Sah Polymers Ltd - Stock Valuation and Financial Performance

BSE: 543743 | NSE: SAH | Plastic Products | Small Cap

Sah Polymers Share Price

91.35 0.30 0.33%
as on 28-Mar'24 15:22

DeciZen - make an informed investing decision on Sah Polymers

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Sah Polymers stock performance -

mw4me loader
P/E Ratio (SA):
202.48
Market Cap:
234.9 Cr.
52-wk low:
59
52-wk high:
145.8

Is Sah Polymers Ltd an attractive stock to invest in?

1. Is Sah Polymers Ltd a good quality company?

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

2. Is Sah Polymers Ltd undervalued or overvalued?

The key valuation ratios of Sah Polymers Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Sah Polymers Ltd a good buy now?

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

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.
Sah Polymers 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 % 3.9%4.3%-2.9%4.1%5.4%4.7%4.7%6%10.8%4.8%-
Value Creation
Index
-0.7-0.7-1.2-0.7-0.6-0.7-0.7-0.6-0.2-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 42.343.342.636.336.145.549.855.175.782.486
Sales YoY Gr.-2.3%-1.8%-14.7%-0.6%26%9.5%10.5%37.5%8.7%-
Adj EPS 00.1-1.100.30.30.20.72.40.90.5
YoY Gr.-200%-1008.3%NA766.7%15.4%-36.7%284.2%227.4%-62.8%-
BVPS (₹) 10.910.99.91011.912.212.412.915.332.632.3
Adj Net
Profit
0.10.2-1.600.40.50.31.13.72.31
Cash Flow from Ops. 21.53.2-1.4-3.52.71.21.4-1-16.1-
Debt/CF from Ops. 5.26.32.5-6-2.24.48.49.9-29.7-1.4-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.7%17.9%18.2%8.7%
Adj EPS 41.2%27.9%67.3%-62.8%
BVPS12.9%22.3%38.2%113.1%
Share Price - - - 31.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
0.41.1-10.50.32.52.51.65.8174.31.4
Op. Profit
Mgn %
4.94.6-1.62.56.165.668.77.24.8
Net Profit
Mgn %
0.10.4-3.60.11.110.62.14.92.81.4
Debt to
Equity
0.70.60.60.60.40.60.50.71.20.3-
Working Cap
Days
74797289149160159150138175162
Cash Conv.
Cycle
53524450817872726886100

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.23%

Net Profit is growing at healthy rate in last 3 years 67.32%

Debt to equity has declined versus last 3 years average to 0.27

Return on Equity has declined versus last 3 years average to 1.40%

Sales growth is not so good in last 4 quarters at 8.07%

Latest Financials - Sah Polymers Ltd.

Standalone Consolidated
TTM EPS (₹) 0.5 0.5
TTM Sales (₹ Cr.) 86 96.7
BVPS (₹.) 32.3 33.7
Reserves (₹ Cr.) 57 61
P/BV 2.82 2.70
PE 202.48 184.65
From the Market
52 Week Low / High (₹) 58.96 / 145.80
All Time Low / High (₹) 58.96 / 145.80
Market Cap (₹ Cr.) 235
Equity (₹ Cr.) 25.8
Face Value (₹) 10
Industry PE 35.2

Management X-Ray of Sah Polymers:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Sah Polymers

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
Sales42434336364550557682
Operating Expenses 40424335344347526976
Manufacturing Costs3576567769
Material Costs33333325253233395455
Employee Cost 1112222223
Other Costs 3223224479
Operating Profit 22-11233376
Operating Profit Margin (%) 4.9%4.1%-1.6%2.5%6.1%5.7%5.6%5.9%8.7%7.2%
Other Income 0011000012
Interest 1111112112
Depreciation 1111111111
Exceptional Items 0000000000
Profit Before Tax 00-20011254
Tax 00-10000011
Profit After Tax 00-10000143
PAT Margin (%) 0.1%0.0%-3.3%0.1%0.8%0.8%0.6%2.3%5.3%3.7%
Adjusted EPS (₹)0.00.0-1.00.00.20.20.20.82.61.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%42%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 16161414191919202484
Share Capital 14141414161616161626
Reserves 11003344858
Minority Interest0000000000
Debt998871110132820
Long Term Debt3331100118
Short Term Debt674661110122712
Trade Payables2223344366
Others Liabilities 3323332447
Total Liabilities 292926283237364162117

Fixed Assets

Gross Block19181919192021232454
Accumulated Depreciation45566789911
Net Fixed Assets15141413121313141443
CWIP 0000000071
Investments 3311111066
Inventories554786661118
Trade Receivables4433499101211
Cash Equivalents 11420112221
Others Assets121267781117
Total Assets 292926283237364162117

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 223-1-4311-1-16
PBT 00-20011254
Adjustment 1222211222
Changes in Working Capital -0-14-3-61-0-2-8-22
Tax Paid 000000000-1
Cash Flow From Investing Activity -2020000-2-13-24
Capex -10-100-1-1-2-1-30
Net Investments -1030000000
Others 00000110-126
Cash Flow From Financing Activity -1-2-2-12-2-211447
Net Proceeds from Shares 00001000066
Net Proceeds from Borrowing 0-11-2000000
Interest Paid -1-1-1-1-1-1-1-1-1-2
Dividend Paid 0000000000
Others 00-222-1-1215-17
Net Cash Flow -103-3-1100-17
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)0.370.08-9.610.331.691.981.566.4618.315.66
ROCE (%)6.455.81-3.685.966.347.016.948.6315.057.88
Asset Turnover Ratio1.641.661.71.481.241.331.361.431.480.92
PAT to CFO Conversion(x)INFINFN/A-INF-INFINFINF1-0.25-5.33
Working Capital Days
Receivable Days28292627375265625350
Inventory Days38403852755542383963
Payable Days15222640433846373137

Sah Polymers Ltd Stock News

Sah Polymers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Sah Polymers on 28-Mar-2024 15:22 is ₹91.35.
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 28-Mar-2024 15:22 the market cap of Sah Polymers stood at ₹234.9.
The latest P/E ratio of Sah Polymers as of 28-Mar-2024 15:22 is 202.5.
The latest P/B ratio of Sah Polymers as of 28-Mar-2024 15:22 is 2.82.
The 52-week high of Sah Polymers is ₹145.8 and the 52-week low is ₹58.96.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sah Polymers is ₹86.00 ( Cr.) .

About Sah Polymers Ltd

The Company was originally incorporated as a public limited company under the name and style of “Peacock Continental Limited” at Udaipur Rajasthan, under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated April 20, 1992 issued by the Registrar of Companies, Jaipur Rajasthan. It commenced commercial operations pursuant to a Certificate of Commencement of Business dated November 04, 1992. The name of the company was changed to “Sah Polymers Limited”. Consequent upon change of name a fresh Certificate of Incorporation dated July 24, 1998 was issued by Registrar of Companies, Jaipur Rajasthan.

The company is an ISO 9001:2015 certified company, primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) FIBC Bags, Woven Sacks, HDPE/PP woven fabrics, based products of different weight, sizes and colours as per customers specifications. It offers customised bulk packaging solutions to business-to-business (“B2B”) manufacturers catering to different industries such as Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food Products Industry, Textile Industry Ceramic Industry and Steel Industry. Besides, the company is a Del Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited and also operates as Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division. It enters into arrangements as third-party manufacturers to manufacture its tape and fabric based on customers’ requirements.

The company has two business divisions (i) domestic sales; and (ii) exports. It has presence in 5 states and 1 union territory for its domestic market. Internationally, the company exports its products to countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, USA, Australia, UAE, Palestine, UK and Ireland. Presently, the company has one manufacturing facility located at Udaipur, Rajasthan. Over the years, it has made investments, from time to time, in its manufacturing infrastructure to support its product portfolio requirements and its reach.

Business area of the company

Sah Polymers is a leading PP Woven Bags Manufacturer in India (Udaipur, Rajasthan). It manufactures and exports PP Woven Bags and HDPE Box Bags, Flexible Intermediate Bulk Containers (FIBCs), and BOPP Laminated Bags.

Key Awards, Certifications, Accreditations and Recognitions

  • 2001: Received Certificate of Import- Export Code (IEC).
  • 2012: Received ISO 9001:2015 Certification.
  • 2012: Obtained registration under Secretariat for Industrial Assistance.
  • 2017: Received Star Export House Certificate.
  • 2020: Obtained Udyog Aadhar Memorandum/ Entrepreneurs Memorandum.
  • 2022: Obtained the Certificate of Membership for FIBCA ( Flexible Intermediate Bulk Container Association) for the year 2022.

Key events and milestones

  • 1992: ‘Peacock Continental Limited” started its journey to manufacture plastic goods as per the Object clause of MOA.
  • 1998: Takeover of Assets, rights, comprising of land, building , plant and machinery etc. on going concern basis from Peacock Industries Limited pursuant to business Purchase agreement dated July 23, 1998.
  • 1998: Change of name from Peacock Continental Limited to Sah Polymers Limited.
  • 1998: Transfer of erstwhile lease agreement of E-260-261 Mewar Industrial Area Madri Udaipur, Rajasthan, with Rajasthan State Industrial Development & Investment Corporation from Peacock Industries to Sah Polymers.
  • 2015: SAT industries, listed on BSE acquired 85,21,430 shares representing 54.63% of shareholding of the company from the shareholders viz. Lion Houseware, Park Continental and Sat Invest. Thereafter Sat Industries has been identified as its Corporate Promoter in certain Public filings of Company.
  • 2015: The Company exported products to Poland amounting to Rs 3.38 crore which constituted 7.96% of total turnover of about Rs 42.54 crore.
  • 2019: Amalgamation of the company’s wholly owned subsidiary, Sat E-Com Limited (SEL) with the Company under section 233 of the Companies Act, 2013, by Order number (02)/2020- 21/753 dated 21/08/2020 of the Regional Director, North Western (RD-NW), Ministry of Corporate Affairs, Ahmedabad subject to all the necessary statutory / regulatory approvals.
  • 2022: Acquisition of 33,884 equity shares aggregating to 51.01% of paid up capital of Fibcorp Polyweave by way of transfer and rights issue pursuant to which it became Subsidiary on January 05, 2022.
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