Bhansali Engineering Polymers Ltd - Stock Valuation and Financial Performance

BSE: 500052 | NSE: BEPL | Chemicals | Small Cap

Bhansali Engg. Poly. Share Price

89.30 -0.16 -0.18%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Bhansali Engg. Poly.

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Bhansali Engineering Polymers stock performance -

mw4me loader
P/E Ratio (SA):
14.60
Market Cap:
2,226.3 Cr.
52-wk low:
58.1
52-wk high:
118

Is Bhansali Engineering Polymers Ltd an attractive stock to invest in?

1. Is Bhansali Engineering Polymers Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bhansali Engineering Polymers Ltd is a good quality company.

2. Is Bhansali Engineering Polymers Ltd undervalued or overvalued?

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

3. Is Bhansali Engineering Polymers Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bhansali Engineering Polymers 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 Bhansali Engg. Poly.:

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.
Bhansali Engineering Polymers Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 5.9%6.9%15.5%16.7%39.4%19%20.5%64.4%41.8%13.4%-
Value Creation
Index
-0.6-0.50.10.21.80.40.53.62.0-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5076015316261,0321,2251,1041,2921,3941,3631,228
Sales YoY Gr.-18.6%-11.7%18%64.8%18.7%-9.8%17%7.9%-2.3%-
Adj EPS 0.30.30.91.34.22.12.713.4145.56.1
YoY Gr.--6.7%217.9%42.7%230.7%-50%28.6%396.3%4.2%-60.9%-
BVPS (₹) 4.44.55.16.510.41214.327.439.442.937.4
Adj Net
Profit
7.46.922.231.510452.267.1333347136153
Cash Flow from Ops. -10.835.756.578.119253.588.1103298140-
Debt/CF from Ops. -5.41.20.61.8000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.6%5.7%7.3%-2.3%
Adj EPS 38%5.4%26.5%-60.9%
BVPS28.8%32.8%44.1%8.8%
Share Price 27.2% 12.3% -1.7% 52.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
3.83.714.221.749.618.720.564.341.813.315.3
Op. Profit
Mgn %
4.84.68.510.115.67.1834.633.21314.9
Net Profit
Mgn %
1.51.14.2510.14.36.125.824.91012.4
Debt to
Equity
0.50.40.30.8000000-
Working Cap
Days
1441331561468980112110137170105
Cash Conv.
Cycle
312353833231323787988

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 26.46%

Return on Equity has declined versus last 3 years average to 15.30%

Sales growth has been subdued in last 3 years 7.26%

Sales growth is not so good in last 4 quarters at -16.34%

Latest Financials - Bhansali Engineering Polymers Ltd.

Standalone Consolidated
TTM EPS (₹) 6.1 6.2
TTM Sales (₹ Cr.) 1,228 1,228
BVPS (₹.) 37.4 37.5
Reserves (₹ Cr.) 906 908
P/BV 2.39 2.39
PE 14.60 14.53
From the Market
52 Week Low / High (₹) 58.10 / 117.95
All Time Low / High (₹) 0.30 / 149.60
Market Cap (₹ Cr.) 2,226
Equity (₹ Cr.) 24.9
Face Value (₹) 1
Industry PE 47

Management X-Ray of Bhansali Engg. Poly.:

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 Bhansali Engg. Poly.

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
Sales5076015316261,0321,2251,1041,2921,3941,363
Operating Expenses 4915764935638771,1461,0188459311,186
Manufacturing Costs26313238444449465361
Material Costs4305054114737441,016893685749985
Employee Cost 17212325373229687347
Other Costs 18192827525347465792
Operating Profit 162537641547986447463177
Operating Profit Margin (%) 3.1%4.2%7.1%10.1%15.0%6.5%7.8%34.6%33.2%13.0%
Other Income 12381476101929
Interest 10141110810101
Depreciation 45656710101010
Exceptional Items 0000000000
Profit Before Tax 3923571547783446472195
Tax 1372155311611312359
Profit After Tax 1517361004767333349136
PAT Margin (%) 0.3%0.9%3.1%5.7%9.7%3.8%6.1%25.8%25.1%10.0%
Adjusted EPS (₹)0.10.20.71.44.01.92.713.414.05.5
Dividend Payout Ratio (%)112%31%10%9%5%18%12%5%14%207%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 1911861281632582993566819801,066
Share Capital 17171717171717171717
Reserves 1741691111462422823406649641,050
Minority Interest0000000000
Debt584132137000000
Long Term Debt4510000000
Short Term Debt543631137000000
Trade Payables12116117899126194272367062
Others Liabilities 771322403525605737
Total Liabilities 3773953504214245296537771,1071,165

Fixed Assets

Gross Block33433718298113151276277291296
Accumulated Depreciation201215101557127137147156
Net Fixed Assets1331228293107143150141145140
CWIP 0000602000
Investments 0122222211
Inventories91758313980100208113197171
Trade Receivables108147132137185224154291282238
Cash Equivalents 14141517322463153209279
Others Assets3336373311367578273336
Total Assets 3773953504214245296537771,1071,165

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -113656781925388103298140
PBT 3923571547783446472195
Adjustment 191921152166-5-17
Changes in Working Capital -3210161978820-236-4821
Tax Paid 0-2-3-13-42-33-21-112-122-59
Cash Flow From Investing Activity -5-6-35-12-16-55-43-21-300-15
Capex -4-3-35-14-28-36-160-13-5
Net Investments 0-1-20000-16-1075
Others -1-22212-18-26-5-180-15
Cash Flow From Financing Activity 17-33-23-65-149-7-10-9-50-50
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 01-50000000
Interest Paid -10-14-11-10-8-10-100
Dividend Paid -2-2-2-2-3-5-8-8-50-50
Others 28-18-5-53-138-1-2000
Net Cash Flow 1-3-2127-83574-5275
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)1.354.8513.8724.5447.3516.7120.464.342.0713.28
ROCE (%)8.1813.821.9528.9758.0928.2125.2686.1356.8619.15
Asset Turnover Ratio1.521.741.591.832.853.032.192.131.741.41
PAT to CFO Conversion(x)-117.23.292.171.921.131.310.310.851.03
Working Capital Days
Receivable Days76698670495253536459
Inventory Days49454958332343383542
Payable Days108102150107555895822624

Bhansali Engineering Polymers Ltd Stock News

Bhansali Engineering Polymers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bhansali Engg. Poly. on 28-Mar-2024 16:01 is ₹89.30.
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 Bhansali Engg. Poly. stood at ₹2,226.3.
The latest P/E ratio of Bhansali Engg. Poly. as of 28-Mar-2024 16:01 is 14.60.
The latest P/B ratio of Bhansali Engg. Poly. as of 28-Mar-2024 16:01 is 2.39.
The 52-week high of Bhansali Engg. Poly. is ₹118.0 and the 52-week low is ₹58.10.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bhansali Engg. Poly. is ₹1,228 ( Cr.) .

About Bhansali Engineering Polymers Ltd

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.

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