BSE: 0 | NSE: SPRL | Refractories | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that SP Refractories Ltd is a below average quality company.
The key valuation ratios of SP Refractories Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of SP Refractories Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.7% | 9.3% | 10.9% | 11.7% | 6.5% | - |
| Value Creation Index ⓘ | -0.5 | -0.3 | -0.2 | -0.2 | -0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||
| Sales ⓘ | 18.5 | 21 | 25.7 | 31.5 | 27.2 | 27 |
| Sales YoY Gr. | - | 13.2% | 22.6% | 22.7% | -13.6% | - |
| Adj EPS ⓘ | 1.4 | 2.7 | 5.1 | 5.5 | 3.4 | 3.4 |
| YoY Gr. | - | 94.2% | 88.4% | 8.9% | -37.5% | - |
| BVPS (₹) ⓘ | 23.6 | 26.3 | 31.3 | 46.5 | 50 | 50 |
| Adj Net Profit ⓘ | 0.2 | 0.4 | 0.8 | 1 | 0.6 | 1 |
| Cash Flow from Ops. ⓘ | 0.8 | 0.8 | -0.7 | 0.8 | 0.4 | - |
| Debt/CF from Ops. ⓘ | 4.5 | 5.2 | -5.8 | 6.3 | 13.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 9.1% | -13.6% | ||||
| Adj EPS ⓘ | NA | NA | 8.7% | -37.5% | ||||
| BVPSⓘ | NA | NA | 23.9% | 7.4% | ||||
| Share Price | - | - | - | 113.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 5.9 | 10.7 | 17.6 | 15.2 | 7.1 | 6.9 |
| Op. Profit Mgn % ⓘ | 4.7 | 5.7 | 5.7 | 6.3 | 5.4 | NAN |
| Net Profit Mgn % ⓘ | 1.1 | 1.9 | 2.9 | 3.1 | 2.3 | 2.3 |
| Debt to Equity ⓘ | 1.1 | 1.1 | 0.8 | 0.6 | 0.6 | - |
| Working Cap Days ⓘ | 0 | 111 | 89 | 84 | 103 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 90 | 69 | 61 | 73 | 0 |
Debt to equity has declined versus last 3 years average to 0.61
Return on Equity has declined versus last 3 years average to 6.90%
Sales growth has been subdued in last 3 years 9.11%
Net Profit has been subdued in last 3 years 8.68%
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 3.4 | - |
| TTM Sales (₹ Cr.) | 27.2 | - |
| BVPS (₹.) ⓘ | 50 | - |
| Reserves (₹ Cr.) ⓘ | 7 | - |
| P/BV ⓘ | 3.62 | - |
| PE ⓘ | 52.49 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 32.3 |
| Equity (₹ Cr.) | 1.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 37.4 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Sales | 18.53 | 20.97 | 25.70 | 31.52 | 27.24 |
| Operating Expenses ⓘ | 17.66 | 19.78 | 24.23 | 29.52 | 25.76 |
| Manufacturing Costs | 0 | 0 | 2.59 | 2.94 | 2.82 |
| Material Costs | 13.58 | 15.54 | 18.32 | 22.66 | 20.42 |
| Employee Cost | 1.43 | 1.30 | 1.52 | 1.77 | 1.52 |
| Other Costs ⓘ | 2.65 | 2.94 | 1.80 | 2.16 | 1 |
| Operating Profit ⓘ | 0.87 | 1.19 | 1.46 | 1.99 | 1.48 |
| Operating Profit Margin (%) | 4.7% | 5.7% | 5.7% | 6.3% | 5.4% |
| Other Income ⓘ | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 |
| Interest ⓘ | 0.40 | 0.44 | 0.21 | 0.42 | 0.41 |
| Depreciation ⓘ | 0.22 | 0.22 | 0.24 | 0.22 | 0.24 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0.28 | 0.55 | 1.05 | 1.36 | 0.83 |
| Tax ⓘ | 0.08 | 0.15 | 0.29 | 0.38 | 0.22 |
| Profit After Tax | 0.21 | 0.40 | 0.75 | 0.98 | 0.62 |
| PAT Margin (%) | 1.1% | 1.9% | 2.9% | 3.1% | 2.3% |
| Adjusted EPS (₹) | 1.4 | 2.7 | 5.1 | 5.5 | 3.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 3.52 | 3.92 | 4.67 | 8.32 | 8.94 | |||||
| Share Capital ⓘ | 0.50 | 0.50 | 1.49 | 1.79 | 1.79 | |||||
| Reserves ⓘ | 3.02 | 3.42 | 3.18 | 6.53 | 7.15 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | |||||
| Debt | 3.75 | 4.13 | 3.79 | 5.07 | 5.42 | |||||
| Long Term Debt | 0.50 | 0.30 | 0.26 | 1.19 | 2.11 | |||||
| Short Term Debt | 3.25 | 3.84 | 3.53 | 3.88 | 3.31 | |||||
| Trade Payables | 0.14 | 0.41 | 1.01 | 1.52 | 1.37 | |||||
| Others Liabilities ⓘ | 0.52 | 0.52 | 1.10 | 0.36 | 0.37 | |||||
| Total Liabilities ⓘ | 7.92 | 8.98 | 10.57 | 15.28 | 16.10 | |||||
Fixed Assets | ||||||||||
| Gross Block | 3.87 | 4.03 | 1.90 | 4.04 | 4.13 | |||||
| Accumulated Depreciation | 1.80 | 2.03 | 0 | 0 | 0.24 | |||||
| Net Fixed Assetsⓘ | 2.07 | 2.01 | 1.90 | 4.04 | 3.89 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 0.76 | 2.41 | |||||
| Investmentsⓘ | 0 | 0 | 0.01 | 0.01 | 0.01 | |||||
| Inventories | 1.20 | 1.32 | 1.39 | 2.30 | 3.04 | |||||
| Trade Receivables | 4.01 | 4.47 | 6.95 | 6.06 | 6.09 | |||||
| Cash Equivalents | 0.02 | 0.01 | 0 | 0.82 | 0.01 | |||||
| Others Assetsⓘ | 0.63 | 1.18 | 0.31 | 1.29 | 0.66 | |||||
| Total Assets ⓘ | 7.92 | 8.98 | 10.57 | 15.28 | 16.10 | |||||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 0.84 | 0.79 | -0.66 | 0.80 | 0.41 |
| PBT ⓘ | 0.28 | 0.55 | 1.05 | 1.36 | 0.83 |
| Adjustment ⓘ | 0.61 | 0.66 | 0.42 | 0.63 | 0.65 |
| Changes in Working Capital ⓘ | 0.03 | -0.26 | -1.82 | -0.8 | -0.84 |
| Tax Paid ⓘ | -0.08 | -0.16 | -0.31 | -0.39 | -0.24 |
| Cash Flow From Investing Activity ⓘ | -0.17 | -0.16 | -0.11 | -3.13 | -1.73 |
| Capex | -0.19 | -0.16 | -0.13 | -2.38 | -0.09 |
| Net Investments | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0.01 | 0.01 | 0.02 | -0.75 | -1.65 |
| Cash Flow From Financing Activityⓘ | -0.65 | -0.64 | 0.76 | 3.15 | 0.51 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 2.68 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -0.40 | -0.44 | -0.21 | -0.41 | -0.41 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -0.26 | -0.20 | 0.97 | 0.88 | 0.92 |
| Net Cash Flow ⓘ | 0.01 | -0.01 | -0.01 | 0.82 | -0.81 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.85 | 10.74 | 17.55 | 15.15 | 7.13 | |||||
| ROCE (%) | 9.35 | 13.01 | 15.22 | 16.28 | 8.95 | |||||
| Asset Turnover Ratio | 2.34 | 2.48 | 3.29 | 3.06 | 2.18 | |||||
| PAT to CFO Conversion(x) | 4 | 1.98 | -0.88 | 0.82 | 0.66 | Working Capital Days | ||||
| Receivable Days | 79 | 74 | 65 | 60 | 65 | |||||
| Inventory Days | 24 | 22 | 15 | 17 | 28 | |||||
| Payable Days | 4 | 6 | 14 | 20 | 26 | |||||
SP Refractories is engaged in manufacturing and supplying Refractory Material made using hydrated lime, Calcined Alumina and other raw materials. Its core focus is on refractory cement which is a niche and high margin cement widely used in iron & steel and construction industries because of its thermal conductivity, Maximum strength and Heat resistance. The company has one Manufacturing facility at M- 10, MIDC, Hingna, Nagpur and the adjoining premise M- 11-1 & M-11-2, MIDC, Hingna, Nagpur is being used as Godown and storage facility. The manufacturing facility is located in MIDC which is well-developed industrial area of Nagpur.
The company has a healthy client base due to its quality product, customized solutions and large product line. It get clinkers manufactured from outsider on job work basis and thereafter process of crushing the clinkers, blending and packing of refectory cement in powder form carries out in its manufacturing facility for excess capacity of crushing. Further, as and when required it purchase clinkers from third party and carry out process of crushing the clinkers, blending and packing of refectory cement in powder form to utilize its excess capacity of crushing.
The company has dedicated semi-automatic machines and skilled operators for manual checking of raw materials as well as Finished Goods. Its Testing and QC Technical team combined with its testing equipments ensures the quality of raw material dispensed in the production process and also the finished goods delivered to its customers. This helps in improving its procurement process thus reducing wastages, returns and other related costs.
Business area of the company
The company manufactures and supplies refractory material made using hydrated lime, Calcined Alumina, and other raw materials.
Major Events
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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