Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bhilwara Spinners Ltd is a below average quality company.
The key valuation ratios of Bhilwara Spinners 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 Bhilwara Spinners 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 % ⓘ | 2.2% | 5.5% | 5.3% | 1.8% | 4.1% | 1.8% | 3.1% | 4% | 2.3% | 2.4% | - |
| Value Creation Index ⓘ | -0.8 | -0.6 | -0.6 | -0.9 | -0.7 | -0.9 | -0.8 | -0.7 | -0.8 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2.8 | 0.2 | 2.9 | 4.9 | 5.4 | 2.1 | 6.9 | 2 | 2.7 | 1 | 8 |
| Sales YoY Gr. | - | -92.5% | 1,290.5% | 66.1% | 10.3% | -60.6% | 225.6% | -71.3% | 36% | -63.8% | - |
| Adj EPS ⓘ | 0.2 | 0.5 | 0.7 | 0.3 | 0.7 | 0.4 | 0.9 | 1.3 | 0.8 | 0.9 | 1.5 |
| YoY Gr. | - | 205.9% | 34.6% | -57.1% | 133.3% | -44.3% | 130.8% | 44.4% | -38.5% | 12.5% | - |
| BVPS (₹) ⓘ | 8.1 | 10.9 | 15.5 | 18.2 | 19.3 | 26.6 | 32.3 | 33.9 | 36 | 39.9 | 47.5 |
| Adj Net Profit ⓘ | 0.1 | 0.4 | 0.5 | 0.2 | 0.5 | 0.3 | 0.6 | 0.9 | 0.5 | 0.6 | 1 |
| Cash Flow from Ops. ⓘ | -0.4 | -0.8 | -5.1 | -2.3 | -1.5 | -7.8 | -4.3 | 4.4 | -1.9 | 9.2 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | -0.3 | -0.7 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -11.2% | -28.9% | -47.9% | -63.8% | ||||
| Adj EPS ⓘ | 20.3% | 5.2% | 0% | 12.5% | ||||
| BVPSⓘ | 19.3% | 15.6% | 7.3% | 10.7% | ||||
| Share Price | 41.4% | 58% | 102.8% | 210.3% | ||||
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 % ⓘ | 2.2 | 5.5 | 5.3 | 1.8 | 3.7 | 1.7 | 3.1 | 3.9 | 2.3 | 2.4 | 3.5 |
| Op. Profit Mgn % ⓘ | -3.4 | -73.2 | -12.8 | -19.2 | -4 | -50.7 | -9.6 | -23.4 | -13.6 | -32.1 | 8.5 |
| Net Profit Mgn % ⓘ | 4.2 | 168.3 | 16.2 | 4.1 | 8.8 | 12.5 | 8.8 | 44.6 | 20.2 | 62.9 | 17.6 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 733 | 11,141 | 1,130 | 915 | 943 | 2,839 | 1,019 | 3,294 | 2,197 | 4,376 | 40 |
| Cash Conv. Cycle ⓘ | 187 | 1,653 | 29 | 115 | 39 | -68 | 139 | 623 | 431 | 571 | -217 |
Return on Equity has increased versus last 3 years average to 3.50%
Sales growth is good in last 4 quarters at 65.47%
Sales growth has been subdued in last 3 years -47.93%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.5 | - |
| TTM Sales (₹ Cr.) | 7.9 | - |
| BVPS (₹.) ⓘ | 47.5 | - |
| Reserves (₹ Cr.) ⓘ | 34 | - |
| P/BV ⓘ | 2.55 | - |
| PE ⓘ | 78.36 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 37.00 / 159.90 |
| All Time Low / High (₹) | 1.05 / 159.90 |
| Market Cap (₹ Cr.) | 110 |
| Equity (₹ Cr.) | 9.1 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 78.4 |
| 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 | 3 | 0 | 3 | 5 | 5 | 2 | 7 | 2 | 3 | 1 |
| Operating Expenses ⓘ | 3 | 0 | 3 | 6 | 6 | 3 | 8 | 2 | 3 | 1 |
| Manufacturing Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Material Costs | 3 | 0 | 3 | 5 | 5 | 2 | 7 | 2 | 3 | 1 |
| Employee Cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Costs ⓘ | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit ⓘ | 0 | 0 | 0 | -1 | 0 | -1 | -1 | 0 | 0 | 0 |
| Operating Profit Margin (%) | -3.4% | -73.2% | -12.8% | -19.2% | -4.0% | -50.7% | -9.6% | -23.4% | -13.6% | -32.1% |
| Other Income ⓘ | 0 | 3 | 4 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 2 | 0 | 7 | 5 | 0 | 1 | 3 |
| Profit Before Tax ⓘ | 0 | 2 | 4 | 2 | 1 | 6 | 5 | 1 | 2 | 3 |
| Tax ⓘ | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 1 |
| Profit After Tax | 0 | 2 | 3 | 2 | 1 | 5 | 4 | 1 | 1 | 3 |
| PAT Margin (%) | 4.2% | 887.2% | 107.9% | 36.7% | 13.9% | 234.6% | 55.9% | 54.9% | 52.5% | 269.1% |
| Adjusted EPS (₹) | 0.2 | 2.8 | 4.7 | 2.6 | 1.1 | 7.3 | 5.7 | 1.6 | 2.1 | 3.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 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 | 6 | 7 | 11 | 12 | 13 | 18 | 22 | 23 | 24 | 27 |
| Share Capital ⓘ | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Reserves ⓘ | -1 | 1 | 4 | 6 | 6 | 11 | 15 | 16 | 18 | 20 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Trade Payables | 0 | 1 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 1 |
| Others Liabilities ⓘ | 0 | 1 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 0 |
| Total Liabilities ⓘ | 6 | 9 | 12 | 15 | 16 | 20 | 23 | 24 | 26 | 28 |
Fixed Assets | ||||||||||
| Gross Block | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 9 | 9 | 8 |
| Accumulated Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Fixed Assetsⓘ | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 9 | 9 | 8 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 4 | 4 |
| Trade Receivables | 1 | 0 | 1 | 4 | 1 | 0 | 5 | 1 | 0 | 0 |
| Cash Equivalents | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 3 |
| Others Assetsⓘ | 5 | 6 | 10 | 9 | 14 | 18 | 15 | 14 | 12 | 3 |
| Total Assets ⓘ | 6 | 9 | 12 | 15 | 16 | 20 | 23 | 24 | 26 | 28 |
| 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 ⓘ | 0 | -1 | -5 | -2 | -1 | -8 | -4 | 4 | -2 | 9 |
| PBT ⓘ | 0 | 2 | 4 | 2 | 1 | 6 | 5 | 1 | 2 | 3 |
| Adjustment ⓘ | 0 | -3 | -5 | -4 | -2 | -9 | -6 | -2 | -2 | -4 |
| Changes in Working Capital ⓘ | -0 | 0 | -4 | -1 | -1 | -5 | -3 | 5 | -1 | 10 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | 0 | 1 | 5 | 3 | 0 | 8 | 5 | -5 | 2 | -7 |
| Capex | 0 | 1 | 4 | 2 | -1 | 7 | 4 | -6 | 1 | -7 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Cash Flow From Financing Activityⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | 0 | 1 | -1 | 1 | -1 | 0 | 0 | 0 | 0 | 3 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.17 | 28.96 | 35.25 | 15.63 | 5.88 | 31.9 | 19.29 | 4.84 | 5.96 | 10.18 |
| ROCE (%) | 3.78 | 37.88 | 43.87 | 19.45 | 7.92 | 39.21 | 24.07 | 5.93 | 7.12 | 12.42 |
| Asset Turnover Ratio | 0.48 | 0.03 | 0.27 | 0.35 | 0.34 | 0.12 | 0.32 | 0.08 | 0.11 | 0.04 |
| PAT to CFO Conversion(x) | N/A | -0.5 | -1.67 | -1 | -1 | -1.6 | -1 | 4 | -2 | 3 | Working Capital Days |
| Receivable Days | 205 | 1,066 | 64 | 189 | 159 | 54 | 137 | 584 | 114 | 0 |
| Inventory Days | 13 | 810 | 0 | 0 | 0 | 0 | 17 | 79 | 333 | 1,480 |
| Payable Days | 33 | 1,076 | 67 | 76 | 122 | 140 | 7 | 48 | 42 | 258 |
Bhilwara Spinners, the flagship company of LNJ Bhilwara Group, was originally incorporated under the name of Bhilwara Texturisers Private limited on June 7,1980. Further, the company’s name was changed to Bhilwara Private Limited on December 17,1981and it was again changed to Bhilwara Spinners Private limited on February 11,1983.
The company is into the manufacturing synthetic blended yarn in raw white. The range of the yarn includes, 100% Polyester, Viscose, Acrylic, Polyester/Viscose blended, Polyester/Acrylic blended, Polyester/Viscose blended, Polyester/Linen blended,Viscose/Linen blended, High Twist / Super High Twist, Slub/ Spun yarn, Blended with Texturised, Special Application yarns for Carpet, Sewing Thread, Flame and Temperature Resistance yarn like Aramide, Modacrylic, Homo Acrylic, Poly Sulphide yarn (PPA).
Bhilwara Spinners Limited is an integral part of the LNJ Bhilwara Group. The Group is a multi-product conglomerate with a global presence and business interests spanning diverse industries like Textiles, Power Generation, Graphite Electrodes and IT enabled services.
Bhilwara Spinners, based at Bhilwara (Rajasthan), is engaged in the manufacture of cotton yarn, mercerised cotton yarn, synthetic blended yarn, hosiery yarn, and sewing threads in cotton and synthetics with an installed capacity of 29,536 spindles and 672 Rotors at its plant.
Based on the requirement of the market, Bhilwara Spinners diversified its product portfolio and now producing various value added product mix like Polyester / Acrylic, mod acrylic flame retardant yarn, Sewing thread, Slub yarn, Viscose Carpet Yarn, Linen Yarn etc. The unit is also manufacturing products suitable for other uses like upholstery, tapestry, and industrial fabrics.
The company also exports its products to more than 28 countries with major presence in Europe, Latin America, Middle East, Africa and the Far East.
The company is one of the biggest Export House of all kinds of Synthetic Ring Spun Yarns. It already has a very strong presence in markets like Europe, Latin America, Middle East, Africa and Far East and exportd 50% of its volume to these markets.
Future plans
The company is planning to expand its operations in France.
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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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