Shri Bajrang Alliance Ltd

₹ 291 -2.48%

26 Apr 4:01 p.m.

About

Incorproated in 1990, Shri Bajrang Alliance Ltd manufactures Structural Steel and also Ready
To Eat frozen food products and extraction of
Oils & Oleoresin essential oils^[1]

Key Points

Business Overview:^[1]
SBAL is a part of Goel family group which
has diversified business interests from the steel business to Media, Digital Marketing, Hydro Power, and Food Agro Processing. Company
has operational linkages with Shri Bajrang
Power and Ispat Ltd (SBPIL), the flagship company of Goel Group, for sourcing of
raw materials.

Website BSE

Market Cap ₹ 262 Cr.
Current Price ₹ 291
High / Low ₹ 353 / 134
Stock P/E 6.48
Book Value ₹ 310
Dividend Yield 0.00 %
ROCE 3.29 %
ROE 14.1 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.94 times its book value
Company is expected to give good quarter
Company has delivered good profit growth of 30.4% CAGR over last 5 years
Promoter holding has increased by 0.86% over last quarter.
Company's working capital requirements have reduced from 72.0 days to 37.7 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Contingent liabilities of Rs.2,103 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: Steel Industry: Steel - Medium / Small

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Detailed Comparison with:

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
	99.33	81.03	15.50	53.73	48.27	53.21	51.47	64.90	46.16	361.21	151.03	68.17	124.19
	92.18	73.19	14.27	46.55	50.82	50.15	45.83	63.93	44.70	358.58	146.35	68.20	126.39
Operating Profit	7.15	7.84	1.23	7.18	-2.55	3.06	5.64	0.97	1.46	2.63	4.68	-0.03	-2.20
OPM %	7.20%	9.68%	7.94%	13.36%	-5.28%	5.75%	10.96%	1.49%	3.16%	0.73%	3.10%	-0.04%	-1.77%
	-0.21	0.23	1.88	0.14	0.34	-0.17	0.52	0.18	0.14	0.61	0.25	0.16	0.24
Interest	1.84	0.07	0.98	1.07	0.44	0.14	0.77	0.42	1.45	-0.38	0.39	0.17	0.20
Depreciation	0.62	0.52	0.64	0.64	0.65	0.67	0.68	0.70	0.73	0.67	0.76	0.77	0.78
Profit before tax	4.48	7.48	1.49	5.61	-3.30	2.08	4.71	0.03	-0.58	2.95	3.78	-0.81	-2.94
Tax %	-2.68%	-4.01%	26.17%	27.81%	-10.30%	37.50%	26.96%	-33.33%	25.86%	11.86%	28.31%	25.93%	28.57%
	14.70	18.39	21.11	21.57	2.52	25.89	16.95	7.69	-4.16	13.69	12.08	7.36	7.36
EPS in Rs	16.33	20.43	23.46	23.97	2.80	28.77	18.83	8.54	-4.62	15.21	13.42	8.18	8.18
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	130	107	71	68	75	101	157	175	214	171	524	705
	123	100	67	67	70	96	152	171	205	162	513	700
Operating Profit	7	7	5	1	4	4	5	3	9	9	11	5
OPM %	5%	6%	6%	1%	6%	4%	3%	2%	4%	5%	2%	1%
	0	0	2	1	0	0	0	0	0	3	1	1
Interest	4	4	3	2	3	2	3	2	4	3	2	0
Depreciation	1	1	1	0	0	1	1	0	2	3	3	3
Profit before tax	2	2	2	-1	1	2	1	1	3	7	7	3
Tax %	32%	33%	20%	0%	22%	28%	-1%	33%	24%	45%	20%
	1	1	2	-1	1	9	20	14	31	72	34	40
EPS in Rs	1.56	1.36	2.11	-1.40	1.06	10.08	21.72	15.53	34.21	80.08	37.97	44.99
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	15%
5 Years:	39%
3 Years:	44%
TTM:	227%

Compounded Profit Growth
10 Years:	38%
5 Years:	30%
3 Years:	35%
TTM:	-13%

Stock Price CAGR
10 Years:	36%
5 Years:	76%
3 Years:	20%
1 Year:	86%

Return on Equity
10 Years:	18%
5 Years:	22%
3 Years:	24%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	33	34	36	35	36	78	94	108	144	216	250	270
	58	62	57	49	41	26	20	47	58	41	54	50
	6	3	4	3	3	10	12	51	14	10	63	44
Total Liabilities	106	108	106	96	89	123	135	215	226	277	377	372
	5	4	4	4	4	7	8	8	42	42	38	41
CWIP	0	0	0	0	0	0	0	29	0	0	0	0
Investments	19	19	21	20	20	57	72	86	115	187	228	246
	82	85	81	72	66	59	55	92	68	48	110	85
Total Assets	106	108	106	96	89	123	135	215	226	277	377	372

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	4	6	2	5	13	-8	8	2	21	-3
	-0	-1	1	-0	-1	-1	-30	-7	-5	-5
	-7	-5	-3	-6	-12	10	23	5	-16	7
Net Cash Flow	-3	0	0	-0	0	0	0	0	0	-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	82	87	82	161	81	63	29	109	42	40	42
Inventory Days	71	105	101	74	105	94	100	67	66	74	36
Days Payable	2	2	5	7	1	11	25	108	23	5	16
Cash Conversion Cycle	152	190	178	228	185	146	104	68	85	110	62
Working Capital Days	143	211	270	217	185	108	100	80	92	86	38
ROCE %		6%	4%	0%	4%	4%	4%	2%	4%	4%	3%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	60.78%	63.97%	63.97%	63.97%	63.97%	63.96%	63.96%	63.96%	63.97%	63.97%	63.97%	64.83%
	0.11%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	39.11%	35.92%	36.03%	36.03%	36.03%	36.04%	36.04%	36.04%	36.03%	36.04%	36.03%	35.17%
No. of Shareholders	2,770	3,527	3,808	3,846	3,891	4,207	4,196	4,126	4,093	4,126	4,575	4,669

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	60.12%	60.12%	60.12%	60.12%	60.78%	63.97%	63.96%	64.83%
	39.88%	39.88%	39.88%	39.88%	39.22%	36.03%	36.04%	35.17%
No. of Shareholders	1,765	1,770	1,752	1,739	2,158	3,846	4,126	4,669

* 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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