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Mysore Paints & Varnish Ltd. Stock Analysis

Small Cap
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Paints
Mysore Paints and Varnish (MPVL) was established during 1937. It was converted into public sector undertaking during 1947. MPVL is the manufacturer and supplier of decorative paints,industrial paints, thinners, polishes, primers, sealing wax. MPVL is  Specialists in...

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 9.8%3.58%7.55%8.75%35.56%14.87%23.35%10.03%8.2%21.5%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 14.715.315.117.342.72334.125.423.361.2
Y-o-Y Gr. Rt.-3.9%-0.7%14.4%146.5%-46.2%48.2%-25.5%-8.3%162.9%
Adjusted EPS (Rs.) 16.675.612.6414.8785.8742.9378.4838.9438.33122.31
Y-o-Y Gr. Rt.--66.4%125.7%17.6%477.5%-50%82.8%-50.4%-1.6%219.1%
Book Value per Share (Rs.) 148.3151.95162.87177.01256.47296.33374.83410.8446.12572.19
Adjusted Net Profit 1.70.61.31.58.94.58.14412.7
Net Op. Cash Flow (Rs. Cr.) 5.802.206.14.56.20.113.3
Debt to Cash Flow from Ops 0.0900.7500.80.060.1948.284.462.28
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.
Mysore Paints & Varnish Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 17.2%7.5%21.6%162.9%
Adjusted EPS 24.8%7.3%15.9%219.1%
Book Value per Share 16.217.415.128.3
Share Price - - - -
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 11.413.647.98.739.6215.5323.399.918.4722.94
Operating Profit Margin (%) 9.580.286.816.0228.2819.8829.815.1712.0225.55
Net Profit Margin (%) 11.773.818.658.920.8519.3623.8815.8917.0620.71
Debt to Equity 0.030.280.10.080.180.010.030.070.10.13
Working Capital Days 369259302228123273194316340144
Cash Conversion Cycle 14613915311281140528810174
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Mysore Paints and Varnish (MPVL) was established during 1937. It was converted into public sector undertaking during 1947. MPVL is the manufacturer and supplier of decorative paints,industrial paints, thinners, polishes, primers, sealing wax. MPVL is  Specialists in manufacturing and supply of indelible ink (voter's ink) for all the parliamentary, assembly and local bodies elections in India since 1962. MPVL has been supplying this indelible ink to various

Mysore Paints and Varnish (MPVL) was established during 1937. It was converted into public sector undertaking during 1947. MPVL is the manufacturer and supplier of decorative paints,industrial paints, thinners, polishes, primers, sealing wax. MPVL is  Specialists in manufacturing and supply of indelible ink (voter's ink) for all the parliamentary, assembly and local bodies elections in India since 1962. MPVL has been supplying this indelible ink to various countries like Turkey, Nepal, Papua-new-guinea, Nigeria, South Africa, Ghana, Singapore etc. MPVL is one of the profit making and dividend declared company in Karnataka among public sector units.The big customers of the company are M/s KAVIKA, KSRTC, MEI, BEML, Madras Port Trust, other government departments, public sector undertakings as well as some of the private sector companies like M/s Automotive Axels, RPG Telecom, and sugar factories in Karnataka.

Indelible Ink: MPVL is the only paint manufacturing unit in public sector having exclusive license to manufacture and supply `Voters Ink' called `Indelible Ink ' ever since 1962. Thus it has a large market available in the government establishments,nearly 13 General Elections held in India which is largest democratic country in the world. MPVL Ink has tested nearly 6000 million voters over the six decades.

The production is carried on in varnish unit, paint unit, powder distemper unit,oil bound distemper unit, sealing wax unit and ink unit. The production of the products depends on the demand from the buyers. Basically the demand is from the industrial side. In 1971, the company extended a joint venture agreement with AIK, as vast German company. This German company provided technical assistance in manufacturing of sophisticated insulating varnishes which are used in the manufacturing of electronic equipment and machinery sales as generation transformer etc.

At present, the company is manufacturing all kinds of decorative paints, Industrial paints, polish and varnish, such as:

  • Mylac Synthetic Enamels
  • Brindavan Synthetic Enamels
  • Mysolin Acrylic Washable Distemper
  • Mycem Cement Paint
  • Brindavan Powdered Distemper
  • Epoxy Paints
  • Chlorub & Chemical Resistant Paints
  • Varnishes
  • Aluminum Paints
  • Bituminous Paints
  • Zinc Rich Primer & Coal Tar Epoxy
  • Wood & Cement Primers
  • Red Oxide Steel Primer
  • Zinc Chromate Red oxide Primer
  • Brindavan Alcoholic Polishes
  • Non-Alcoholic Polishes
  • Indelible Ink (Voter's Ink)
  • Road Marking Paints
  • Sealing Waxes
  • Postal Stamp Cancellation

Achievements:

The company has obtained ISO-9001/2000 Certification in the month of July 2002.

From the past four decades, MPVL is supplying indelible ink to all over India. Supply of paints to KSRTC from the past three decadesFrom the past nine years, MPVL is showing continuous profit. MPVL has supplied road marking paints to most of the cities in Karnataka. MPVL is one of the continuously Dividend paying company in PSUs of Karnataka dividend paid company in Public Sector.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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