Over the last few years Acrysil showed solid growth in fundamentals
30-05-2016 • About Acrysil (
$ACRYSIL) • By InTwits
Pay attention to Acrysil as a growth stock. It showed noticeble revenue performance in the last years among with attractive profitability and financial model.
Growth story
Acrysil showed growth in the last financial year. Acrysil's revenue surged on 31.6% in FY2016. EBITDA also increased considerably: 15.8% for the same period.
In the longer period the company showed fast revenue growth of 28.1% from FY2013 to FY2016 annually. EBITDA surged on 29.0% from FY2013 to FY2016 annually.
Acrysil ($ACRYSIL) financials for the last 5 years
| mln. INR | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Revenue | 614 | 796 | 1,065 | 1,271 | 1,672 |
|---|
| Revenue growth, % | | 29.6% | 33.8% | 19.4% | 31.6% |
|---|
| SG&A, % | | | | | |
|---|
| EBITDA | 76 | 133 | 186 | 248 | 287 |
|---|
| EBITDA growth, % | | 75.7% | 39.3% | 33.2% | 15.8% |
|---|
| EBITDA margin, % | 12.4% | 16.8% | 17.5% | 19.5% | 17.1% |
|---|
| Net Income | 16 | 48 | 77 | 87 | 109 |
|---|
| Net Income margin, % | 2.66% | 6.07% | 7.25% | 6.87% | 6.53% |
|---|
| |
| CAPEX | 48 | 87 | 102 | 118 | 84 |
|---|
| CAPEX/Revenue, % | 7.79% | 11.0% | 9.57% | 9.27% | 5.02% |
|---|
| Debt | 235 | 311 | 392 | 729 | 672 |
|---|
| Cash | 18 | 20 | 21 | 60 | 281 |
|---|
| Net Debt/EBITDA | 2.9x | 2.2x | 2.0x | 2.7x | 1.4x |
|---|
| |
| ROIC, % | 7.7% | 16.2% | 20.2% | 21.0% | 16.9% |
|---|
| ROE, % | 6.6% | 18.4% | 25.0% | 23.1% | 18.0% |
|---|
Profitability and return on investment
EBITDA growth was partly attributed to margin expansion. If we look for the longer period the company showed small growth in EBITDA margin of 0.300 pp from 16.8% in FY2013 to 17.1% in FY2016.
Acrysil shows attractive ROIC at 16.9% for the last 12 months which assumes stable development model. Three years ago it was a bit lower at 16.2%. For the last three years the average ROIC was 19.4%.
Net Income margin decreased on 0.400 pp from 6.90% to 6.50% in FY2016. In the last 3 years Net Income margin increased on 0.400 pp from 6.10% in FY2013 to 6.50% in FY2016.
Acrysil operates at ROE of 18.0%. It's average level of ROE for the last three years was 22.0%.
Capital expenditures (CAPEX)
To this fast growth the company had to invest in CAPEX.In FY2016 Acrysil had CAPEX/Revenue of 5.02%. The company's CAPEX/Revenue dropped on 5.94 pp from 11.0% in FY2013 to 5.02% in FY2016. It's average CAPEX/Revenue for the last three years was 7.96%.
Leverage (Debt)
Having such a fast growth profile the company keeps medium debt level at 1.4x Net Debt/EBITDA. In the last 3 years Acrysil showed big decline in leverage of 0.82x from 2.18x in FY2013 to 1.37x in FY2016.
Peers in Plastic Products
Below you can find Acrysil 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, %
| FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Top 5 |
|---|
| 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 ($WIMPLAST) | 27.5% | 23.1% | 19.5% | 23.5% | |
| Shaily Engineering Plastics ($SHAILY) | | -16.0% | 23.3% | 19.2% | 25.5% |
| Fenoplast ($FENOPLAS) | 11.4% | -1.1% | 12.6% | 8.5% | |
| |
|---|
| Median (11 companies) | 20.9% | 23.4% | 12.6% | 8.4% | 11.5% |
|---|
| Acrysil ($ACRYSIL) | | 29.6% | 33.8% | 19.4% | 31.6% |
Top companies by EBITDA margin, %
| FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Top 5 |
|---|
| 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% | |
| Bloom Dekor ($BLOOM) | | | | 11.8% | |
| |
|---|
| Median (14 companies) | 12.2% | 11.2% | 11.1% | 10.7% | 10.9% |
|---|
| Acrysil ($ACRYSIL) | 12.4% | 16.8% | 17.5% | 19.5% | 17.1% |
Top companies by CAPEX/Revenue, %
| FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Top 5 |
|---|
| 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% |
| Wim Plast ($WIMPLAST) | 14.3% | 8.1% | 3.7% | 7.9% | |
| Astral Poly Technik ($ASTRAL) | 11.9% | 8.4% | 8.6% | 6.0% | |
| Responsive Industries ($RESPONIND) | 14.7% | 10.3% | 6.9% | 3.8% | |
| |
|---|
| Median (7 companies) | 10.8% | 8.1% | 6.9% | 6.0% | 9.0% |
|---|
| Acrysil ($ACRYSIL) | 7.8% | 11.0% | 9.6% | 9.3% | 5.0% |
Top companies by ROIC, %
| FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Top 5 |
|---|
| Wim Plast ($WIMPLAST) | 31.8% | 31.2% | 31.0% | 31.2% | |
| Astral Poly Technik ($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% | |
| Jain Irrigation Systems ($JISLJALEQS) | 13.4% | 8.3% | 9.0% | 8.6% | |
| |
|---|
| Median (21 companies) | 10.2% | 10.9% | 11.0% | 12.7% | 12.7% |
|---|
| Acrysil ($ACRYSIL) | 7.7% | 16.2% | 20.2% | 21.0% | 16.9% |
Top companies by Net Debt / EBITDA
| FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Top 5 |
|---|
| 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 | |
| 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 | |
| Astral Poly Technik ($ASTRAL) | 1.0x | 0.7x | 0.9x | 1.1x | |
| |
|---|
| Median (14 companies) | 2.1x | 2.3x | 0.4x | 0.0x | 0.0x |
|---|
| Acrysil ($ACRYSIL) | 2.9x | 2.2x | 2.0x | 2.7x | 1.4x |
