BSE: 531109 | NSE: | Dyes & Pigments | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Ishan Dyes and Chemicals Ltd is a average quality company.
The key valuation ratios of Ishan Dyes and Chemicals Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ishan Dyes and Chemicals 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 % ⓘ | 10.1% | 24.7% | 34.8% | 19.3% | 18.8% | 22.3% | 27.8% | 17.6% | 0.4% | 2.3% | - |
| Value Creation Index ⓘ | -0.3 | 0.8 | 1.5 | 0.4 | 0.3 | 0.6 | 1.0 | 0.3 | -1.0 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 49.9 | 61.5 | 66.7 | 72.2 | 66.8 | 79.8 | 81.8 | 87.4 | 64.7 | 76.7 | 105 |
| Sales YoY Gr. | - | 23.1% | 8.6% | 8.1% | -7.4% | 19.5% | 2.4% | 6.9% | -26% | 18.5% | - |
| Adj EPS ⓘ | 1.7 | 3 | 4.6 | 2.3 | 3.4 | 4.7 | 7.6 | 5.5 | -0.8 | -0.1 | 2.1 |
| YoY Gr. | - | 74.7% | 52% | -51.3% | 48.9% | 40.9% | 60% | -27.8% | -114.7% | NA | - |
| BVPS (₹) ⓘ | 13.6 | 16.4 | 21 | 22.9 | 26.5 | 33.2 | 40.1 | 46.2 | 48.4 | 48.5 | 49.5 |
| Adj Net Profit ⓘ | 2.1 | 3.7 | 5.6 | 2.7 | 4.1 | 7.5 | 12.1 | 9.3 | -1.7 | -0.3 | 4 |
| Cash Flow from Ops. ⓘ | 4 | -1.1 | 4 | 7.2 | 5 | 2.7 | -2.3 | -8.5 | 20.2 | -9.3 | - |
| Debt/CF from Ops. ⓘ | 1.2 | -7.9 | 1.8 | 1.3 | 2.4 | 0.9 | -4.2 | -2.2 | 1.1 | -6.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.9% | 2.8% | -2.1% | 18.5% | ||||
| Adj EPS ⓘ | -175.6% | -153% | -126.5% | NA | ||||
| BVPSⓘ | 15.2% | 12.9% | 6.5% | 0% | ||||
| Share Price | 12.9% | 18.7% | -17.9% | -14.1% | ||||
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 | 19 | 23.5 | 9.8 | 13.1 | 17.2 | 20.2 | 12.3 | -1.8 | -0.3 | 4.3 |
| Op. Profit Mgn % ⓘ | 5 | 10.3 | 16.6 | 8.3 | 11.5 | 13.2 | 21.7 | 17.3 | 1.8 | 4.2 | 7.6 |
| Net Profit Mgn % ⓘ | 4.3 | 6 | 8.4 | 3.8 | 6.1 | 9.5 | 14.8 | 10.6 | -2.6 | -0.4 | 4.2 |
| Debt to Equity ⓘ | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 0.1 | 0.2 | 0.2 | 0.2 | 0.6 | 0.3 |
| Working Cap Days ⓘ | 116 | 119 | 145 | 149 | 157 | 152 | 221 | 295 | 415 | 363 | 128 |
| Cash Conv. Cycle ⓘ | 26 | 27 | 66 | 79 | 76 | 79 | 103 | 164 | 243 | 166 | 43 |
Return on Equity has increased versus last 3 years average to 4.30%
Sales growth is good in last 4 quarters at 82.77%
Sales growth has been subdued in last 3 years -2.12%
Net Profit has been subdued in last 3 years -126.47%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 2.1 | - |
| TTM Sales (₹ Cr.) | 105 | - |
| BVPS (₹.) ⓘ | 49.5 | - |
| Reserves (₹ Cr.) ⓘ | 83 | - |
| P/BV ⓘ | 1.14 | - |
| PE ⓘ | 26.73 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 44.63 / 71.80 |
| All Time Low / High (₹) | 3.08 / 177.00 |
| Market Cap (₹ Cr.) | 118 |
| Equity (₹ Cr.) | 21 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 46.2 |
| 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 | 50 | 61 | 67 | 72 | 67 | 80 | 82 | 87 | 65 | 77 |
| Operating Expenses ⓘ | 47 | 55 | 56 | 66 | 59 | 69 | 64 | 72 | 64 | 73 |
| Manufacturing Costs | 10 | 12 | 12 | 12 | 12 | 13 | 14 | 14 | 13 | 15 |
| Material Costs | 31 | 36 | 35 | 45 | 38 | 45 | 38 | 45 | 40 | 49 |
| Employee Cost | 4 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 |
| Other Costs ⓘ | 3 | 3 | 4 | 4 | 4 | 5 | 6 | 7 | 5 | 3 |
| Operating Profit ⓘ | 2 | 6 | 11 | 6 | 8 | 11 | 18 | 15 | 1 | 3 |
| Operating Profit Margin (%) | 5.0% | 10.3% | 16.6% | 8.3% | 11.5% | 13.2% | 21.7% | 17.3% | 1.8% | 4.2% |
| Other Income ⓘ | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 2 | 3 |
| Interest ⓘ | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Depreciation ⓘ | 1 | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 3 | 3 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 1 | 5 | 10 | 6 | 7 | 10 | 17 | 14 | -1 | 0 |
| Tax ⓘ | -1 | 1 | 4 | 3 | 2 | 2 | 4 | 4 | 0 | 0 |
| Profit After Tax | 2 | 4 | 6 | 3 | 4 | 8 | 13 | 10 | -1 | 0 |
| PAT Margin (%) | 4.3% | 6.3% | 8.4% | 4.7% | 6.5% | 10.3% | 15.7% | 11.6% | -1.9% | 0.2% |
| Adjusted EPS (₹) | 1.8 | 3.2 | 4.6 | 2.8 | 3.6 | 5.1 | 8.0 | 6.0 | -0.6 | 0.1 |
| Dividend Payout Ratio (%) | 0% | 10% | 10% | 25% | 0% | 19% | 16% | 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 | 18 | 21 | 27 | 29 | 33 | 54 | 65 | 80 | 103 | 103 |
| Share Capital ⓘ | 8 | 8 | 11 | 11 | 11 | 16 | 16 | 17 | 21 | 21 |
| Reserves ⓘ | 10 | 14 | 15 | 18 | 22 | 38 | 49 | 63 | 82 | 82 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 3 | 7 | 6 | 8 | 11 | 2 | 9 | 17 | 21 | 54 |
| Long Term Debt | 3 | 3 | 1 | 3 | 3 | 1 | 1 | 2 | 1 | 24 |
| Short Term Debt | 0 | 5 | 5 | 5 | 8 | 1 | 8 | 15 | 21 | 30 |
| Trade Payables | 11 | 4 | 5 | 8 | 7 | 6 | 11 | 6 | 3 | 13 |
| Others Liabilities ⓘ | 1 | 3 | 6 | 4 | 5 | 6 | 9 | 15 | 4 | 9 |
| Total Liabilities ⓘ | 33 | 36 | 44 | 49 | 56 | 68 | 94 | 117 | 131 | 179 |
Fixed Assets | ||||||||||
| Gross Block | 21 | 23 | 24 | 31 | 38 | 43 | 46 | 55 | 82 | 87 |
| Accumulated Depreciation | 9 | 10 | 12 | 11 | 12 | 14 | 16 | 18 | 20 | 23 |
| Net Fixed Assetsⓘ | 12 | 13 | 12 | 20 | 26 | 29 | 31 | 37 | 62 | 64 |
| CWIP ⓘ | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 1 | 30 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 7 | 4 | 12 | 6 | 9 | 9 | 14 | 23 | 23 | 26 |
| Trade Receivables | 8 | 8 | 11 | 16 | 12 | 19 | 27 | 35 | 13 | 25 |
| Cash Equivalents | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Others Assetsⓘ | 5 | 11 | 8 | 6 | 8 | 9 | 21 | 22 | 31 | 35 |
| Total Assets ⓘ | 33 | 36 | 44 | 49 | 56 | 68 | 94 | 117 | 131 | 179 |
| 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 ⓘ | 4 | -1 | 4 | 7 | 5 | 3 | -2 | -9 | 20 | -9 |
| PBT ⓘ | 1 | 5 | 10 | 6 | 7 | 10 | 17 | 14 | -1 | 0 |
| Adjustment ⓘ | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 3 | 3 | 3 |
| Changes in Working Capital ⓘ | 1 | -8 | -7 | 2 | -2 | -7 | -17 | -21 | 19 | -13 |
| Tax Paid ⓘ | 0 | 0 | -1 | -2 | -1 | -2 | -4 | -4 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -4 | -2 | -2 | -8 | -7 | -5 | -3 | -8 | -41 | -25 |
| Capex | -4 | -2 | -2 | -8 | -7 | -5 | -4 | -8 | -29 | -33 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | -12 | 8 |
| Cash Flow From Financing Activityⓘ | 0 | 3 | -2 | 0 | 2 | 3 | 5 | 16 | 20 | 34 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 18 | 0 |
| Net Proceeds from Borrowing ⓘ | 1 | -1 | -2 | 2 | 0 | -3 | 0 | 1 | -1 | 24 |
| Interest Paid ⓘ | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -2 | -3 |
| Dividend Paid ⓘ | 0 | 0 | 0 | -1 | 0 | 0 | -2 | -2 | 0 | 0 |
| Others ⓘ | 0 | 5 | 0 | 0 | 2 | 6 | 7 | 13 | 5 | 13 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | -1 | 0 | 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 (%) | 14.03 | 21.31 | 24.62 | 12.58 | 14.39 | 19.27 | 21.89 | 14.2 | -1.34 | 0.12 |
| ROCE (%) | 10.08 | 24.67 | 34.82 | 19.25 | 18.77 | 22.34 | 27.8 | 17.55 | 0.36 | 2.27 |
| Asset Turnover Ratio | 1.94 | 1.93 | 1.67 | 1.55 | 1.28 | 1.29 | 1.01 | 0.83 | 0.52 | 0.49 |
| PAT to CFO Conversion(x) | 2 | -0.25 | 0.67 | 2.33 | 1.25 | 0.38 | -0.15 | -0.9 | N/A | N/A | Working Capital Days |
| Receivable Days | 36 | 44 | 50 | 68 | 78 | 71 | 101 | 128 | 134 | 89 |
| Inventory Days | 46 | 31 | 45 | 45 | 42 | 42 | 50 | 77 | 131 | 117 |
| Payable Days | 84 | 75 | 46 | 50 | 69 | 52 | 81 | 67 | 41 | 60 |
Ishan Dyes and Chemicals was started in the year 1993 and is into the highly competitive chemicals and pigments industry. In a short span since it actually started its production in the November 1995, Ishan has embedded an impeccable impression in the global pigment and chemicals market with its superior quality products.
It has clinched a vast base of customers to whom it export a wide range of phthalocyanine blue pigments for plastics, water base and offset inks, paint(alkyd) on a regular basis. It marches ahead with a highly progressive and professional approach aimed at result orientation and based on business ethics and management techniques.
Its solvent dye is soluble in organic solvent. It manufactures a range of solvent dyes, which does not ionize. This quality of solvent pigments makes them soluble in non-polar materials such as triglycerides. Its solvent pigments are commonly called as lysochrome Pigments.
The company’s infrastructural set up forms the backbone of the company. It possesses a capacious warehouse, which has the capability to store large quantities of products. It is well equipped to import highest quality products from the noted companies based abroad. It has a wide network and association with various C&F agents to supply its clients with high quality and properly preserved chemicals.
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