x
J.K.Cement ($JKCEMENT)2.3x2.3x6.9x5.8x5.2x
India Cements ($INDIACEM)3.2x3.5x5.5x4.6x3.7x
 
Median (13 companies)2.0x2.4x3.1x2.7x3.2x
Ncl Industries ($NCLIND)1.9x3.9x0.0x-0.6x