Vikas Wsp revenue dropped on 26.6%
12-07-2016 • About Vikas Wsp (
$VIKASWSP) • By InTwits
Vikas Wsp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. -2.4% in FY2015 vs. 28.5% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 1.9x while industry average is 0.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Vikas Wsp's Revenue dropped on 26.6%.
Net Income margin dropped on 63.6 pp from 0.84% to -62.7% in FY2016.
Financial and operational results
Vikas Wsp ($VIKASWSP) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 10,636 | 29,064 | 10,216 | 7,808 | 5,729 | -26.6% |
| EBITDA | 3,030 | 5,963 | 775 | -190 | | |
| Net Income | 1,547 | 3,445 | 30 | 65 | -3,594 | -5,589.7% |
Balance Sheet
|
|---|
| Cash | 251 | 255 | 6 | | | |
| Short Term Debt | 732 | 1,619 | 2,155 | | | |
| Long Term Debt | 200 | 40 | 0 | | | |
Cash flow
|
|---|
| Capex | 525 | 337 | 63 | | | |
Ratios
|
|---|
| Revenue growth | 94.8% | 173.3% | -64.8% | -23.6% | -26.6% | |
| EBITDA growth | 62.1% | 96.8% | -87.0% | -124.5% | | |
|
|---|
| EBITDA Margin | 28.5% | 20.5% | 7.6% | -2.4% | |
| Net Income Margin | 14.5% | 11.9% | 0.3% | 0.8% | -62.7% | -63.6% |
| CAPEX, % of revenue | 4.9% | 1.2% | 0.6% | | | |
|
|---|
| ROIC | 23.0% | 38.4% | 1.9% | | | |
| ROE | 15.5% | 27.9% | 0.2% | | | |
| Net Debt/EBITDA | 0.2x | 0.2x | 2.8x | | |
Peers in Specialty Chemicals
Below we provide Vikas Wsp benchmarking against other companies in Specialty Chemicals 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 |
|---|
| Vikas Globalone ($VIKASGLOB) | - | 53.0% | -0.9% | -10.0% | 36.6% |
| Cochin Minerals & Rutile ($COCHINM) | - | -15.9% | -33.8% | -11.0% | 35.6% |
| Ultramarine & Pigments ($ULTRAMAR) | - | 3.0% | 7.2% | 14.2% | 27.7% |
| Anil ($ANILLTD) | - | 9.5% | 16.8% | 17.5% | 26.6% |
| Sudarshan Chemical Industries ($SUDARSCHEM) | - | 9.1% | 28.2% | 8.3% | 15.3% |
| |
|---|
| Median (28 companies) | - | 11.4% | 13.7% | 11.7% | 0.6% |
|---|
| Vikas Wsp ($VIKASWSP) | - | 173.3% | -64.8% | -23.6% | -26.6% |
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 ($ULTRAMAR) | 18.0% | 15.5% | 17.4% | 17.2% | 17.2% |
| |
|---|
| Median (34 companies) | 9.4% | 10.5% | 10.6% | 10.8% | 12.0% |
|---|
| Vikas Wsp ($VIKASWSP) | 28.5% | 20.5% | 7.6% | -2.4% | - |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oricon Enterprises ($ORICON) | 10.2% | 6.2% | 4.7% | 7.9% | 22.9% |
| Plastiblends India ($PLASTIBLEN) | 2.1% | 1.9% | 0.9% | 4.0% | 15.6% |
| Camlin Fine Sciences ($CAMLINFIN) | 4.3% | 5.7% | 7.1% | 5.1% | 13.7% |
| Vinati Organics ($VINATIORGA) | 13.6% | 28.2% | 4.2% | 7.4% | 12.1% |
| Dai-Ichi Karkaria ($DAICHI) | 3.2% | - | - | 1.6% | 10.3% |
| |
|---|
| Median (19 companies) | 5.2% | 4.7% | 4.5% | 5.1% | 7.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pidilite Industries ($PIDILITIND) | 27.4% | 29.3% | 29.8% | 29.0% | 38.3% |
| Vinati Organics ($VINATIORGA) | 29.6% | 26.2% | 30.6% | 34.8% | 32.2% |
| Ultramarine & Pigments ($ULTRAMAR) | 20.0% | 16.3% | 20.8% | 25.7% | 30.2% |
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 14.7% | 15.0% | - | - | 26.4% |
| Camlin Fine Sciences ($CAMLINFIN) | 11.1% | 17.8% | 24.2% | 29.5% | 23.3% |
| |
|---|
| Median (37 companies) | 14.7% | 14.5% | 11.4% | 17.1% | 20.6% |
|---|
| Vikas Wsp ($VIKASWSP) | 23.0% | 38.4% | 1.9% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Anil ($ANILLTD) | 2.2x | 3.4x | 3.8x | 4.0x | 4.2x |
| Jayant Agro-Organics ($JAYAGROGN) | 2.8x | 3.1x | 4.6x | 6.5x | 3.4x |
| Oricon Enterprises ($ORICON) | 1.2x | 1.0x | 1.7x | 3.2x | 3.2x |
| Sudarshan Chemical Industries ($SUDARSCHEM) | 2.4x | 5.1x | 3.2x | 3.2x | 2.4x |
| Kiri Industries ($KIRIINDUS) | 8.2x | 31.3x | 10.6x | 7.7x | 2.2x |
| |
|---|
| Median (31 companies) | 1.5x | 1.8x | 1.7x | 0.0x | 0.0x |
|---|
