BSE: 523694 | NSE: APCOTEXIND | Rubber Products | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Apcotex Industries Ltd is a good quality company.
The key valuation ratios of Apcotex Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Apcotex Industries 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.
Value Creation Index Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 16.5% | 29.4% | 21.2% | 20.6% | 23% | 23.9% | 9.3% | 19.5% | 34.9% | 28% | - |
| Value Creation Index ⓘ | 0.2 | 1.1 | 0.5 | 0.5 | 0.6 | 0.7 | -0.3 | 0.4 | 1.5 | 1.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 297 | 355 | 268 | 388 | 526 | 626 | 496 | 541 | 957 | 1,080 | 1,354 |
| Sales YoY Gr. | - | 19.5% | -24.4% | 44.6% | 35.6% | 18.9% | -20.7% | 9% | 77% | 12.9% | - |
| Adj EPS ⓘ | 2.3 | 4.1 | 3.9 | 3.4 | 7.8 | 8.7 | 2.8 | 8.3 | 18.3 | 20.1 | 10.2 |
| YoY Gr. | - | 76.8% | -4.6% | -14.3% | 130.3% | 12.4% | -68.5% | 200.4% | 121.8% | 9.7% | - |
| BVPS (₹) ⓘ | 16.4 | 19.2 | 36.1 | 43 | 47.5 | 53.6 | 48.5 | 58.9 | 76.4 | 91.8 | 107.1 |
| Adj Net Profit ⓘ | 12.1 | 21.4 | 20.4 | 17.5 | 40.2 | 45.2 | 14.3 | 42.8 | 95 | 104 | 53 |
| Cash Flow from Ops. ⓘ | 9.9 | 32 | -64.4 | 22.2 | 53.2 | 38.8 | 36.3 | 75.2 | 47.5 | 121 | - |
| Debt/CF from Ops. ⓘ | 4.9 | 1 | -0.4 | 1 | 0.3 | 0.1 | 1.4 | 0.2 | 1.1 | 1.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.4% | 15.5% | 29.6% | 12.9% | ||||
| Adj EPS ⓘ | 27.1% | 21% | 94% | 9.7% | ||||
| BVPSⓘ | 21.1% | 14.1% | 23.7% | 20.2% | ||||
| Share Price | 11.3% | 27.7% | -5.9% | -31.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.8 | 23.1 | 14.2 | 8.5 | 17.1 | 17.3 | 5.4 | 15.4 | 27.1 | 23.9 | 10.2 |
| Op. Profit Mgn % ⓘ | 8.4 | 11.8 | 14 | 7.4 | 12.4 | 11.1 | 7 | 12.9 | 14.6 | 14.7 | 8.7 |
| Net Profit Mgn % ⓘ | 4.1 | 6 | 7.6 | 4.5 | 7.6 | 7.2 | 2.9 | 7.9 | 9.9 | 9.6 | 3.9 |
| Debt to Equity ⓘ | 0.6 | 0.3 | 0.1 | 0.1 | 0.1 | 0 | 0.2 | 0.1 | 0.1 | 0.3 | - |
| Working Cap Days ⓘ | 83 | 76 | 146 | 133 | 112 | 109 | 141 | 128 | 96 | 101 | 62 |
| Cash Conv. Cycle ⓘ | 40 | 35 | 74 | 76 | 63 | 56 | 74 | 53 | 37 | 43 | 21 |
Sales growth is growing at healthy rate in last 3 years 29.61%
Net Profit is growing at healthy rate in last 3 years 94.04%
Sales growth is good in last 4 quarters at 26.61%
Return on Equity has declined versus last 3 years average to 10.20%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 10.2 | 7.4 |
| TTM Sales (₹ Cr.) | 1,354 | 296 |
| BVPS (₹.) ⓘ | 107.1 | 0 |
| Reserves (₹ Cr.) ⓘ | 545 | 187 |
| P/BV ⓘ | 2.84 | 0.00 |
| PE ⓘ | 29.95 | 40.90 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 289.95 / 489.00 |
| All Time Low / High (₹) | 0.95 / 678.00 |
| Market Cap (₹ Cr.) | 1,576 |
| Equity (₹ Cr.) | 10.4 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 27.5 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 0.1 | 0 | 0.1 | 0 | 0.2 | 25 | 0.2 | 25 |
| Adj EPS (₹) ⓘ | 0 | -91.5 | -0.2 | N/A | 0.2 | 50 | 0.2 | 187.5 |
| Op. Profit Mgn % ⓘ | 22.50 | -667 bps | -72.50 | -4167 bps | 62.00 | 700 bps | 60.67 | 2234 bps |
| Net Profit Mgn % ⓘ | 17.50 | -17500 bps | -74.17 | -4167 bps | 60.00 | 1000 bps | 75.33 | 4450 bps |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Apcotex Inds | 296.5 | -7.5 (-2.5%) | Small Cap | 1,080 | 10.2 | 9.6 | 30 | 2.8 |
| GRP | 2,653.2 | 241.2 (10%) | Small Cap | 462 | 53.6 | 5 | 45 | 7.2 |
| Pix Transmission | 1,578.1 | 9.2 (0.6%) | Small Cap | 455 | 80.8 | 16.4 | 19.4 | 4 |
| Elgi Rubber Co. | - | 0 (0%) | Small Cap | 386 | 2.2 | 0.4 | 25 | 6.7 |
| Rubfila Internatl. | 70.7 | -0.3 (-0.4%) | Small Cap | 386 | 4.1 | 4.4 | 17.4 | 1.5 |
| Indag Rubber | 123.4 | 0.7 (0.5%) | Small Cap | 251 | 3.9 | 6.7 | 31.7 | 1.4 |
| Dolfin Rubbers | 200 | -1.5 (-0.7%) | Small Cap | 126 | 5.1 | 3.7 | 39.8 | 6.3 |
| Somi Conveyor Beltg | 187.5 | 5.2 (2.8%) | Small Cap | 102 | 5.5 | 4.4 | 33.2 | 2.8 |
| Vamshi Rubber | 45.6 | 0.6 (1.4%) | Small Cap | 77.4 | 1.6 | 0.8 | 29 | 1.3 |
| Captain Pipes | 14.6 | 0 (0.2%) | Small Cap | 76.3 | 0.3 | 5.2 | 50.6 | 5.8 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 355 | 268 | 388 | 526 | 626 | 496 | 541 | 957 | 1,080 | 1,125 |
| Operating Expenses ⓘ | 313 | 231 | 359 | 462 | 557 | 461 | 471 | 817 | 921 | 1,011 |
| Manufacturing Costs | 38 | 31 | 47 | 58 | 64 | 62 | 72 | 123 | 141 | 143 |
| Material Costs | 239 | 167 | 260 | 348 | 429 | 335 | 325 | 601 | 681 | 749 |
| Employee Cost | 14 | 15 | 29 | 34 | 38 | 39 | 43 | 51 | 56 | 65 |
| Other Costs ⓘ | 22 | 18 | 24 | 23 | 25 | 25 | 30 | 43 | 42 | 54 |
| Operating Profit ⓘ | 42 | 37 | 29 | 64 | 69 | 34 | 70 | 140 | 159 | 114 |
| Operating Profit Margin (%) | 11.8% | 13.9% | 7.4% | 12.1% | 11.0% | 7.0% | 12.9% | 14.6% | 14.7% | 10.1% |
| Other Income ⓘ | 6 | 8 | 31 | 8 | 8 | 6 | 5 | 8 | 7 | 8 |
| Interest ⓘ | 4 | 3 | 4 | 3 | 3 | 2 | 4 | 3 | 5 | 16 |
| Depreciation ⓘ | 9 | 9 | 12 | 12 | 12 | 13 | 15 | 14 | 15 | 32 |
| Exceptional Items ⓘ | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 35 | 33 | 43 | 56 | 62 | 25 | 57 | 130 | 146 | 75 |
| Tax ⓘ | 10 | 9 | 8 | 17 | 15 | 8 | 13 | 32 | 38 | 21 |
| Profit After Tax | 25 | 25 | 35 | 39 | 47 | 17 | 44 | 99 | 108 | 54 |
| PAT Margin (%) | 7.0% | 9.2% | 9.0% | 7.3% | 7.4% | 3.4% | 8.2% | 10.3% | 10.0% | 4.8% |
| Adjusted EPS (₹) | 4.8 | 4.8 | 6.8 | 7.5 | 9.0 | 3.2 | 8.5 | 19.1 | 20.8 | 10.4 |
| Dividend Payout Ratio (%) | 29% | 38% | 27% | 32% | 33% | 94% | 41% | 26% | 26% | 53% |
| 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 | 100 | 187 | 223 | 246 | 278 | 251 | 305 | 396 | 476 | 522 |
| Share Capital ⓘ | 5 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves ⓘ | 95 | 177 | 213 | 236 | 267 | 241 | 295 | 386 | 466 | 511 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 23 | 17 | 22 | 17 | 4 | 42 | 11 | 47 | 152 | 152 |
| Long Term Debt | 8 | 0 | 0 | 0 | 1 | 23 | 6 | 26 | 125 | 94 |
| Short Term Debt | 14 | 17 | 22 | 17 | 3 | 19 | 5 | 20 | 27 | 58 |
| Trade Payables | 20 | 34 | 22 | 48 | 53 | 46 | 81 | 100 | 102 | 135 |
| Others Liabilities ⓘ | 38 | 43 | 30 | 32 | 43 | 58 | 54 | 62 | 74 | 114 |
| Total Liabilities ⓘ | 181 | 281 | 297 | 344 | 377 | 397 | 452 | 605 | 803 | 922 |
Fixed Assets | ||||||||||
| Gross Block | 122 | 189 | 99 | 100 | 110 | 171 | 205 | 228 | 468 | 499 |
| Accumulated Depreciation | 58 | 100 | 11 | 22 | 34 | 46 | 60 | 72 | 84 | 115 |
| Net Fixed Assetsⓘ | 63 | 90 | 88 | 79 | 76 | 125 | 145 | 157 | 384 | 384 |
| CWIP ⓘ | 2 | 5 | 6 | 9 | 21 | 19 | 12 | 39 | 12 | 8 |
| Investmentsⓘ | 31 | 18 | 40 | 75 | 69 | 54 | 82 | 98 | 88 | 111 |
| Inventories | 15 | 43 | 45 | 49 | 48 | 60 | 56 | 87 | 105 | 125 |
| Trade Receivables | 49 | 84 | 78 | 98 | 111 | 89 | 105 | 162 | 137 | 203 |
| Cash Equivalents | 4 | 10 | 6 | 7 | 10 | 16 | 15 | 9 | 22 | 24 |
| Others Assetsⓘ | 16 | 32 | 34 | 26 | 41 | 33 | 37 | 54 | 55 | 66 |
| Total Assets ⓘ | 181 | 281 | 297 | 344 | 377 | 397 | 452 | 605 | 803 | 922 |
| 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 ⓘ | 32 | -64 | 22 | 53 | 39 | 36 | 75 | 48 | 121 | 40 |
| PBT ⓘ | 35 | 33 | 43 | 56 | 62 | 25 | 57 | 130 | 146 | 75 |
| Adjustment ⓘ | 8 | 5 | -11 | 6 | 7 | 10 | 15 | 17 | 19 | 45 |
| Changes in Working Capital ⓘ | -1 | -96 | -3 | 5 | -17 | 7 | 15 | -70 | -8 | -63 |
| Tax Paid ⓘ | -10 | -7 | -7 | -14 | -12 | -5 | -12 | -30 | -35 | -16 |
| Cash Flow From Investing Activity ⓘ | -8 | 86 | -8 | -10 | -8 | -42 | -37 | -67 | -179 | -20 |
| Capex | -8 | -7 | -11 | -7 | -22 | -49 | -24 | -68 | -187 | -28 |
| Net Investments | -1 | 18 | 1 | -5 | 11 | 5 | -15 | 0 | 7 | 7 |
| Others ⓘ | 1 | 75 | 1 | 2 | 3 | 2 | 1 | 1 | 1 | 1 |
| Cash Flow From Financing Activityⓘ | -26 | -17 | -17 | -18 | -30 | 7 | -46 | 12 | 71 | -13 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -8 | -8 | -8 | 0 | 1 | 29 | -21 | 20 | 95 | 0 |
| Interest Paid ⓘ | -3 | -2 | -3 | -2 | -2 | -1 | -4 | -3 | -5 | -15 |
| Dividend Paid ⓘ | -5 | -7 | -9 | -9 | -12 | -31 | -8 | -21 | -26 | -28 |
| Others ⓘ | -9 | 1 | 3 | -7 | -17 | 10 | -14 | 15 | 7 | 31 |
| Net Cash Flow ⓘ | -2 | 5 | -3 | 25 | 1 | 1 | -8 | -8 | 13 | 8 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 26.69 | 17.2 | 17.06 | 16.47 | 17.78 | 6.29 | 15.87 | 28.17 | 24.75 | 10.8 |
| ROCE (%) | 29.41 | 21.21 | 20.62 | 23 | 23.89 | 9.28 | 19.53 | 34.88 | 28.04 | 13.53 |
| Asset Turnover Ratio | 2.16 | 1.29 | 1.5 | 1.68 | 1.74 | 1.28 | 1.27 | 1.81 | 1.54 | 1.31 |
| PAT to CFO Conversion(x) | 1.28 | -2.56 | 0.63 | 1.36 | 0.83 | 2.12 | 1.7 | 0.48 | 1.12 | 0.74 |
| Working Capital Days | ||||||||||
| Receivable Days | 47 | 81 | 68 | 60 | 61 | 74 | 65 | 51 | 50 | 55 |
| Inventory Days | 15 | 36 | 37 | 32 | 28 | 40 | 39 | 27 | 32 | 37 |
| Payable Days | 35 | 60 | 40 | 37 | 43 | 54 | 71 | 55 | 54 | 58 |
Apcotex Industries was established in the year 1980 as a division of Asian Paints (India). Apcotex spun-off as a separate company in 1991 and is now part of the 'APCO' group of companies headed by Atul Choksey, Chairman of Apcotex Industries and former Managing Director of Asian Paints. Apcotex Industries is one of the leading producers of VP latex, SB and carboxylated sb latexes , acrylic latexes , nitrile latex , SBR Latex , Carboxylated SBR , High Styrene Resin and Synthetic Rubber in India. It has one of the broadest ranges of products based on Styrene Butadiene chemistry.
Apcotex is an ISO 9001: 2000 certified company. Its segments include Paper & paper Products, Tyre Cord dipping, carpet, Paints, Oil resistant Gasket, Construction, Textiles, Footwear & Micro sheet, Conveyer belts, hoses & automotive components.
Its manufacturing plant is located at Taloja, 50 kms outside of Mumbai. The manufacturing facilities incorporate state-of-the-art emulsion polymerization technology as well as adequate monomer and finished goods storage facilities and efficient utility support. Additionally, sophisticated DCS control systems ensure fine control over operating parameters.
Products of the Company:-With basic engineering and process know-how from Chemische Werke Huls (CWH) Germany, Apcotex pioneered the production of Vinyl Pyridine Latex, an important raw material for the tyre industry, in India. The Company has following products such as:-
Awards/ Achievements
2011 - Apcotex Industries Ltd. - Taloja achieved a 'EXCELLENT' grade in Telos Safety Rating System which is an improvement over that achieved in the year May 2010
2012 -Apcotex was awarded the Total Productive Maintenance (TPM) Excellence Award Category A in March'2012 by the Japan Institute of Plant Maintenance (JIPM).
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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