BSE: 519421 | NSE: KSE | Consumer Food | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that KSE Ltd is a average quality company.
The key valuation ratios of KSE 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 KSE 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 % ⓘ | 85.7% | 16.5% | 26.9% | 70.2% | 8.9% | 16.9% | 68.7% | 4.3% | -0.4% | 11.3% | - |
| Value Creation Index ⓘ | 5.1 | 0.2 | 0.9 | 4.0 | -0.4 | 0.2 | 3.9 | -0.7 | -1.0 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 900 | 925 | 1,047 | 1,304 | 1,209 | 1,429 | 1,543 | 1,670 | 1,610 | 1,683 | 1,668 |
| Sales YoY Gr. | - | 2.8% | 13.2% | 24.5% | -7.3% | 18.1% | 8% | 8.2% | -3.6% | 4.6% | - |
| Adj EPS ⓘ | 113.9 | 20.7 | 49.7 | 213.3 | 24.7 | 58.8 | 338.3 | 26.6 | -10.1 | 64 | 173.7 |
| YoY Gr. | - | -81.9% | 140.7% | 329% | -88.4% | 138.1% | 475% | -92.2% | -138.2% | NA | - |
| BVPS (₹) ⓘ | 224.4 | 224 | 270.6 | 449.4 | 405.5 | 443.9 | 759.6 | 696.2 | 668.9 | 702.6 | 778.6 |
| Adj Net Profit ⓘ | 36.4 | 6.6 | 15.9 | 68.3 | 7.9 | 18.8 | 108 | 8.5 | -3.2 | 20.5 | 56 |
| Cash Flow from Ops. ⓘ | 36 | -5.3 | 23.8 | 64.5 | -12.6 | 34.7 | 34.2 | 3.8 | 34.3 | -15 | - |
| Debt/CF from Ops. ⓘ | 0.5 | -2.2 | 1.7 | 0.7 | -3.4 | 0.4 | 1.2 | 5 | 0.6 | -1.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.2% | 6.8% | 2.9% | 4.6% | ||||
| Adj EPS ⓘ | -6.2% | 21% | -42.6% | NA | ||||
| BVPSⓘ | 13.5% | 11.6% | -2.6% | 5% | ||||
| Share Price | 15.2% | 14.8% | 5% | 44.5% | ||||
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 % ⓘ | 60.5 | 9.2 | 20.1 | 59.3 | 5.8 | 13.9 | 56.2 | 3.7 | -1.5 | 9.3 | 23.5 |
| Op. Profit Mgn % ⓘ | 6.7 | 1.8 | 2.8 | 8.3 | 1.1 | 1.9 | 9 | 0.7 | -0.2 | 1.9 | 4.8 |
| Net Profit Mgn % ⓘ | 4.1 | 0.7 | 1.5 | 5.2 | 0.7 | 1.3 | 7 | 0.5 | -0.2 | 1.2 | 3.3 |
| Debt to Equity ⓘ | 0.2 | 0.2 | 0.5 | 0.3 | 0.3 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0 |
| Working Cap Days ⓘ | 26 | 30 | 28 | 25 | 30 | 25 | 33 | 40 | 37 | 35 | 26 |
| Cash Conv. Cycle ⓘ | 18 | 23 | 23 | 20 | 23 | 20 | 26 | 32 | 29 | 28 | 20 |
Return on Equity has increased versus last 3 years average to 23.50%
Sales growth has been subdued in last 3 years 2.94%
Net Profit has been subdued in last 3 years -42.58%
Sales growth is not so good in last 4 quarters at 0.18%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 173.7 | - |
| TTM Sales (₹ Cr.) | 1,668 | - |
| BVPS (₹.) ⓘ | 778.6 | - |
| Reserves (₹ Cr.) ⓘ | 246 | - |
| P/BV ⓘ | 3.15 | - |
| PE ⓘ | 14.11 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1550.00 / 2990.00 |
| All Time Low / High (₹) | 29.00 / 4000.00 |
| Market Cap (₹ Cr.) | 784 |
| Equity (₹ Cr.) | 3.2 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 65.3 |
| 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 | 900 | 925 | 1,047 | 1,304 | 1,209 | 1,429 | 1,543 | 1,670 | 1,610 | 1,683 |
| Operating Expenses ⓘ | 839 | 909 | 1,018 | 1,196 | 1,196 | 1,402 | 1,404 | 1,659 | 1,613 | 1,651 |
| Manufacturing Costs | 60 | 65 | 68 | 72 | 85 | 82 | 89 | 104 | 85 | 83 |
| Material Costs | 740 | 802 | 902 | 1,069 | 1,053 | 1,258 | 1,253 | 1,486 | 1,452 | 1,492 |
| Employee Cost | 34 | 37 | 41 | 47 | 49 | 53 | 53 | 55 | 58 | 62 |
| Other Costs ⓘ | 6 | 6 | 6 | 8 | 9 | 9 | 10 | 13 | 17 | 16 |
| Operating Profit ⓘ | 60 | 16 | 29 | 108 | 13 | 26 | 139 | 11 | -3 | 32 |
| Operating Profit Margin (%) | 6.7% | 1.8% | 2.8% | 8.3% | 1.1% | 1.8% | 9.0% | 0.7% | -0.2% | 1.9% |
| Other Income ⓘ | 2 | 2 | 2 | 5 | 8 | 4 | 8 | 6 | 6 | 4 |
| Interest ⓘ | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 3 |
| Depreciation ⓘ | 6 | 4 | 3 | 4 | 3 | 3 | 2 | 3 | 4 | 5 |
| Exceptional Items ⓘ | 10 | 0 | 0 | 0 | -2 | 0 | 7 | -3 | 1 | -4 |
| Profit Before Tax ⓘ | 64 | 12 | 26 | 109 | 15 | 26 | 150 | 9 | -3 | 24 |
| Tax ⓘ | 20 | 5 | 10 | 39 | 5 | 7 | 37 | 3 | -1 | 7 |
| Profit After Tax | 44 | 8 | 16 | 70 | 9 | 19 | 113 | 7 | -2 | 18 |
| PAT Margin (%) | 4.8% | 0.8% | 1.6% | 5.3% | 0.8% | 1.3% | 7.3% | 0.4% | -0.1% | 1.0% |
| Adjusted EPS (₹) | 136.4 | 23.7 | 51.1 | 217.6 | 29.5 | 59.1 | 352.9 | 20.5 | -7.4 | 55.0 |
| Dividend Payout Ratio (%) | 37% | 84% | 59% | 28% | 51% | 34% | 28% | 97% | -269% | 55% |
| 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 | 72 | 72 | 87 | 144 | 130 | 142 | 243 | 223 | 214 | 225 |
| Share Capital ⓘ | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves ⓘ | 69 | 68 | 83 | 141 | 127 | 139 | 240 | 220 | 211 | 222 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 14 | 9 | 37 | 40 | 40 | 12 | 36 | 15 | 14 | 14 |
| Long Term Debt | 5 | 6 | 7 | 6 | 7 | 9 | 10 | 12 | 13 | 14 |
| Short Term Debt | 8 | 2 | 30 | 35 | 33 | 3 | 26 | 2 | 0 | 0 |
| Trade Payables | 16 | 8 | 8 | 15 | 8 | 7 | 19 | 19 | 15 | 8 |
| Others Liabilities ⓘ | 36 | 27 | 25 | 30 | 19 | 28 | 37 | 25 | 25 | 31 |
| Total Liabilities ⓘ | 138 | 115 | 156 | 230 | 197 | 190 | 335 | 281 | 268 | 277 |
Fixed Assets | ||||||||||
| Gross Block | 80 | 80 | 32 | 34 | 35 | 37 | 39 | 55 | 61 | 69 |
| Accumulated Depreciation | 52 | 55 | 3 | 7 | 10 | 12 | 15 | 17 | 21 | 26 |
| Net Fixed Assetsⓘ | 27 | 25 | 29 | 27 | 26 | 25 | 24 | 38 | 40 | 43 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 6 |
| Investmentsⓘ | 0 | 0 | 35 | 83 | 43 | 66 | 116 | 47 | 66 | 37 |
| Inventories | 66 | 73 | 74 | 91 | 88 | 82 | 170 | 162 | 122 | 155 |
| Trade Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 |
| Cash Equivalents | 38 | 10 | 11 | 21 | 26 | 2 | 8 | 17 | 13 | 13 |
| Others Assetsⓘ | 6 | 6 | 6 | 7 | 15 | 14 | 15 | 13 | 22 | 22 |
| Total Assets ⓘ | 138 | 115 | 156 | 230 | 197 | 190 | 335 | 281 | 268 | 277 |
| 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 ⓘ | 36 | -5 | 24 | 65 | -13 | 35 | 34 | 4 | 34 | -15 |
| PBT ⓘ | 64 | 12 | 26 | 109 | 15 | 26 | 150 | 9 | -3 | 24 |
| Adjustment ⓘ | -3 | 4 | 3 | 0 | 0 | 3 | -8 | 2 | 4 | 7 |
| Changes in Working Capital ⓘ | -6 | -15 | 3 | -9 | -11 | 10 | -80 | 2 | 36 | -43 |
| Tax Paid ⓘ | -19 | -7 | -8 | -35 | -16 | -5 | -28 | -9 | -3 | -2 |
| Cash Flow From Investing Activity ⓘ | 12 | -1 | -41 | -53 | 37 | -10 | -42 | 55 | -32 | 24 |
| Capex | 11 | -2 | -7 | -2 | -2 | -2 | 3 | -17 | -13 | -8 |
| Net Investments | 0 | 1 | -34 | -51 | 39 | -9 | -45 | 72 | -19 | 32 |
| Others ⓘ | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -14 | -21 | 18 | -8 | -26 | -35 | 13 | -51 | -8 | -7 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -2 | -2 | -2 | -1 | -2 | -1 | -1 | -2 | -2 | -3 |
| Dividend Paid ⓘ | -12 | -14 | -8 | -12 | -23 | -6 | -11 | -27 | -7 | -7 |
| Others ⓘ | 1 | -6 | 28 | 5 | -1 | -28 | 26 | -21 | 0 | 2 |
| Net Cash Flow ⓘ | 35 | -27 | 1 | 3 | -1 | -11 | 6 | 8 | -6 | 2 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 72.49 | 10.57 | 20.67 | 60.44 | 6.89 | 13.91 | 58.65 | 2.82 | -1.09 | 8.02 |
| ROCE (%) | 85.66 | 16.54 | 26.93 | 70.16 | 8.88 | 16.86 | 68.73 | 4.29 | -0.36 | 11.34 |
| Asset Turnover Ratio | 7.72 | 7.32 | 7.73 | 6.76 | 5.67 | 7.38 | 5.88 | 5.43 | 5.87 | 6.18 |
| PAT to CFO Conversion(x) | 0.82 | -0.63 | 1.5 | 0.93 | -1.44 | 1.84 | 0.3 | 0.57 | N/A | -0.83 | Working Capital Days |
| Receivable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 23 | 27 | 26 | 23 | 27 | 22 | 30 | 36 | 32 | 30 |
| Payable Days | 6 | 6 | 3 | 4 | 4 | 2 | 4 | 5 | 4 | 3 |
Kerala Solvent Extractions Ltd. now known as KSE Ltd. entered the solvent extraction industry in 1963 by setting up the very first solvent extraction plant in Kerala. The solvent extraction plant went on stream in 1972 and in 1976, a new plant was set up to manufacture ready mixed cattle feed.
The last three decades have seen KSE emerging as a leader in solvent extraction and ready mixed cattlefeed in the country. Today KSE commands the resources, expertise and infrastructure to manufacture a range of livestock feed in high volumes, coconut oil from coconut oil cake and refined edible oil.
Driven by a commitment to high standards of quality, KSE has not only won customer confidence but also national recognition through several awards and accolades. With modern manufacturing facilities spread over three states, KSE caters to the vast belt stretching across southern India and enjoys a significant presence in exports too.
KSE, a company having an annual turnover of Rs 187 crore, is the largest manufacturer of cattle feed. It provides employment to around 1500 numbers directly and another 5000 indirectly. Its shares are being listed in three stock exchanges in Cochin, Chennai and Mumbai. The Company commenced its production in the year 1972.
It is marketing annually about 1.80 lakh tones of superior quality cattle feed. KSE had successfully launched its Vesta Brand ice cream which has been well accepted in the market for its matching international quality standards. KSE plans to add more ice cream production units across Kerala in the coming years to serve all pockets.
KSE is in the oil extraction Industry for the past 31 years. It is having two solvent plants with processing capacity of 100 tonnes per day. The Company has also a chemical oil refining plant of 20 tonnes per day.
The company has secured the National Productivity Award for the year 2001-2002 for being first in terms of production efficiency in the animal feed sector. This is the sixth time in a row that the company is being selected for this most coveted award.The Company is having six Units at different locations. The relation with the labour Unions of all these Units is very warm and cordial.
KSE, with a capital base of Rs 36 crore embarks on an expansion to double its solvent extraction capacity and add a most modern ecofriendly vegetable refining plant. The company has already identified 6 acres of land in the KINFRA Small Industries Park, Koratty for this expansion.
In the first phase, the company plans to install one 200 MT per day solvent plant for processing oil cakes and also a 100 MT per day physical refining plant. Both these plants will be of international standard using most modern technologies, where the process loss is kept to the minimum. The project will generate direct employment to 125 and indirect employment to another 500 numbers. In the second phase, a 100 MT per day oil fractionation unit will also be added.
Product range of the company includes:
Milestones :
Achievements/ recognition:
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