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Garware Polyester Ltd. Stock Analysis

Small Cap
Evaluated by 352 users | BSE: 500655 | NSE: GARWARPOLY |
Plastic Products
Garware Polyester Ltd. was Incorporated on  June 6, 1957 under the name Garware Motors & Engineers Pvt. Ltd. and was converted into a public limited company on  May 26,1981. The name of the Company was changed to Garware Plastics & Polyster Pvt. Ltd. with effect from April...

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 6.7%34.71%7.03%5.36%3.45%4.78%5.17%3.53%3.36%5.63%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,022892788776835887842860823923
Y-o-Y Gr. Rt.--12.7%-11.6%-1.6%7.6%6.2%-5%2.1%-4.3%12.1%
Adjusted EPS (Rs.) 23.42155.9812.539.832.756.497.248.8414.5230.5
Y-o-Y Gr. Rt.-566%-92%-21.6%-72%136%11.6%22.1%64.3%110.1%
Book Value per Share (Rs.) 150.61295.59177.11189.03193.92200.4207.87539.35555.63587.13
Adjusted Net Profit 5419629.222.96.415.116.920.533.770.9
Net Op. Cash Flow (Rs. Cr.) 92.324046.45218.387.996.880.1129137
Debt to Cash Flow from Ops 6.490.734.875.6120.714.083.173.891.331.11
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.
Garware Polyester Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales -1.1%2%3.1%12.1%
Adjusted EPS 3%61.8%61.5%110.1%
Book Value per Share 16.324.841.45.7
Share Price 9.9% 19.3% 13.6% 40.6%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 10.2752.015.884.141.072.582.932.232.655.34
Operating Profit Margin (%) 11.5831.5610.768.628.136.619.48.1910.1514.17
Net Profit Margin (%) 5.29223.72.950.771.7122.394.17.68
Debt to Equity 1.320.410.480.590.750.770.630.250.130.11
Working Capital Days 218791001181291291281119979
Cash Conversion Cycle 162444546525651494324
Entity Percentage Holding
Promoters 60.72%
Institutions 3.71%
Non-Institutions 35.57%
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 Garware Polyester Ltd.'s performance infers:

Garware Polyester Ltd. earnings have grown by 61.8%, whereas share price has appreciated 19.3% 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 Garware Polyester Ltd. share prices over the last 10 years. Here is what we found out:

Garware Polyester Ltd. share price has appreciated 7.5% annually over the past ten years.

Garware Polyester Ltd. was Incorporated on  June 6, 1957 under the name Garware Motors & Engineers Pvt. Ltd. and was converted into a public limited company on  May 26,1981. The name of the Company was changed to Garware Plastics & Polyster Pvt. Ltd. with effect from April 14, 1977.

It is the largest as well as the first company to produce polyester film in India for the last 20 years. They have grown to be a force to reckon with within the
Garware Polyester Ltd. was Incorporated on  June 6, 1957 under the name Garware Motors & Engineers Pvt. Ltd. and was converted into a public limited company on  May 26,1981. The name of the Company was changed to Garware Plastics & Polyster Pvt. Ltd. with effect from April 14, 1977.

It is the largest as well as the first company to produce polyester film in India for the last 20 years. They have grown to be a force to reckon with within the polyester film industry. They are continously diversifying to meet new challenges and reach new horizons.   

At Garware Polyester they serve the need of diverse industries. Their product range include films that cater to the solar control industry, packaging industry, reprographic industry etc.  

They are a force to reckon with in the field of polyester film. They continuously diversify to meet new horizons and challenges with competence and dynamism.  

With their vertically integrated production plants, four independent manufacturing lines and skilled manpower, they have built a business that spans the globe.  

Serving the needs of diverse industries, their bi-axially oriented polyethylene teraphthalate film range includes sun control films, overhead projector films and films for - packaging, cable insulation, audio tapes, tracing & drafting - to name a few.  

With an annual turnover in excess of US $100 million, they employ more than 1500 employees in their factories and offices. The Corporate Head Quarter is located in Mumbai and the company's main production facilities are at Aurangabad and Nasik. 

Milestones

The forties witnessed the birth of Garware, a simple manufacturing unit producing plastic buttons for the Navy. They later diversified their product base to include knitting needles, pen-holders and toothbrushes. 

In the fifties they lead the race by manufacturing injected, moulded and extruded plastic products like television casings & fan blades. 

The sixties brought new challenges in the form of new technologies. They responded by expanding our product line to include PVC pipes, fittings and allied products. End sixties saw the emergence of Polyester film and a whole new world of possibilities opened up for them. 

By the seventies it set out to conquer the entire world. Their expansion plans were launched with exports to the Middle East. To meet growing demands two new plants were set up - the polyester film plant in Aurangabad and the metallising unit in Nasik. 

In the eighties we produced sure winners like Garfilm, Sun Control and X-Ray film - all polyester based and indigenously developed. They were matching strides with developments worldwide. 

The nineties, the era of high technology, saw them taking on new challenges. 

Product range of the compny includes:
  • Reprographic Films/Sheets 
  • Polyester Film 
  • Pet Film
  • Bopet Film
  • Biaxially Oriented Polyester Film
  • Polyethylene Ptere Pthlate Films 
  • Packaging Films
  • Metallised Films
  • Insulation Films/Sheets/Webs 
  • Reprographic Films
  • LCD Films 
  • Thermal Lamination Films 
  • Release Liner 
  • Suncontrol 
  • Solarcontroal 
  • Holography 
  • Heatsealable 
  • Opaque Films 
  • Label Films
  • Matte Films 
  • OHP Films 
  • TRDR Films 
  • Lacquered 
  • Yarn Grade Films
Achievements/ recognition:
  • An ISO:9001:2000 certified company
  • In 1980 it was awarded the Gold Shield by the Government of India (Ministry of Industry), in recognition of our capability for developing polyester film in-house and thus saving substantial foreign exchange for the government.
  •  In 1988, the Department of Science and Technology of the Government of India recognised the excellent R&D effort with the Silver Shield award, for developing ray film with polyester base. 
  • The company has also been consistently winning the Top Exporter Award from the Government of India (Ministry of Commerce) as well as the Government of Maharashtra. The 70's award related to PVC pipes and fittings, but since 1984 it was our polyester film which took the lead.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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