Nirma Ltd - Stock Valuation and Financial Performance

Name: Nirma
Brand: Nirma

BSE: 500308 | NSE: NIRMA | Household & Personal Products | Small Cap

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Nirma stock performance -

PE Chart Key Ratios

P/E Ratio (SA):

8.07

Market Cap:

3,878.2 Cr.

52-wk low:

214.3

52-wk high:

258.7

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1. Is a good quality company?

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2. Is undervalued or overvalued?

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10 Year X-Ray of Nirma:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	TTM
ROCE % ⓘ	9.6%	6%	13%	9.3%	7.2%	8.9%	8.8%	6.7%	6.4%	14.9%	-
Value Creation Index ⓘ	-0.3	-0.6	-0.1	-0.3	-0.5	-0.4	-0.4	-0.5	-0.5	0.1	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	4,283	4,124	4,589	4,820	5,699	6,237	5,454	5,035	6,515	8,561	6,515
Sales YoY Gr.	-	-3.7%	11.3%	5%	18.2%	9.5%	-12.6%	-7.7%	29.4%	31.4%	-
Adj EPS ⓘ	24.1	16.3	39.7	32.9	28.3	43	42.6	30.7	28.7	86.9	31.7
YoY Gr.	-	-32.4%	144.2%	-17.1%	-14.1%	52%	-1%	-27.9%	-6.8%	203.2%	-
BVPS (₹) ⓘ	207.4	221.8	259.9	290	317.9	361.5	361.7	398.3	431.8	514.1	187.8
Adj Net Profit ⓘ	365	253	580	481	413	628	622	449	418	1,269	480
Cash Flow from Ops. ⓘ	539	716	1,243	956	1,327	1,436	1,382	1,499	1,025	1,601	-
Debt/CF from Ops. ⓘ	3.9	1.9	0.9	6	4.2	3.7	3.5	3.1	2.5	1.4	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	8%	8.5%	16.2%	31.4%
Adj EPS ⓘ	15.3%	25.2%	26.8%	203.2%
BVPSⓘ	10.6%	10.1%	12.4%	19.1%
Share Price	-	-	-	-

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	TTM
Return on Equity % ⓘ	11.9	7.6	16	12	9.3	12.7	11.8	8.1	6.9	18.4	9
Op. Profit Mgn % ⓘ	15.7	13.9	24.4	23.8	23.9	24.2	24.3	25.7	22.1	25.4	12.9
Net Profit Mgn % ⓘ	8.5	6.1	12.6	10	7.3	10.1	11.4	8.9	6.4	14.8	7.4
Debt to Equity ⓘ	0.7	0.4	0.3	1.4	1.2	1	0.9	0.8	0.4	0.3	-
Working Cap Days ⓘ	233	221	126	130	140	136	159	139	104	107	99
Cash Conv. Cycle ⓘ	111	99	62	71	80	74	81	77	70	64	79

Recent Performance Summary

No data to display

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

Sales growth has been subdued in last 3 years %

Net Profit has been subdued in last 3 years %

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

Latest Financials - Nirma Ltd.

	Standalone	Consolidated
TTM EPS (₹)	31.7	23.4
TTM Sales (₹ Cr.)	6,515	8,963
BVPS (₹.) ⓘ	187.8	534.9
Reserves (₹ Cr.) ⓘ	2,774	8,038
P/BV ⓘ	1.36	0.48
PE ⓘ	8.07	10.94

From the Market
52 Week Low / High (₹)	214.30 / 258.70
All Time Low / High (₹)	82.50 / 812.00
Market Cap (₹ Cr.)	3,878
Equity (₹ Cr.)	75.9
Face Value (₹)	5
Industry PE ⓘ	55.6

Management X-Ray of Nirma:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Nirma

Analyst's Notes

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Key Ratios of Nirma

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23
Sales	4,283.13	4,124.29	4,588.74	4,820.04	5,698.70	6,237.37	5,454.12	5,034.97	6,515.47	8,560.50
Operating Expenses ⓘ	3,609.34	3,549.66	3,473.33	3,670.74	4,335.41	4,767.26	4,129.95	3,742.01	5,080.16	6,534.11
Manufacturing Costs	999.76	969.18	976.29	1,009.02	1,873.15	1,673.17	1,604.31	1,062.87	2,148.53	2,818.47
Material Costs	1,640.13	1,645.23	1,553.73	1,551.38	1,847.44	2,017.20	1,775.31	1,678.57	2,292.77	2,872.32
Employee Cost	246.54	218.05	276.49	298.22	324.99	336.65	309.48	339.54	350.72	384.39
Other Costs ⓘ	722.91	717.20	666.82	812.12	289.83	740.24	440.85	661.03	288.14	458.93
Operating Profit ⓘ	673.79	574.63	1,115.41	1,149.30	1,363.29	1,470.11	1,324.17	1,292.96	1,435.31	2,026.39
Operating Profit Margin (%)	15.7%	13.9%	24.3%	23.8%	23.9%	23.6%	24.3%	25.7%	22.0%	23.7%
Other Income ⓘ	158.80	61.05	67.82	136.32	108.10	134.24	161.52	170.90	148.43	124.80
Interest ⓘ	171.77	71.34	72.12	297.44	449.88	426.96	410.77	340.06	278.79	162.57
Depreciation ⓘ	275.26	320.60	287.60	253.89	448.49	344.85	287.72	376.15	611.51	375.74
Exceptional Items ⓘ	0	0	0	-102.13	0	0	189.71	0	0	0
Profit Before Tax ⓘ	385.56	243.74	823.51	632.16	573.02	832.54	976.91	747.65	693.44	1,612.88
Tax ⓘ	-15.64	-12.04	234.01	200.78	153.42	211.11	201.65	215.30	212.95	414.71
Profit After Tax	401.20	255.78	589.50	431.38	419.60	621.43	775.26	532.35	480.49	1,198.17
PAT Margin (%)	9.4%	6.2%	12.8%	8.9%	7.4%	10.0%	14.2%	10.6%	7.4%	14.0%
Adjusted EPS (₹)	26.5	16.4	40.4	29.5	28.7	42.5	53.1	36.4	32.9	82.0
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23
Equity and Liabilities
Shareholders Fund	3,171.15	3,463.93	3,796.35	4,236.73	4,643.49	5,281.03	5,284.22	5,818.09	6,307.26	7,509.56
Share Capital ⓘ	100.56	87.87	73.04	73.04	73.04	73.04	73.04	73.04	73.04	73.04
Reserves ⓘ	3,070.59	3,376.06	3,723.31	4,163.69	4,570.45	5,207.99	5,211.18	5,745.05	6,234.22	7,436.52
Minority Interest	0	0	0	0	0	0	0	0	0	0
Debt	1,791.10	1,299.17	933.35	5,590.80	4,229.46	4,003.04	4,417.09	4,578.54	1,285.55	1,460.34
Long Term Debt	760.70	727.17	523.77	4,549.40	3,873.35	3,095.14	3,937.08	3,446.82	879.49	305.55
Short Term Debt	1,030.40	572	409.58	1,041.40	356.11	907.90	480.01	1,131.72	406.06	1,154.79
Trade Payables	219.15	245.89	265.51	238.85	285.17	404.83	289.18	299.46	473.46	514.79
Others Liabilities ⓘ	1,040.76	736.82	922.42	1,226.41	2,409.57	2,416.74	1,568.26	1,231.65	2,683.83	2,129.02
Total Liabilities ⓘ	6,222.16	5,745.81	5,917.63	11,292.79	11,567.69	12,105.64	11,558.75	11,927.74	10,750.10	11,613.71
Fixed Assets
Gross Block	5,686.96	5,850.54	3,142.59	4,773.10	5,085.99	5,712.38	4,336.03	5,310.04	5,783.33	5,916.93
Accumulated Depreciation	3,680.83	3,074.97	287.60	541.02	988.63	1,328.40	1,291.13	1,646.76	2,254.82	2,629.48
Net Fixed Assetsⓘ	2,006.13	2,775.57	2,854.99	4,232.08	4,097.36	4,383.98	3,044.90	3,663.28	3,528.51	3,287.45
CWIP ⓘ	171.73	347.82	625.95	153.70	533.58	748.68	1,096.80	529	224.19	268.29
Investmentsⓘ	955.21	660.96	752.11	4,607.19	4,617.07	4,561.22	4,954.65	6,101.37	4,380.97	5,222.40
Inventories	1,050.68	810.36	810.94	1,105.65	1,117.63	1,254.37	1,071.37	1,013.16	1,457.02	1,544.67
Trade Receivables	487.62	416.02	474.28	468.73	568.07	532.66	457.73	352.09	573.63	644.54
Cash Equivalents	40.68	15.08	56.93	73.04	35.43	36.11	98.07	144.89	360.05	36.69
Others Assetsⓘ	1,510.11	720	342.43	652.40	598.55	588.62	835.23	123.95	225.73	609.67
Total Assets ⓘ	6,222.16	5,745.81	5,917.63	11,292.79	11,567.69	12,105.64	11,558.75	11,927.74	10,750.10	11,613.71

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23
Cash Flow From Operating Activity ⓘ	538.61	716.03	1,243.40	955.99	1,326.58	1,435.64	1,381.76	1,498.64	1,025.11	1,601.45
PBT ⓘ	385.56	289.40	823.51	632.16	573.02	832.54	976.91	747.65	693.44	1,612.88
Adjustment ⓘ	351.22	339.85	308.14	600.01	808.51	726.20	445.04	613.10	843.14	599.28
Changes in Working Capital ⓘ	89.81	85	15.63	-281.59	68.17	7.39	161.42	151.38	-377.21	-171.8
Tax Paid ⓘ	-136.06	1.78	96.12	5.41	-123.12	-130.49	-201.61	-13.49	-134.26	-438.91
Cash Flow From Investing Activity ⓘ	-22.86	-476.61	-577.26	-4,862.17	-658.54	-742.46	-732.69	-1,368.85	1,593.14	-1,098.92
Capex	-109.12	-405.91	-584.15	-1,106.80	-697.60	-828.15	-613.87	-277.81	-151.12	-152.21
Net Investments	0.11	-103.42	-22.38	180.44	8.31	52	-208.65	-1,144.25	-58.01	-1,025.74
Others ⓘ	86.15	32.72	29.27	-3,935.81	30.75	33.69	89.83	53.21	1,802.27	79.03
Cash Flow From Financing Activityⓘ	-497.02	-241.27	-633.74	3,921.40	-706.60	-695.84	-565.68	-82.93	-2,399.93	-825.90
Net Proceeds from Shares ⓘ	0	0	0	0	0	2.60	-0.08	-0.04	-2.83	0
Net Proceeds from Borrowing ⓘ	-66.38	0	-214.08	4,040.04	463.85	298.74	1,726.70	-292.40	-2,013.24	-1,068.57
Interest Paid ⓘ	0	-130.89	-96.13	-301.27	-425.19	-508.43	-540.31	-378.69	-291.52	-218.70
Dividend Paid ⓘ	-0.04	-0.08	0.08	0	0	0	0	0	0	0
Others ⓘ	-430.60	-110.30	-323.61	182.63	-745.26	-488.75	-1,751.99	588.20	-92.34	461.37
Net Cash Flow ⓘ	18.73	-1.85	32.40	15.22	-38.56	-2.66	83.39	46.86	218.32	-323.37

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'14	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23
Ratios
ROE (%)	13.21	7.75	16.26	10.74	9.45	12.52	14.68	9.59	7.93	17.34
ROCE (%)	11.07	6.23	18.51	12.51	10.13	12.12	13.36	10.57	10.1	19.17
Asset Turnover Ratio	0.72	0.69	0.89	0.63	0.51	0.53	0.46	0.43	0.57	0.77
PAT to CFO Conversion(x)	1.34	2.8	2.11	2.22	3.16	2.31	1.78	2.82	2.13	1.34
Working Capital Days
Receivable Days	45	40	31	32	32	32	33	29	26	26
Inventory Days	89	82	57	65	69	69	78	76	69	64
Payable Days	52	52	60	59	52	62	71	64	62	63

Nirma Ltd Stock News

Nirma Ltd FAQs

What is the share price of Nirma?

Company share prices are keep on changing according to the market conditions. The closing price of Nirma on 01-Jan-1970 05:30 is ₹0.00.

What is the market cap of Nirma?

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 01-Jan-1970 05:30 the market cap of Nirma stood at ₹3,878.2.

What is the P/E ratio of Nirma?

The latest P/E ratio of Nirma as of 01-Jan-1970 05:30 is 8.07.

What is the P/B ratio of Nirma?

The latest P/B ratio of Nirma as of 01-Jan-1970 05:30 is 1.36.

What is the 52-week high and low of Nirma?

The 52-week high of Nirma is ₹258.7 and the 52-week low is ₹214.3.

What is the TTM revenue of Nirma?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Nirma is ₹6,515 ( Cr.) .

About Nirma Ltd

Nirma, which currently has turnover of Rs2500 crore, started its journey as one-man operation by Dr Karsanbhai Patel. He was a science graduate and worked as junior chemist in a government laboratory. He manufactured detergent at the backyard of his house, later selling them door to door. Soon it got well placed in the consumer community and the company was incorporated in 1980.

Today, Nirma is one of the largest and most integrated manufacturer of detergents and toiletries in the world. It has a marketing and distribution network of 400 distributors and over a million retailers, reaching out to 300 million customers.

Product Portfolio

Detergents: It manufactures a wide range of detergents such as spray-dried powder, compact dry mixed powder, cakes and scouring products like Nirma Bartan and Nirma Clean.

Toilet Soaps: It manufactures soaps such as beauty soaps, carbolic soaps and premium soaps. It has Brands like Nima Rose, Nima Sandal and Nirma Lime Fresh.

Packaged Food: Nirma has also entered the packaged food segment through its Nirma Shudh iodized salt.

Industrial Products: Nirma has also entered into manufacturing of industrial products such as LAB (linear alkyl benzene), glycerin, AOS (alfa olefin sulfonate), sulfuric acid, sodium silicate, soda ash and salt.

Fertizers: It also manufactures single super phosphate.

Milestones

It is teh largest player in detergent market in India with market share of 38% .

It is second largest toilet soap marketer with market share of 20% in the country .

Nirma Shudh salt is second largest salt brand in some parts of the India.

Awards

Nirma was awarded Excellence award for Best Advertisement of the year at FMCG awards 2003.

It won Most Popular Brand in detergent powderâ€“economy category at FMCG awards 2003.

It is 9th largest FMCG brand of the country according to AC Neilsen Retail Audit-Brand Equity in 2004.