Bright Solar Ltd

Bright Solar Ltd

₹ 8.80 -1.68%
19 Apr - close price
About

Incorporated in 2010, Bright Solar Ltd is into assembling of DC/AC Solar Pumps and Solar Pump Systems, EPC contracts of Solar Photo voltaic Water pumps, consulting of Projects
and tenders, Water supply and Sewerage
Infra Project[1]

Key Points

Business Overview:[1][2]
Company manufactures solar-powered water pumps and has installed 3000+ solar water pumps, which provide access to water for drinking and irrigation purposes. BSL does assembling of solar pump systems (DC Solar Pumps and AC Solar Pumps) and supplying, installation and commissioning of Solar Photovoltaic (PV) based water pumping systems on Engineering, Procurement and Construction (EPC) basis. Further, BSL gives consultancy services to startups in Solar Industry. BSL has recently added water supply, sewerage and infra projects in its service portfolio

  • Market Cap 22.0 Cr.
  • Current Price 8.80
  • High / Low 12.5 / 4.65
  • Stock P/E
  • Book Value 12.9
  • Dividend Yield 0.00 %
  • ROCE 0.33 %
  • ROE 0.16 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.68 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -9.84% over past five years.
  • Promoter holding is low: 0.20%
  • Company has a low return on equity of -6.90% over last 3 years.
  • Company has high debtors of 195 days.
  • Promoter holding has decreased over last 3 years: -66.8%

* 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.

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Half Yearly Results

Figures in Rs. Crores

Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023
3.27 20.20 13.99 10.54 1.49 5.70 4.52 19.06 0.52
2.61 19.46 13.39 10.61 4.11 10.30 4.45 19.15 1.05
Operating Profit 0.66 0.74 0.60 -0.07 -2.62 -4.60 0.07 -0.09 -0.53
OPM % 20.18% 3.66% 4.29% -0.66% -175.84% -80.70% 1.55% -0.47% -101.92%
0.05 0.12 0.05 0.21 0.05 0.25 0.50 -0.05 -2.51
Interest 0.04 0.04 0.04 0.06 0.01 0.05 0.02 0.02 0.02
Depreciation 0.21 0.22 0.20 0.20 0.19 0.21 0.16 0.16 0.04
Profit before tax 0.46 0.60 0.41 -0.12 -2.77 -4.61 0.39 -0.32 -3.10
Tax % 28.26% 70.00% 26.83% 0.00% 0.00% 0.00% 23.08% 25.00% 0.00%
0.34 0.18 0.30 -0.12 -2.77 -4.61 0.30 -0.24 -3.10
EPS in Rs 0.14 0.07 0.12 -0.05 -1.11 -1.85 0.12 -0.10 -1.24
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
0.04 1.48 47.76 14.99 18.03 39.58 57.41 23.40 24.39 7.19 23.58 19.58
0.11 1.45 44.45 13.71 14.99 29.89 53.32 21.98 23.66 14.40 23.60 20.20
Operating Profit -0.07 0.03 3.31 1.28 3.04 9.69 4.09 1.42 0.73 -7.21 -0.02 -0.62
OPM % -175.00% 2.03% 6.93% 8.54% 16.86% 24.48% 7.12% 6.07% 2.99% -100.28% -0.08% -3.17%
0.08 0.00 0.05 0.44 0.10 0.30 0.43 0.17 0.26 0.30 0.45 -2.56
Interest 0.00 0.00 0.28 0.60 0.53 0.33 0.08 0.10 0.30 0.06 0.04 0.04
Depreciation 0.00 0.00 0.11 0.08 0.06 0.11 0.42 0.42 0.40 0.40 0.32 0.20
Profit before tax 0.01 0.03 2.97 1.04 2.55 9.55 4.02 1.07 0.29 -7.37 0.07 -3.42
Tax % 0.00% 33.33% 34.01% 32.69% 33.33% 35.08% 41.79% 51.40% 37.93% 0.00% 14.29%
0.01 0.02 1.97 0.71 1.71 6.20 2.34 0.52 0.18 -7.37 0.05 -3.34
EPS in Rs 15.15 3.94 9.50 3.39 0.94 0.21 0.07 -2.96 0.02 -1.34
Dividend Payout % 0.00% 0.00% 6.73% 21.13% 0.00% 2.42% 8.72% 39.23% 11.33% 0.00% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: -10%
3 Years: 0%
TTM: 92%
Compounded Profit Growth
10 Years: %
5 Years: -62%
3 Years: -54%
TTM: 82%
Stock Price CAGR
10 Years: %
5 Years: -19%
3 Years: -7%
1 Year: 36%
Return on Equity
10 Years: %
5 Years: -3%
3 Years: -7%
Last Year: 0%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 0.01 0.01 1.06 1.50 1.50 15.00 20.40 20.40 20.40 20.40 20.40 25.00
Reserves 0.01 0.03 3.06 7.16 8.69 1.39 17.53 17.80 17.77 10.37 10.43 7.33
0.16 1.24 6.16 3.34 2.67 1.41 0.48 0.70 0.51 3.62 1.83 0.68
0.01 2.05 28.64 10.12 19.78 11.98 12.31 14.47 11.69 6.51 14.70 8.45
Total Liabilities 0.19 3.33 38.92 22.12 32.64 29.78 50.72 53.37 50.37 40.90 47.36 41.46
0.00 0.01 0.27 0.20 0.15 0.39 0.69 4.46 4.35 4.42 4.30 0.44
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
Investments 0.00 0.00 0.13 0.85 0.00 0.00 0.00 0.23 0.28 0.94 0.72 0.49
0.19 3.32 38.52 21.07 32.49 29.39 50.03 48.68 45.74 35.54 42.34 40.53
Total Assets 0.19 3.33 38.92 22.12 32.64 29.78 50.72 53.37 50.37 40.90 47.36 41.46

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0.00 0.00 -4.66 3.01 1.24 5.93 -11.59 2.06 0.14 1.02 -7.63
0.00 0.00 0.05 -0.63 0.00 -7.55 -6.76 -0.45 -0.86 -1.23 7.53
0.00 0.00 4.62 -0.64 -0.76 0.22 18.09 -0.19 -0.42 0.11 -0.15
Net Cash Flow 0.00 0.00 0.01 1.74 0.48 -1.40 -0.25 1.42 -1.15 -0.10 -0.24

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 365.00 231.82 273.22 118.34 300.42 120.71 68.16 281.86 135.73 321.34 194.73
Inventory Days 8.78 23.95 0.00 41.46 110.56
Days Payable 217.70 133.88 116.88 140.35
Cash Conversion Cycle 365.00 231.82 64.29 8.41 300.42 45.29 68.16 281.86 135.73 291.56 194.73
Working Capital Days 730.00 293.48 69.24 203.56 129.97 47.49 121.69 279.52 275.06 668.57 300.45
ROCE % 4.11% 14.72% 24.78% 64.38% 14.59% 3.03% 1.52% -20.01% 0.33%

Shareholding Pattern

Numbers in percentages

26 Recently
Mar 2019Sep 2019Mar 2020Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Apr 2023Sep 2023Dec 2023
69.17% 70.02% 70.02% 66.96% 62.24% 24.73% 0.24% 0.24% 0.24% 0.20% 0.20% 0.20%
30.83% 29.98% 29.98% 33.04% 37.76% 75.28% 99.77% 99.76% 99.76% 99.79% 99.80% 99.80%
No. of Shareholders 4644814795576431,7023,1403,0062,7162,6883,3033,303

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