BSE: 532629 | NSE: MBECL | Engineering - Construction | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Mcnally Bharat Engineering Company Ltd is a below average quality company.
The key valuation ratios of Mcnally Bharat Engineering Company 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 Mcnally Bharat Engineering Company 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 % ⓘ | 8.6% | 0.6% | -4.3% | -0.7% | -2% | -11.4% | 0.4% | -0.9% | -54.1% | 0% | - |
| Value Creation Index ⓘ | -0.4 | NA | -1.3 | -1.1 | -1.1 | -1.8 | -1.0 | NA | NA | NA | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,170 | 2,477 | 1,906 | 1,433 | 1,518 | 568 | 333 | 253 | 228 | 168 | 133 |
| Sales YoY Gr. | - | 14.1% | -23.1% | -24.8% | 6% | -62.6% | -41.4% | -24.1% | -9.7% | -26.6% | - |
| Adj EPS ⓘ | -28.1 | -68.4 | -9.4 | -27 | -29.9 | -17.9 | -2.4 | -3.6 | -108.2 | -41.7 | -42.3 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 73.4 | -79.1 | 3.6 | 5.1 | 28.6 | 6.4 | 3.5 | -0.8 | -157.2 | -198.9 | -219.7 |
| Adj Net Profit ⓘ | -114 | -349 | -50.3 | -427 | -515 | -379 | -50.3 | -77 | -2,290 | -883 | -895 |
| Cash Flow from Ops. ⓘ | -366 | -402 | -425 | -492 | 347 | -199 | 38.5 | -14.2 | -3.1 | -12.7 | - |
| Debt/CF from Ops. ⓘ | -4.2 | -5.6 | -6.5 | -6.7 | 5.6 | -10.6 | 55.8 | -153.7 | -1009.8 | -244.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -24.8% | -35.6% | -20.4% | -26.6% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -211.7% | -247.4% | -484.8% | NA | ||||
| Share Price | -27.5% | -7.2% | -19.1% | -12.2% | ||||
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 % ⓘ | -35.5 | 840.8 | 34 | -360.6 | -154.5 | -113.4 | -48 | -268.2 | 137 | 23.5 | 20.2 |
| Op. Profit Mgn % ⓘ | 4.4 | -0.5 | -20.8 | -11.7 | -17.3 | -54.4 | -5.1 | -34.2 | -135.5 | -52 | -64.4 |
| Net Profit Mgn % ⓘ | -5.3 | -14.1 | -2.6 | -29.8 | -33.9 | -66.7 | -15.1 | -30.5 | -1003.1 | -526.9 | -670.6 |
| Debt to Equity ⓘ | 5 | -5.6 | 27.2 | 24.6 | 3.7 | 15.6 | 29.1 | -132.9 | -0.9 | -0.7 | - |
| Working Cap Days ⓘ | 522 | 515 | 741 | 1,000 | 766 | 1,526 | 2,199 | 2,657 | 2,667 | 3,234 | 2,015 |
| Cash Conv. Cycle ⓘ | 79 | 68 | 138 | 246 | 329 | 803 | 1,083 | 1,180 | 1,065 | 1,190 | -6,977 |
Return on Equity has increased versus last 3 years average to 20.20%
Sales growth has been subdued in last 3 years -20.44%
Sales growth is not so good in last 4 quarters at -38.87%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -42.3 | -42.3 |
| TTM Sales (₹ Cr.) | 133 | 133 |
| BVPS (₹.) ⓘ | -219.7 | -219.7 |
| Reserves (₹ Cr.) ⓘ | -4,860 | -4,860 |
| P/BV ⓘ | -0.02 | -0.02 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 3.14 / 7.23 |
| All Time Low / High (₹) | 2.10 / 385.00 |
| Market Cap (₹ Cr.) | 78.5 |
| Equity (₹ Cr.) | 211.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 35.9 |
| Pledged * | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 | 9.42 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,170.11 | 2,477.05 | 1,905.64 | 1,432.59 | 1,518.37 | 567.60 | 332.78 | 252.71 | 228.28 | 167.61 |
| Operating Expenses ⓘ | 2,074.28 | 2,491.93 | 2,314.08 | 1,602.04 | 1,812.15 | 879.32 | 349.88 | 340.05 | 539.05 | 254.91 |
| Manufacturing Costs | 1,279.59 | 667.84 | 561.92 | 514.34 | 459.61 | 225.30 | 128.43 | 124.55 | 103.43 | 78.70 |
| Material Costs | 486.17 | 1,416.44 | 1,484.10 | 849.49 | 1,105.61 | 214.71 | 136.09 | 120.07 | 123.22 | 75.52 |
| Employee Cost | 136.57 | 113.23 | 93.44 | 97.97 | 96.57 | 71.31 | 45.60 | 44.07 | 37.80 | 29.62 |
| Other Costs ⓘ | 171.94 | 294.41 | 174.61 | 140.25 | 150.36 | 367.99 | 39.76 | 51.36 | 274.61 | 71.07 |
| Operating Profit ⓘ | 95.83 | -14.88 | -408.44 | -169.45 | -293.78 | -311.72 | -17.10 | -87.34 | -310.77 | -87.30 |
| Operating Profit Margin (%) | 4.4% | -0.6% | -21.4% | -11.8% | -19.3% | -54.9% | -5.1% | -34.6% | -136.0% | -52.1% |
| Other Income ⓘ | 72.89 | 48.15 | 332.22 | 160.71 | 246.42 | 51.52 | 33.47 | 74.88 | 47.16 | 48.45 |
| Interest ⓘ | 253.83 | 354.94 | 447.99 | 536.02 | 408.05 | 110.63 | 59.67 | 58.59 | 1,945.95 | 841.21 |
| Depreciation ⓘ | 29.12 | 22.57 | 25.33 | 14.62 | 10.59 | 10.05 | 6.74 | 6.09 | 3.97 | 3.21 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -257.67 | 0 |
| Profit Before Tax ⓘ | -114.22 | -344.25 | -549.53 | -559.38 | -466 | -380.88 | -50.04 | -77.14 | -2,471.21 | -883.26 |
| Tax ⓘ | 0 | 0 | -491.26 | -133.93 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -114.22 | -344.25 | -58.28 | -425.45 | -466 | -380.88 | -50.04 | -77.14 | -2,471.21 | -883.26 |
| PAT Margin (%) | -5.3% | -13.9% | -3.1% | -29.7% | -30.7% | -67.1% | -15.0% | -30.5% | -1,082.6% | -527.0% |
| Adjusted EPS (₹) | -28.4 | -67.4 | -10.9 | -26.9 | -27.1 | -18.0 | -2.4 | -3.7 | -116.0 | -41.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 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 | 307.49 | -404.33 | 102.37 | 133.64 | 531.06 | 135.85 | 73.81 | -16.39 | -3,325.55 | -4,208.04 |
| Share Capital ⓘ | 50.34 | 51.09 | 136.88 | 211.57 | 211.57 | 211.57 | 211.57 | 211.57 | 211.57 | 211.57 |
| Reserves ⓘ | 257.15 | -455.42 | -34.51 | -77.93 | 319.49 | -75.73 | -137.76 | -227.96 | -3,537.12 | -4,419.61 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 1,418.77 | 2,013.74 | 2,514.83 | 3,058.12 | 1,937.66 | 2,106.85 | 2,142.24 | 2,174.35 | 3,099.65 | 3,102.21 |
| Long Term Debt | 47.85 | 268.21 | 105.52 | 0 | 111.11 | 122.22 | 134.44 | 147.89 | 0 | 0 |
| Short Term Debt | 1,370.92 | 1,745.53 | 2,409.31 | 3,058.12 | 1,826.55 | 1,984.63 | 2,007.79 | 2,026.47 | 3,099.65 | 3,102.21 |
| Trade Payables | 1,056.77 | 1,320.43 | 1,479.27 | 846.97 | 467.98 | 226.33 | 225.83 | 217.45 | 228.51 | 223.30 |
| Others Liabilities ⓘ | 926.46 | 1,066.10 | 648.86 | 384.31 | -22.62 | -76.78 | -311.73 | -336.83 | 1,579.30 | 2,366.36 |
| Total Liabilities ⓘ | 3,709.50 | 3,995.95 | 4,745.33 | 4,423.03 | 2,914.07 | 2,392.24 | 2,130.14 | 2,038.59 | 1,581.90 | 1,483.82 |
Fixed Assets | ||||||||||
| Gross Block | 197.23 | 113.41 | 113.90 | 113.96 | 113.98 | 131.57 | 130.29 | 108.74 | 108.71 | 108.82 |
| Accumulated Depreciation | 88.99 | 22.20 | 47.41 | 61.88 | 72.41 | 79.49 | 85.05 | 86.62 | 90.46 | 93.67 |
| Net Fixed Assetsⓘ | 108.24 | 91.21 | 66.49 | 52.07 | 41.57 | 52.08 | 45.24 | 22.12 | 18.25 | 15.15 |
| CWIP ⓘ | 8.20 | 4.62 | 4.63 | 4.62 | 4.62 | 4.62 | 4.63 | 4.63 | 4.63 | 4.63 |
| Investmentsⓘ | 198.33 | 181.17 | 484.67 | 485.45 | 180.30 | 180.27 | 180.54 | 180.52 | 1.25 | 1.36 |
| Inventories | 127.73 | 148.50 | 26.15 | 89.74 | 73.15 | 5.27 | 2.93 | 1.66 | 0.75 | 0.37 |
| Trade Receivables | 1,416.43 | 1,385.20 | 1,652.44 | 1,710.60 | 1,677.05 | 1,385.32 | 1,052.20 | 955.50 | 752.37 | 742.04 |
| Cash Equivalents | 46.89 | 61.59 | 101.86 | 116.24 | 79.48 | 17.69 | 27.81 | 24.12 | 29.60 | 20.32 |
| Others Assetsⓘ | 1,803.69 | 2,123.67 | 2,409.09 | 1,964.31 | 857.90 | 747 | 816.79 | 850.05 | 775.06 | 699.95 |
| Total Assets ⓘ | 3,709.50 | 3,995.95 | 4,745.33 | 4,423.03 | 2,914.07 | 2,392.24 | 2,130.14 | 2,038.59 | 1,581.90 | 1,483.82 |
| 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 ⓘ | -366.39 | -401.96 | -424.98 | -491.93 | 347.04 | -199.46 | 38.51 | -14.18 | -3.07 | -12.72 |
| PBT ⓘ | -114.22 | -344.25 | -549.53 | -559.38 | -466 | -380.88 | -50.04 | -77.14 | -2,471.21 | -883.26 |
| Adjustment ⓘ | 213.89 | 441.88 | 147.17 | 400.71 | 283.71 | 359.08 | 25.04 | -1.96 | 2,412.35 | 849.23 |
| Changes in Working Capital ⓘ | -442.01 | -481.05 | -4.78 | -338.37 | 470.27 | -171.08 | 42.91 | 32.02 | 49.36 | 21.13 |
| Tax Paid ⓘ | -24.05 | -18.55 | -17.84 | 5.11 | 59.06 | -6.59 | 20.60 | 32.90 | 6.43 | 0.18 |
| Cash Flow From Investing Activity ⓘ | -4.86 | -39.05 | -11.34 | 107.08 | 388.03 | 49.23 | 1.47 | 39.44 | 0.95 | -0.85 |
| Capex | -10.43 | -1.76 | -0.55 | -0.27 | -0.07 | 0.76 | 0.40 | 2.46 | -0.11 | -0.11 |
| Net Investments | 0 | -16.63 | -1.94 | -9.64 | 361.59 | 42.48 | 0.50 | 0.58 | -0.02 | -3.22 |
| Others ⓘ | 5.57 | -20.66 | -8.85 | 116.98 | 26.51 | 5.99 | 0.57 | 36.40 | 1.07 | 2.48 |
| Cash Flow From Financing Activityⓘ | 388.92 | 474.93 | 426.76 | 447.66 | -790.69 | 131.39 | -29.37 | -28.36 | 7.48 | 1.16 |
| Net Proceeds from Shares ⓘ | 94.73 | 103.65 | 17.68 | 393.83 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -7.98 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -187.93 | -324.68 | -388.36 | -512.88 | -368.83 | -20.88 | -51.01 | -46.35 | -1.58 | -0.67 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 490.10 | 695.97 | 797.44 | 566.71 | -421.86 | 152.27 | 21.64 | 17.99 | 9.07 | 1.83 |
| Net Cash Flow ⓘ | 17.67 | 33.92 | -9.57 | 62.81 | -55.62 | -18.84 | 10.62 | -3.10 | 5.36 | -12.41 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -37.07 | N/A | 0 | -857.76 | -163.01 | -121.4 | -47.73 | N/A | N/A | N/A |
| ROCE (%) | 8.55 | N/A | -4.29 | -0.74 | -1.97 | -11.44 | 0.43 | N/A | N/A | N/A |
| Asset Turnover Ratio | 0.63 | 0.64 | 0.44 | 0.31 | 0.41 | 0.21 | 0.15 | 0.12 | 0.13 | 0.11 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Working Capital Days |
| Receivable Days | 239 | 206 | 290 | 428 | 407 | 985 | 1,337 | 1,450 | 1,365 | 1,627 |
| Inventory Days | 19 | 20 | 17 | 15 | 20 | 25 | 5 | 3 | 2 | 1 |
| Payable Days | 711 | 248 | 247 | 343 | 148 | 506 | 606 | 674 | 661 | 1,092 |
McNally Bharat Engineering Company (MBECL) incorporated in 1961; is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc. Till date the company has constructed 250 plants. The company is also into manufacturing of belt conveyor, shuttle conveyor, roller conveyor, idlers, pulleys, trippers, gates, technological structures, Slurry Pumps, Flotation Machines, High Rate Thickeners, Magnetic, Vibratory and Metal Detection Equipment, Hydrocyclones, Filters, Centrifugal Concentrators and Bagging Machines
The company has received ISO 9001 certification by RWTUV for quality management.
Milestones
1961- McNally Bird Engineering Co a joint venture between McNally Pittsburg, USA and Bird & Co.
1968 – The company designed and built the longest cross country conveying system in India for 800 TPH Coal Handling Plant of Thermal Power station at Talcher, Orissa.
1970 – The company designed plant in India for beneficiation of fluorspar was built for Gujarat Mineral Development Corporation at Kadipani located at Gujarat.
1970 – The company constructed its first carbon paste plant for Indian Aluminium.
1972 – The company was re-christened as McNally Bharat Engineering Company.
1979 – MBECL constructed 700 TPH Coal Washery for Bharat Coking Coal located at Jharkhand.
1980 - Williamson Magor Group took over the MBECL.
1981 – The company designed and constructed its first 5500 tph High Speed Rapid Loading System with Silo at Jayant Coal Handling Plant, U.P.
1989 – G. P. Birla Group acquires 24% stake in the Company.
1998 – The company forayed in Open cast mining sector. Neyveli Lignite Corporation placed order for 20,000 tph shiftable conveying system, conveyors and Bucket wheel excavator, Spreader etc
1999 – The company formed a joint venture with Eriez Magnetics, USA world’s leading manufacturers of magnetic, vibratory and metal detection equipment for manufacture of their products in India.
2000 – Neyveli Lignite Corporation placed an order for first dense phase pneumatic conveying system for ash handling in India
2001 – Company received joint venture project for combined water supply to 674 habitations in Tiruchirapally District, Tamil Nadu.
2002 - It became first company in India to manufacture and commence a 700L capacity Bucket Wheel Excavator. The company designed, manufactured and commenced the world’s largest Apron Conveyors at Angul for Nalco. The company acquired 100% control over Eroterv-Waagner-Biro, Hungary, now known as EWB Kornyezetvedelmi Kft, world leader in Pneumatic conveying Technology.
2004 – The company designed and constructed India’s largest capacity Level luffing cranes at Kandla Port.
2005 – The company built and commissioned lead-zinc beneficiation plant for Hindustan Zinc– Agucha mines; a Green Anode plant for Bharat Aluminium Company at Korba; India’s largest capacity Goliath Crane (300 MT) for Cochin Shipyard and designed, built and commissioned Container Handling Crane in India at Haldia Dock Complex.
2009 - MBE acquired the coal and mineral technology division of KHD Humboldt Wedag, Germany.
2011 - The R&D activities of MBE & MSEL obtained recognition by DSIR, GOI
-MSEL Launched Mobile crushing & screening plants
2012 -Acquired through its subsidiary, MBE Mineral Technologies Pte Ltd, a 42 % stake in Specialist Energy Group (SEG) which owns Hayward Tyler Ltd, UK & Hayward Tyler Inc., USA
- MSEL launched skid mounted Coal Crushing plant
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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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