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INVESTMENT INSIGHTS

Check Before You Invest : ATV Projects India Ltd

BSE: 500028 NSE: ATVPROJ ISIN: INE447A01015
  |   Sector:  Capital Goods & Industrial Consumables   |   Industry:  Engineering - Industrial Equipments

Snapshot

Q.1 Which industry/sub-sector does ATV Projects India Ltd belong to?
ATV Projects India Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Engineering - Industrial Equipments segment.
Q.2 Is ATV Projects India Ltd a good quality company?
ATV Projects India Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is ATV Projects India Ltd undervalued or overvalued?
ATV Projects India Ltd appears Somewhat overvalued, as its key valuation ratios are higher than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 22.68 13.11
Price to Book 0.76 0.41
Price to Sales 2.4 1.71
EV to EBITDA 23.15 24.95
Q.4 Is ATV Projects India Ltd a good buy now?
ATV Projects India Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of ATV Projects India Ltd?
ATV Projects India Ltd revenue growth is 14.7% for FY-2025, which is above its 5-year CAGR of 13.33%, indicating faster growth.

Q.2 Gross Profit margin of ATV Projects India Ltd?
ATV Projects India Ltd Gross profit margin which is the profit after deduction of direct costs, is 11.9% for FY-2025, which is in line with its 5-year median of 11.9%, indicating stable margins.

Q.3 Operating Profit Margin of ATV Projects India Ltd?
ATV Projects India Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 10.9% for FY-2025, which is in line with its 5-year median of 10.6% indicating stable margins.

Q.4 Net Profit Margin of ATV Projects India Ltd?
ATV Projects India Ltd Net Profit Margin is 10.49% for FY-2025, is in line with its 5-year median of 10.62%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 11.9 11.9
Operating Profit Margin (%) 10.9 10.6
Net Profit Margin (%) 10.49 10.62

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of ATV Projects India Ltd?
ATV Projects India Ltd Return on Asset is 2.81%, which is above its 5-year historical median of 2.65%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of ATV Projects India Ltd?
ATV Projects India Ltd Return on capital employed is 2.96% for FY-2025, which is in line with its 5-year historical median of 2.87%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of ATV Projects India Ltd?
ATV Projects India Ltd Return on equity is 3.66% for FY-2025, which is in line with its 5-year historical median of 3.66%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of ATV Projects India Ltd?
ATV Projects India Ltd Cash conversion cycle is 175 days, below its 5-year historical median of 243 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.27 0.18
ROE (%) 3.66 3.66
ROCE (%) 2.96 2.87
Cash Conversion Cycle 175 days 243 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of ATV Projects India Ltd?
ATV Projects India Ltd Debt-to-Equity ratio is 0.21, which is above the industry average of 0.18, indicating higher debt levels in the industry.

Q.10 Debt to cash flow from operations of ATV Projects India Ltd?
ATV Projects India Ltd Debt to cash flow from operations is 7.29, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of ATV Projects India Ltd?

Q.1 Promoter shareholding and pledge status of ATV Projects India Ltd?
Promoters hold 26.89% of the ATV Projects India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does ATV Projects India Ltd performance compare with that of its Peers?

Q.1 Revenue growth of ATV Projects India Ltd vs industry peers?
ATV Projects India Ltd revenue CAGR is 13.33%, compared to the industry median CAGR of 3.04%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 14.7 3
Gross Profit Growth (%) - 23.6
Operating Profit Growth (%) 14.3 21.7
Net Profit Growth (%) 16.7 27.1
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.27 0.89
ROE (%) 3.66 12.09
ROCE (%) 2.96 14.64
Cash Conversion Cycle (days) 174.85 98

Valuation & price assessment

Q.1 Stock return of ATV Projects India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.3% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 15.3% 38.1% 51.7% -2.7%
Q.2 Valuation ratios of ATV Projects India Ltd vs historical?
The current P/E ratio of 22.68 is higher than its historical median of 13.11, indicating that the stock is trading above its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 22.68 13.11 29.36
Price to Book 0.76 0.41 2.91
Price to Sales 2.4 1.71 2.93
EV to EBITDA 23.15 24.95 15.77

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