BSE: 544047 | NSE: | Metal - Non Ferrous | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Siyaram Recycling Industries Ltd is a below average quality company.
The key valuation ratios of Siyaram Recycling 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 Weak which suggest that the price of Siyaram Recycling 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.
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 5.6% | 11.4% | 16.5% | 13.7% | - |
| Value Creation Index ⓘ | -0.6 | -0.2 | 0.2 | 0.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 139 | 423 | 493 | 413 | 413 |
| Sales YoY Gr. | - | 205.2% | 16.5% | -16.2% | - |
| Adj EPS ⓘ | 0.9 | 1.2 | 4.1 | 3.8 | 3 |
| YoY Gr. | - | 38.6% | 233.6% | -6.6% | - |
| BVPS (₹) ⓘ | 25.8 | 28.1 | 33.5 | 39.6 | 45.5 |
| Adj Net Profit ⓘ | 1.2 | 1.7 | 5.6 | 7.1 | 8 |
| Cash Flow from Ops. ⓘ | 6.8 | 10.6 | -34.5 | -4.2 | - |
| Debt/CF from Ops. ⓘ | 4.3 | 2.7 | -1.9 | -14.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 43.9% | -16.2% | ||||
| Adj EPS ⓘ | NA | NA | 62.8% | -6.6% | ||||
| BVPSⓘ | NA | NA | 15.5% | 18.3% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 3.4 | 4.5 | 13.2 | 11.6 | 7.1 |
| Op. Profit Mgn % ⓘ | 2.8 | 1.4 | 2.4 | 4.2 | NAN |
| Net Profit Mgn % ⓘ | 0.9 | 0.4 | 1.1 | 1.7 | 1.8 |
| Debt to Equity ⓘ | 0.8 | 0.7 | 1.5 | 0.8 | - |
| Working Cap Days ⓘ | 0 | 77 | 85 | 133 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 46 | 51 | 94 | 0 |
Sales growth is growing at healthy rate in last 3 years 43.88%
Net Profit is growing at healthy rate in last 3 years 62.84%
Debt to equity has declined versus last 3 years average to 0.80
Return on Equity has declined versus last 3 years average to 7.10%
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 3 | - |
| TTM Sales (₹ Cr.) | 413 | - |
| BVPS (₹.) ⓘ | 45.5 | - |
| Reserves (₹ Cr.) ⓘ | 90 | - |
| P/BV ⓘ | 3.84 | - |
| PE ⓘ | 57.52 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 55.00 / 183.85 |
| All Time Low / High (₹) | 55.00 / 174.90 |
| Market Cap (₹ Cr.) | 433 |
| Equity (₹ Cr.) | 24.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 17.4 |
| Pledged * | 0.00 | 0.00 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 139 | 423 | 493 | 413 |
| Operating Expenses ⓘ | 135 | 417 | 481 | 396 |
| Manufacturing Costs | 6 | 18 | 22 | 18 |
| Material Costs | 124 | 376 | 451 | 373 |
| Employee Cost | 3 | 2 | 2 | 2 |
| Other Costs ⓘ | 2 | 21 | 5 | 4 |
| Operating Profit ⓘ | 4 | 6 | 12 | 17 |
| Operating Profit Margin (%) | 2.8% | 1.4% | 2.3% | 4.1% |
| Other Income ⓘ | 1 | 3 | 5 | 1 |
| Interest ⓘ | 2 | 3 | 5 | 7 |
| Depreciation ⓘ | 1 | 2 | 2 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2 | 4 | 10 | 10 |
| Tax ⓘ | 1 | 1 | 3 | 3 |
| Profit After Tax | 1 | 3 | 7 | 8 |
| PAT Margin (%) | 1.0% | 0.8% | 1.5% | 1.8% |
| Adjusted EPS (₹) | 1.0 | 2.3 | 5.2 | 4.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 36 | 39 | 46 | 77 | ||||||
| Share Capital ⓘ | 14 | 14 | 14 | 19 | ||||||
| Reserves ⓘ | 22 | 25 | 32 | 58 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 28 | 26 | 63 | 55 | ||||||
| Long Term Debt | 16 | 3 | 4 | 2 | ||||||
| Short Term Debt | 12 | 23 | 58 | 53 | ||||||
| Trade Payables | 29 | 27 | 27 | 18 | ||||||
| Others Liabilities ⓘ | 6 | 6 | 15 | 20 | ||||||
| Total Liabilities ⓘ | 98 | 98 | 151 | 170 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 18 | 21 | 21 | 21 | ||||||
| Accumulated Depreciation | 11 | 13 | 14 | 15 | ||||||
| Net Fixed Assetsⓘ | 7 | 8 | 7 | 6 | ||||||
| CWIP ⓘ | 0 | 0 | 0 | 0 | ||||||
| Investmentsⓘ | 0 | 0 | 0 | 0 | ||||||
| Inventories | 40 | 49 | 78 | 119 | ||||||
| Trade Receivables | 43 | 34 | 35 | 29 | ||||||
| Cash Equivalents | 0 | 2 | 1 | 1 | ||||||
| Others Assetsⓘ | 8 | 6 | 31 | 15 | ||||||
| Total Assets ⓘ | 98 | 98 | 151 | 170 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 7 | 11 | -35 | -4 |
| PBT ⓘ | 2 | 4 | 10 | 10 |
| Adjustment ⓘ | 3 | 6 | 6 | 8 |
| Changes in Working Capital ⓘ | 2 | 0 | -47 | -20 |
| Tax Paid ⓘ | 0 | 0 | -5 | -3 |
| Cash Flow From Investing Activity ⓘ | -2 | -2 | -1 | -1 |
| Capex | -2 | -2 | -1 | -1 |
| Net Investments | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -6 | -7 | 34 | 5 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 23 |
| Net Proceeds from Borrowing ⓘ | -3 | -13 | 4 | -2 |
| Interest Paid ⓘ | -2 | -2 | -4 | -7 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 |
| Others ⓘ | -1 | 9 | 34 | -9 |
| Net Cash Flow ⓘ | -1 | 2 | -1 | 0 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 4 | 8.68 | 16.86 | 12.46 | ||||||
| ROCE (%) | 5.61 | 11.36 | 16.48 | 13.69 | ||||||
| Asset Turnover Ratio | 1.41 | 4.31 | 4 | 2.6 | ||||||
| PAT to CFO Conversion(x) | 7 | 3.67 | -5 | -0.5 | Working Capital Days | |||||
| Receivable Days | 112 | 33 | 25 | 28 | ||||||
| Inventory Days | 106 | 39 | 46 | 86 | ||||||
| Payable Days | 86 | 27 | 22 | 22 | ||||||
Siyaram Recycling Industries was originally incorporated as a private limited Company under the name of ‘Siyaram Impex Private Limited’ on February 12, 2007 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Further, pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on July 24, 2023, the name of the Company was changed from ‘Siyaram Impex Private Limited’ to ‘Siyaram Recycling Industries Private Limited’ and a fresh certificate of incorporation pursuant to change of name was issued by the Registrar of Companies, Ahmedabad vide certificate dated July 27, 2023. Subsequently, pursuant to Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting, held on August 05, 2023 the Company was converted into a Public Limited Company and consequently the name of the Company was changed from ‘Siyaram Recycling Industries Private Limited’ to ‘Siyaram Recycling Industries Limited’ vide a fresh certificate of incorporation consequent upon conversion from private company to public company dated August 24, 2023 issued by the Registrar of Companies, Ahmedabad.
The company is primarily engaged in (i) segregation of brass scrap (ii) manufacturing of brass ingots, billets and brass rods and (iii) manufacturing of brass based components (plumbing and sanitary parts). It manufactures various brass components (plumbing and sanitary parts) such as brass inserts, brass ceramic cartridges (brass spindles), brass valves, extension nipples etc. as per the customer’s requirements, from its two manufacturing units (Unit-I and Unit-II) located at village Lakhabaval, district Jamnagar. Some of the renowned brands which are its customers include Hindware, ROCA, Eauset, Somany, Supreme, AGI Greenpac (formerly known as HSIL) and Ashirvad Pipes.
It manufactures brass ingots, billets and rods through brass scrap from its manufacturing unit-II located at Village Lakhabaval, District Jamnagar. It mainly export these products to China. Additionally, it supplies brass ingots to esteemed customers in India such as Astral, Kajaria Bathware and AGI Greenpac (formerly known as HSIL). It procures brass scrap mainly from international market such as USA, UK, Europe and Middle East. Post procurement, segregation of brass is done at its unit-III located at Village Lakhabaval, District Jamnagar. Post segregation, the segregated brass is termed as Brass scrap honey. The brass scrap is mainly sold by the company in Gujarat.
Business area of the company
The company primarily engaged in (i) segregation of brass scrap (ii) manufacturing of brass ingots, billets and brass rods and (iii) manufacturing of brass based components (plumbing and sanitary parts). Such as brass inserts, brass ceramic cartridges (brass spindles), brass valves, extension nipples etc. as per the customer’s requirements.
Products of the company
History and milestones
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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.
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