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INVESTMENT INSIGHTS

Check Before You Invest : Super Tannery Ltd

BSE: 523842 NSE: ISIN: INE460D01038
  |   Sector:  FMCG   |   Industry:  Leather

Snapshot

Q.1 Which industry/sub-sector does Super Tannery Ltd belong to?
Super Tannery Ltd belongs to the FMCG sector, operating specifically within the Leather segment.
Q.2 Is Super Tannery Ltd a good quality company?
Super Tannery 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 Super Tannery Ltd undervalued or overvalued?
Super Tannery Ltd appears Undervalued, as its key valuation ratios are lower 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 12.16 14.11
Price to Book 0.67 0.86
Price to Sales 0.32 0.36
EV to EBITDA 5.79 8.05
Q.4 Is Super Tannery Ltd a good buy now?
Super Tannery 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 Super Tannery Ltd?
Super Tannery Ltd revenue growth is 25.2% for FY-2025, which is above its 5-year CAGR of 9.27%, indicating faster growth.

Q.2 Gross Profit margin of Super Tannery Ltd?
Super Tannery Ltd Gross profit margin which is the profit after deduction of direct costs, is 6.4% for FY-2025, which is in line with its 5-year median of 6.3%, indicating stable margins.

Q.3 Operating Profit Margin of Super Tannery Ltd?
Super Tannery Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 7.68% for FY-2025, which is in line with its 5-year median of 7.68% indicating stable margins.

Q.4 Net Profit Margin of Super Tannery Ltd?
Super Tannery Ltd Net Profit Margin is 2.56% for FY-2025, is in line with its 5-year median of 2.56%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 6.4 6.3
Operating Profit Margin (%) 7.68 7.68
Net Profit Margin (%) 2.56 2.56

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Super Tannery Ltd?
Super Tannery Ltd Return on Asset is 2.84%, which is above its 5-year historical median of 2.5%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Super Tannery Ltd?
Super Tannery Ltd Return on capital employed is 8.93% for FY-2025, which is above its 5-year historical median of 7.26%. 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 Super Tannery Ltd?
Super Tannery Ltd Return on equity is 6.94% for FY-2025, which is above its 5-year historical median of 6%, indicating the business is making better use of its shareholders capital.

Q.8 Cash conversion cycle of Super Tannery Ltd?
Super Tannery Ltd Cash conversion cycle is 89 days, below its 5-year historical median of 126 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) 1.11 0.96
ROE (%) 6.94 6
ROCE (%) 8.93 7.26
Cash Conversion Cycle 89 days 126 days

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

Q.9 Debt to Equity ratio of Super Tannery Ltd?
Super Tannery Ltd Debt-to-Equity ratio is 0.64, which is lower the industry average of 1.22, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Super Tannery Ltd?
Super Tannery Ltd Debt to cash flow from operations is 1.4, which is at a healthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Super Tannery Ltd?

Q.1 Promoter shareholding and pledge status of Super Tannery Ltd?
Promoters hold 58.42% of the Super Tannery Ltd, with 51.12% of their stake pledged, indicating high pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Super Tannery Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Super Tannery Ltd vs industry peers?
Super Tannery Ltd revenue CAGR is 9.27%, compared to the industry median CAGR of 2.61%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 25.2 2.6
Gross Profit Growth (%) 18.4 3.8
Operating Profit Growth (%) 19.5 3
Net Profit Growth (%) 22.8 10.1
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 1.11 0.7
ROE (%) 6.94 2.73
ROCE (%) 8.93 6.59
Cash Conversion Cycle (days) 89.27 129

Valuation & price assessment

Q.1 Stock return of Super Tannery Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5.4% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 5.4% 17.4% -1.4% -24.1%
Q.2 Valuation ratios of Super Tannery Ltd vs historical?
The current P/E ratio of 12.16 is lower than its historical median of 14.11, indicating that the stock is trading below 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 12.16 14.11 22.67
Price to Book 0.67 0.86 1.13
Price to Sales 0.32 0.36 1.24
EV to EBITDA 5.79 8.05 11.37

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6. Lakhani India
7. Amin Tannery
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9. Euro Leder Fashion
10. Oscar Global

Check trending companies

1. Granules India Ltd.
2. Nestle India Ltd.
3. National Aluminium Company Ltd.
4. Muthoot Finance Ltd.
5. Motilal Oswal Financial Services Ltd.
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