EL Forge Ltd - Stock Valuation and Financial Performance

BSE: 531144 | NSE: ELFORGE | Forgings | Small Cap

EL Forge Share Price

13.71 -0.47 -3.31%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on EL Forge

M-Cap below 100cr DeciZen not available

EL Forge stock performance -

mw4me loader
P/E Ratio (SA):
23.73
Market Cap:
28.2 Cr.
52-wk low:
6.3
52-wk high:
15.5

Is EL Forge Ltd an attractive stock to invest in?

1. Is EL Forge Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that EL Forge Ltd is a below average quality company.

2. Is EL Forge Ltd undervalued or overvalued?

The key valuation ratios of EL Forge Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is EL Forge Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of EL Forge Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of EL Forge:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
EL Forge Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -4.2%-12.7%-10.3%-14.1%-19.9%12.7%28.8%-1.8%12.2%4.8%-
Value Creation
Index
NANANANANA-0.1NA-1.1NANA-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 88.753.838.832.642.549.832.838.540.358.569
Sales YoY Gr.--39.4%-27.9%-16%30.5%17.2%-34.1%17.2%4.9%44.9%-
Adj EPS -4.8-8.4-6.1-7.2-7.71.2-30.2-2.5-1.10.6
YoY Gr.-NANANANANA-339.5%NA-1780%NA-
BVPS (₹) -12.8-18.7-26.6-31.7-37.5-26-25.7-26.8-28.8-29.9-29.4
Adj Net
Profit
-9.7-17-12.3-14.6-15.62.5-60.3-5.1-2.31
Cash Flow from Ops. -6.3-21.26.115.3-11.329.7216.203.3-
Debt/CF from Ops. -29.3-6.723.19.2-11.81.412.71070.15-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -4.5%6.6%21.2%44.9%
Adj EPS NANANANA
BVPSNANANANA
Share Price 14.3% 26.1% 47.2% 99.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-453127.640.228.222.1-3.911.5-0.69.13.9-2
Op. Profit
Mgn %
4.2-10.8-10.2-8.7-6.11.6-6.61.22.66.68.5
Net Profit
Mgn %
-10.9-31.6-31.7-44.7-36.65.1-18.40.8-12.7-41.7
Debt to
Equity
-18.6-5.5-3.4-2.2-1.8-0.8-0.4-0.3-0.3-0.3-
Working Cap
Days
375405500574406273308131756353
Cash Conv.
Cycle
811291289519-228-583-265282514

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 21.24%

Sales growth is good in last 4 quarters at 36.77%

Return on Equity is Poor

Latest Financials - EL Forge Ltd.

Standalone Consolidated
TTM EPS (₹) 0.6 -8.6
TTM Sales (₹ Cr.) 69.2 53.8
BVPS (₹.) -29.4 0
Reserves (₹ Cr.) -80 -34
P/BV -0.47 0.00
PE 23.73 0.00
From the Market
52 Week Low / High (₹) 6.31 / 15.47
All Time Low / High (₹) 2.20 / 111.40
Market Cap (₹ Cr.) 28.2
Equity (₹ Cr.) 20.3
Face Value (₹) 10
Industry PE 37.4

Management X-Ray of EL Forge:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *80.4712.875.075.070.800.800.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

Login/Register to view analysis.

Analyst's Notes

Key Ratios of EL Forge

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales66.5053.7538.7732.5542.4649.7732.8038.4540.3458.46
Operating Expenses 63.6759.5242.7135.3845.0448.9834.963839.3054.60
Manufacturing Costs12.7211.997.927.078.529.066.825.487.7810.47
Material Costs34.2530.4123.9619.2726.2529.7618.6225.7421.8831.60
Employee Cost 10.1810.167.836.527.377.887.444.797.509.65
Other Costs 6.536.9732.522.902.292.081.992.142.89
Operating Profit 2.82-5.78-3.94-2.82-2.580.78-2.150.451.043.86
Operating Profit Margin (%) 4.2%-10.7%-10.2%-8.7%-6.1%1.6%-6.6%1.2%2.6%6.6%
Other Income 0.930.214.1000.070.080.050.180.170.05
Interest 2.171.351.292.893.400.610.200.460.430.40
Depreciation 7.059.749.548.226.856.616.596.116.174.89
Exceptional Items -5.89-1.11-5.40-2.051.1429.629.493.661.43-0.93
Profit Before Tax -11.36-17.77-16.07-15.98-11.6323.260.61-2.28-3.97-2.31
Tax 0000000000
Profit After Tax -11.36-17.77-16.07-15.98-11.6323.260.61-2.28-3.97-2.31
PAT Margin (%) -17.1%-33.1%-41.5%-49.1%-27.4%46.7%1.9%-5.9%-9.8%-3.9%
Adjusted EPS (₹)-5.6-8.7-7.9-7.9-5.711.40.3-1.1-2.0-1.1
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund -4.08-22.55-38.63-64.48-76.12-52.86-52.25-54.53-58.50-60.80
Share Capital 32.4432.4432.4420.3220.3220.3220.3220.3220.3220.32
Reserves -36.52-54.99-71.06-84.81-96.44-73.18-72.57-74.85-78.82-81.13
Minority Interest0000000000
Debt109.15129.73124.46120.22133.1342.4621.6616.8016.8016.80
Long Term Debt62.3878.3174.4081.3740.3126.1512.1112.1112.1112.11
Short Term Debt46.7751.4350.0638.8692.8216.319.554.694.694.69
Trade Payables31.9225.9625.7630.8625.5485.5884.023.162.443.88
Others Liabilities 43.8525.2531.2733.1010.538.488.0575.0476.1777.24
Total Liabilities 180.84158.39142.87119.7093.0983.6661.4840.4736.9137.12

Fixed Assets

Gross Block159.03159.25153.99121.89117.90118.43118.57122.03121.98122.96
Accumulated Depreciation59.0369.4775.7866.0970.8177.418490.0495.4199.48
Net Fixed Assets10089.7778.2155.8047.0941.0234.5731.9926.5623.47
CWIP 3.043.043.023.023.023.023.07000
Investments 3.933.933.853.853.743.743.74000
Inventories25.4023.0419.9618.8415.3615.5214.153.594.304.18
Trade Receivables23.7915.0613.1215.244.484.663.281.361.993.78
Cash Equivalents 0.530.120.060.050.230.370.180.831.422.33
Others Assets24.1523.4224.6522.9019.1715.332.482.702.633.36
Total Assets 180.84158.39142.87119.7093.0983.6661.4840.4736.9137.12

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -4.70-21.156.1115.25-11.3229.7021.036.240.023.34
PBT -11.36-17.77-16.07-15.98-11.6323.260.61-2.28-3.97-2.31
Adjustment 1.7011.1212.5313.169.07-22.40-2.712.924.955.27
Changes in Working Capital 4.95-14.59.6518.08-8.7628.8423.135.6-0.970.38
Tax Paid 0000000000
Cash Flow From Investing Activity 10.931.510.382.521.99-1.03-0.21-0.281.01-2.04
Capex 4.23-0.210.382.191.90-0.54-0.19-0.46-0.81-1.78
Net Investments 000.0800.11000.181.82-0.26
Others 6.701.72-0.070.33-0.03-0.50-0.02000
Cash Flow From Financing Activity -6.6919.23-6.56-17.789.51-28.53-21-5.32-0.43-0.40
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000-3.91-42.29-14.16-14.03000
Interest Paid -2.14-1.35-1.29-1.89-2.17-0.61-0.20-0.46-0.43-0.40
Dividend Paid 0000000000
Others -4.5420.58-5.27-11.9853.97-13.75-6.77-4.8600
Net Cash Flow -0.46-0.40-0.0700.170.14-0.190.640.590.90
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ROCE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Asset Turnover Ratio0.380.340.270.270.410.560.450.751.041.58
PAT to CFO Conversion(x)N/AN/AN/AN/AN/A1.2834.48N/AN/AN/A
Working Capital Days
Receivable Days122123125146833444221518
Inventory Days136153191200145113165843626
Payable Days3413213825293926811,6626184736

EL Forge Ltd Stock News

EL Forge Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of EL Forge on 28-Mar-2024 16:01 is ₹13.71.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of EL Forge stood at ₹28.15.
The latest P/E ratio of EL Forge as of 28-Mar-2024 16:01 is 23.73.
The latest P/B ratio of EL Forge as of 28-Mar-2024 16:01 is -0.47.
The 52-week high of EL Forge is ₹15.47 and the 52-week low is ₹6.31.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of EL Forge is ₹69.23 ( Cr.) .

About EL Forge Ltd

Started as a tie rod end forgings manufacturer in 1964, EL Forge grew from strength to strength and has established itself as a quality supplier to the Auto and Non Auto industries. EL Forge manufactures various forged and semi machined parts for both Automotive and non automotive sectors, it is one of the leading forging producers in South India with over 4 decades of experience in metal forming. El Forge serves major vehicle and automotive component manufacturers and process industries, both domestic and overseas.

The range of materials handled includes Carbon, Alloy and Stainless Steel, and supplies are made both in as forged and pre-machined condition. In keeping with the economic growth of the country EL Forge has added capacity to its production and product range and it had grown in to five locations within South India more specifically in the state of TamilNadu

In order to prepare it to meet the challenges of the next millennium, EL Forge adopted a dual strategy (a) To get its foot print in Europe (b) To set up a world class state of art of forge shop. Interwoven in this was the desire to reduce the number of manufacturing locations to two states of art forging facilities in order to cater to the global markets better.

EL Forge Limited (EFL) manufactures various forged and semi machined parts for both Automotive and non automotive sectors.

Since its start of forging business in 1964, EFL has accomplished several milestones and today after it had consolidated its manufacturing facilities stands as one of the most technologically advanced manufacturer of forged and machined components, a fact which has been acknowledged by leading tier 1 automotive component manufacturers.

The company has three manufacturing locations presently and two of them under the umbrella of ELF are located in India and one in UK under the name Shakespeare Forgings which is a wholly owned subsidiary of ELF.

Their customer are present in three continents namely Europe, USA, and in Asia in India. The list includes top tier 1 auto component suppliers both in OEM and retail segment. Its domestic customers include, Wabco, Bosch, Rane, Ivin, BHEL,TVS , Ashok Leyland and Royal Enfield while its overseas customers include ZF, TRW Automotives, Eaton, Bosch, Fedral Mogul and Hatz Diesel etc.

Backed by a near total product service capability ELF offers an 'End to End' solution right from product conceptualization to testing.

Product Range of the company includes:

  • Closed Die Forgings-EL Forge manufactures its products through closed die forgings. The high volume products are necessarily forged through the press route.The relatively low volume ones are manufactured through hammer route. This distinction has a bearing on the product configuration also.
  • Light Duty Crankshafts / Camshafts- EL Forge is a premier manufacturer of 'Light Duty Crankshafts' for single cylinder and twin cylinder applications both in power and compressor engines with a annual production of more than 600000 crank shaft forgings. EL Forge exports part of these volumes to various OEMS through their domestic customers.
  • Connecting Rods-EL Forge is a premier supplier of 'Connecting Rods'. These products range from LCVs to MUVs. These are manufactured with normal alloy steel materials and in Micro alloy steel. EL Forge has specialized the 'Technology of Forging and controlled cooling type of heat treatment for connecting rods where the resultant microstructure is all pearlitic with traces of ferrite. This unique treatment gives unique fatigue properties to the component besides giving comparable strength levels of traditional connecting rod material made out of chrome moly alloy steels which are hardened and tempered.
  • Rocker Arms-EL Forge supplies 'Rocker arms' for diesel engines in the weight range of around 2kg.
  • Valve Parts-EL Forge's another specialty is stainless steel parts for valve application. These items are hammer forged to meet stringent quality test on pressure applications and have high material integrity.
  • Brake Parts-EL Forge manufactures profiled 'Brake cams' (S Cams) for heavy vehicles braking systems. These parts are done in Horizontal up setters in the most economical way.

Milestones achieved

  • 2008- completion of the project at Appoor & begin consolidation of manufacturing facilities at three location Appoor,Hosur,UK . to give a competitive edge onour products & nearness in service to European customers.
  • 2006- Embarked on a green field project to set up 6 press lines in our endeavourto offer global quality std.
  • 2005- Acquisition of  Shakespeare Forgings ,UK as a wholly owned subsidiary ,to serve as gateway to exports to Europe.
  • 1997- Set up State of art CNC Tool room First CAD,CAM facility in L Forge ltd.
  • 1995- Acquired Chendur Forge Export

Awards/ Achievements

  • Effective implementation of TPM pillars by ABK-AOTS-DOKAI Tamilnadu centre.
  • 5S Merit award by AOTS – CUMIN
  • BOSCH Award for Excellence in Performance.
  • BOSCH quality awards for consistently good quality of supplies.
Read More Read Less
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.