Bedmutha Industries Ltd - Stock Valuation and Financial Performance

BSE: 533270 | NSE: BEDMUTHA | Steel & Iron Products | Small Cap

Bedmutha Industries Share Price

210 -4.85 -2.26%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on Bedmutha Industries

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Bedmutha Industries stock performance -

mw4me loader
P/E Ratio (SA):
33.51
Market Cap:
679 Cr.
52-wk low:
62.5
52-wk high:
323

Is Bedmutha Industries Ltd an attractive stock to invest in?

1. Is Bedmutha Industries Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bedmutha Industries Ltd is a below average quality company.

2. Is Bedmutha Industries Ltd undervalued or overvalued?

The key valuation ratios of Bedmutha Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Bedmutha Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bedmutha Industries 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 Bedmutha Industries:

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.
Bedmutha Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 4.8%2.2%-2.9%1%-8.8%-5.7%-7%65.5%8.4%10%-
Value Creation
Index
-0.7-0.8-1.2-0.9NANANA3.7-0.4-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 222321500699604491360388660687812
Sales YoY Gr.-44.9%55.7%39.6%-13.6%-18.8%-26.7%7.9%70.1%4%-
Adj EPS 1.3-3.9-19-14.8-33.7-29-29.360.72.63.76.3
YoY Gr.--393.3%NANANANANANA-95.7%40.2%-
BVPS (₹) 59.257.243.226.1-7.3-36.2-65.224.327.231.137.4
Adj Net
Profit
2.8-8.3-39.9-36.2-82.7-71.1-71.91968.511.920
Cash Flow from Ops. 38.929.4-10.929.67.722.777.358.370.872.3-
Debt/CF from Ops. 4.78.5-30.613.462.622.46.55.33.93.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 13.4%2.6%24.1%4%
Adj EPS 12%NANA40.2%
BVPS-6.9%NANA14.4%
Share Price 29.4% 67.6% 82.6% 213.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
2.2-6.6-37.2-46.1-358.4133.357.8-481.410.212.718.3
Op. Profit
Mgn %
8.15.12.84.2-4.7-0.2-0.4-4.32.52.43.2
Net Profit
Mgn %
1.3-2.6-8-5.2-13.7-14.5-2050.51.31.72.5
Debt to
Equity
1.52.13.76.2-26.9-5.7-3.23.93.12.51.2
Working Cap
Days
24119315813816920124820613915373
Cash Conv.
Cycle
3634282324246258221622

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.30%

Sales growth is growing at healthy rate in last 3 years 24.05%

Debt to equity has declined versus last 3 years average to 2.51

Sales growth is good in last 4 quarters at 18.30%

Net Profit has been subdued in last 3 years 0.00%

Latest Financials - Bedmutha Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 6.3 6.5
TTM Sales (₹ Cr.) 812 812
BVPS (₹.) 37.4 37.3
Reserves (₹ Cr.) 88 88
P/BV 5.63 5.64
PE 33.51 32.42
From the Market
52 Week Low / High (₹) 62.45 / 323.00
All Time Low / High (₹) 6.80 / 323.00
Market Cap (₹ Cr.) 679
Equity (₹ Cr.) 32.3
Face Value (₹) 10
Industry PE 30.4

Management X-Ray of Bedmutha Industries:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *95.0695.0695.0695.0695.0695.0695.0695.0695.0695.06
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bedmutha Industries

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
Sales222321500699604491360388660687
Operating Expenses 206306486669632492361405644670
Manufacturing Costs212545728814654486267
Material Costs173263412565510319282315557573
Employee Cost 46912131412121517
Other Costs 8112020211313301013
Operating Profit 16161429-29-1-1-171617
Operating Profit Margin (%) 7.1%5.0%2.8%4.2%-4.7%-0.2%-0.4%-4.5%2.5%2.4%
Other Income 745213429283115862
Interest 15234158606564623234
Depreciation 692028273333363332
Exceptional Items 0000000000
Profit Before Tax 2-12-41-36-82-71-71197913
Tax 1-3-10000100
Profit After Tax 1-9-40-36-82-71-71196913
PAT Margin (%) 0.6%-2.7%-8.0%-5.2%-13.6%-14.4%-19.8%50.4%1.4%1.8%
Adjusted EPS (₹)0.6-4.1-19.0-14.7-33.4-28.9-29.160.72.93.9
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 1271229264-18-89-1607888100
Share Capital 21212125252525323232
Reserves 1061017140-42-113-184465568
Minority Interest0000000000
Debt169249324377448471461267237221
Long Term Debt122189226252248230217208172156
Short Term Debt476097125201241244596565
Trade Payables511191341629835195495117
Others Liabilities 7761606486160161687262
Total Liabilities 425550609666614577481468492500

Fixed Assets

Gross Block140148333337395395393409416428
Accumulated Depreciation37486896122155185220253284
Net Fixed Assets102100265241273240208189163144
CWIP 1432075883374044343835
Investments 4677754433
Inventories499195100343241406474
Trade Receivables4967103122744950626070
Cash Equivalents 10251723341313131017
Others Assets67526590155198121127152158
Total Assets 425550609666614577481468492500

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 3929-113082377587172
PBT 2-12-41-36-82-71-71197913
Adjustment 16295883839897-1666464
Changes in Working Capital 2212-28-186-45228-2-4
Tax Paid 0000000-100
Cash Flow From Investing Activity -87-75-36-30-11-2-3-6-11-8
Capex -87-73-35-29-13-4-4-5-12-9
Net Investments 0-2-1-1121000
Others 0000000000
Cash Flow From Financing Activity 476139614-42-74-53-62-57
Net Proceeds from Shares 00100004300
Net Proceeds from Borrowing 52673829-5-18-14142-45-26
Interest Paid -12-19-38-54-57-65-63-53-23-22
Dividend Paid 0000000000
Others 813373176403-1855-8
Net Cash Flow -115-8611-2100-37
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)1.06-6.99-37.8-46.61N/AN/AN/A011.1413.42
ROCE (%)6.153.16-0.144.93N/AN/AN/A70.7811.1613.06
Asset Turnover Ratio0.640.720.941.180.970.820.680.821.381.38
PAT to CFO Conversion(x)39N/AN/AN/AN/AN/AN/A0.37.895.54
Working Capital Days
Receivable Days79605754584650533435
Inventory Days70736247402437382937
Payable Days13711811295937635434967

Bedmutha Industries Ltd Stock News

Bedmutha Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bedmutha Industries on 12-Jul-2024 16:01 is ₹210.0.
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 12-Jul-2024 16:01 the market cap of Bedmutha Industries stood at ₹679.0.
The latest P/E ratio of Bedmutha Industries as of 12-Jul-2024 16:01 is 33.51.
The latest P/B ratio of Bedmutha Industries as of 12-Jul-2024 16:01 is 5.63.
The 52-week high of Bedmutha Industries is ₹323.0 and the 52-week low is ₹62.45.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bedmutha Industries is ₹812.0 ( Cr.) .

About Bedmutha Industries Ltd

Bedmutha Industries was incorporated in the year August 23, 1990. Earlier, the name of the company was Bedmutha Wire Company that was later changed to its present name and a fresh Certificate of Incorporation was obtained from Registrar of Companies, Maharashtra on November 18, 2009. Kachardas R. Bedmutha is the founder of the company.

The company started its commercial production in the year 1992 by setting up its first galvanized wire plant at Nashik with an installed capacity of 3600 MTPA. Over the years, the company enhanced its capacity from 3600 MTPA to 25300 MTPA by setting up three more galvanizing lines at the existing location. The company operates in four manufacturing units in and around Nashik, which are strategically located in proximity to the source of raw materials and markets.

Range of products:

The company offers a wide range of wire and wire products that are approved by the Bureau of Indian Standards, Power Grid Corporation and state electricity boards. Two of the plants -- galvanized wires and manufacturing binding wire, PC wire and spring steel wire -- are certified under ISO 9001 from Bureau Veritas Certification (India) Private Limited.

Following are its products:

Galvanized wires, cable armour wires, ACSR wires , wire nails, earth wires, stay wires, spring steel wires, barbed wires, etc. The products are used in various areas such as roads, bridges, flyovers, power, automobile, engineering, agriculture, railways and defence.

Subsidiaries:

Kamalasha Infrastructure & Engineering Private Limited (KIEPL) is the subsidiary company, which is been promoted for implementation of turnkey contracts for infrastructure namely in power, roads, railways, etc. KIEPL has been awarded a sub-contract of Rs 60 crore in the Dharangaon Division by Maharashtra State Electricity Distribution Company Limited (MSEDCL). This subsidiary offers a direct synergy in terms of consuming GI wire, stay wire from its wire unit and also offers an indirect synergy by consuming PSC poles, cables, conductors which consumes wire produced by the  company.

The company has also invested 49% in Ashoka Pre-con Private Limited (APPL) in the year 2008 along with Ashoka Buildcon Limited, to manufacture pre stress concrete products such as cement poles, RCC pipes, cement, piles, railway sleepers, etc. APPL has commenced commercial production and has begun supplying electrical cement poles for the infra projects launched by MSEDCL. This investment offers a direct synergy in terms ofconsuming GI Wire, MS Wire and PC Wire from its wire unit.

Milestone Achieved:

  • 1990 - Year of Incorporation
  • 1992 - Commenced commercial production of its first galvanized plant with installed capacity of 3600 MTPA
  • 1994 - De-bottling of existing plant, thereby increasing the capacity from 3600 MPTA to 6100 MTPA
  • 1994 - Approved Vendor of Maharashtra State Electricity Board
  • 1996 - Approved Vendor of Gujarat Electricity Board and Karnataka Electricity Board
  • 1997 - Expansion by adding second galvanized plant of 5400 MTPA and total capacity of 11,500 MPTA
  • 1998 - Backward integration by acquiring the wire drawing capacity from Kamal Wire with a capacity of 16,800 MTPA in Sinnar, Nashik.
  • 1999 - Approved Vendor of Rajastan Electricity Board
  • 2000 - Test Engineers and Associates was taken over by Bedmutha Industries Limited
  • 2001 - Acquired Deemed Export Order from Rajasthan State Electricity Board (RSEB) under World Bank Tender.
  • 2003 - Third galvanizing plant was installed adding 5300 MTPA
  • 2004 - ISO 9001:2000 certifications obtained
  • 2005 - Wire drawing capacity was enhanced from 16,800 MPTA to 18,000 MTPA
  • 2006 - Approved Vendor of Power Grid Corporation
  • 2007 - Fourth galvanizing plant was installed taking total galvanizing capacity from 16,800 MTPA to 25,300 MTPA
  • 2008 - Expansion of wire & wire products capacity from 18,000 MTPA to 42,100 MTPA and installation of wire nails capacity of 1800 MTPA and stranding capacity of 2400 MTPA
  • 2008 - Order of Amalgamation passed by the Bombay High Court of Ajay Wire Products Private Ltd., Kamdhenu Wire Private Ltd. and Shriram Wire Private Ltd with Bedmutha Industries Limited u/s.391-394 of Companies Act, 1956 in August 2008. Set up wind mill in Karnataka with power generation capacity of 225 KW.  Spin-off of K.R. Bedmutha Techno & Associates consultancy division into a separate entity. Wire drawing capacity enhanced from 42,100 to 60,000 MTPA and PC wire line with a capacity of 10,800 MTPA
  • 2009 - Name changed to Bedmutha Industries Ltd
  • 2009 - Acquired 51% stake in Kamlasha infrastructure and Engineering Pvt. Ltd for implementation of turnkey contract of electrification.

Future Plans:

The company is also pursuing initiatives for setting up galvanizing plant with latest technology with capacity of 48000 TPA and manufacturing of aluminum rods and conductors with capacity of about 42000 TPA.

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