Electrosteel Castings Ltd

Electrosteel Castings is engaged in the manufacture and supply of Ductile Iron (DI) Pipes, Ductile Iron Fittings (DIF) and Cast iron (CI) Pipes as its core business and produces and supplies Pig Iron, in the process. It also produces Metallurgic Coke, Sinter and Power for captive consumption.

  • Market Cap: 770.66 Cr.
  • Current Price: 17.80
  • 52 weeks High / Low 19.00 / 7.56
  • Book Value: 66.52
  • Stock P/E: 9.07
  • Dividend Yield: 1.69 %
  • ROCE: 8.15 %
  • ROE: 6.54 %
  • Sales Growth (3Yrs): 9.25 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 1.00
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Pros:
Stock is trading at 0.27 times its book value
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 2.45% over past five years.
Company has a low return on equity of 6.33% for last 3 years.
Contingent liabilities of Rs.272.50 Cr.
Promoters have pledged 84.34% of their holding.
Dividend payout has been low at 5.57% of profits over last 3 years

Peer comparison Sector: Castings, Forgings & Fastners // Industry: Castings & Forgings

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
577 648 711 764 653 653 693 713 330
496 545 606 657 551 570 590 634 327
Operating Profit 81 103 105 107 102 83 102 79 3
OPM % 14% 16% 15% 14% 16% 13% 15% 11% 1%
Other Income 44 -204 16 17 8 13 7 5 5
Interest 68 57 60 50 53 66 53 56 46
Depreciation 15 15 14 14 14 14 14 15 14
Profit before tax 42 -174 47 59 44 16 43 13 -53
Tax % 8% 37% 36% 43% 42% 15% 27% -34% 35%
Net Profit 46 -99 43 48 39 26 59 38 -38
EPS in Rs 1.27 -2.43 1.07 1.19 0.96 0.63 1.37 0.87 -0.87
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,948 1,581 1,873 2,102 2,214 2,459 2,402 2,204 2,079 2,263 2,699 2,711 2,387
1,684 1,276 1,604 1,997 2,016 2,161 2,093 1,912 1,791 2,006 2,330 2,320 2,120
Operating Profit 264 305 269 105 198 298 309 292 288 257 369 391 267
OPM % 14% 19% 14% 5% 9% 12% 13% 13% 14% 11% 14% 14% 11%
Other Income 91 112 96 74 95 29 62 8 100 80 -101 8 29
Interest 103 52 86 111 126 150 157 180 210 210 235 228 221
Depreciation 53 54 56 57 56 56 71 67 67 62 59 57 57
Profit before tax 198 312 223 12 112 120 144 52 111 65 -26 114 18
Tax % 35% 34% 27% -146% 21% 32% 19% 32% 30% -2% 70% 25%
Net Profit 135 234 180 -27 -24 -16 -116 -27 144 124 38 161 85
EPS in Rs 4.48 6.96 5.29 0.00 0.00 0.00 0.00 -0.77 4.04 3.47 0.94 3.72 2.00
Dividend Payout % 29% 17% 23% -61% -68% -140% -20% -65% 12% 9% 0% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.54%
5 Years:2.45%
3 Years:9.25%
TTM:-13.99%
Compounded Profit Growth
10 Years:-2.75%
5 Years:28.63%
3 Years:14.55%
TTM:-65.00%
Stock Price CAGR
10 Years:-8.94%
5 Years:0.81%
3 Years:-9.23%
1 Year:13.38%
Return on Equity
10 Years:2.46%
5 Years:4.77%
3 Years:6.33%
Last Year:6.54%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Corp Actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
29 33 33 33 33 34 36 36 36 36 41 43
Reserves 1,241 1,588 1,714 1,663 2,193 2,168 2,034 2,455 2,349 2,443 2,595 2,837
Borrowings 1,101 1,298 1,567 1,821 2,430 2,571 2,572 2,185 2,057 1,697 1,761 1,736
509 395 755 813 431 683 575 1,032 1,078 1,225 1,025 977
Total Liabilities 2,881 3,314 4,068 4,330 5,087 5,456 5,218 5,708 5,519 5,401 5,421 5,593
519 538 553 601 1,148 1,182 1,154 1,780 1,707 1,678 1,633 1,703
CWIP 302 397 438 664 993 1,218 1,286 1,278 1,210 1,202 1,237 1,166
Investments 466 1,067 1,425 1,074 982 839 766 786 590 637 684 747
1,594 1,311 1,652 1,991 1,965 2,217 2,012 1,863 2,013 1,884 1,868 1,977
Total Assets 2,881 3,314 4,068 4,330 5,087 5,456 5,218 5,708 5,519 5,401 5,421 5,593

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
166 389 170 -255 216 109 443 533 421 450 -46 225
-568 -469 -442 133 -279 -177 -216 71 72 -69 33 -20
314 283 140 120 260 -88 -236 -592 -332 -574 -5 -220
Net Cash Flow -89 203 -132 -2 197 -155 -8 12 162 -193 -18 -16

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 14% 10% 3% 5% 6% 6% 5% 6% 6% 9% 8%
Debtor Days 104 69 93 100 99 85 78 89 81 85 82 83
Inventory Turnover 2.26 1.49 1.69 1.65 1.81 1.92 1.88 1.74 1.75 1.89 2.01 1.63

Shareholding pattern in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
53.02 53.02 53.02 53.02 50.18 50.54 50.62 50.62 50.62 52.22 52.41 52.41
1.38 0.95 0.89 0.99 6.41 6.57 6.73 6.72 7.07 11.05 11.04 11.11
7.57 7.16 6.74 6.60 5.57 5.24 5.23 5.24 4.73 4.80 4.84 4.84
38.03 38.87 39.35 39.39 37.84 37.65 37.42 37.42 37.58 31.92 31.71 31.64