BSE: 500339 | NSE: RAIN | Petrochemicals | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Rain Industries Ltd is a average quality company.
The key valuation ratios of Rain 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 Semi Strong which suggest that the price of Rain Industries Ltd is likely to Rise-somewhat 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.
| Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.1% | 10.4% | 10.6% | 15.4% | 12.3% | 8.3% | 9.9% | 12.3% | 17.9% | 2% | - |
| Value Creation Index ⓘ | -0.6 | -0.3 | -0.3 | 0.1 | -0.1 | -0.4 | -0.3 | -0.1 | 0.3 | -0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 11,937 | 10,219 | 9,258 | 11,303 | 14,049 | 12,361 | 10,465 | 14,527 | 21,011 | 18,141 | 15,799 |
| Sales YoY Gr. | - | -14.4% | -9.4% | 22.1% | 24.3% | -12% | -15.3% | 38.8% | 44.6% | -13.7% | - |
| Adj EPS ⓘ | 6.8 | 8.9 | 8.2 | 24.7 | 17.6 | 11.2 | 9.8 | 16 | 43.9 | -27.8 | -45.2 |
| YoY Gr. | - | 30.6% | -8% | 202.1% | -28.8% | -36.1% | -12.6% | 63.3% | 174.2% | -163.2% | - |
| BVPS (₹) ⓘ | 87.6 | 87.3 | 94.1 | 117.3 | 137.4 | 147.5 | 164.5 | 181.6 | 250.5 | 218.3 | 206.5 |
| Adj Net Profit ⓘ | 229 | 299 | 275 | 830 | 591 | 378 | 330 | 539 | 1,478 | -934 | -1,522 |
| Cash Flow from Ops. ⓘ | 1,291 | 1,238 | 1,567 | 868 | 1,706 | 2,240 | 1,823 | 834 | 1,036 | 3,063 | - |
| Debt/CF from Ops. ⓘ | 5.9 | 6.1 | 4.7 | 8.5 | 4.6 | 3.5 | 4.9 | 9.7 | 8.9 | 2.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.8% | 5.3% | 20.1% | -13.7% | ||||
| Adj EPS ⓘ | -216.9% | -209.6% | -241.5% | -163.2% | ||||
| BVPSⓘ | 10.7% | 9.7% | 9.9% | -12.9% | ||||
| Share Price | 14.7% | 11.8% | -5% | 18.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.4 | 10.2 | 9 | 23.4 | 13.8 | 7.9 | 6.3 | 9.3 | 20.3 | -11.8 | -21.3 |
| Op. Profit Mgn % ⓘ | 10.2 | 13.2 | 16.5 | 20.1 | 14.1 | 11.9 | 16.6 | 16.2 | 17.4 | 9.3 | 2.6 |
| Net Profit Mgn % ⓘ | 1.8 | 2.7 | 3.1 | 7.6 | 4.6 | 3.6 | 3.4 | 4.5 | 7.7 | -4.4 | -9.6 |
| Debt to Equity ⓘ | 2.6 | 2.6 | 2.3 | 1.9 | 1.7 | 1.6 | 1.6 | 1.3 | 1.1 | 1.1 | - |
| Working Cap Days ⓘ | 115 | 119 | 113 | 108 | 113 | 119 | 122 | 109 | 112 | 139 | 84 |
| Cash Conv. Cycle ⓘ | 57 | 58 | 56 | 58 | 60 | 62 | 61 | 53 | 66 | 91 | 45 |
Sales growth is growing at healthy rate in last 3 years 20.13%
Return on Equity is Poor
Debt to equity has increased versus last 3 years average to 1.11
Sales growth is not so good in last 4 quarters at -17.99%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.5 | -45.2 |
| TTM Sales (₹ Cr.) | 135 | 15,799 |
| BVPS (₹.) ⓘ | 28.1 | 206.5 |
| Reserves (₹ Cr.) ⓘ | 878 | 6,877 |
| P/BV ⓘ | 6.14 | 0.84 |
| PE ⓘ | 317.63 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 130.20 / 219.65 |
| All Time Low / High (₹) | 1.35 / 475.50 |
| Market Cap (₹ Cr.) | 5,800 |
| Equity (₹ Cr.) | 67.3 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 60.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,937 | 10,219 | 9,258 | 11,303 | 14,049 | 12,361 | 10,465 | 14,527 | 21,011 | 18,141 |
| Operating Expenses ⓘ | 10,732 | 8,869 | 7,727 | 9,030 | 12,083 | 10,887 | 8,787 | 12,170 | 17,429 | 16,458 |
| Manufacturing Costs | 1,280 | 1,136 | 997 | 1,054 | 1,260 | 1,150 | 1,075 | 1,697 | 2,564 | 2,022 |
| Material Costs | 6,893 | 5,287 | 4,418 | 5,445 | 7,727 | 6,728 | 4,884 | 7,408 | 11,289 | 11,102 |
| Employee Cost | 977 | 961 | 971 | 1,062 | 1,236 | 1,240 | 1,213 | 1,237 | 1,352 | 1,326 |
| Other Costs ⓘ | 1,583 | 1,485 | 1,342 | 1,470 | 1,860 | 1,770 | 1,615 | 1,828 | 2,223 | 2,008 |
| Operating Profit ⓘ | 1,205 | 1,349 | 1,531 | 2,273 | 1,966 | 1,473 | 1,677 | 2,356 | 3,582 | 1,684 |
| Operating Profit Margin (%) | 10.1% | 13.2% | 16.5% | 20.1% | 14.0% | 11.9% | 16.0% | 16.2% | 17.1% | 9.3% |
| Other Income ⓘ | 77 | 80 | 121 | 111 | 41 | 164 | 455 | 214 | 105 | 179 |
| Interest ⓘ | 620 | 596 | 631 | 595 | 457 | 452 | 491 | 479 | 524 | 819 |
| Depreciation ⓘ | 347 | 328 | 519 | 526 | 555 | 594 | 792 | 815 | 837 | 1,527 |
| Exceptional Items ⓘ | -258 | -6 | -26 | -180 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 58 | 498 | 480 | 1,084 | 996 | 591 | 851 | 1,276 | 2,327 | -482 |
| Tax ⓘ | -12 | 196 | 179 | 292 | 364 | 128 | 263 | 583 | 750 | 314 |
| Profit After Tax | 70 | 302 | 301 | 792 | 631 | 462 | 588 | 694 | 1,577 | -796 |
| PAT Margin (%) | 0.6% | 3.0% | 3.2% | 7.0% | 4.5% | 3.7% | 5.6% | 4.8% | 7.5% | -4.4% |
| Adjusted EPS (₹) | 2.6 | 9.6 | 8.7 | 22.7 | 17.3 | 11.6 | 16.6 | 17.3 | 42.8 | -27.9 |
| Dividend Payout Ratio (%) | 38% | 10% | 12% | 9% | 0% | 9% | 6% | 6% | 2% | -4% |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 2,946 | 2,938 | 3,165 | 3,944 | 4,623 | 4,960 | 5,533 | 6,109 | 8,427 | 7,343 |
| Share Capital ⓘ | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves ⓘ | 2,879 | 2,870 | 3,098 | 3,877 | 4,555 | 4,893 | 5,466 | 6,042 | 8,360 | 7,275 |
| Minority Interest | 22 | 2 | 70 | 101 | 143 | 195 | 172 | 256 | 356 | 423 |
| Debt | 7,511 | 7,392 | 7,034 | 4,059 | 7,744 | 7,753 | 8,517 | 7,974 | 9,049 | 8,163 |
| Long Term Debt | 7,168 | 7,132 | 6,852 | 3,740 | 7,242 | 7,356 | 8,001 | 7,444 | 7,795 | 7,318 |
| Short Term Debt | 343 | 259 | 182 | 319 | 502 | 397 | 516 | 530 | 1,254 | 846 |
| Trade Payables | 1,001 | 1,023 | 760 | 1,148 | 1,341 | 789 | 824 | 1,397 | 1,548 | 1,349 |
| Others Liabilities ⓘ | 1,944 | 1,760 | 1,815 | 5,017 | 1,694 | 1,916 | 2,381 | 2,644 | 2,564 | 2,708 |
| Total Liabilities ⓘ | 13,423 | 13,115 | 12,845 | 14,269 | 15,546 | 15,613 | 17,427 | 18,381 | 21,945 | 19,987 |
Fixed Assets | ||||||||||
| Gross Block | 14,306 | 14,130 | 9,474 | 9,665 | 10,762 | 11,616 | 13,779 | 14,336 | 16,301 | 16,956 |
| Accumulated Depreciation | 5,595 | 5,590 | 551 | 975 | 1,501 | 2,124 | 2,655 | 3,397 | 4,325 | 4,867 |
| Net Fixed Assetsⓘ | 8,712 | 8,540 | 8,923 | 8,690 | 9,261 | 9,492 | 11,124 | 10,939 | 11,977 | 12,089 |
| CWIP ⓘ | 269 | 411 | 226 | 441 | 795 | 1,362 | 931 | 791 | 467 | 432 |
| Investmentsⓘ | 26 | 19 | 32 | 35 | 13 | 39 | 15 | 13 | 14 | 17 |
| Inventories | 1,534 | 1,621 | 1,268 | 1,999 | 2,368 | 1,742 | 1,586 | 2,512 | 4,515 | 3,176 |
| Trade Receivables | 1,371 | 1,197 | 1,039 | 1,672 | 1,604 | 1,105 | 1,091 | 1,699 | 2,494 | 2,170 |
| Cash Equivalents | 900 | 860 | 1,044 | 942 | 851 | 1,169 | 1,800 | 1,384 | 1,671 | 2,006 |
| Others Assetsⓘ | 612 | 466 | 313 | 491 | 653 | 704 | 879 | 1,043 | 808 | 97 |
| Total Assets ⓘ | 13,423 | 13,115 | 12,845 | 14,269 | 15,546 | 15,613 | 17,427 | 18,381 | 21,945 | 19,987 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 1,291 | 1,238 | 1,567 | 868 | 1,706 | 2,240 | 1,823 | 834 | 1,036 | 3,063 |
| PBT ⓘ | 58 | 498 | 480 | 1,084 | 996 | 591 | 851 | 1,276 | 2,327 | -482 |
| Adjustment ⓘ | 997 | 955 | 1,099 | 1,176 | 1,087 | 1,074 | 912 | 1,085 | 1,310 | 2,238 |
| Changes in Working Capital ⓘ | 408 | -59 | 292 | -992 | 70 | 871 | 303 | -1125 | -2045 | 1652 |
| Tax Paid ⓘ | -172 | -157 | -304 | -400 | -446 | -296 | -243 | -403 | -557 | -344 |
| Cash Flow From Investing Activity ⓘ | -411 | -490 | -479 | -503 | -1,032 | -1,179 | -771 | -527 | -663 | -696 |
| Capex | -394 | -494 | -479 | -440 | -1,154 | -1,192 | -1,059 | -507 | -667 | -594 |
| Net Investments | -43 | -42 | -13 | -89 | 1 | -23 | -176 | -2 | -239 | -345 |
| Others ⓘ | 26 | 46 | 14 | 26 | 120 | 35 | 465 | -17 | 242 | 243 |
| Cash Flow From Financing Activityⓘ | -883 | -795 | -887 | -520 | -619 | -653 | -600 | -740 | -396 | -2,115 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -119 | -75 | -160 | 11 | -165 | -17 | -9 | -115 | -180 | -738 |
| Interest Paid ⓘ | -683 | -577 | -587 | -639 | -541 | -440 | -475 | -452 | -498 | -788 |
| Dividend Paid ⓘ | -34 | -40 | -51 | -34 | -67 | -75 | -70 | -34 | -34 | -34 |
| Others ⓘ | -48 | -103 | -89 | 141 | 154 | -120 | -46 | -140 | 316 | -555 |
| Net Cash Flow ⓘ | -4 | -47 | 201 | -156 | 55 | 408 | 452 | -433 | -23 | 253 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.26 | 10.28 | 9.86 | 22.29 | 14.74 | 9.65 | 11.21 | 11.91 | 21.7 | -10.1 |
| ROCE (%) | 6.12 | 10.35 | 10.57 | 15.42 | 12.27 | 8.28 | 9.87 | 12.3 | 17.93 | 2.03 |
| Asset Turnover Ratio | 0.87 | 0.79 | 0.73 | 0.84 | 0.95 | 0.81 | 0.64 | 0.83 | 1.05 | 0.88 |
| PAT to CFO Conversion(x) | 18.44 | 4.1 | 5.21 | 1.1 | 2.7 | 4.85 | 3.1 | 1.2 | 0.66 | N/A | Working Capital Days |
| Receivable Days | 44 | 45 | 43 | 43 | 42 | 39 | 38 | 34 | 36 | 46 |
| Inventory Days | 53 | 55 | 56 | 52 | 56 | 60 | 57 | 51 | 60 | 76 |
| Payable Days | 60 | 70 | 74 | 64 | 59 | 58 | 60 | 55 | 48 | 48 |
Rain Commodities (RCL), incorporated in 1974 is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. The company is the largest producer of CPC with a production capacity of 2.49 nillion tonnes per annum (MTPA). Under cement, company has created brand namely Priya Cement. Presently the company markets its product mainly in South India in the states of Andhra Pradesh, Karnataka and Tamil Nadu.
The company was incorporated under the name Tadpatri Cements, which later was changed to present one on Dec. 27, 2004. Presently the total cement capacity of the company is 3.16 MTPA.
In 2007, Rain Calcining was merged with Rain Commodities. In the same year company’s wholly owned subsidiary Rain Commodities (USA) Inc, entered into an agreement to acquire the assets of the Toronto-based Great Lakes Carbon Income Fund.
The company owns subsidiaries namely Rain CII Carbon India or RCCIL (erstwhile known as Rain Industries), Rain Commodities (USA) Inc, Moonglow Company Business Inc and Rain CII Carbon LLC. All these subsidiaries are engaged are also engaged in manufacturing cement, CPC and power. RCCIL is 100% export-oriented unit located in Visakhapatnam, Andhra Pradesh and produces CPC, which has an installed capacity 480,000 TPA. This unit also operates a captive power plant of 49 MW.
The company operates two manufacturing facilities in Nalgonda and Kurnool in the state of Andhra Pradesh. The production capacity of these plants is 1 million tonnes capacity per annum and 2.16 million tonnes capacity per annum respectively.
New developments
Rain Commodities is planning to set up two greenfield CPC plants in Visakhapatnam, India. These greenfeild plants will have an aggregate capacity of 6,00,000 tonnes and will commence its operation by the end of 2009.
Rain CII Carbon LLC, a wholly owned subsidiary of RCL is planning to set up a petroleum coke calcining plant in China. The planned capacity for the new facility would be 0.3-0.5 million tonnes a year and is anticipated to be operational in 2010.
Rain CII Carbon India has entered into an agreement with International Finance Corp (IFC) of the World Bank to sell 850,000 carbon credits.
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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.
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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