Apcotex Industries Ltd - Stock Valuation and Financial Performance

BSE: 523694 | NSE: APCOTEXIND | Rubber Products | Small Cap

Apcotex Inds Share Price

440.65 38.45 9.56%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Apcotex Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Apcotex Industries stock performance -

mw4me loader
P/E Ratio (SA):
36.98
Market Cap:
2,284.6 Cr.
52-wk low:
400.1
52-wk high:
589.1

Is Apcotex Industries Ltd an attractive stock to invest in?

1. Is Apcotex Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Apcotex Industries Ltd is a average quality company.

2. Is Apcotex Industries Ltd undervalued or overvalued?

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

3. Is Apcotex Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Apcotex Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Apcotex Inds:

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.
Apcotex Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 11.9%18.3%13.1%8.8%16.6%17.5%5.5%14.7%25.4%20.1%-
Value Creation
Index
-0.20.3-0.1-0.40.20.3-0.60.10.80.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2973552683885266264965419571,0801,070
Sales YoY Gr.-19.5%-24.4%44.6%35.6%18.9%-20.7%9%77%12.9%-
Adj EPS 2.34.13.93.47.88.72.88.318.320.111.9
YoY Gr.-76.8%-4.6%-14.3%130.3%12.4%-68.5%200.4%121.8%9.7%-
BVPS (₹) 16.419.236.14347.553.648.558.976.491.897.8
Adj Net
Profit
12.121.420.417.540.245.214.342.89510462
Cash Flow from Ops. 9.932-64.422.253.238.836.375.247.5121-
Debt/CF from Ops. 4.91-0.410.30.11.40.21.11.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 15.4%15.5%29.6%12.9%
Adj EPS 27.1%21%94%9.7%
BVPS21.1%14.1%23.7%20.2%
Share Price 33.8% 16.1% 35.6% -5.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
14.823.114.28.517.117.35.415.427.123.912.6
Op. Profit
Mgn %
8.411.8147.412.411.1712.914.614.710.9
Net Profit
Mgn %
4.167.64.57.67.22.97.99.99.65.8
Debt to
Equity
0.60.30.10.10.100.20.10.10.3-
Working Cap
Days
83761461331121091411289610157
Cash Conv.
Cycle
4035747663567453374324

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 29.61%

Net Profit is growing at healthy rate in last 3 years 94.04%

Return on Equity has declined versus last 3 years average to 12.60%

Sales growth is not so good in last 4 quarters at -2.18%

Latest Financials - Apcotex Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 11.9 7.4
TTM Sales (₹ Cr.) 1,070 296
BVPS (₹.) 97.8 0
Reserves (₹ Cr.) 497 187
P/BV 4.51 0.00
PE 36.98 59.29
From the Market
52 Week Low / High (₹) 400.10 / 589.05
All Time Low / High (₹) 0.95 / 678.00
Market Cap (₹ Cr.) 2,285
Equity (₹ Cr.) 10.4
Face Value (₹) 2
Industry PE 32.6

Management X-Ray of Apcotex Inds:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Apcotex Inds

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
Sales2973552683885266264965419571,080
Operating Expenses 272313231359462557461471817921
Manufacturing Costs2738314758646272123141
Material Costs219239167260348429335325601681
Employee Cost 12141529343839435156
Other Costs 15221824232525304342
Operating Profit 2542372964693470140159
Operating Profit Margin (%) 8.4%11.8%13.9%7.4%12.1%11.0%7.0%12.9%14.6%14.7%
Other Income 36831886587
Interest 5434332435
Depreciation 79912121213151415
Exceptional Items 000-1-100000
Profit Before Tax 1735334356622557130146
Tax 4109817158133238
Profit After Tax 132525353947174499108
PAT Margin (%) 4.4%7.0%9.2%9.0%7.3%7.4%3.4%8.2%10.3%10.0%
Adjusted EPS (₹)2.54.84.86.87.59.03.28.519.120.8
Dividend Payout Ratio (%)39%29%38%27%32%33%94%41%26%26%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 85100187223246278251305396476
Share Capital 551010101010101010
Reserves 8095177213236267241295386466
Minority Interest0000000000
Debt40231722174421147152
Long Term Debt178000123626125
Short Term Debt231417221731952027
Trade Payables2520342248534681100102
Others Liabilities 33384330324358546274
Total Liabilities 183181281297344377397452605803

Fixed Assets

Gross Block12012218999100110171205228468
Accumulated Depreciation525810011223446607284
Net Fixed Assets686390887976125145157384
CWIP 125692119123912
Investments 24311840756954829888
Inventories171543454948605687105
Trade Receivables524984789811189105162137
Cash Equivalents 641067101615922
Others Assets15163234264133375455
Total Assets 183181281297344377397452605803

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 1032-64225339367548121
PBT 1735334356622557130146
Adjustment 885-116710151719
Changes in Working Capital -12-1-96-35-17715-70-8
Tax Paid -3-10-7-7-14-12-5-12-30-35
Cash Flow From Investing Activity -6-886-8-10-8-42-37-67-179
Capex -6-8-7-11-7-22-49-24-68-187
Net Investments -1-1181-5115-1507
Others 11751232111
Cash Flow From Financing Activity -14-26-17-17-18-307-461271
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -6-8-8-80129-212095
Interest Paid -4-3-2-3-2-2-1-4-3-5
Dividend Paid -5-5-7-9-9-12-31-8-21-26
Others 2-913-7-1710-14157
Net Cash Flow -9-25-32511-8-813
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)16.0926.6917.217.0616.4717.786.2915.8728.1724.75
ROCE (%)16.5129.4121.2120.622323.899.2819.5334.8828.04
Asset Turnover Ratio1.872.161.291.51.681.741.281.271.811.53
PAT to CFO Conversion(x)0.771.28-2.560.631.360.832.121.70.481.12
Working Capital Days
Receivable Days54478168606174655151
Inventory Days15153637322840392732
Payable Days37356040374354715554

Apcotex Industries Ltd Stock News

Apcotex Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Apcotex Inds on 28-Mar-2024 16:01 is ₹440.6.
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 Apcotex Inds stood at ₹2,284.6.
The latest P/E ratio of Apcotex Inds as of 28-Mar-2024 16:01 is 36.98.
The latest P/B ratio of Apcotex Inds as of 28-Mar-2024 16:01 is 4.51.
The 52-week high of Apcotex Inds is ₹589.0 and the 52-week low is ₹400.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Apcotex Inds is ₹1,070 ( Cr.) .

About Apcotex Industries Ltd

Apcotex Industries was established in the year 1980 as a division of Asian Paints (India). Apcotex spun-off as a separate company in 1991 and is now part of the 'APCO' group of companies headed by Atul Choksey, Chairman of Apcotex Industries and former Managing Director of Asian Paints. Apcotex Industries is one of the leading producers of VP latex, SB and carboxylated sb latexes , acrylic latexes , nitrile latex , SBR Latex , Carboxylated SBR , High Styrene Resin and Synthetic Rubber in India. It has one of the broadest ranges of products based on Styrene Butadiene chemistry.

Apcotex is an ISO 9001: 2000 certified company. Its segments include Paper & paper Products, Tyre Cord  dipping, carpet, Paints, Oil  resistant Gasket, Construction, Textiles, Footwear & Micro sheet, Conveyer belts, hoses & automotive components.

Its manufacturing plant is located at Taloja, 50 kms outside of Mumbai. The manufacturing facilities incorporate state-of-the-art emulsion polymerization technology as well as adequate monomer and finished goods storage facilities and efficient utility support. Additionally, sophisticated DCS control systems ensure fine control over operating parameters.

Products of the Company:-With basic engineering and process know-how from Chemische Werke Huls (CWH) Germany, Apcotex pioneered the production of Vinyl Pyridine Latex, an important raw material for the tyre industry, in India. The Company has following products such as:-

  • Carboxylated Styrene Butadiene Latices
  • Nitrile Latices
  • Styrene Butadiene Rubbers
  • Acrylic latexes,etc.

Awards/ Achievements

2011 - Apcotex Industries Ltd. - Taloja achieved a 'EXCELLENT' grade in Telos Safety Rating System which is an improvement over that achieved in the year May 2010

2012 -Apcotex was awarded the Total Productive Maintenance (TPM) Excellence Award Category A in March'2012 by the Japan Institute of Plant Maintenance (JIPM).

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