Past 10 year's financial track record analysis by Moneyworks4me indicates that Vikram Thermo (India) Ltd is a good quality company.
The key valuation ratios of Vikram Thermo (India) 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 Vikram Thermo (India) 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 % ⓘ | 16% | 20.1% | 19.4% | 8.1% | 13.6% | 17.5% | 24.2% | 15.4% | 24.6% | 30.8% | - |
| Value Creation Index ⓘ | 0.1 | 0.4 | 0.4 | -0.4 | 0.0 | 0.3 | 0.7 | 0.1 | 0.8 | 1.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 37.2 | 38.4 | 45.3 | 48.6 | 58.2 | 55.9 | 73.6 | 92.6 | 112 | 126 | 128 |
| Sales YoY Gr. | - | 3.3% | 17.8% | 7.4% | 19.8% | -4.1% | 31.8% | 25.8% | 20.5% | 13.3% | - |
| Adj EPS ⓘ | 1.1 | 1.5 | 1.7 | 0.8 | 1.6 | 2.3 | 3.8 | 2.6 | 5.3 | 8.1 | 1.6 |
| YoY Gr. | - | 35.7% | 9.2% | -50.6% | 89% | 45.8% | 67.7% | -30.3% | 101.9% | 52.2% | - |
| BVPS (₹) ⓘ | 10.4 | 11.5 | 13.4 | 13.9 | 15.4 | 17.4 | 21 | 23.4 | 28.6 | 36.2 | 31.4 |
| Adj Net Profit ⓘ | 3.1 | 4.2 | 4.6 | 2.3 | 4.3 | 7.1 | 11.9 | 8.3 | 16.7 | 25.4 | 6 |
| Cash Flow from Ops. ⓘ | 1.9 | 2 | 5.7 | 3.3 | 3.8 | 13 | 14.9 | 6 | 13.1 | 23.2 | - |
| Debt/CF from Ops. ⓘ | 2 | 0.3 | 1 | 3.6 | 3.7 | 0.5 | 0.7 | 2.5 | 1.4 | 0.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14.6% | 16.8% | 19.8% | 13.3% | ||||
| Adj EPS ⓘ | 24.6% | 39.2% | 28.9% | 52.2% | ||||
| BVPSⓘ | 14.9% | 18.7% | 20% | 26.6% | ||||
| Share Price | 24.1% | 55.9% | 74.8% | 10.9% | ||||
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 % ⓘ | 11.3 | 13.9 | 13.4 | 6 | 10.6 | 14.6 | 19.8 | 11.9 | 20.5 | 25 | 4.9 |
| Op. Profit Mgn % ⓘ | 12.5 | 20 | 18.7 | 10.5 | 15 | 21.3 | 24.6 | 15.9 | 23.4 | 29.9 | 32 |
| Net Profit Mgn % ⓘ | 8.4 | 11 | 10.3 | 4.7 | 7.4 | 12.7 | 16.2 | 8.9 | 15 | 20.1 | 4.4 |
| Debt to Equity ⓘ | 0.1 | 0 | 0.2 | 0.3 | 0.3 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0 |
| Working Cap Days ⓘ | 158 | 175 | 184 | 200 | 188 | 233 | 189 | 165 | 168 | 192 | 103 |
| Cash Conv. Cycle ⓘ | 83 | 93 | 86 | 108 | 118 | 124 | 81 | 84 | 85 | 93 | 75 |
Sales growth is growing at healthy rate in last 3 years 19.75%
Net Profit is growing at healthy rate in last 3 years 28.86%
Sales growth is good in last 4 quarters at 21.24%
Return on Equity has declined versus last 3 years average to 4.90%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.6 | - |
| TTM Sales (₹ Cr.) | 128 | - |
| BVPS (₹.) ⓘ | 31.4 | - |
| Reserves (₹ Cr.) ⓘ | 76 | - |
| P/BV ⓘ | 5.46 | - |
| PE ⓘ | 104.75 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 121.10 / 235.10 |
| All Time Low / High (₹) | 0.49 / 235.10 |
| Market Cap (₹ Cr.) | 591 |
| Equity (₹ Cr.) | 34.5 |
| 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 | 37 | 38 | 45 | 49 | 58 | 56 | 74 | 93 | 112 | 126 |
| Operating Expenses ⓘ | 33 | 31 | 37 | 43 | 49 | 44 | 55 | 78 | 85 | 89 |
| Manufacturing Costs | 3 | 4 | 3 | 3 | 3 | 4 | 6 | 6 | 8 | 9 |
| Material Costs | 23 | 20 | 24 | 30 | 35 | 28 | 35 | 57 | 57 | 58 |
| Employee Cost | 4 | 4 | 5 | 6 | 6 | 6 | 7 | 8 | 11 | 10 |
| Other Costs ⓘ | 3 | 3 | 5 | 5 | 5 | 6 | 7 | 7 | 10 | 11 |
| Operating Profit ⓘ | 5 | 8 | 8 | 5 | 9 | 12 | 18 | 15 | 26 | 38 |
| Operating Profit Margin (%) | 12.5% | 20.0% | 18.7% | 10.5% | 15.0% | 21.2% | 24.6% | 15.9% | 23.4% | 29.7% |
| Other Income ⓘ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Interest ⓘ | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation ⓘ | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 5 | 6 | 7 | 3 | 6 | 9 | 16 | 12 | 23 | 34 |
| Tax ⓘ | 2 | 2 | 3 | 1 | 2 | 2 | 4 | 3 | 6 | 9 |
| Profit After Tax | 3 | 4 | 5 | 2 | 4 | 7 | 12 | 9 | 17 | 25 |
| PAT Margin (%) | 8.4% | 11.0% | 10.4% | 4.8% | 7.6% | 13.0% | 16.4% | 9.4% | 15.2% | 20.1% |
| Adjusted EPS (₹) | 1.1 | 1.5 | 1.7 | 0.8 | 1.6 | 2.3 | 3.9 | 2.8 | 5.4 | 8.1 |
| Dividend Payout Ratio (%) | 13% | 20% | 20% | 12% | 19% | 13% | 8% | 2% | 9% | 9% |
| 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 | 29 | 32 | 37 | 39 | 43 | 55 | 66 | 73 | 90 | 114 |
| Share Capital ⓘ | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 31 | 31 |
| Reserves ⓘ | 23 | 27 | 32 | 33 | 37 | 48 | 59 | 67 | 58 | 82 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 4 | 1 | 5 | 10 | 12 | 3 | 7 | 13 | 17 | 5 |
| Long Term Debt | 0 | 0 | 4 | 5 | 6 | 3 | 7 | 9 | 7 | 5 |
| Short Term Debt | 4 | 0 | 1 | 5 | 6 | 0 | 0 | 4 | 10 | 0 |
| Trade Payables | 6 | 5 | 7 | 6 | 5 | 8 | 9 | 10 | 11 | 13 |
| Others Liabilities ⓘ | 2 | 3 | 8 | 5 | 11 | 14 | 18 | 15 | 16 | 26 |
| Total Liabilities ⓘ | 41 | 41 | 57 | 60 | 70 | 81 | 100 | 111 | 133 | 157 |
Fixed Assets | ||||||||||
| Gross Block | 18 | 27 | 22 | 33 | 38 | 41 | 41 | 64 | 75 | 79 |
| Accumulated Depreciation | 8 | 10 | 1 | 3 | 5 | 6 | 8 | 11 | 14 | 17 |
| Net Fixed Assetsⓘ | 10 | 17 | 21 | 30 | 34 | 34 | 32 | 53 | 61 | 61 |
| CWIP ⓘ | 9 | 1 | 7 | 4 | 0 | 6 | 18 | 0 | 0 | 1 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 10 | 11 | 11 | 15 |
| Inventories | 4 | 4 | 6 | 5 | 5 | 7 | 9 | 12 | 10 | 15 |
| Trade Receivables | 13 | 15 | 14 | 19 | 22 | 20 | 20 | 24 | 33 | 39 |
| Cash Equivalents | 3 | 0 | 0 | 0 | 3 | 2 | 0 | 2 | 4 | 3 |
| Others Assetsⓘ | 1 | 3 | 8 | 2 | 7 | 10 | 10 | 10 | 14 | 22 |
| Total Assets ⓘ | 41 | 41 | 57 | 60 | 70 | 81 | 100 | 111 | 133 | 157 |
| 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 ⓘ | 2 | 2 | 6 | 3 | 4 | 13 | 15 | 6 | 13 | 23 |
| PBT ⓘ | 5 | 6 | 7 | 3 | 6 | 9 | 16 | 12 | 23 | 34 |
| Adjustment ⓘ | 0 | 1 | 1 | 2 | 3 | 3 | 4 | 3 | 4 | 5 |
| Changes in Working Capital ⓘ | -2 | -4 | -1 | -1 | -4 | 3 | -1 | -6 | -8 | -7 |
| Tax Paid ⓘ | -1 | -2 | -2 | -1 | -1 | -2 | -4 | -3 | -6 | -9 |
| Cash Flow From Investing Activity ⓘ | -3 | -1 | -10 | -8 | -2 | -10 | -19 | -7 | -13 | -9 |
| Capex | -2 | 0 | -11 | -8 | -2 | -9 | -11 | -7 | -13 | -7 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | -1 | -9 | 0 | 0 | -3 |
| Others ⓘ | -2 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 1 | -4 | 4 | 4 | 1 | -4 | 3 | 3 | 1 | -14 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 5 | 1 | 1 | -2 | 4 | 1 | -2 | -2 |
| Interest Paid ⓘ | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -1 |
| Dividend Paid ⓘ | -1 | 0 | -1 | -1 | 0 | -1 | -1 | -1 | -1 | -2 |
| Others ⓘ | 2 | -4 | 0 | 4 | 1 | 0 | 0 | 4 | 5 | -10 |
| Net Cash Flow ⓘ | 0 | -2 | 0 | 0 | 3 | -1 | -1 | 1 | 2 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.26 | 13.87 | 13.54 | 6.17 | 10.86 | 14.85 | 20.07 | 12.49 | 20.73 | 24.98 |
| ROCE (%) | 15.97 | 20.13 | 19.36 | 8.1 | 13.59 | 17.48 | 24.24 | 15.38 | 24.63 | 30.78 |
| Asset Turnover Ratio | 1.07 | 1.05 | 1.02 | 0.85 | 0.89 | 0.74 | 0.82 | 0.88 | 0.92 | 0.87 |
| PAT to CFO Conversion(x) | 0.67 | 0.5 | 1.2 | 1.5 | 1 | 1.86 | 1.25 | 0.67 | 0.76 | 0.92 | Working Capital Days |
| Receivable Days | 108 | 120 | 106 | 121 | 127 | 136 | 98 | 86 | 93 | 105 |
| Inventory Days | 38 | 34 | 37 | 42 | 32 | 41 | 41 | 41 | 35 | 36 |
| Payable Days | 92 | 95 | 87 | 75 | 57 | 86 | 89 | 59 | 66 | 73 |
Vikram Enterprise, was established in 1984 in Chhatral, near Ahmedabad first time in India with its first plant for manufacturing Diphenyl Oxide. It entered the market against stuff competition. It gained a good marketing strength against imported products and expanded its production capacity to 300 tons a year. Another new plant was set up in 1989 in the name of Vikram Aroma Private Ltd. at Indrad near Chhatral with capacity of 300 tons/year. Both the companies made considerable progress in terms of production volume, efficient good manufacturing practices, market development and sales established through dealers network in major industrial centers in India. Also, the international markets were established in Kenya, Europe & U.S.A.
Vikram Thermo India has been promoted for forward integration and diversification programme. The company has set up a new plant at Dhanot, near Chhatral for production of 'V-Therm HT' which is a mixture of Diphenyl and Diphenyl Oxide with capacity of 1200 tons a year and first time in India, commercial production started from the local materials. Another new plant was set up by `Vikram Thermo India for the production of 'Drug Coat' a polymer which is used in tablet coating for enteric coating and film coating. The company was incorporated on March 11,1994 under the Companies Act 1956 with Registrar of Companies - Gujarat and obtained certificate of commencement of business on March 21 ,1994.
The company proposed to manufacture Heat Transfer Fluid (HTF) at village Dhanot Taluka Kalol Dist. Mehsana Gujarat India with an installed capacity of 1200TPA. HTF is being currently imported under the popular brand DOW THERM A.
Most of the products manufactured by these groups of companies were imported and only through constant Research and Development work in their R & D center, they produced them in India. All these products have good manufacturing practices and manufacture world class quality products.
Products manufactured by the company includes:
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