Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indokem Ltd is a below average quality company.
The key valuation ratios of Indokem 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 Indokem 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 % ⓘ | 11.6% | 11.5% | 55.6% | -2.6% | 0% | 4.9% | 10.7% | 9.4% | 3.7% | -3% | - |
| Value Creation Index ⓘ | -0.2 | -0.2 | 3.0 | -1.2 | NA | -0.7 | -0.2 | -0.3 | -0.7 | -1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 53.9 | 58.8 | 71.6 | 78 | 79.4 | 89.6 | 79.2 | 114 | 141 | 140 | 136 |
| Sales YoY Gr. | - | 9.1% | 21.9% | 9% | 1.8% | 12.9% | -11.6% | 43.3% | 23.9% | -0.8% | - |
| Adj EPS ⓘ | -0.3 | -0.2 | 1.1 | -1.2 | -0.6 | 0 | 1.4 | 1.1 | -0.3 | -1.9 | -1.7 |
| YoY Gr. | - | NA | NA | -213.9% | NA | NA | 4566.7% | -23.6% | -125.2% | NA | - |
| BVPS (₹) ⓘ | 3.5 | 3.2 | 13 | 12.1 | 11.7 | 11.9 | 13.1 | 14.3 | 20.8 | 18.8 | 17.8 |
| Adj Net Profit ⓘ | -0.6 | -0.4 | 2.6 | -3 | -1.4 | 0.1 | 3.4 | 2.6 | -0.7 | -5.3 | -5 |
| Cash Flow from Ops. ⓘ | -2.8 | 25 | 1.9 | 2 | 0.4 | 2.6 | 1.9 | -0.4 | 1.7 | 3.8 | - |
| Debt/CF from Ops. ⓘ | -8.2 | 0.2 | 2.7 | 3.2 | 21.7 | 3.3 | 5 | -31.4 | 13.1 | 6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.2% | 11.9% | 20.8% | -0.8% | ||||
| Adj EPS ⓘ | NA | NA | -210.9% | NA | ||||
| BVPSⓘ | 20.7% | 10% | 12.7% | -9.8% | ||||
| Share Price | 30.9% | 72.3% | 29.5% | -11.9% | ||||
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 % ⓘ | -5.2 | -2.6 | 11.4 | -9.8 | -4.8 | 0.2 | 11.2 | 7.8 | -1.5 | -10 | -9.4 |
| Op. Profit Mgn % ⓘ | 1.8 | 3.3 | -11.8 | -2.8 | -0.4 | 2.2 | 7 | 4.2 | 2.6 | -0.2 | 0 |
| Net Profit Mgn % ⓘ | -1.2 | -0.7 | 3.7 | -3.8 | -1.8 | 0.1 | 4.3 | 2.3 | -0.5 | -3.8 | -3.5 |
| Debt to Equity ⓘ | 3 | 0.6 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 |
| Working Cap Days ⓘ | 200 | 221 | 180 | 171 | 165 | 144 | 171 | 136 | 126 | 133 | 69 |
| Cash Conv. Cycle ⓘ | 73 | 67 | 63 | 45 | 44 | 42 | 52 | 53 | 51 | 48 | 3 |
Sales growth is growing at healthy rate in last 3 years 20.75%
Return on Equity is Poor
Sales growth is not so good in last 4 quarters at -4.16%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -1.7 | -0.9 |
| TTM Sales (₹ Cr.) | 136 | 161 |
| BVPS (₹.) ⓘ | 17.8 | 13.3 |
| Reserves (₹ Cr.) ⓘ | 22 | 9 |
| P/BV ⓘ | 4.97 | 6.67 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 66.04 / 119.00 |
| All Time Low / High (₹) | 0.50 / 190.00 |
| Market Cap (₹ Cr.) | 247 |
| Equity (₹ Cr.) | 27.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 57.2 |
| 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 | 54 | 59 | 72 | 78 | 79 | 90 | 79 | 114 | 141 | 140 |
| Operating Expenses ⓘ | 53 | 57 | 80 | 80 | 80 | 88 | 74 | 109 | 137 | 140 |
| Manufacturing Costs | 1 | 1 | 9 | 4 | 4 | 4 | 4 | 6 | 13 | 11 |
| Material Costs | 40 | 44 | 53 | 59 | 60 | 69 | 57 | 85 | 94 | 95 |
| Employee Cost | 4 | 5 | 6 | 8 | 8 | 8 | 7 | 9 | 15 | 16 |
| Other Costs ⓘ | 8 | 7 | 12 | 10 | 7 | 6 | 7 | 9 | 15 | 18 |
| Operating Profit ⓘ | 1 | 2 | -9 | -2 | 0 | 2 | 5 | 5 | 4 | 0 |
| Operating Profit Margin (%) | 1.8% | 3.2% | -12.1% | -2.8% | -0.4% | 2.2% | 6.2% | 4.2% | 2.6% | -0.2% |
| Other Income ⓘ | 3 | 1 | 24 | 2 | 1 | 1 | 0 | 1 | 1 | 0 |
| Interest ⓘ | 3 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 |
| Depreciation ⓘ | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 1 | 0 | 14 | -2 | -1 | 1 | 3 | 3 | -1 | -5 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 0 | 14 | -2 | -1 | 1 | 3 | 3 | -1 | -5 |
| PAT Margin (%) | 1.5% | -0.6% | 19.3% | -2.2% | -1.5% | 0.6% | 3.7% | 2.5% | -0.4% | -3.8% |
| Adjusted EPS (₹) | 0.3 | -0.2 | 5.7 | -0.7 | -0.5 | 0.2 | 1.2 | 1.2 | -0.2 | -1.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 | 13 | 15 | 32 | 29 | 28 | 29 | 32 | 35 | 51 | 52 |
| Share Capital ⓘ | 24 | 26 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 28 |
| Reserves ⓘ | -11 | -12 | 7 | 5 | 4 | 5 | 8 | 10 | 26 | 25 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 23 | 5 | 5 | 6 | 8 | 8 | 9 | 12 | 16 | 15 |
| Long Term Debt | 8 | 5 | 5 | 6 | 8 | 7 | 8 | 9 | 13 | 13 |
| Short Term Debt | 14 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 3 | 2 |
| Trade Payables | 12 | 13 | 19 | 22 | 18 | 20 | 18 | 20 | 24 | 29 |
| Others Liabilities ⓘ | 12 | 30 | 7 | 7 | 7 | 7 | 7 | 8 | 22 | 22 |
| Total Liabilities ⓘ | 60 | 63 | 62 | 65 | 62 | 64 | 66 | 75 | 113 | 118 |
Fixed Assets | ||||||||||
| Gross Block | 26 | 28 | 25 | 28 | 29 | 30 | 30 | 32 | 70 | 78 |
| Accumulated Depreciation | 6 | 7 | 1 | 1 | 2 | 3 | 4 | 5 | 10 | 13 |
| Net Fixed Assetsⓘ | 20 | 21 | 24 | 26 | 27 | 27 | 26 | 26 | 60 | 65 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| Investmentsⓘ | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Inventories | 11 | 9 | 10 | 8 | 10 | 11 | 10 | 13 | 19 | 23 |
| Trade Receivables | 16 | 19 | 22 | 25 | 20 | 21 | 23 | 29 | 26 | 25 |
| Cash Equivalents | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Others Assetsⓘ | 10 | 11 | 5 | 5 | 5 | 4 | 5 | 5 | 6 | 3 |
| Total Assets ⓘ | 60 | 63 | 62 | 65 | 62 | 64 | 66 | 75 | 113 | 118 |
| 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 | 25 | 2 | 2 | 0 | 3 | 2 | 0 | 2 | 4 |
| PBT ⓘ | 1 | 0 | 14 | -2 | -1 | 1 | 3 | 3 | -1 | -5 |
| Adjustment ⓘ | 4 | 4 | -18 | 3 | 2 | 3 | 3 | 3 | 4 | 6 |
| Changes in Working Capital ⓘ | -7 | 22 | 6 | 0 | -0 | -1 | -4 | -6 | -2 | 3 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | 5 | -1 | 1 | -3 | -2 | -1 | -1 | -1 | -3 | -1 |
| Capex | 3 | -2 | 0 | -3 | -2 | -1 | -1 | -1 | -3 | -1 |
| Net Investments | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -2 | -24 | -3 | 1 | 1 | -2 | 0 | 2 | 2 | -3 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | -3 | 0 | 1 | 2 | 0 | 1 | 3 | 4 | 0 |
| Interest Paid ⓘ | -2 | -3 | -1 | -1 | -1 | -1 | -1 | -1 | -3 | -3 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | -18 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.1 | -4.43 | 70.35 | -5.64 | -4.01 | 1.78 | 9.71 | 8.48 | -1.22 | -10.2 |
| ROCE (%) | 11.59 | 11.5 | 55.58 | -2.63 | 0 | 4.88 | 10.71 | 9.42 | 3.69 | -3.01 |
| Asset Turnover Ratio | 0.99 | 1.01 | 1.23 | 1.25 | 1.25 | 1.42 | 1.22 | 1.62 | 1.5 | 1.21 |
| PAT to CFO Conversion(x) | -3 | N/A | 0.14 | N/A | N/A | 3 | 0.67 | 0 | N/A | N/A | Working Capital Days |
| Receivable Days | 87 | 102 | 98 | 107 | 101 | 82 | 100 | 82 | 71 | 67 |
| Inventory Days | 67 | 58 | 45 | 42 | 42 | 43 | 49 | 38 | 42 | 55 |
| Payable Days | 96 | 105 | 110 | 128 | 124 | 102 | 122 | 82 | 86 | 102 |
Indokem, a Khatau Group company was set up in 1946 to manufacture process and market a wide range of exclusive dyestuffs to the growing textile industry in India. From its very inception, Indokem has been customer driven and highly service oriented group, providing value added products consistently. Keeping in view the need of consolidation, Indonon Vat Dyes Plant was started in 1990's on a sprawling complex at Ankleshwar. This is an ultra modern plant specialised in Anthraquinone Chemistry, which manufactures a range of Anthraquinone based Vat Dyes.
Innovation, enterprise and a concern for quality have contributed to the success and growth of the group over the years. The company's capabilities and achievements lend confidence to meet tomorrow's challenges.
In 1874, Seth Khatau Makanji laid the foundation stone of Khatau Makanji Spinning and Weaving Company Limited. Soon Khatau sarees, voiles and fabrics became synonymous with high quality premium fabric. From these early days, the group has grown into a multidimensional enterprise, covering industries such as textiles, Chemicals, Dyestuffs, Shipping, Electrical Cables, Footwear, etc.
In the late 20th century, business became more competitive and the Group confirmed, formed various Strategic Business Units (SBU). Indokem Limited, Refnol Resins and Chemicals Ltd and associated companies were such units under the stewardship of M. K. Khatau (Chairman & Managing Director).
From its very inception, Indokem has been customer driven and highly service oriented group, providing value added products consistently.
The Indonon Vat Dyes factory of the company was started in 1980s on a sprawling complex at Ankleshwar. This is an ultra modern plant specialised in Anthraquinone Chemistry, which manufactures a range of Anthraquinone based Vat Dyes - Ultra Conc powders, Micro Disperse Vat Dyes and Vat Pastes.
Indokem ventured into manufacturing Anthraquinone series of Vat dyes in 1990’s to cater the growing needs of Textile Industry. The project set up on an area of over 40 acres has an investment of about Rs 350 million. The factory is located at Ankleshwar in Gujarat State, about 300 km north of Mumbai.
The company’s international presence is strengthened by their three international group companies.
Product range of the company includes:
Other Products:
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