BSE: 532967 | NSE: KIRIINDUS | Dyes & Pigments | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Kiri Industries Ltd is a average quality company.
The key valuation ratios of Kiri Industries 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 Strong which suggest that the price of Kiri Industries Ltd is likely to Rise 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 % ⓘ | 5.6% | 9.8% | 18.5% | 17.3% | 17.7% | 7.9% | -4.7% | -1.4% | -20.6% | -13.4% | - |
| Value Creation Index ⓘ | -0.6 | -0.3 | 0.3 | 0.2 | 0.3 | -0.4 | -1.3 | -1.1 | -2.5 | -2.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 780 | 889 | 965 | 884 | 1,062 | 969 | 689 | 1,137 | 601 | 633 | 654 |
| Sales YoY Gr. | - | 13.9% | 8.5% | -8.4% | 20.1% | -8.7% | -28.9% | 65% | -47.1% | 5.3% | - |
| Adj EPS ⓘ | -11.5 | 6.5 | 34.1 | 34.4 | 38.9 | 15.4 | -10.4 | -1.6 | -25.1 | -17.8 | -14.6 |
| YoY Gr. | - | NA | 426.5% | 0.9% | 12.9% | -60.4% | -167.3% | NA | NA | NA | - |
| BVPS (₹) ⓘ | 48.7 | 59.1 | 95.9 | 155.7 | 201.2 | 200.2 | 188.8 | 120.6 | 94.8 | 76.6 | 92.5 |
| Adj Net Profit ⓘ | -26.1 | 17.2 | 95 | 104 | 122 | 51.8 | -34.8 | -8.5 | -130 | -92.5 | -81 |
| Cash Flow from Ops. ⓘ | -90 | 204 | 202 | 55.3 | 107 | 125 | 73.8 | 81 | 49.8 | -77 | - |
| Debt/CF from Ops. ⓘ | -8.6 | 2 | 0.9 | 3.1 | 1.5 | 1.2 | 2 | 1.2 | 1 | -1.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -2.3% | -9.8% | -2.8% | 5.3% | ||||
| Adj EPS ⓘ | NA | -185.6% | NA | NA | ||||
| BVPSⓘ | 5.2% | -17.6% | -26% | -19.2% | ||||
| Share Price | 21.2% | 11.1% | 10.7% | 111.5% | ||||
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 % ⓘ | -18.7 | 10 | 33.2 | 23 | 21.3 | 7.9 | -5.3 | -1.4 | -23.3 | -20.8 | -17.2 |
| Op. Profit Mgn % ⓘ | 10.8 | 11.1 | 13.3 | 15 | 15 | 10.2 | 0.2 | 2.9 | -17.2 | -9.8 | -5.8 |
| Net Profit Mgn % ⓘ | -3.3 | 1.9 | 9.9 | 11.8 | 11.5 | 5.3 | -5.1 | -0.8 | -21.6 | -14.6 | -12.4 |
| Debt to Equity ⓘ | 6.7 | 2.6 | 0.7 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.3 | 0 |
| Working Cap Days ⓘ | 240 | 177 | 103 | 115 | 131 | 162 | 202 | 111 | 182 | 160 | 59 |
| Cash Conv. Cycle ⓘ | 159 | 94 | 18 | 23 | 40 | 42 | 40 | -1 | -38 | -75 | -86 |
Sales growth is good in last 4 quarters at 12.21%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -2.78%
Net Profit has been subdued in last 3 years 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -14.6 | 49.5 |
| TTM Sales (₹ Cr.) | 654 | 1,025 |
| BVPS (₹.) ⓘ | 92.5 | 558.1 |
| Reserves (₹ Cr.) ⓘ | 459 | 3,052 |
| P/BV ⓘ | 6.26 | 1.04 |
| PE ⓘ | 0.00 | 11.70 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 280.00 / 610.00 |
| All Time Low / High (₹) | 4.05 / 877.00 |
| Market Cap (₹ Cr.) | 3,220 |
| Equity (₹ Cr.) | 55.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 44.1 |
| Pledged * | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 100.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 780 | 889 | 965 | 884 | 1,062 | 969 | 689 | 1,137 | 601 | 633 |
| Operating Expenses ⓘ | 712 | 806 | 837 | 754 | 905 | 873 | 690 | 1,105 | 711 | 697 |
| Manufacturing Costs | 76 | 90 | 111 | 134 | 146 | 172 | 144 | 198 | 151 | 128 |
| Material Costs | 571 | 646 | 671 | 546 | 682 | 596 | 444 | 791 | 457 | 482 |
| Employee Cost | 25 | 32 | 25 | 32 | 34 | 41 | 42 | 53 | 43 | 40 |
| Other Costs ⓘ | 39 | 39 | 31 | 42 | 44 | 64 | 61 | 64 | 59 | 46 |
| Operating Profit ⓘ | 69 | 83 | 128 | 130 | 156 | 96 | -1 | 31 | -109 | -63 |
| Operating Profit Margin (%) | 8.8% | 9.3% | 13.2% | 14.7% | 14.7% | 9.9% | -0.1% | 2.8% | -18.1% | -10.0% |
| Other Income ⓘ | 2 | 8 | 2 | 3 | 3 | 4 | 2 | 2 | 23 | 37 |
| Interest ⓘ | 84 | 67 | 8 | 2 | 4 | 5 | 4 | 5 | 6 | 22 |
| Depreciation ⓘ | 20 | 20 | 22 | 25 | 28 | 37 | 39 | 44 | 44 | 44 |
| Exceptional Items ⓘ | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -34 | 7 | 99 | 107 | 126 | 59 | -42 | -15 | -136 | -93 |
| Tax ⓘ | 3 | -2 | 5 | 4 | 6 | 9 | -5 | -6 | -2 | 0 |
| Profit After Tax | -37 | 9 | 94 | 103 | 120 | 50 | -37 | -9 | -134 | -94 |
| PAT Margin (%) | -4.7% | 1.0% | 9.8% | 11.6% | 11.3% | 5.2% | -5.3% | -0.8% | -22.3% | -14.8% |
| Adjusted EPS (₹) | -16.2 | 3.4 | 33.8 | 33.9 | 38.3 | 14.9 | -10.9 | -1.8 | -25.9 | -18.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 5% | 3% | 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 | 115 | 161 | 267 | 471 | 631 | 673 | 635 | 625 | 491 | 397 |
| Share Capital ⓘ | 27 | 31 | 28 | 30 | 31 | 34 | 34 | 52 | 52 | 52 |
| Reserves ⓘ | 88 | 130 | 239 | 441 | 599 | 639 | 601 | 573 | 439 | 345 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 771 | 270 | 172 | 157 | 149 | 97 | 96 | 27 | 45 | 30 |
| Long Term Debt | 735 | 269 | 158 | 156 | 149 | 96 | 95 | 27 | 41 | 24 |
| Short Term Debt | 37 | 1 | 15 | 1 | 1 | 1 | 1 | 1 | 4 | 6 |
| Trade Payables | 89 | 136 | 146 | 115 | 160 | 180 | 207 | 261 | 352 | 358 |
| Others Liabilities ⓘ | 196 | 213 | 190 | 117 | 133 | 141 | 146 | 128 | 65 | 148 |
| Total Liabilities ⓘ | 1,171 | 780 | 775 | 860 | 1,073 | 1,091 | 1,083 | 1,041 | 953 | 934 |
Fixed Assets | ||||||||||
| Gross Block | 462 | 438 | 327 | 396 | 505 | 576 | 670 | 701 | 712 | 720 |
| Accumulated Depreciation | 156 | 162 | 22 | 47 | 76 | 112 | 151 | 195 | 239 | 283 |
| Net Fixed Assetsⓘ | 307 | 277 | 305 | 349 | 429 | 464 | 519 | 506 | 474 | 437 |
| CWIP ⓘ | 89 | 3 | 36 | 32 | 38 | 77 | 58 | 59 | 67 | 68 |
| Investmentsⓘ | 172 | 174 | 168 | 168 | 140 | 140 | 140 | 140 | 140 | 142 |
| Inventories | 54 | 50 | 40 | 57 | 108 | 97 | 107 | 116 | 99 | 123 |
| Trade Receivables | 441 | 217 | 140 | 181 | 208 | 189 | 145 | 103 | 65 | 68 |
| Cash Equivalents | 1 | 2 | 5 | 7 | 11 | 7 | 6 | 6 | 2 | 2 |
| Others Assetsⓘ | 108 | 56 | 80 | 67 | 139 | 118 | 109 | 111 | 106 | 93 |
| Total Assets ⓘ | 1,171 | 780 | 775 | 860 | 1,073 | 1,091 | 1,083 | 1,041 | 953 | 934 |
| 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 ⓘ | -90 | 204 | 202 | 55 | 107 | 125 | 74 | 81 | 50 | -77 |
| PBT ⓘ | -34 | 7 | 99 | 107 | 126 | 59 | -42 | -15 | -136 | -93 |
| Adjustment ⓘ | 102 | 84 | 28 | 24 | 30 | 37 | 41 | 46 | 27 | 30 |
| Changes in Working Capital ⓘ | -155 | 235 | 70 | -74 | -36 | 47 | 89 | 51 | 161 | -13 |
| Tax Paid ⓘ | -3 | 2 | -2 | -1 | -14 | -18 | -14 | -1 | -2 | 0 |
| Cash Flow From Investing Activity ⓘ | -44 | -40 | -86 | -63 | -90 | -102 | -69 | -24 | 3 | 27 |
| Capex | -44 | -42 | -50 | -65 | -115 | -110 | -76 | -32 | -20 | -8 |
| Net Investments | -3 | -2 | 0 | 0 | 28 | 0 | 0 | 0 | 0 | -1 |
| Others ⓘ | 2 | 4 | -35 | 1 | -4 | 8 | 7 | 8 | 23 | 37 |
| Cash Flow From Financing Activityⓘ | 128 | -163 | -114 | 10 | -13 | -26 | -7 | -57 | -56 | 50 |
| Net Proceeds from Shares ⓘ | 32 | 37 | 0 | 0 | 0 | 3 | 0 | 22 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 151 | -99 | -249 | -2 | -8 | -14 | -1 | -53 | -51 | 70 |
| Interest Paid ⓘ | -84 | -67 | -8 | -2 | -4 | -5 | -4 | -5 | -6 | -22 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -8 | -2 | 0 | 0 | 0 |
| Others ⓘ | 29 | -33 | 143 | 13 | 0 | -3 | 0 | -22 | 1 | 2 |
| Net Cash Flow ⓘ | -6 | 1 | 2 | 2 | 4 | -4 | -2 | 0 | -4 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -32.88 | 6.78 | 44.46 | 27.79 | 21.79 | 7.7 | -5.59 | -1.48 | -24.04 | -21.06 |
| ROCE (%) | 5.58 | 9.76 | 18.53 | 17.31 | 17.69 | 7.87 | -4.72 | -1.38 | -20.59 | -13.4 |
| Asset Turnover Ratio | 0.76 | 0.98 | 1.33 | 1.1 | 1.1 | 0.9 | 0.63 | 1.07 | 0.6 | 0.67 |
| PAT to CFO Conversion(x) | N/A | 22.67 | 2.15 | 0.53 | 0.89 | 2.5 | N/A | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 166 | 125 | 63 | 65 | 67 | 75 | 88 | 40 | 51 | 38 |
| Inventory Days | 32 | 20 | 16 | 20 | 28 | 39 | 54 | 36 | 65 | 64 |
| Payable Days | 46 | 63 | 77 | 87 | 74 | 104 | 159 | 108 | 244 | 269 |
Kiri Industries, earlier known as Kiri Dyes and Chemicals (KDCL) incorporated in 1998; manufactures high quality dyes and intermediates. KDCL supplies reactive, acid, and direct dyes as well as dye-intermediates in various forms like standardized spray dried/tray dried - powder/granular, crude and reverse osmosis.
The company produces more than 120 dyestuffs used by textiles, leather, paint and printing-ink industries with total production capacity of 10800 MT per annum. Company’s manufacturing units is located at Vatva and Vododara in
The company has received various certifications such as ISO 14001:2004 and ISO 9001: 2000 for its quality management.
Besides
Research and development (R&D)
The Company has in house R&D centre located at Vatva, Ahmedabad is equipped with advanced technology. Company’s 4-5% of total revenue earned is used in research activities. This facility focuses on developing new product, developing cost effective process and creating environmentally friendly products. This facility has employed high skilled workforce comprising of research chemists, engineers and technicians.
Products
Reactive Dyes- Under this the company manufactures a range of dyes namely hot brand, Vinyl Sulphone, , High Exhaust, Bifunctional, Black mix, RGB Series, ED Series, S and W Series and CN Series.
Company also produces dye intermediates.
Milestone
1998- Kiri Dyes and Chemicals was incorporated.
1999- The company started exporting its products to
2001- The company was awarded by CHEMEXIL for outstanding export performance in the year 1998-1999.
2001- KDCL was awarded by CHEMEXIL for outstanding export performance in the year 1999-2000.
KDCL was acknowledged with a trophy by Gujarat Dyestuffs Manufactures Association for export performance of more than Rs. 600 Lakhs for direct export of self manufactured dyes and dye intermediates during 1990-2000.
2002- Company obtained permission confirming eligibility of Kiri Dyes to become 100% Export Oriented Unit from Kandla Special Economic Zone.
KDCL received First Award for the highest exports of chemicals from small scale industry by CHEMEXIL for the year 2000-2001.
2003- Company received Platinum Award from CHEMEXCIL for outstanding performance during the year 2002–2003.
KDCL became Government Recognized Trading House.
2004- The company was recognised as a Two Star Export House.
KDCL received Environmental Clearance Certificate from the Ministry of Environment and
Its manufacturing unit was converted into 100% Export Oriented Unit.
2005- Company commenced its backward integration project at Vododara.
Company was honoured with Silver Jubilee award by Export Credit Guarantee Corporation of
2006- Started commercial production of backward integration project with respect to Vinyl Sulphone Easter at Vadodara.
2007- The company has received various certifications such as ISO 14001:2004 and ISO 9001: 2000 for its quality management.
2011 - Company has changed its name from Kiri Dyes And Chemicals Ltd. to Kiri Industries Ltd.
- Company has acquired a chemical Company in Taiwan named SMS Chemical Co. Ltd.
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