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Past 10 year’s financial track record analysis by Moneyworks4me indicates that Spice Islands Industries Ltd is a below average quality company.
The key valuation ratios of Spice Islands Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Spice Islands Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.8% | 4.2% | 1.6% | -13.6% | -11.6% | -27.7% | -41% | -50.9% | -70% | -31.8% | - |
| Value Creation Index ⓘ | -0.9 | -0.7 | -0.9 | -2.0 | -1.8 | -3.0 | -3.9 | -4.6 | NA | NA | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 16.2 | 24.1 | 23 | 17.7 | 28.8 | 17 | 15.6 | 6.6 | 2.7 | 0.9 | 1 |
| Sales YoY Gr. | - | 49.1% | -4.8% | -22.8% | 62.6% | -40.9% | -8.2% | -57.8% | -59.4% | -67.9% | - |
| Adj EPS ⓘ | 0.3 | 1.1 | 0.2 | -4.8 | -4.5 | -8.4 | -7.3 | -4.8 | -2.7 | -0.2 | 0.4 |
| YoY Gr. | - | 234.4% | -77.6% | -2100% | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 31.5 | 30.7 | 30.4 | 25.9 | 22.8 | 13.7 | 6.9 | 1.8 | -1.2 | -1.5 | -1 |
| Adj Net Profit ⓘ | 0.1 | 0.5 | 0.1 | -2.1 | -1.9 | -3.6 | -3.1 | -2.1 | -1.2 | -0.1 | 0 |
| Cash Flow from Ops. ⓘ | 1 | -2.6 | 1.6 | -1.8 | -3.4 | 0.8 | -0.2 | -0.9 | 0.8 | 0.1 | - |
| Debt/CF from Ops. ⓘ | 0.2 | -0.1 | 0.7 | -1.4 | -1.4 | 4.2 | -8.2 | -2.2 | 1.1 | 8.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -27.8% | -50.5% | -62% | -67.9% | ||||
| Adj EPS ⓘ | -196.4% | NA | NA | NA | ||||
| BVPSⓘ | -171% | -157.6% | -159.5% | NA | ||||
| Share Price | 18.1% | 19.9% | 140.7% | 217.9% | ||||
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 % ⓘ | 1 | 3.5 | 0.8 | -17.1 | -18.5 | -46 | -70.5 | -109.8 | -936.7 | 17 | -35.4 |
| Op. Profit Mgn % ⓘ | -0.8 | 2.4 | 1.1 | -10.1 | -5 | -20.9 | -17.2 | -24.4 | -34.4 | -20.3 | -4.1 |
| Net Profit Mgn % ⓘ | 0.8 | 1.9 | 0.5 | -11.6 | -6.7 | -21.2 | -20 | -31 | -43.8 | -11.3 | 30.3 |
| Debt to Equity ⓘ | 0 | 0 | 0.1 | 0.2 | 0.5 | 0.6 | 0.7 | 2.6 | -1.7 | -1 | - |
| Working Cap Days ⓘ | 125 | 106 | 133 | 153 | 116 | 188 | 128 | 199 | 309 | 521 | 96 |
| Cash Conv. Cycle ⓘ | 35 | 17 | 29 | 51 | 48 | 76 | 33 | 33 | 60 | 83 | -398 |
Sales growth is good in last 4 quarters at 180.77%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -61.97%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.4 | 4.1 |
| TTM Sales (₹ Cr.) | 0.6 | 17.8 |
| BVPS (₹.) ⓘ | -1 | 0 |
| Reserves (₹ Cr.) ⓘ | -5 | 11 |
| P/BV ⓘ | -50.57 | 0.00 |
| PE ⓘ | 115.05 | 12.21 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 14.83 / 52.10 |
| All Time Low / High (₹) | 2.45 / 52.15 |
| Market Cap (₹ Cr.) | 21.3 |
| Equity (₹ Cr.) | 4.3 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 28.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16.17 | 24.11 | 22.95 | 17.73 | 28.82 | 17.03 | 15.64 | 6.60 | 2.68 | 0.86 |
| Operating Expenses ⓘ | 16.51 | 23.53 | 22.77 | 19.53 | 30.39 | 21.28 | 18.33 | 8.35 | 3.83 | 1.08 |
| Manufacturing Costs | 4.72 | 6.71 | 6.43 | 5.27 | 6.40 | 2.34 | 2.83 | 1.26 | 0.39 | 0.06 |
| Material Costs | 6.09 | 9.95 | 8.89 | 7.19 | 14.05 | 9.25 | 8.69 | 3.97 | 1.64 | 0.49 |
| Employee Cost | 2.47 | 3.10 | 3.49 | 3.09 | 4.12 | 4.14 | 2.58 | 0.69 | 0.20 | 0.04 |
| Other Costs ⓘ | 3.23 | 3.78 | 3.96 | 3.98 | 5.82 | 5.54 | 4.23 | 2.43 | 1.60 | 0.50 |
| Operating Profit ⓘ | -0.34 | 0.58 | 0.18 | -1.80 | -1.57 | -4.24 | -2.70 | -1.74 | -1.16 | -0.22 |
| Operating Profit Margin (%) | -2.1% | 2.4% | 0.8% | -10.2% | -5.4% | -24.9% | -17.2% | -26.4% | -43.2% | -25.7% |
| Other Income ⓘ | 1.23 | 0.78 | 0.81 | 1.04 | 1.22 | 0.56 | 0.51 | 0.15 | 0.11 | 0.22 |
| Interest ⓘ | 0.16 | 0.15 | 0.17 | 0.24 | 0.43 | 0.43 | 0.29 | 0.14 | 0.11 | 0.06 |
| Depreciation ⓘ | 0.24 | 0.39 | 0.49 | 0.47 | 0.49 | 0.48 | 0.39 | 0.30 | 0.15 | 0.04 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -0.09 | -0.15 | 0 | 0 |
| Profit Before Tax ⓘ | 0.48 | 0.82 | 0.32 | -1.47 | -1.27 | -4.58 | -2.96 | -2.18 | -1.30 | -0.10 |
| Tax ⓘ | 0.05 | 0.21 | 0.05 | 0.07 | 0.05 | -0.67 | -0.03 | 0 | 0.01 | 0.02 |
| Profit After Tax | 0.43 | 0.61 | 0.28 | -1.54 | -1.32 | -3.91 | -2.94 | -2.18 | -1.32 | -0.12 |
| PAT Margin (%) | 2.7% | 2.5% | 1.2% | -8.7% | -4.6% | -23.0% | -18.8% | -33.0% | -49.2% | -14.2% |
| Adjusted EPS (₹) | 1.0 | 1.4 | 0.7 | -3.6 | -3.1 | -9.1 | -6.8 | -5.1 | -3.1 | -0.3 |
| Dividend Payout Ratio (%) | 100% | 106% | 116% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 | 13.54 | 13.18 | 13.07 | 11.13 | 9.82 | 5.89 | 2.95 | 0.77 | -0.52 | -0.62 |
| Share Capital ⓘ | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 |
| Reserves ⓘ | 9.24 | 8.88 | 8.77 | 6.83 | 5.52 | 1.59 | -1.35 | -3.53 | -4.82 | -4.92 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0.09 | 0.11 | 0.86 | 2.28 | 4.50 | 3.20 | 1.80 | 1.99 | 0.87 | 0.63 |
| Long Term Debt | 0.09 | 0.11 | 0.86 | 0.69 | 0.39 | 0.14 | 0.02 | 0.31 | 0.14 | 0.63 |
| Short Term Debt | 0 | 0 | 0 | 1.59 | 4.11 | 3.06 | 1.78 | 1.68 | 0.73 | 0 |
| Trade Payables | 0.18 | 1.06 | 0.69 | 0.88 | 1.66 | 1.33 | 1.04 | 0.43 | 0.25 | 0.10 |
| Others Liabilities ⓘ | 1.21 | 1.46 | 1.17 | 1.22 | 2.05 | 0.83 | 1.91 | 1.17 | 2.26 | 1.18 |
| Total Liabilities ⓘ | 15.01 | 15.81 | 15.79 | 15.51 | 18.03 | 11.26 | 7.71 | 4.36 | 2.85 | 1.27 |
Fixed Assets | ||||||||||
| Gross Block | 4.74 | 4.98 | 6.40 | 3.54 | 4.03 | 3.26 | 3.41 | 1.95 | 1.54 | 0.95 |
| Accumulated Depreciation | 2.41 | 3.04 | 3.50 | 0.46 | 0.91 | 1.03 | 1.33 | 0.70 | 0.70 | 0.35 |
| Net Fixed Assetsⓘ | 2.33 | 1.94 | 2.89 | 3.08 | 3.12 | 2.23 | 2.08 | 1.25 | 0.84 | 0.60 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 2.68 | 2.36 | 2.88 | 2.96 | 2.71 | 1.81 | 0.19 | 0 | 0 | 0 |
| Inventories | 1.02 | 1.65 | 1.58 | 1.01 | 0.86 | 1.05 | 0.73 | 0.11 | 0.02 | 0 |
| Trade Receivables | 0.17 | 0.80 | 1.44 | 2.53 | 5.79 | 2.25 | 1.12 | 0.68 | 0.77 | 0.06 |
| Cash Equivalents | 4.99 | 2.47 | 2.37 | 2.24 | 1.11 | 0.76 | 0.92 | 0.43 | 0.15 | 0.07 |
| Others Assetsⓘ | 3.81 | 6.58 | 4.61 | 3.68 | 4.43 | 3.15 | 2.67 | 1.89 | 1.07 | 0.54 |
| Total Assets ⓘ | 15.01 | 15.81 | 15.79 | 15.51 | 18.03 | 11.26 | 7.71 | 4.36 | 2.85 | 1.27 |
| 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 ⓘ | 1.02 | -2.64 | 1.56 | -1.78 | -3.43 | 0.82 | -0.24 | -0.90 | 0.76 | 0.07 |
| PBT ⓘ | 0.48 | 0.82 | 0.32 | -1.47 | -1.27 | -4.58 | -2.96 | -2.18 | -1.30 | -0.10 |
| Adjustment ⓘ | 0.10 | -0.02 | 0.07 | -0.33 | -0.05 | 1.24 | 0.54 | 0.77 | 0.44 | -0.01 |
| Changes in Working Capital ⓘ | 0.55 | -3.39 | 1.23 | 0.09 | -2.12 | 4.17 | 2.19 | 0.5 | 1.63 | 0.02 |
| Tax Paid ⓘ | -0.12 | -0.05 | -0.06 | -0.07 | 0 | 0 | 0 | 0 | 0 | 0.16 |
| Cash Flow From Investing Activity ⓘ | 0.19 | 0.74 | -1.37 | 0.85 | 0.38 | 0.54 | 2.12 | 0.50 | 0.15 | 0.15 |
| Capex | 0.11 | -0.29 | -1.44 | -0.66 | -0.51 | 0.07 | 0 | 0.46 | 0.11 | 0.15 |
| Net Investments | -0.38 | 0.49 | -0.41 | 1.22 | 0.70 | 0.27 | 2.05 | 0.04 | 0.05 | 0 |
| Others ⓘ | 0.46 | 0.54 | 0.48 | 0.29 | 0.19 | 0.21 | 0.07 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -0.63 | -0.62 | -0.29 | 0.79 | 1.92 | -1.72 | -1.72 | -0.08 | -1.20 | -0.30 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -0.22 | 0.03 | 0.64 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -0.16 | -0.15 | -0.16 | -0.24 | -0.34 | -0.36 | -0.18 | -0.08 | -0.06 | -0.06 |
| Dividend Paid ⓘ | -0.22 | -0.43 | -0.65 | -0.32 | -0.02 | -0.01 | -0.01 | -0.01 | 0.01 | 0 |
| Others ⓘ | -0.04 | -0.07 | -0.13 | 1.35 | 2.29 | -1.35 | -1.53 | 0.01 | -1.14 | -0.24 |
| Net Cash Flow ⓘ | 0.57 | -2.52 | -0.10 | -0.13 | -1.13 | -0.35 | 0.16 | -0.48 | -0.28 | -0.08 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 3.16 | 4.57 | 2.12 | -12.76 | -12.58 | -49.77 | -66.37 | -116.95 | N/A | N/A |
| ROCE (%) | 4.66 | 7.12 | 3.59 | -8.85 | -5.93 | -34.69 | -37.54 | -53.24 | N/A | N/A |
| Asset Turnover Ratio | 1.06 | 1.56 | 1.45 | 1.13 | 1.72 | 1.16 | 1.65 | 1.09 | 0.74 | 0.42 |
| PAT to CFO Conversion(x) | 2.37 | -4.33 | 5.57 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 18 | 7 | 18 | 41 | 53 | 86 | 39 | 50 | 99 | 176 |
| Inventory Days | 22 | 20 | 26 | 27 | 12 | 20 | 21 | 23 | 8 | 0 |
| Payable Days | 11 | 23 | 36 | 40 | 33 | 59 | 50 | 68 | 76 | 127 |
Spice Islands Apparels was established in 1994 by two experienced textile professionals. During the initial set-up phase, the company was manufacturing its merchandise through sub-contracted factories and basically offered only men's shirts and ladies tops.
Spice Islands set up its own manufacturing facility, which it since expanded in 1995 and again in 1999.
In 1995, the company came out with its maiden public issue and received an overwhelming response due to the company's strong position in the garment industry and sound fundamentals.
Subsequently, Spice Islands has been recognized as an Export House by the government of India since 1995.
In 1996, Spice Islands added the manufacturing of T-shirts (both men's and ladies) to its line of products. Having successfully managed its woven & jersey business, Spice Islands expanded its operations to incorporate a new strategy - sourcing & commissioned inspections.
Spice Islands has grown considerably since its initial conception and is now experienced in a variety of areas, including manufacturing, sourcing, agency work and commissioned inspections.
The shares of the company are listed on the Bombay Stock Exchange, Ahmedabad Stock Exchange and Poona Stock Exchange. It also operates a subsidiary namely Bhupco Alloys.
Its registered office is located at 62-B, Mittal Tower, 210, Nariman Point, Mumbai 400021.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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