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INVESTMENT INSIGHTS

Check Before You Invest : Sturdy Industries Ltd

BSE: 530611 NSE: ISIN: INE134F01026
  |   Sector:  Chemicals & Fertilizers   |   Industry:  Plastic Products

Snapshot

Q.1 Which industry/sub-sector does Sturdy Industries Ltd belong to?
Sturdy Industries Ltd belongs to the Chemicals & Fertilizers sector, operating specifically within the Plastic Products segment.
Q.2 Is Sturdy Industries Ltd a good quality company?
Sturdy Industries Ltd is a quality company, based on a 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 Sturdy Industries Ltd undervalued or overvalued?
Sturdy Industries Ltd appears 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 - -
Price to Book - -0.03
Price to Sales 5.62 5.19
EV to EBITDA -21.69 -21.94
Q.4 Is Sturdy Industries Ltd a good buy now?
Sturdy Industries 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 Sturdy Industries Ltd?
Sturdy Industries Ltd revenue growth is -72% for FY-2023, which is below its 5-year CAGR of -56.19%, indicating slower growth.

Q.2 Gross Profit margin of Sturdy Industries Ltd?
Sturdy Industries Ltd Gross profit margin which is the profit after deduction of direct costs, is -168.7% for FY-2023, which is below its 5-year median of -52.9%, indicating decreasing margins.

Q.3 Operating Profit Margin of Sturdy Industries Ltd?
Sturdy Industries Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is -174.76% for FY-2023, which is below its 5-year median of -84.24% indicating decreasing margins.

Q.4 Net Profit Margin of Sturdy Industries Ltd?
Sturdy Industries Ltd Net Profit Margin is -124.46% for FY-2023, is below its 5-year median of -57.28%, indicating decreasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) -168.7 -52.9
Operating Profit Margin (%) -174.76 -84.24
Net Profit Margin (%) -124.46 -57.28

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Sturdy Industries Ltd?
Sturdy Industries Ltd Return on Asset is -4.89%, which is above its 5-year historical median of -6.22%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Sturdy Industries Ltd?
Sturdy Industries Ltd Return on capital employed is -4.97% for FY-2023, which is above its 5-year historical median of -5.74%. 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 Sturdy Industries Ltd?
Sturdy Industries Ltd Return on equity is 0% for FY-2023, which is above its 5-year historical median of -83.31%, indicating the business is making better use of its shareholders capital.

Q.8 Cash conversion cycle of Sturdy Industries Ltd?
Sturdy Industries Ltd Cash conversion cycle is 3482 days, above its 5-year historical median of 322 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.04 0.38
ROE (%) - -83.31
ROCE (%) -4.97 -5.74
Cash Conversion Cycle 3482 days 322 days

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

Q.9 Debt to Equity ratio of Sturdy Industries Ltd?
Sturdy Industries Ltd Debt-to-Equity ratio is -2.38, which is lower the industry average of 0.25, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Sturdy Industries Ltd?
Sturdy Industries Ltd Debt to cash flow from operations is -130.99, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Sturdy Industries Ltd?

Q.1 Promoter shareholding and pledge status of Sturdy Industries Ltd?
Promoters hold 12.09% of the Sturdy Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Sturdy Industries Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Sturdy Industries Ltd vs industry peers?
Sturdy Industries Ltd revenue CAGR is -56.19%, compared to the industry median CAGR of 4.71%, indicating slower growth and losing its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) -72 4.7
Gross Profit Growth (%) 0 14.3
Operating Profit Growth (%) 0 10.1
Net Profit Growth (%) -217.6 18.7
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.04 1.06
ROE (%) - 5.91
ROCE (%) -4.97 8.75
Cash Conversion Cycle (days) 3481.58 77

Valuation & price assessment

Q.1 Stock return of Sturdy Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -13.3% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 -13.3% -6.3% -13.4% -10.3%
Q.2 Valuation ratios of Sturdy Industries Ltd vs historical?
The current P/E ratio of 0 is in line with than its historical median of , indicating that the stock is trading near 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 - - 22.05
Price to Book - -0.03 1.89
Price to Sales 5.62 5.19 1.33
EV to EBITDA -21.69 -21.94 10.86

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