Bajaj Steel Industries Ltd

About

Bajaj Steel manufactures machinery for Cotton ginning and Pressing Machinery, Prefabricated building structures, components & allied products, and Master Batches. [1]

Key Points

History
The company was established by Late Shri Gangabisenji Bajaj in 1961 and is now run by his son Shri Hargovind Bajaj. The company has entered into technical collaboration for manufacturing of saw gin, rotobar gin and other equipment earlier manufactured by Continental Eagle Corporation, USA to manufacture them in India. [1]

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  • Market Cap 437 Cr.
  • Current Price 841
  • High / Low 1,503 / 240
  • Stock P/E 6.32
  • Book Value 354
  • Dividend Yield 0.36 %
  • ROCE 45.0 %
  • ROE 44.6 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 90.62% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.18%

Cons

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
103 77 82 138 99 71 68 137 158 122 115 148
95 73 77 126 90 62 61 121 132 84 100 126
Operating Profit 8 4 4 12 10 9 7 16 26 38 15 22
OPM % 8% 5% 5% 9% 10% 13% 10% 12% 16% 31% 13% 15%
Other Income 1 3 2 1 2 2 0 3 1 2 1 1
Interest 2 4 2 2 2 2 2 2 2 3 2 2
Depreciation 1 -0 1 1 1 3 2 2 2 2 2 2
Profit before tax 6 3 3 10 8 6 4 16 23 35 13 20
Tax % 29% 0% 29% 29% 19% 30% 25% 25% 25% 22% 25% 25%
Net Profit 4 3 2 7 7 4 3 12 17 27 10 15
EPS in Rs 8.62 6.23 4.64 14.89 14.57 8.60 6.51 22.38 33.04 52.87 18.29 28.94

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
208 203 312 284 406 333 283 211 234 332 390 482 542
186 191 291 270 375 312 270 211 215 305 354 397 441
Operating Profit 22 12 21 15 30 21 12 1 19 28 35 86 101
OPM % 11% 6% 7% 5% 7% 6% 4% 0% 8% 8% 9% 18% 19%
Other Income 4 2 3 3 5 4 5 2 4 3 7 8 5
Interest 6 6 7 7 7 9 9 9 9 10 9 9 9
Depreciation 5 6 7 6 9 12 11 8 6 4 6 7 7
Profit before tax 15 3 11 5 19 4 -3 -14 8 17 27 78 91
Tax % 33% 82% 32% 20% 35% 46% 31% 27% -11% 52% 29% 25%
Net Profit 10 0 7 4 12 2 -2 -10 9 8 19 59 69
EPS in Rs 0.98 15.21 9.06 26.11 4.32 -4.02 -21.98 19.49 17.53 40.77 113.13 133.14
Dividend Payout % 4% 102% 10% 17% 8% 46% 0% 0% 8% 11% 5% 3%
Compounded Sales Growth
10 Years: 9%
5 Years: 11%
3 Years: 27%
TTM: 44%
Compounded Profit Growth
10 Years: 62%
5 Years: 91%
3 Years: 84%
TTM: 171%
Stock Price CAGR
10 Years: 34%
5 Years: 64%
3 Years: 77%
1 Year: 191%
Return on Equity
10 Years: 14%
5 Years: 20%
3 Years: 29%
Last Year: 45%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
2 2 2 2 2 2 2 2 2 2 2 3 3
Reserves 44 48 55 59 70 70 68 60 69 76 94 157 182
Borrowings 46 51 52 53 67 84 80 79 81 75 70 50 56
45 61 56 77 85 79 84 64 60 95 91 142 131
Total Liabilities 137 162 165 191 224 236 235 205 212 249 257 352 372
32 34 32 32 55 53 49 43 50 50 70 77 69
CWIP 10 13 19 25 4 8 12 13 2 4 1 4 10
Investments 0 0 0 4 8 13 14 13 11 11 11 14 14
95 114 113 130 158 163 161 136 149 184 175 257 278
Total Assets 137 162 165 191 224 236 235 205 212 249 257 352 372

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1 -7 14 14 5 -1 6 -2 2 15 39 84
-9 -10 -9 -13 -12 -17 -11 -1 2 -7 -20 -10
15 11 -2 -0 15 14 -3 1 0 -5 -8 -19
Net Cash Flow 7 -5 3 0 8 -5 -7 -2 4 3 12 54

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 27 42 35 52 41 55 62 71 79 57 47 49
Inventory Days 127 170 82 98 83 113 144 141 123 138 105 110
Days Payable 77 95 50 73 55 71 106 86 76 75 86 115
Cash Conversion Cycle 77 117 68 77 69 97 100 126 127 120 66 44
Working Capital Days 47 67 44 43 39 66 76 91 99 69 50 24
ROCE % 26% 9% 17% 11% 20% 8% 4% -3% 12% 18% 23% 45%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
36.64 36.64 36.64 36.64 36.64 36.64 36.64 42.74 42.74 42.74 42.74 42.73
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09
0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
63.34 63.34 63.35 63.35 63.35 63.35 63.35 57.26 57.26 57.26 57.26 57.18

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