Polychem Ltd

Polychem Ltd

₹ 2,749 1.71%
01 Mar 12:49 p.m.
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 110 Cr.
  • Current Price 2,749
  • High / Low 3,340 / 841
  • Stock P/E 17.4
  • Book Value 919
  • Dividend Yield 0.73 %
  • ROCE 17.8 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Debtor days have improved from 87.6 to 55.7 days.

Cons

  • Stock is trading at 2.99 times its book value
  • The company has delivered a poor sales growth of 10.8% over past five years.
  • Company has a low return on equity of 6.33% over last 3 years.
  • Earnings include an other income of Rs.3.11 Cr.

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
6.92 9.06 7.67 8.25 8.76 11.12 14.10 13.63 12.38 11.13 13.72 12.04 13.27
6.44 8.24 7.32 8.78 8.65 10.35 12.87 12.23 10.22 10.27 11.72 10.09 11.09
Operating Profit 0.48 0.82 0.35 -0.53 0.11 0.77 1.23 1.40 2.16 0.86 2.00 1.95 2.18
OPM % 6.94% 9.05% 4.56% -6.42% 1.26% 6.92% 8.72% 10.27% 17.45% 7.73% 14.58% 16.20% 16.43%
0.49 0.17 0.26 0.34 0.15 0.06 0.07 3.55 0.38 1.72 0.52 0.38 0.49
Interest 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.03 0.04 0.04
Depreciation 0.20 0.20 0.17 0.17 0.17 0.17 0.15 0.16 0.19 0.26 0.24 0.26 0.26
Profit before tax 0.76 0.78 0.43 -0.37 0.08 0.64 1.13 4.77 2.33 2.30 2.25 2.03 2.37
Tax % 0.00% -3.85% -2.33% 0.00% -12.50% -14.06% 4.42% 5.24% 19.31% 6.09% 14.22% 18.23% 18.99%
0.76 0.80 0.43 -0.37 0.08 0.72 1.08 4.52 1.89 2.16 1.93 1.66 1.92
EPS in Rs 13.86 10.40 6.68 -3.71 -4.46 13.86 23.02 71.53 38.37 36.88 39.60 37.38 43.07
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
12.63 26.70 30.75 41.54 36.64 24.63 35.78 51.24 50.16
12.93 26.58 30.23 35.52 32.69 23.98 35.08 45.39 43.17
Operating Profit -0.30 0.12 0.52 6.02 3.95 0.65 0.70 5.85 6.99
OPM % -2.38% 0.45% 1.69% 14.49% 10.78% 2.64% 1.96% 11.42% 13.94%
1.00 0.81 0.34 0.43 1.12 1.43 0.82 5.61 3.11
Interest 0.00 0.04 0.01 0.00 0.04 0.08 0.07 0.16 0.13
Depreciation 0.23 0.30 0.29 0.32 0.70 0.73 0.68 0.77 1.02
Profit before tax 0.47 0.59 0.56 6.13 4.33 1.27 0.77 10.53 8.95
Tax % 27.66% -32.20% 7.14% 0.00% 16.17% -1.57% -12.99% 8.36%
0.34 0.79 0.53 6.12 3.63 1.29 0.87 9.65 7.67
EPS in Rs 8.42 20.05 5.69 89.60 75.99 20.54 12.62 178.96 156.93
Dividend Payout % 29.41% 12.35% 0.00% 2.76% 16.29% 0.00% 23.53% 11.07%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 12%
TTM: -2%
Compounded Profit Growth
10 Years: %
5 Years: 77%
3 Years: 9%
TTM: 7%
Stock Price CAGR
10 Years: 27%
5 Years: 57%
3 Years: 79%
1 Year: 207%
Return on Equity
10 Years: %
5 Years: 9%
3 Years: 6%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
Reserves 14.84 18.18 18.28 21.86 24.73 25.12 27.50 34.49 36.73
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.20 3.05 3.78 5.35 7.24 7.72 5.45 8.70 8.91
Total Liabilities 16.44 21.63 22.46 27.61 32.37 33.24 33.35 43.59 46.04
0.54 2.20 2.23 2.66 3.56 3.10 2.57 3.63 4.26
CWIP 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00
Investments 2.19 2.90 3.06 7.43 8.12 10.13 9.38 19.02 20.25
13.71 16.53 17.17 17.44 20.69 20.01 21.40 20.94 21.53
Total Assets 16.44 21.63 22.46 27.61 32.37 33.24 33.35 43.59 46.04

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0.00 0.02 0.28 3.64 5.88 1.36 -2.20 5.28
0.00 -0.01 0.27 -4.20 -3.61 0.56 -0.87 -3.81
0.00 -0.10 -0.11 0.00 -0.41 -0.82 -0.29 -0.44
Net Cash Flow 0.00 -0.09 0.45 -0.56 1.87 1.10 -3.36 1.03

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 68.20 73.55 86.41 74.95 76.81 107.14 99.87 55.70
Inventory Days 120.45 118.31 95.57 73.00 79.36 119.71 93.97 96.05
Days Payable 38.06 38.78 43.13 15.70 20.21 40.79 27.70 18.16
Cash Conversion Cycle 150.59 153.08 138.85 132.25 135.95 186.06 166.14 133.59
Working Capital Days 259.81 80.11 75.49 79.52 62.06 92.18 126.19 87.12
ROCE % 5.00% 3.72% 33.88% 18.75% 5.30% 2.94% 17.81%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
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% 4.30% 3.25% 3.25% 3.08% 2.99% 2.99% 2.99% 2.99% 2.99% 2.99%
43.61% 43.61% 43.61% 44.66% 44.66% 44.83% 44.91% 44.93% 44.94% 44.92% 44.93% 44.91%
No. of Shareholders 9,7519,7829,8019,7969,7389,7116,0075,9675,9316,0215,8395,888

* 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.

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