Polychem Ltd

Polychem Ltd

₹ 2,614 -2.82%
22 Apr - close price
About

Incorporated in 1956, Polychem Ltd is
in the business of manufacturing of specialty chemicals and property development[1]

Key Points

Product Profile:[1]
a) Polystyren:[2]
Cross Linked Polystyrene is a co-polymer
of Styrene & Di Vinyl Benzene which is used
in investment casting, corrosive and marine paints, pharmaceutical formulations, etc.
b) LMPS:[3]
LMPS is a low molecular weight homopolymer of Styrene. It finds applications in precision casting, printing inks, SMC & DMC compounds, microcellular soles & Hawai chappals, PVC extrusion compounds, etc.
c) Acrylate-C:[4]
It is a copolymer of Styrene & Ethyl Acrylate used in Concrete curing & sealing, waterproofing compounds, metal coating formulations, etc.
d) SBA PC - 30 / 50:[5]
It is an emulsion of an Acrylic Co-polymer
used as an additive for modifying cement
mortar /concrete

  • Market Cap 105 Cr.
  • Current Price 2,614
  • High / Low 3,340 / 851
  • Stock P/E 22.9
  • Book Value 703
  • Dividend Yield 0.77 %
  • ROCE 19.1 %
  • ROE 15.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Debtor days have improved from 79.2 to 33.5 days.
  • Company's working capital requirements have reduced from 96.1 days to 59.6 days

Cons

  • Stock is trading at 3.72 times its book value
  • Company has a low return on equity of 10.9% over last 3 years.

* 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: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2.94 4.00 4.10 4.38 4.59 7.35 10.08 9.65 8.48 7.03 8.86 8.02 9.48
2.92 4.04 4.12 4.45 5.04 7.03 9.19 8.55 6.61 6.29 7.48 6.32 7.60
Operating Profit 0.02 -0.04 -0.02 -0.07 -0.45 0.32 0.89 1.10 1.87 0.74 1.38 1.70 1.88
OPM % 0.68% -1.00% -0.49% -1.60% -9.80% 4.35% 8.83% 11.40% 22.05% 10.53% 15.58% 21.20% 19.83%
0.47 0.13 0.22 0.30 0.10 3.25 0.02 0.25 0.23 0.12 0.36 0.24 0.34
Interest 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03
Depreciation 0.14 0.14 0.11 0.12 0.12 0.12 0.10 0.10 0.14 0.21 0.19 0.21 0.21
Profit before tax 0.34 -0.06 0.08 0.10 -0.48 3.44 0.80 1.23 1.94 0.63 1.53 1.70 1.98
Tax % 0.00% 50.00% -12.50% 0.00% 2.08% -2.62% 6.25% 20.33% 23.20% 22.22% 20.92% 21.76% 22.73%
0.33 -0.03 0.09 0.10 -0.48 3.52 0.75 0.98 1.49 0.50 1.21 1.33 1.53
EPS in Rs 8.17 -0.74 2.23 2.48 -11.88 87.13 18.56 24.26 36.88 12.38 29.95 32.92 37.87
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
7.74 9.47 15.03 17.79 12.63 14.39 16.27 18.91 23.01 10.94 20.42 35.22 33.39
8.61 10.81 14.40 16.73 12.93 14.99 17.00 18.90 20.08 11.37 20.63 30.39 27.69
Operating Profit -0.87 -1.34 0.63 1.06 -0.30 -0.60 -0.73 0.01 2.93 -0.43 -0.21 4.83 5.70
OPM % -11.24% -14.15% 4.19% 5.96% -2.38% -4.17% -4.49% 0.05% 12.73% -3.93% -1.03% 13.71% 17.07%
0.67 1.04 1.04 0.72 1.08 1.45 0.83 0.87 0.72 1.29 3.87 0.46 1.06
Interest 0.01 0.02 0.04 0.00 0.00 0.04 0.01 0.00 0.03 0.07 0.05 0.14 0.10
Depreciation 0.12 0.11 0.14 0.30 0.23 0.18 0.19 0.18 0.51 0.51 0.47 0.55 0.82
Profit before tax -0.33 -0.43 1.49 1.48 0.55 0.63 -0.10 0.70 3.11 0.28 3.14 4.60 5.84
Tax % 21.21% -9.30% 4.03% 35.81% 23.64% -30.16% -40.00% 0.00% 22.51% -7.14% -3.18% 19.13%
-0.26 -0.47 1.44 0.94 0.42 0.83 -0.14 0.70 2.41 0.29 3.23 3.72 4.57
EPS in Rs -6.44 -11.63 35.64 23.27 10.40 20.54 -3.47 17.33 59.65 7.18 79.95 92.08 113.12
Dividend Payout % 0.00% 0.00% 0.00% 10.64% 23.81% 12.05% 0.00% 14.29% 20.75% 0.00% 3.72% 21.51%
Compounded Sales Growth
10 Years: 14%
5 Years: 17%
3 Years: 15%
TTM: -6%
Compounded Profit Growth
10 Years: 18%
5 Years: 98%
3 Years: 15%
TTM: -32%
Stock Price CAGR
10 Years: 24%
5 Years: 54%
3 Years: 77%
1 Year: 188%
Return on Equity
10 Years: 7%
5 Years: 10%
3 Years: 11%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40
Reserves 13.99 13.51 14.95 15.77 16.07 17.13 16.85 17.53 19.77 19.58 22.77 26.31 27.99
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.98 1.42 2.41 1.21 1.19 1.59 1.84 1.86 2.78 2.23 3.58 3.55 3.56
Total Liabilities 15.37 15.33 17.76 17.38 17.66 19.12 19.09 19.79 22.95 22.21 26.75 30.26 31.95
0.37 0.50 0.69 0.64 0.54 0.42 0.54 0.97 1.42 1.14 0.75 1.98 2.69
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 7.63 4.88 1.44 3.44 3.33 4.05 4.23 8.59 9.28 11.30 14.88 16.49 17.24
7.37 9.95 15.63 13.30 13.79 14.65 14.32 10.23 12.25 9.77 11.12 11.79 12.02
Total Assets 15.37 15.33 17.76 17.38 17.66 19.12 19.09 19.79 22.95 22.21 26.75 30.26 31.95

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
4.74 -4.17 -4.32 1.85 0.41 -0.13 -0.85 -0.95 2.81 0.75 -2.31 4.49
-5.23 3.54 4.08 -1.52 0.24 0.27 1.35 0.43 -0.74 0.80 -0.44 -3.03
0.00 -0.02 -0.03 0.00 -0.10 -0.10 -0.11 0.00 -0.34 -0.76 -0.24 -0.37
Net Cash Flow -0.49 -0.65 -0.27 0.33 0.55 0.04 0.38 -0.51 1.73 0.80 -2.99 1.08

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 72.15 90.19 97.62 45.96 68.20 60.37 72.69 71.03 64.56 94.42 109.75 33.47
Inventory Days 158.92 116.82 82.62 75.82 120.45 90.83 77.73 73.13 69.91 145.58 74.97 88.71
Days Payable 44.26 50.87 71.67 18.34 38.06 39.95 46.64 29.19 25.36 52.94 48.92 26.06
Cash Conversion Cycle 186.80 156.15 108.57 103.44 150.59 111.25 103.78 114.97 109.10 187.06 135.80 96.13
Working Capital Days 144.30 218.54 245.76 196.14 262.12 228.03 196.52 116.78 72.97 122.78 105.82 59.59
ROCE % -2.07% -7.77% 7.59% 9.39% 3.37% 4.00% -0.46% 4.04% 16.64% 1.79% 14.60% 19.13%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09% 52.09%
4.30% 4.30% 3.25% 3.25% 3.08% 2.99% 2.99% 2.99% 2.99% 2.99% 2.99% 2.99%
43.61% 43.61% 44.66% 44.66% 44.83% 44.91% 44.93% 44.94% 44.92% 44.93% 44.91% 44.93%
No. of Shareholders 9,7829,8019,7969,7389,7116,0075,9675,9316,0215,8395,8885,899

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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