BSE: 504646 | NSE: | Castings/Forgings | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Bhagwati Autocast Ltd is a average quality company.
The key valuation ratios of Bhagwati Autocast 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 Bhagwati Autocast 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'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -10.2% | 7.3% | 10.9% | 8.2% | 19.2% | 12.1% | 8.6% | -1.9% | 26.6% | 22.6% | - |
| Value Creation Index ⓘ | -1.7 | -0.5 | -0.2 | -0.4 | 0.4 | -0.1 | -0.4 | -1.1 | 0.9 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 64.4 | 64.4 | 70.4 | 89.5 | 120 | 101 | 104 | 112 | 154 | 134 | 126 |
| Sales YoY Gr. | - | -0.1% | 9.4% | 27.1% | 34% | -16.2% | 3.9% | 7.5% | 37.6% | -13.1% | - |
| Adj EPS ⓘ | -9 | 2.7 | 4.4 | 4 | 12.8 | 7.3 | 6.1 | -3.4 | 26.9 | 23.9 | 21.1 |
| YoY Gr. | - | NA | 63.2% | -11% | 223.3% | -42.7% | -16.7% | -155.6% | NA | -11% | - |
| BVPS (₹) ⓘ | 65 | 66.8 | 71.8 | 74.6 | 86.5 | 92.7 | 98.1 | 93.8 | 119.5 | 141.9 | 147.1 |
| Adj Net Profit ⓘ | -2.6 | 0.8 | 1.3 | 1.1 | 3.7 | 2.1 | 1.8 | -1 | 7.7 | 6.9 | 6 |
| Cash Flow from Ops. ⓘ | 3 | 2 | -0.9 | 3.9 | 3.7 | 6.1 | 4.5 | 7.5 | 12 | 7.6 | - |
| Debt/CF from Ops. ⓘ | 2.2 | 2.7 | -9.9 | 2 | 2.4 | 1 | 1.1 | 2.5 | 0.9 | 1.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.5% | 2.3% | 8.7% | -13.1% | ||||
| Adj EPS ⓘ | NA | 13.4% | 57.7% | -11% | ||||
| BVPSⓘ | 9.1% | 10.4% | 13.1% | 18.8% | ||||
| Share Price | 23.3% | 40.7% | 39.7% | -19.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -12.8 | 4.1 | 6.4 | 5.4 | 15.9 | 8.2 | 6.4 | -3.5 | 25.2 | 18.3 | 14.6 |
| Op. Profit Mgn % ⓘ | 0.3 | 6.5 | 7.4 | 4.9 | 6.9 | 6.3 | 5 | 1.4 | 9.6 | 9.6 | 7.7 |
| Net Profit Mgn % ⓘ | -4 | 1.2 | 1.8 | 1.3 | 3.1 | 2.1 | 1.7 | -0.9 | 5 | 5.1 | 4.8 |
| Debt to Equity ⓘ | 0.4 | 0.3 | 0.4 | 0.4 | 0.4 | 0.2 | 0.2 | 0.7 | 0.3 | 0.2 | 0.2 |
| Working Cap Days ⓘ | 156 | 135 | 124 | 127 | 112 | 132 | 133 | 114 | 75 | 92 | 47 |
| Cash Conv. Cycle ⓘ | 46 | 37 | 53 | 60 | 52 | 67 | 65 | 51 | 27 | 38 | 17 |
Return on Equity has increased versus last 3 years average to 14.60%
Net Profit is growing at healthy rate in last 3 years 57.67%
Sales growth has been subdued in last 3 years 8.74%
Sales growth is not so good in last 4 quarters at -12.18%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 21.1 | - |
| TTM Sales (₹ Cr.) | 126 | - |
| BVPS (₹.) ⓘ | 147.1 | - |
| Reserves (₹ Cr.) ⓘ | 39 | - |
| P/BV ⓘ | 3.15 | - |
| PE ⓘ | 21.93 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 355.95 / 675.60 |
| All Time Low / High (₹) | 2.84 / 675.60 |
| Market Cap (₹ Cr.) | 134 |
| Equity (₹ Cr.) | 2.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 30.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 64 | 64 | 70 | 90 | 120 | 101 | 104 | 112 | 154 | 134 |
| Operating Expenses ⓘ | 64 | 60 | 65 | 85 | 112 | 94 | 99 | 111 | 140 | 121 |
| Manufacturing Costs | 21 | 21 | 26 | 32 | 38 | 36 | 37 | 38 | 43 | 41 |
| Material Costs | 33 | 28 | 27 | 39 | 59 | 44 | 49 | 60 | 82 | 66 |
| Employee Cost | 7 | 8 | 9 | 10 | 12 | 11 | 12 | 11 | 12 | 12 |
| Other Costs ⓘ | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 2 |
| Operating Profit ⓘ | 0 | 4 | 5 | 4 | 8 | 6 | 5 | 2 | 15 | 13 |
| Operating Profit Margin (%) | 0.3% | 6.5% | 7.3% | 4.8% | 6.9% | 6.3% | 4.9% | 1.4% | 9.6% | 9.6% |
| Other Income ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation ⓘ | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -4 | 1 | 2 | 1 | 5 | 3 | 2 | -1 | 11 | 10 |
| Tax ⓘ | -1 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | 3 | 3 |
| Profit After Tax | -3 | 1 | 1 | 1 | 4 | 2 | 2 | -1 | 8 | 7 |
| PAT Margin (%) | -4.0% | 1.2% | 1.8% | 1.2% | 3.1% | 2.2% | 1.6% | -0.9% | 5.0% | 5.2% |
| Adjusted EPS (₹) | -9.0 | 2.7 | 4.4 | 3.9 | 12.8 | 7.5 | 6.0 | -3.3 | 26.8 | 24.1 |
| Dividend Payout Ratio (%) | -6% | 26% | 18% | 21% | 8% | 13% | 17% | -30% | 7% | 8% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 19 | 19 | 21 | 21 | 25 | 27 | 28 | 27 | 34 | 41 |
| Share Capital ⓘ | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves ⓘ | 16 | 16 | 18 | 19 | 22 | 24 | 25 | 24 | 32 | 38 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 6 | 5 | 8 | 8 | 9 | 6 | 4 | 17 | 8 | 6 |
| Long Term Debt | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 11 | 8 | 6 |
| Short Term Debt | 5 | 4 | 8 | 8 | 8 | 5 | 4 | 6 | 0 | 0 |
| Trade Payables | 14 | 13 | 10 | 19 | 16 | 16 | 19 | 16 | 18 | 14 |
| Others Liabilities ⓘ | 6 | 7 | 4 | 4 | 4 | 4 | 5 | 4 | 7 | 9 |
| Total Liabilities ⓘ | 45 | 43 | 43 | 52 | 53 | 53 | 56 | 64 | 68 | 70 |
Fixed Assets | ||||||||||
| Gross Block | 34 | 35 | 36 | 37 | 39 | 41 | 42 | 62 | 62 | 63 |
| Accumulated Depreciation | 16 | 19 | 21 | 22 | 24 | 25 | 26 | 28 | 30 | 32 |
| Net Fixed Assetsⓘ | 18 | 16 | 15 | 14 | 15 | 16 | 15 | 34 | 31 | 31 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 1 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 5 | 4 | 5 | 7 | 6 | 6 | 6 | 6 | 6 | 7 |
| Trade Receivables | 18 | 19 | 21 | 29 | 30 | 29 | 33 | 21 | 26 | 24 |
| Cash Equivalents | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 0 | 3 | 3 |
| Others Assetsⓘ | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 4 |
| Total Assets ⓘ | 45 | 43 | 43 | 52 | 53 | 53 | 56 | 64 | 68 | 70 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 3 | 2 | -1 | 4 | 4 | 6 | 5 | 7 | 12 | 8 |
| PBT ⓘ | -4 | 1 | 2 | 1 | 5 | 3 | 2 | -1 | 11 | 10 |
| Adjustment ⓘ | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 5 | 4 |
| Changes in Working Capital ⓘ | 7 | -2 | -6 | 0 | -3 | 1 | 0 | 6 | -2 | -4 |
| Tax Paid ⓘ | -3 | 0 | -1 | 0 | -1 | -1 | -1 | 0 | -1 | -1 |
| Cash Flow From Investing Activity ⓘ | -1 | -1 | -1 | -2 | -4 | -2 | -2 | -20 | 0 | -3 |
| Capex | -1 | -1 | -1 | -2 | -4 | -2 | -2 | -20 | 0 | -3 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -2 | -1 | 2 | -2 | 0 | -4 | -2 | 12 | -9 | -4 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -2 | -1 | -1 | -1 | 1 | 1 | -1 | 11 | -1 | -2 |
| Interest Paid ⓘ | 0 | 0 | -1 | -1 | -1 | -1 | 0 | -1 | -1 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Others ⓘ | 0 | 0 | 4 | 0 | 0 | -3 | -1 | 2 | -6 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 3 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -12.8 | 4.13 | 6.4 | 5.26 | 15.91 | 8.38 | 6.25 | -3.46 | 25.14 | 18.41 |
| ROCE (%) | -10.2 | 7.26 | 10.94 | 8.18 | 19.17 | 12.1 | 8.55 | -1.88 | 26.62 | 22.56 |
| Asset Turnover Ratio | 1.45 | 1.65 | 1.85 | 1.94 | 2.27 | 1.89 | 1.91 | 1.86 | 2.34 | 1.95 |
| PAT to CFO Conversion(x) | N/A | 2 | -1 | 4 | 1 | 3 | 2.5 | N/A | 1.5 | 1.14 | Working Capital Days |
| Receivable Days | 100 | 95 | 93 | 100 | 90 | 107 | 108 | 88 | 56 | 68 |
| Inventory Days | 29 | 25 | 22 | 23 | 19 | 22 | 21 | 20 | 15 | 17 |
| Payable Days | 166 | 176 | 152 | 136 | 109 | 133 | 132 | 106 | 75 | 88 |
Bhagwati Autocast, promoted in 1984, is located 25 km away from Ahmedabad, near village Bavla. It is a mechanized machine moulding unit with an annual capacity of 14000 tonnes, producing high duty grey iron and ductile iron castings as per any International Standards.
Bhagwati Autocast also produces SG iron castings and alloy iron castings. The company’s plant is located at village Rajoda in Gujarat.
Its hand moulding division has an annual production capacity of 4000 tonnes with facilities for manufacturing castings upto a single unit weight of 5 tonnes using a state of the art Omega continuous mixer.
The Bhagwati Group, has two foundry units -- Bhagwati Spherocast Pvt. Ltd. and Bhagwati Autocast Ltd. Bhagwati Autocast Ltd, is located 25 km away from Ahmedabad, near village Bavla. It is a mechanized machine moulding unit with an annual capacity of 14000 tons, producing high duty grey iron and ductile iron castings as per any International Standards. Its handmoulding division has an annual production capacity of 4000 tons with facilities for manufacturing castings upto a single unit weight of 5 tons using a state of the art Omega continuous mixer.
Both the units are manufacturing high quality castings for a wide spectrum of industries such as, Automotive, Light and Heavy Commercial Vehicle, Tractor, Air & Gas Compressor, Hydraulic ,Wind Generation/Generator, Refrigeration, Plastic Injection Moulding Machine and General Engineering Products The annual turnover of the two foundry units together is $ 30 million with a total production capacity of 32000 tons per year of which Bhagwati Autocast Production Capacity stands at 18000 M.T. Per Annum.
The infrastructure of the company includes DISA-George Fischer fully mechanized sand plant of 30 tons/hour capacity, Intensive mixer-1000 Kgs. batch capacity. Sand homogenizing and cooling system and dust collector system.
The company’s major customers are two tractor companies, Punjab Tractors and Escorts. Its hand molding plant caters to the needs of the general engineering sector. The field is competitive and pricing does not allow much flexibility. Rise in prices of raw materials, increased power costs and higher wages were reported to have affected the profitability of the company.
The company’s response has been an expansion-cum-modernization program involving installation of equipment for better material handling and higher productivity. Finish of the castings was also sought to be improved by installing a drum homogenizer cum cooler. The company was able to return to profits from the year 2004-2005.
The major customers of the company are Dresser Rand, Elecon Engineering, Enercon, Escorts Ltd.,Force Motors Ltd.Godrej & Boyce Ltd., Harig India Pvt. Ltd., Mita Harig Pvt. Ltd., HMT Ltd., Ingersoll-Rand (India) Ltd., Kirloskar Oil Engines Limited K&H Eppensteinar Gmbh & Co., Mahindra gujarat tractors Ltd., Punjab tractors Ltd.
It is also an ISO-9001-2000 company certified by BUREAU VERITAS.
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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.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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