Jindal Stainless Ltd

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Jindal Stainless is engaged in a leading manufacturer of Stainless Steel flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The product range includes Ferro Alloys, Stainless Steel Slabs, Hot Rolled Coils, Plates and Sheets, and Cold Rolled Coils and Sheets.(Source : 201903 Annual Report Page No: 123)

  • Market Cap 4,407 Cr.
  • Current Price 90.4
  • High / Low 96.0 / 25.8
  • Stock P/E 53.0
  • Book Value 56.3
  • Dividend Yield 0.00 %
  • ROCE 11.0 %
  • ROE 2.30 %
  • Face Value 2.00

Pros

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 6.42% for last 3 years.
  • Contingent liabilities of Rs.3688.95 Cr.
  • Promoters have pledged 86.64% of their holding.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Steel Industry: Steel - Large

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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 Sep 2020 Dec 2020
3,365 3,298 3,307 3,547 3,263 3,291 3,302 3,094 1,376 3,314 3,585
2,960 3,081 3,084 3,243 2,963 2,975 3,005 2,877 1,330 2,971 3,111
Operating Profit 405 218 223 304 300 316 297 217 46 343 473
OPM % 12% 7% 7% 9% 9% 10% 9% 7% 3% 10% 13%
Other Income -10 -44 87 13 36 14 34 -38 25 37 22
Interest 156 163 151 167 147 147 144 148 134 128 121
Depreciation 80 84 91 97 105 108 109 104 103 103 101
Profit before tax 159 -74 68 54 84 75 79 -73 -167 149 274
Tax % 30% 20% 34% 36% 43% 47% 35% 9% 26% 46% 38%
Net Profit 110 -59 43 34 47 38 52 -65 -122 82 170
EPS in Rs 2.29 -1.23 0.89 0.71 0.97 0.78 1.06 -1.33 -2.50 1.68 3.49

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
5,253 6,044 7,487 8,681 11,244 12,810 6,933 7,144 9,279 11,638 13,557 12,951 11,369
4,902 4,975 6,313 7,731 10,539 11,797 6,564 6,571 8,120 10,332 12,443 11,861 10,290
Operating Profit 351 1,069 1,174 949 705 1,013 368 573 1,158 1,305 1,114 1,089 1,079
OPM % 7% 18% 16% 11% 6% 8% 5% 8% 12% 11% 8% 8% 9%
Other Income -555 370 124 -175 -146 -377 1,238 -14 70 100 96 86 46
Interest 372 466 429 570 1,043 1,295 942 1,030 788 566 637 586 531
Depreciation 334 375 395 448 740 728 411 316 325 320 352 425 410
Profit before tax -910 598 473 -245 -1,224 -1,387 253 -788 116 520 222 165 183
Tax % 33% 34% 33% 26% 31% 1% 0% 29% 28% 34% 35% 56%
Net Profit -608 392 314 -180 -841 -1,368 253 -556 82 343 142 71 65
EPS in Rs -37.53 21.12 16.77 -9.49 -41.19 -63.52 11.17 -24.05 2.04 7.16 2.97 1.46 1.34
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years:8%
5 Years:13%
3 Years:12%
TTM:-15%
Compounded Profit Growth
10 Years:-16%
5 Years:16%
3 Years:3%
TTM:-46%
Stock Price CAGR
10 Years:10%
5 Years:41%
3 Years:0%
1 Year:213%
Return on Equity
10 Years:-15%
5 Years:1%
3 Years:6%
Last Year:2%

Balance Sheet

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 Sep 2020
32 37 37 38 41 46 412 46 80 702 791 97 97
Reserves 1,238 1,873 2,204 2,045 1,299 16 -214 1,300 1,709 2,369 2,495 2,620 2,645
Borrowings 5,990 7,971 9,155 10,674 11,601 11,924 11,288 10,347 5,888 4,408 3,693 3,903 3,112
3,732 3,040 3,286 3,732 4,309 4,449 2,899 3,164 3,233 3,961 4,431 4,057 4,392
Total Liabilities 10,993 12,920 14,683 16,490 17,250 16,431 14,018 14,858 10,909 10,834 10,715 10,678 10,247
4,204 4,278 4,526 10,107 10,157 9,780 7,552 6,863 6,609 6,342 6,345 6,181 6,020
CWIP 2,154 3,903 4,914 489 161 157 144 70 29 144 29 15 22
Investments 750 202 18 19 22 18 14 393 404 439 454 449 428
3,884 4,537 5,225 5,875 6,910 6,476 6,308 7,532 3,868 3,909 3,887 4,033 3,776
Total Assets 10,993 12,920 14,683 16,490 17,250 16,431 14,018 14,858 10,909 10,834 10,715 10,678 10,247

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
1,093 25 392 335 282 958 554 966 5,115 1,452 1,419 1,180
-1,760 -1,601 -1,352 -861 -74 -136 -1 1,053 -30 -194 -192 -186
620 1,620 603 383 -282 -891 -580 -1,972 -5,106 -1,257 -1,237 -991
Net Cash Flow -47 44 -357 -144 -73 -69 -28 47 -21 1 -11 4

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 % 1% 9% 8% 5% 0% 3% -0% 2% 9% 14% 12% 11%
Debtor Days 42 65 55 64 63 48 57 48 35 28 25 20
Inventory Turnover 2.00 2.25 2.44 2.34 2.62 2.70 1.96 2.62 3.14 3.66 4.13 3.64

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
66.52 66.52 66.59 67.01 67.27 68.11 68.11 68.11 68.12 68.12 68.12 68.12
11.00 11.20 11.04 10.96 10.94 10.65 10.73 12.59 12.86 12.95 13.50 13.21
12.82 11.91 10.45 9.30 8.89 8.73 8.61 7.89 7.87 7.08 6.93 7.32
9.66 10.37 11.92 12.73 12.90 12.52 12.55 11.41 11.15 11.84 11.45 11.35

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