Electrosteel Castings Ltd

₹ 199 -1.85%

25 Apr 4:05 p.m.

electrosteel.com BSE: 500128 NSE : ELECTCAST

About

Electrosteel Castings is engaged in the business of manufacturing Ductile Iron (DI) Pipes, Ductile Iron Fittings (DIF), Cast Iron (CI) Pipes and produces and supplies Pig Iron. ^[1]^[2]

Key Points

Product Portfolio^[1]
Ductile Iron Pipes, Ductile Iron Fittings, Ductile Iron Flange Pipes and Restrained Joint Pipes. Additionally, ECL manufactures Cast Iron Pipes, Metallurgical Coke, Sponge Iron, Cement, Ferro Silicon, Pig Iron and Power.

Website BSE NSE

Market Cap ₹ 11,853 Cr.
Current Price ₹ 199
High / Low ₹ 208 / 36.0
Stock P/E 19.6
Book Value ₹ 76.9
Dividend Yield 0.43 %
ROCE 9.99 %
ROE 7.51 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 20.7% CAGR over last 5 years
Debtor days have improved from 66.3 to 53.0 days.
Promoter holding has increased by 2.14% over last quarter.

Cons

Stock is trading at 2.59 times its book value
Company has a low return on equity of 6.65% over last 3 years.
Promoter holding has decreased over last 3 years: -9.05%

* 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: Castings, Forgings & Fastners Industry: Castings & Forgings

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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
	1,163	1,230	1,097	1,165	1,438	1,577	1,767	1,784	1,852	1,872	1,685	1,919	1,869
	987	1,063	938	1,034	1,249	1,360	1,564	1,630	1,664	1,680	1,525	1,619	1,463
Operating Profit	175	166	159	131	190	217	203	154	187	193	160	300	406
OPM %	15%	14%	15%	11%	13%	14%	12%	9%	10%	10%	10%	16%	22%
	24	19	16	21	12	9	16	17	15	36	27	18	23
Interest	55	64	60	40	45	53	62	69	77	77	57	57	53
Depreciation	28	32	28	29	27	31	30	30	30	31	30	30	30
Profit before tax	116	90	87	83	130	143	127	72	95	121	100	231	346
Tax %	27%	25%	19%	20%	26%	21%	25%	26%	18%	26%	25%	24%	24%
	85	68	70	66	97	113	95	53	79	89	75	175	263
EPS in Rs	1.95	1.56	1.05	1.53	2.23	1.90	1.60	0.89	1.32	1.50	1.26	2.94	4.43
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,102	2,214	2,459	2,402	2,204	2,079	2,263	2,699	2,711	3,474	5,281	7,276	7,346
	1,997	2,016	2,161	2,091	1,911	1,791	2,006	2,295	2,320	3,038	4,586	6,530	6,286
Operating Profit	105	198	299	311	293	288	257	404	391	436	695	746	1,060
OPM %	5%	9%	12%	13%	13%	14%	11%	15%	14%	13%	13%	10%	14%
	74	95	28	59	7	100	80	-137	8	-194	59	77	104
Interest	111	126	150	157	180	210	210	235	228	208	195	286	245
Depreciation	57	56	56	71	67	67	62	59	57	90	115	121	121
Profit before tax	12	112	120	144	52	111	65	-26	114	-56	444	415	799
Tax %	-146%	21%	32%	19%	32%	30%	-2%	70%	25%	-72%	22%	24%
	-26	-23	-15	-116	-27	144	124	39	161	-91	348	316	602
EPS in Rs	-0.83	-0.73	-0.46	-3.25	-0.77	4.04	3.47	0.94	3.72	-2.11	5.84	5.31	10.13
Dividend Payout %	-61%	-68%	-140%	-20%	-65%	12%	9%	0%	8%	-12%	14%	17%

Compounded Sales Growth
10 Years:	13%
5 Years:	26%
3 Years:	39%
TTM:	5%

Compounded Profit Growth
10 Years:	26%
5 Years:	21%
3 Years:	21%
TTM:	77%

Stock Price CAGR
10 Years:	25%
5 Years:	58%
3 Years:	86%
1 Year:	453%

Return on Equity
10 Years:	4%
5 Years:	7%
3 Years:	7%
Last Year:	8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	33	33	34	36	36	36	36	41	43	43	59	59	59
Reserves	1,663	2,193	2,168	2,034	2,455	2,349	2,443	2,595	2,837	3,667	4,044	4,323	4,513
	1,821	2,430	2,571	2,572	2,185	2,057	1,697	1,761	1,736	2,138	2,967	2,667	2,469
	813	431	683	575	1,032	1,078	1,225	1,025	977	1,305	1,554	1,469	1,921
Total Liabilities	4,330	5,087	5,456	5,218	5,708	5,519	5,401	5,421	5,593	7,152	8,624	8,519	8,963
	601	1,148	1,182	1,154	1,780	1,707	1,678	1,633	1,703	2,633	2,763	2,731	2,775
CWIP	664	993	1,218	1,286	1,278	1,210	1,202	1,237	1,166	1,337	1,208	1,302	1,281
Investments	1,074	982	839	766	786	590	637	684	747	202	457	161	391
	1,991	1,965	2,217	2,012	1,863	2,013	1,884	1,868	1,977	2,980	4,196	4,324	4,517
Total Assets	4,330	5,087	5,456	5,218	5,708	5,519	5,401	5,421	5,593	7,152	8,624	8,519	8,963

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-255	216	109	443	533	421	450	-46	225	444	-279	452
	133	-279	-177	-216	71	72	-69	33	-20	129	-329	168
	120	260	-88	-236	-592	-332	-574	-5	-220	-419	609	-604
Net Cash Flow	-2	197	-155	-8	12	162	-193	-18	-16	154	1	17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	100	99	85	78	89	81	85	82	83	81	65	53
Inventory Days	266	206	232	212	225	249	219	228	278	279	331	208
Days Payable	132	58	119	90	121	109	121	94	120	102	93	54
Cash Conversion Cycle	234	247	197	200	192	220	182	217	242	258	303	207
Working Capital Days	122	157	124	127	154	153	97	130	131	167	176	139
ROCE %	3%	5%	6%	6%	5%	6%	6%	9%	8%	8%	10%	10%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	55.29%	55.29%	55.29%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	46.22%
	10.71%	11.22%	11.34%	16.36%	16.69%	15.23%	15.13%	14.69%	14.93%	15.33%	18.18%	19.70%
	3.12%	2.99%	2.65%	2.22%	2.10%	1.98%	1.98%	1.76%	1.68%	0.88%	0.43%	0.36%
	0.00%	0.00%	0.00%	0.24%	0.24%	0.24%	0.24%	0.24%	0.24%	0.24%	0.24%	0.23%
	30.88%	30.50%	30.72%	37.10%	36.89%	38.47%	38.58%	39.22%	39.06%	39.47%	37.07%	33.47%
No. of Shareholders	55,525	55,119	56,006	90,805	90,968	96,741	98,761	97,350	92,955	1,04,970	1,08,315	1,21,615

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	53.01%	53.02%	50.62%	52.41%	55.27%	44.08%	44.08%	46.22%
	0.99%	0.89%	6.73%	11.04%	9.63%	16.36%	14.69%	19.70%
	7.92%	6.74%	5.23%	4.84%	4.21%	2.22%	1.76%	0.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.24%	0.23%
	38.08%	39.35%	37.42%	31.71%	30.89%	37.10%	39.22%	33.47%
No. of Shareholders	57,232	53,060	50,616	49,214	54,472	90,805	97,350	1,21,615

* 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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