X

Fenoplast Ltd. Stock Analysis

Small Cap
Evaluated by 90 users | BSE: 526689 | NSE: |
Plastic Products
Established in 1975, Fenoplast is the name that has been at the core of the finest automotive upholstery. Known for making world-class quality PVC Leather Cloth, Fenoplast has been preferred by many Indian as well as International automobile majors for automotive upholstery. Since its...

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'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Capital Employed 11.27%11.38%12.74%12.11%3.6%12.18%11.75%11.67%6.99%5.79%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 144176196194219237223225237186
Y-o-Y Gr. Rt.-22.3%11.4%-1.1%12.6%8.5%-5.9%0.9%5.3%-21.7%
Adjusted EPS (Rs.) 3.554.585.43.11-13.93.51.061.06-7.93-8.41
Y-o-Y Gr. Rt.-29%17.9%-42.4%-547%NA-69.7%0%-848.1%NA
Book Value per Share (Rs.) 47.9553.3759.1762.7666.4369.7271.0766.1768.8870.19
Adjusted Net Profit 1.62.12.51.4-6.41.60.50.5-3.7-3.9
Net Op. Cash Flow (Rs. Cr.) 6.810.712.111.41.317.316.213.714.76
Debt to Cash Flow from Ops 7.314.684.475.149.883.714.115.064.2611.42
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.
Fenoplast Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 2.9%-3.2%-6%-21.7%
Adjusted EPS -210.1%NA-299.5%NA
Book Value per Share 4.31.1-0.41.9
Share Price -6.7% -19% -32.6% -13.9%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 5.576.857.644.22-18.394.491.341.46-11.75-12.11
Operating Profit Margin (%) 10.118.189.019.0537.848.48.214.435.27
Net Profit Margin (%) 1.131.21.270.74-2.930.680.220.22-1.54-2.08
Debt to Equity 2.262.041.982.012.122.032.271.982.13
Working Capital Days 173163158171176181193193184222
Cash Conversion Cycle 797273768382838679110
Entity Percentage Holding
Promoters 60.79%
Non-Institutions 39.21%
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 Fenoplast Ltd.'s performance infers:

Fenoplast Ltd. earnings have grown by 0%, whereas share price has depreciated -19% 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 Fenoplast Ltd. share prices over the last 10 years. Here is what we found out:

Fenoplast Ltd. share price has depreciated -9.6% annually over the past ten years.

Established in 1975, Fenoplast is the name that has been at the core of the finest automotive upholstery. Known for making world-class quality PVC Leather Cloth, Fenoplast has been preferred by many Indian as well as International automobile majors for automotive upholstery. Since its inception, Fenoplast has come a long way. The single-product unit it was in 1975 has grown to become a multi product, multi-unit group.

Fenoplast has a formidable presence far and wide-in over 20 countries,

Established in 1975, Fenoplast is the name that has been at the core of the finest automotive upholstery. Known for making world-class quality PVC Leather Cloth, Fenoplast has been preferred by many Indian as well as International automobile majors for automotive upholstery. Since its inception, Fenoplast has come a long way. The single-product unit it was in 1975 has grown to become a multi product, multi-unit group.

Fenoplast has a formidable presence far and wide-in over 20 countries, including UK, USA, Germany, France, Holland, South Africa and Singapore.

It was the first to acquire and adopt the fully automatic and advanced technology, known as C7 Calenderette. The project is equipped with fully automatic no-break generator with a capacity of 1300 kva, enough to run the entire plant and machinery, to ensure optimal and uninterrupted utilization of the plant.

The Fenoplast Group has five manufacturing units, each producing a specialized range of PVC and PVC - related products. Together, the five units of Fenoplast constitute an integrated facility, enabling the company reap rich economies of scale in production and ensure excellent quality in its products, which in turn get passed on to the end-users.

Fenoplast also places special accent on the quality of its products. It has adopted a comprehensive quality control process to ensure excellence at every stage of production, The 8 - stage quality control system leaves virtually no aspect to chance.

Products :

a) PVC Leather Cloth:

PVC Leather Cloth can be made by direct coating process, transfer coating process or by lamination with a calendared flexible film. It is also referred to as expanded vinyl Artificial Leather Cloth or Synthetic Leather.

Applications :

  • Domestic upholstery
  • Automobile upholstery for cars, two wheelers and tractor seats
  • Footwear industry for ladies sandals, gents footwear, children shoes, sports shoes, ladies bags, leather lining and garments 

b) PVC Film:

Fenoplast is the first company in India to manufacture PVC film which is mainly produced either by calendaring or by extrusion. The quality of film produced on extruder is of lower quality, less clear, and has its own limitations.

The rubber sheeting is still produced by calendering, which has also become the leading industrial process for the production of PVC sheeting of all kinds including for flooring. Operationally a calender is a set of heated rolls to which hot, pre compounded plastic is fed, to be rolled out into continuous sheet as it passes through the consecutive roll nips.

The three different types of PVC film produced by Fenoplast can be classified as:

  • PVC soft clear film - used in stationery applications, electrical insulation tape and for safety glass lamination for automobiles
  • PVC Soft Opaque film (sheeting) - used as car automotive interiors for sunvisor, door trim, door seal, rooftop and stationery applications.
  • PVC Blister pack film - Extensively used for tablet and capsule packaging. With this film on one side and alluminium foil or paper on the other side, the film is thermo formed and filled with tablets or capsules. It is also used for packing of consumer goods such as shaving products, pens, toys, and also used in confectionary industry.
  • PVC Rigid film (Opaque) – Used in stationary, playing cards and ready-made garments packing. 

Awards and Achievements:

  • KEMA Certificate - ISO 9001 : 2000
  • IQNet Cetificate - ISO 9001 : 2000
  • Rajiv Gandhi Excellence Award – 1991
  • The Plastics and Linoleums Export Promotion council's Award. 1991 – 1992
  • Best Exporter Award - 1992 – 93
  • Export Performance Award - 1993 – 94
  • The Plastics Export Promotion Council's Award - 1998 – 99
  • The Plastics Export Promotion Council's Award - 1997 – 98
  • Department of Health & Human Services -  Drug Master File (DMF)

Milestones:

  • 1976 -- Fenoplast begins manufacture of PVC Leather Cloth –Investment: Rs. 7 million Production capacity: 3 million square meters per annum,Technology: Direct Coating
  • 1983 -- Fenoplast's new unit was set up:Production capacity - 3 million square meters per annum  Technology: Transfer coating using Release Paper Machinery:   imported from Italy, Japan, Taiwan
  • 1987 -- First plant modernized assimilating the Transfer Coating technology.
  • 1988 -- Fenoplast's new unit was set up to manufacture PVC Rigid/Soft Film Investment: Rs 150 million  Technology: Calendaring with two stage planetary extrusion. Machinery: from Battenfeld Extrusions, Technic  GmbH, Germany.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

Callback