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Bhansali Engineering Polymers Ltd. Stock Analysis

Small Cap
Evaluated by 1227 users | BSE: 500052 | NSE: BEPL |
Chemicals
Bhansali Engineering Polymers (BEPL) is a leading name in the petrochemical sector in India. BEPL is a vertically integrated petrochemical company that is into manufacturing of ABS (Acrylonitrile Butadiene Styrene) -- a raw material used extensively across industries like automobiles, home...

Analysis of Financial Track Record

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.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 15.38%7.23%7.16%5.93%6.87%15.49%16.71%39.37%19.04%20.5%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 4644144195076015316261,0321,2251,104
Y-o-Y Gr. Rt.--10.7%1.1%21%18.6%-11.7%18%64.8%18.7%-9.8%
Adjusted EPS (Rs.) 1.90.620.60.440.411.341.96.293.144.04
Y-o-Y Gr. Rt.--67.4%-3.2%-26.7%-6.8%226.8%41.8%231.1%-50.1%28.7%
Book Value per Share (Rs.) 6.736.676.636.66.817.699.8115.5618.0221.47
Adjusted Net Profit 31.510.3107.46.922.231.510452.267.1
Net Op. Cash Flow (Rs. Cr.) 25.914.442.4-10.835.756.578.119253.588.1
Debt to Cash Flow from Ops 2.163.90.71-5.421.170.561.75000
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Bhansali Engineering Polymers Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 10.1%12.9%20.8%-9.8%
Adjusted EPS 8.7%58%28.6%28.7%
Book Value per Share 13.825.829.819.2
Share Price 21% 35.5% -12.7% 166.2%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 14.964.754.833.763.6514.1721.749.6218.7320.48
Operating Profit Margin (%) 12.048.056.554.784.578.5410.1415.637.147.95
Net Profit Margin (%) 6.82.482.381.451.144.185.0310.124.266.07
Debt to Equity 0.50.510.270.530.370.250.84000
Working Capital Days 1661891741441331561468980112
Cash Conversion Cycle 3451343123538332312
Entity Percentage Holding
Promoters 56.45%
Institutions 0.45%
Non-Institutions 43.10%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Bhansali Engineering Polymers Ltd.'s performance infers:

Bhansali Engineering Polymers Ltd. earnings have grown by 58%, whereas share price has appreciated 35.5% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Bhansali Engineering Polymers Ltd. share prices over the last 10 years. Here is what we found out:

Bhansali Engineering Polymers Ltd. share price has appreciated 11.9% annually over the past ten years.

Bhansali Engineering Polymers (BEPL) is a leading name in the petrochemical sector in India. BEPL is a vertically integrated petrochemical company that is into manufacturing of ABS (Acrylonitrile Butadiene Styrene) -- a raw material used extensively across industries like automobiles, home appliances, telecommunications, luggage and other sectors.

The company manufactures and produces variety of specialty

Bhansali Engineering Polymers (BEPL) is a leading name in the petrochemical sector in India. BEPL is a vertically integrated petrochemical company that is into manufacturing of ABS (Acrylonitrile Butadiene Styrene) -- a raw material used extensively across industries like automobiles, home appliances, telecommunications, luggage and other sectors.

The company manufactures and produces variety of specialty grades and 1200 different colour shades meeting customers requirements in different applications. The company has dedicated R & D team that helps to develop its application in shortest possible time.

For more than a decade, BEPL has been a trusted partner for the makers of automobiles, home appliances, telephones, electrical and electronics appliances, business machines, luggage, stationery, novelties and various other products.

Major clients of BEPL include large Indian brands namely Bajaj, Exide, Fiat, Aquaguard, Beetel, VIP, Samsonite, BPL, Onida, Sanyo, Videocon, Voltas, Whirpool, Electrolux, Crompton, IFB, LG, Kenstar, Tata, Toyota, Yahama and may more.

Products

  • Abstron
  • Santron
  • High Rubber Graft

History

Bhansali Engineering Polymers (BEPL) was incorporated in the year 1986. The company was promoted by Shri B M Bhansali. BEPL was the first company in India to start manufacturing quality ABS resins using foreign technology. Its plant is located at Satnoor, which was set up in technical collaboration with Sumitomo Chemical Engineering Co / Sumitomo Nagautuck, Japan at a capital cost of Rs 3,670 lakh. This plant became operational in January 1990 and started manufacturing general purpose injection moulding, extrusion and specialty grades of ABS and its alloys.

The company enhanced its capacity from 7500 TPA in 1990 to 15,000 TPA in the year 1996. In 2000, company acquired Vadodara-based Polychem and also added facility for manufacturing merchant SAN. With further expansion and addition of balancing equipment at both units at Satnoor and Vadodara, its installed capacity exceeded 30000 TPA in 2002. Continuing on the path of expansion, BEPL acquired Rajasthan Polymers Resins (RPRL) in the year 2004 to further enhance the production capacity to 48,000 TPA. BEPL has taken a step for a big expansion leap towards 200 KTPA in near future. Moreover, basic layout for 400 KTPA and 600 KTPA expansion has been finalized.

Milestones

  • 1984- The company was incorporated as public limited company in April of that year.
  • 1986- The company signed agreement with Sumitomo of Japan for 7.5 KTPA capacity ABS Plant.
  • 1990- In January, the company started 7.5 KTPA capacity ABS Plant at Satnoor (Madhya Pradesh).
  • 1996- BEPL expanded capacity at the Satnoor plant: 15 KTPA capacity of ABS in March.
  • 1999- In September, the company took over under licence and subsequently purchased Polychem’s 5 KTPA capacity ABS/SAN Plant at Vadodara. 
  • 2002- In September, company ABS/SAN plant at Vadodara Plant 12 KTPA (combined capacity of both the units – 27 KTPA).
  • 2003-2004- The company took over Greaves’ RPRL unit having manufacturing capacity of  20 KTPA.
  • 2005- BEPL implemented ERP package (mySAP) across the organization.
  • 2007- BEPL obtained ISO 9001-2000 certification

Future Plans

BEPL’s ambitious mid-to-long term strategy concentrates on strengthening its vertically integrated business structure. For its petrochemical business, BEPL has plans to further strengthen its foothold and position itself as a major player in main growing markets across the globe. This will be realized by raising the product quality and cost competitiveness through enhanced R&D and marketing abilities.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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