GMM Pfaudler Ltd
GMM Pfaudler manufactures corrosion resistant glass-lined equipments [1]. It is a leading supplier of process equipments to the pharmaceutical and chemical industries [2]. Over the years GMMP has diversified its product portfolio to include Mixing Systems, Filtration & Drying Equipment, Engineered Systems and Heavy Engineering Equipments.
- Market Cap ₹ 6,417 Cr.
- Current Price ₹ 1,427
- High / Low ₹ 1,898 / 1,201
- Stock P/E 33.4
- Book Value ₹ 207
- Dividend Yield 0.14 %
- ROCE 22.0 %
- ROE 24.9 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 31.5% CAGR over last 5 years
- Debtor days have improved from 71.4 to 50.0 days.
- Company's median sales growth is 20.9% of last 10 years
- Company's working capital requirements have reduced from 71.2 days to 57.0 days
Cons
- Promoter holding is low: 25.2%
- Promoter holding has decreased over last 3 years: -29.8%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Capital Goods-Non Electrical Equipment Industry: Engineering
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
252 | 213 | 279 | 308 | 292 | 353 | 406 | 503 | 591 | 1,001 | 2,541 | 3,178 | 3,572 | |
234 | 197 | 246 | 272 | 257 | 306 | 344 | 426 | 479 | 862 | 2,257 | 2,746 | 3,087 | |
Operating Profit | 18 | 16 | 33 | 36 | 35 | 48 | 62 | 77 | 112 | 139 | 284 | 431 | 484 |
OPM % | 7% | 8% | 12% | 12% | 12% | 13% | 15% | 15% | 19% | 14% | 11% | 14% | 14% |
4 | 5 | 4 | 3 | 4 | 6 | 9 | 8 | 5 | -10 | 7 | 30 | 24 | |
Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 10 | 25 | 67 | 86 |
Depreciation | 6 | 7 | 9 | 10 | 8 | 8 | 10 | 11 | 21 | 50 | 133 | 119 | 133 |
Profit before tax | 14 | 13 | 27 | 28 | 30 | 44 | 61 | 73 | 92 | 68 | 133 | 275 | 289 |
Tax % | 29% | 28% | 30% | 33% | 33% | 29% | 30% | 31% | 23% | 7% | 44% | 22% | |
10 | 10 | 19 | 19 | 20 | 31 | 43 | 51 | 71 | 64 | 75 | 214 | 192 | |
EPS in Rs | 2.26 | 2.21 | 4.34 | 4.30 | 4.58 | 7.09 | 9.72 | 11.52 | 16.20 | 16.73 | 19.37 | 37.06 | 43.66 |
Dividend Payout % | 41% | 42% | 23% | 23% | 22% | 19% | 14% | 13% | 10% | 10% | 10% | 5% |
Compounded Sales Growth | |
---|---|
10 Years: | 31% |
5 Years: | 51% |
3 Years: | 75% |
TTM: | 19% |
Compounded Profit Growth | |
---|---|
10 Years: | 35% |
5 Years: | 31% |
3 Years: | 32% |
TTM: | 23% |
Stock Price CAGR | |
---|---|
10 Years: | 44% |
5 Years: | 30% |
3 Years: | 1% |
1 Year: | -5% |
Return on Equity | |
---|---|
10 Years: | 20% |
5 Years: | 22% |
3 Years: | 22% |
Last Year: | 25% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 9 | 9 |
Reserves | 111 | 116 | 136 | 148 | 164 | 191 | 225 | 266 | 326 | 403 | 524 | 795 | 923 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 633 | 636 | 973 | 985 | |
69 | 77 | 96 | 84 | 89 | 125 | 161 | 165 | 166 | 1,342 | 1,554 | 1,566 | 1,345 | |
Total Liabilities | 183 | 196 | 235 | 234 | 256 | 318 | 389 | 434 | 530 | 2,381 | 2,717 | 3,343 | 3,262 |
52 | 55 | 53 | 46 | 53 | 61 | 71 | 78 | 134 | 1,043 | 1,002 | 1,213 | 1,167 | |
CWIP | 4 | 1 | 2 | 5 | 4 | 2 | 7 | 5 | 2 | 4 | 13 | 13 | 19 |
Investments | 8 | 11 | 12 | 12 | 14 | 46 | 51 | 48 | 36 | 1 | 0 | 0 | 0 |
119 | 129 | 169 | 171 | 184 | 209 | 260 | 303 | 358 | 1,332 | 1,703 | 2,116 | 2,076 | |
Total Assets | 183 | 196 | 235 | 234 | 256 | 318 | 389 | 434 | 530 | 2,381 | 2,717 | 3,343 | 3,262 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
32 | 24 | 6 | 30 | 25 | 22 | 68 | 27 | 27 | 157 | 236 | 185 | |
-10 | -12 | 2 | -17 | -17 | -21 | -24 | -8 | -50 | -66 | -134 | -294 | |
-11 | -5 | -7 | -6 | -6 | -6 | -8 | -10 | -5 | 105 | -55 | 130 | |
Net Cash Flow | 10 | 8 | 2 | 8 | 2 | -5 | 35 | 9 | -28 | 196 | 47 | 21 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 45 | 50 | 57 | 45 | 61 | 72 | 45 | 49 | 46 | 113 | 51 | 50 |
Inventory Days | 164 | 214 | 270 | 202 | 214 | 201 | 207 | 181 | 181 | 470 | 241 | 220 |
Days Payable | 61 | 83 | 90 | 97 | 93 | 133 | 132 | 100 | 92 | 246 | 141 | 153 |
Cash Conversion Cycle | 148 | 181 | 236 | 150 | 182 | 140 | 121 | 130 | 134 | 337 | 151 | 117 |
Working Capital Days | 53 | 41 | 56 | 46 | 51 | 65 | 43 | 56 | 80 | 104 | 53 | 57 |
ROCE % | 13% | 10% | 21% | 20% | 19% | 22% | 29% | 29% | 31% | 15% | 13% | 22% |
Documents
Announcements
- Board Meeting Outcome for Issuance Of Corporate Guarantee On Behalf Of Mavag AG (Wholly Owned Subsidiary) 7h
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 28 Apr
- Certificate Under Regulation 40(9) Of SEBI LODR For The Year Ended March 31, 2024 10 Apr
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
5 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2024
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Compliance Under Regulation 7(3) Of SEBI (LODR) Regulations, 2015 ('Listing Regulations')
3 Apr - Compliance Certificate in accordance with Regulation 7(3) of Listing Regulations.
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2009
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Concalls
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Sep 2023TranscriptNotesPPT
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Nov 2017TranscriptPPT
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Aug 2017TranscriptPPT
Over 50% market share in India [1]
GMM Pfaudler (GMM) is the market leader in glass lined equipments with over 50% market share in India. It faces intense competition in small vessel segment from other domestic players. However, the group has a near monopoly in large vessel (with capacities over 16,000 litre) segment.[2].