BSE: 524598 | NSE: AKSHARCHEM | Dyes & Pigments | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Aksharchem (India) Ltd is a average quality company.
The key valuation ratios of Aksharchem (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Aksharchem (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 % ⓘ | 38.6% | 27.7% | 56.8% | 21.5% | 13.6% | 7.4% | 6.3% | 6.5% | 0.9% | -3.9% | - |
| Value Creation Index ⓘ | 1.8 | 1.0 | 3.1 | 0.5 | 0.0 | -0.5 | -0.6 | -0.5 | -0.9 | -1.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 200 | 188 | 248 | 264 | 323 | 260 | 246 | 380 | 335 | 302 | 322 |
| Sales YoY Gr. | - | -6.1% | 32.3% | 6.4% | 22.2% | -19.4% | -5.3% | 54.3% | -12% | -9.8% | - |
| Adj EPS ⓘ | 20.1 | 21.9 | 67.3 | 35.8 | 25.3 | 19.1 | 15.1 | 19.4 | -1.2 | -23.3 | -4.4 |
| YoY Gr. | - | 9.2% | 206.8% | -46.9% | -29.1% | -24.6% | -21% | 28.8% | -106.1% | NA | - |
| BVPS (₹) ⓘ | 97.7 | 116.2 | 192 | 289.8 | 313.6 | 323.5 | 339.8 | 348.2 | 346.5 | 322.7 | 325.4 |
| Adj Net Profit ⓘ | 14.7 | 16 | 49.2 | 29.3 | 20.8 | 15.7 | 12.4 | 15.6 | -1 | -18.7 | -4 |
| Cash Flow from Ops. ⓘ | 28.2 | 13.3 | 41.1 | 29.9 | -8.8 | 26.3 | 49.3 | 4.3 | 37.9 | -6.6 | - |
| Debt/CF from Ops. ⓘ | 0.9 | 2.3 | 0.8 | 0 | -1.3 | 0.5 | 0.3 | 11.7 | 0.7 | -7.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.7% | -1.3% | 7% | -9.8% | ||||
| Adj EPS ⓘ | -201.6% | -198.3% | -215.5% | NA | ||||
| BVPSⓘ | 14.2% | 0.6% | -1.7% | -6.9% | ||||
| Share Price | 5.6% | 7.9% | -12.4% | 16.4% | ||||
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 % ⓘ | 27.9 | 20.5 | 43.7 | 15.5 | 8.4 | 6 | 4.6 | 5.6 | -0.3 | -7 | -1.4 |
| Op. Profit Mgn % ⓘ | 13.7 | 17.2 | 31.2 | 15.7 | 10.7 | 10.1 | 9.7 | 8.3 | 4.6 | 0.5 | 5.5 |
| Net Profit Mgn % ⓘ | 7.4 | 8.6 | 19.8 | 11.1 | 6.4 | 6 | 5 | 4.1 | -0.3 | -6.2 | -1.1 |
| Debt to Equity ⓘ | 0.3 | 0.4 | 0.2 | 0 | 0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 |
| Working Cap Days ⓘ | 101 | 136 | 118 | 135 | 136 | 186 | 183 | 132 | 151 | 153 | 74 |
| Cash Conv. Cycle ⓘ | -5 | -2 | 2 | 18 | 38 | 63 | 66 | 57 | 70 | 77 | 24 |
Sales growth is good in last 4 quarters at 17.46%
Return on Equity is Poor
Sales growth has been subdued in last 3 years 7.01%
Net Profit has been subdued in last 3 years -215.53%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -4.4 | 20.7 |
| TTM Sales (₹ Cr.) | 322 | 188 |
| BVPS (₹.) ⓘ | 325.4 | 0 |
| Reserves (₹ Cr.) ⓘ | 253 | 87 |
| P/BV ⓘ | 0.90 | 0.00 |
| PE ⓘ | 0.00 | 14.18 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 235.40 / 376.00 |
| All Time Low / High (₹) | 1.00 / 941.95 |
| Market Cap (₹ Cr.) | 236 |
| Equity (₹ Cr.) | 8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 40.8 |
| 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 | 200 | 188 | 248 | 264 | 323 | 260 | 246 | 380 | 335 | 302 |
| Operating Expenses ⓘ | 173 | 155 | 171 | 223 | 288 | 234 | 223 | 349 | 319 | 301 |
| Manufacturing Costs | 34 | 33 | 38 | 43 | 59 | 60 | 56 | 86 | 70 | 85 |
| Material Costs | 125 | 108 | 115 | 160 | 205 | 149 | 143 | 230 | 218 | 181 |
| Employee Cost | 4 | 5 | 5 | 6 | 7 | 9 | 9 | 11 | 11 | 12 |
| Other Costs ⓘ | 9 | 9 | 13 | 13 | 18 | 17 | 15 | 22 | 20 | 22 |
| Operating Profit ⓘ | 27 | 32 | 77 | 42 | 34 | 26 | 24 | 32 | 15 | 1 |
| Operating Profit Margin (%) | 13.7% | 17.2% | 31.2% | 15.7% | 10.7% | 10.0% | 9.7% | 8.3% | 4.6% | 0.5% |
| Other Income ⓘ | 3 | 1 | 9 | 7 | 5 | 1 | 1 | 1 | 0 | 0 |
| Interest ⓘ | 3 | 3 | 3 | 1 | 1 | 1 | 1 | 2 | 3 | 4 |
| Depreciation ⓘ | 4 | 4 | 5 | 5 | 6 | 7 | 7 | 12 | 13 | 14 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 24 | 26 | 79 | 43 | 33 | 19 | 17 | 18 | 0 | -16 |
| Tax ⓘ | 8 | 9 | 26 | 12 | 11 | 3 | 5 | 2 | 0 | 3 |
| Profit After Tax | 16 | 17 | 53 | 31 | 23 | 16 | 13 | 16 | -1 | -19 |
| PAT Margin (%) | 8.0% | 8.9% | 21.3% | 11.6% | 7.0% | 6.0% | 5.1% | 4.2% | -0.3% | -6.2% |
| Adjusted EPS (₹) | 21.9 | 22.8 | 72.4 | 37.3 | 27.5 | 19.2 | 15.2 | 19.8 | -1.2 | -23.3 |
| Dividend Payout Ratio (%) | 16% | 15% | 5% | 9% | 13% | 18% | 23% | 3% | -43% | -2% |
| 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 | 71 | 85 | 140 | 238 | 257 | 265 | 279 | 280 | 278 | 259 |
| Share Capital ⓘ | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves ⓘ | 64 | 78 | 133 | 230 | 249 | 257 | 271 | 272 | 270 | 251 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 23 | 29 | 29 | 0 | 12 | 13 | 15 | 44 | 19 | 46 |
| Long Term Debt | 2 | 7 | 6 | 0 | 0 | 0 | 0 | 23 | 17 | 17 |
| Short Term Debt | 21 | 22 | 23 | 0 | 12 | 13 | 15 | 22 | 2 | 28 |
| Trade Payables | 38 | 29 | 31 | 31 | 27 | 25 | 38 | 50 | 38 | 44 |
| Others Liabilities ⓘ | 14 | 13 | 18 | 31 | 20 | 20 | 24 | 32 | 30 | 32 |
| Total Liabilities ⓘ | 146 | 155 | 219 | 299 | 316 | 323 | 355 | 406 | 365 | 381 |
Fixed Assets | ||||||||||
| Gross Block | 79 | 85 | 95 | 121 | 166 | 175 | 283 | 297 | 304 | 327 |
| Accumulated Depreciation | 24 | 29 | 30 | 35 | 40 | 47 | 54 | 66 | 79 | 92 |
| Net Fixed Assetsⓘ | 55 | 56 | 65 | 86 | 126 | 128 | 229 | 231 | 225 | 235 |
| CWIP ⓘ | 2 | 4 | 9 | 26 | 31 | 62 | 6 | 16 | 17 | 11 |
| Investmentsⓘ | 18 | 23 | 51 | 77 | 21 | 1 | 0 | 0 | 0 | 0 |
| Inventories | 18 | 16 | 32 | 30 | 37 | 42 | 58 | 72 | 59 | 65 |
| Trade Receivables | 21 | 23 | 13 | 28 | 38 | 30 | 28 | 53 | 36 | 47 |
| Cash Equivalents | 1 | 1 | 4 | 5 | 2 | 2 | 3 | 2 | 2 | 3 |
| Others Assetsⓘ | 31 | 33 | 45 | 48 | 61 | 58 | 31 | 31 | 25 | 20 |
| Total Assets ⓘ | 146 | 155 | 219 | 299 | 316 | 323 | 355 | 406 | 365 | 381 |
| 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 ⓘ | 28 | 13 | 41 | 30 | -9 | 26 | 49 | 4 | 38 | -7 |
| PBT ⓘ | 24 | 26 | 79 | 43 | 33 | 19 | 17 | 18 | 0 | -16 |
| Adjustment ⓘ | 5 | 6 | 1 | -1 | 1 | 7 | 7 | 14 | 16 | 17 |
| Changes in Working Capital ⓘ | 6 | -11 | -18 | 1 | -34 | 4 | 27 | -23 | 24 | -13 |
| Tax Paid ⓘ | -6 | -8 | -21 | -12 | -9 | -4 | -1 | -4 | -1 | 5 |
| Cash Flow From Investing Activity ⓘ | -13 | -11 | -32 | -63 | -2 | -20 | -49 | -24 | -8 | -16 |
| Capex | -5 | -8 | -15 | -44 | -51 | -40 | -52 | -25 | -8 | -17 |
| Net Investments | -9 | -3 | -18 | -21 | 47 | 20 | 1 | 1 | 0 | 0 |
| Others ⓘ | 0 | 0 | 1 | 2 | 1 | 0 | 1 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -15 | -2 | -5 | 33 | 7 | -7 | 1 | 18 | -30 | 23 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 67 | 0 | 0 | 0 | -12 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -2 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -3 | -3 | -3 | -1 | -1 | -1 | -1 | -2 | -3 | -4 |
| Dividend Paid ⓘ | -3 | -6 | -3 | 0 | -3 | -7 | 0 | -3 | -1 | 0 |
| Others ⓘ | -7 | 1 | 0 | -32 | 12 | 1 | 2 | 35 | -26 | 27 |
| Net Cash Flow ⓘ | 0 | 0 | 3 | 0 | -4 | 0 | 1 | -1 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 30.32 | 21.27 | 46.95 | 16.17 | 9.13 | 6.02 | 4.6 | 5.7 | -0.34 | -6.95 |
| ROCE (%) | 38.6 | 27.68 | 56.76 | 21.49 | 13.55 | 7.39 | 6.29 | 6.46 | 0.86 | -3.86 |
| Asset Turnover Ratio | 1.86 | 1.26 | 1.34 | 1.02 | 1.05 | 0.81 | 0.73 | 1 | 0.87 | 0.81 |
| PAT to CFO Conversion(x) | 1.75 | 0.76 | 0.77 | 0.97 | -0.39 | 1.63 | 3.77 | 0.25 | N/A | N/A | Working Capital Days |
| Receivable Days | 31 | 42 | 26 | 28 | 37 | 48 | 43 | 39 | 49 | 50 |
| Inventory Days | 26 | 33 | 35 | 43 | 37 | 55 | 74 | 63 | 72 | 75 |
| Payable Days | 85 | 112 | 95 | 71 | 52 | 65 | 81 | 70 | 74 | 82 |
AksharChem (India) is engaged in the manufacture and sale of dyes and intermediates. It was incorporated as a private limited company on July 04, 1989 and was converted into a public company on February 15, 1994. Earlier known as Audichem (India), it got its present name on March 24, 2004. The registered office of the company is located at 166/169, Indrad Village, Kadi Kalol Road, Mehsana-382727, Gujarat. The key executives of the company are Paru M Jaykrishna, Pradeep Jha, Param J Shah, Gokul M Jaykrishna, Munjal M Jaykrishna and Kiran J Mehta.
The ISO 14001:2004 certified company manufactures vinyl sulphone ester and other intermediates at its plant located in the Mehsana district of Gujarat with an installed capacity of 3,000 MTPA dye intermediates.
The company has received many export awards from the Government of India, Government of Gujarat, Gujarat Chamber of Commerce and Industry, Gujarat Dye-stuff Manufacturers Association, Federation of Indian Export Organization, Chemexcil, and other organizations. With its export house status, it has established an international presence and exports to Hoechst A.G. of Germany, USA, England, Thailand and Argentina.
AksharChem has been awarded the presitigious International Gold Star Award for excellence in Corporate Image and Quality by Business Initiative Directions of Spain. AksharChem has been awarded 'Export House' status by Govt. of India and the emphasis on quality ultimately enabled the Company to achieve ISO 9001:2000.
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