Meghmani Organics Ltd

About [ edit ]

Meghmani manufactures green and blue pigment products, which are used to manufacture printing ink, plastic, paints, textiles, leather, and rubber.

It also manufactures a wide variety of commonly used pesticides for crop and non-crop applications, this include insect control in wood preservation and food grain storage. ^#

In 2009 Meghmani also commissioned its caustic soda plant, which has the capacity of 187,600 tonnes per annum and is powered by a 60-megawatt captive power plant. ^#

Key Points [ edit ]

Pigments (29% of revenue) ^#
The company is amongst the top 3 global Phthalocyanine based pigment players. 14% global market share.

3 vertically integrated Manufacturing facilities ^#

The company is trying to expand into new geographies and explore new pigments. The company has strong client relationships (90% business from repeat clients). The high degree of product customization, consistent quality, and compliance regulations add to client stickiness

Agrochemicals (44% of revenue) ^#
The company is one of the largest producers of pesticides in India. Major products are 2,4-D, Cypermethrin, Permethrin, Bifenthrin, Lambda-cyhalothrin, Profenophos, and Chlorpyrifos.
Company has presence in 17 states with 3000 dealer network.

The company is doubling its 2,4-D capacity with investment of 127 Cr and investing 25 Cr to expand formulation plant. Also setting up a multipurpose plant by investing 310 Cr by Q4FY22. ^#

Chloro Alkali & its Derivatives (27% of revenue) ^#
The company is the 4th largest Chloro-Alkali producer in India.

Investing 695 Cr for setting up backward integrated ECH, CPVC resin, and additional Caustic Soda capacity & CPP project to ensure continual growth.

Corporate Governance issue ^# ^#

Website BSE NSE

Market Cap ₹ 2,060 Cr.
Current Price ₹ 81.0
High / Low ₹ 89.9 / 31.8
Stock P/E 9.66
Book Value ₹ 42.6
Dividend Yield 1.23 %
ROCE 22.2 %
ROE 21.2 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has delivered good profit growth of 46.04% CAGR over last 5 years

Cons

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Peer comparison

Sector: Agro Chemicals Industry: Pesticides / Agrochemicals - Indian

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	280	310	354	370	377	451	390	378	405	295	426	445
	257	260	294	317	307	393	329	315	352	240	324	355
Operating Profit	23	50	60	53	70	59	61	63	53	55	101	90
OPM %	8%	16%	17%	14%	19%	13%	16%	17%	13%	19%	24%	20%
Other Income	12	73	16	2	-9	3	16	8	51	2	1	10
Interest	7	12	16	7	10	7	5	10	10	6	2	12
Depreciation	11	11	12	12	11	11	12	12	12	12	12	12
Profit before tax	16	99	48	36	39	44	60	49	82	38	88	76
Tax %	28%	14%	35%	38%	23%	35%	-3%	28%	18%	25%	26%	26%
Net Profit	12	85	31	22	30	28	62	35	68	29	66	56
EPS in Rs	0.47	3.35	1.23	0.87	1.18	1.11	2.43	1.39	2.65	1.13	2.59	2.20
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	768	729	865	822	750	893	948	959	1,046	1,234	1,410	1,625	1,570
	670	637	774	747	697	816	850	847	913	1,060	1,194	1,387	1,271
Operating Profit	98	93	91	75	53	77	98	112	133	174	216	238	300
OPM %	13%	13%	11%	9%	7%	9%	10%	12%	13%	14%	15%	15%	19%
Other Income	3	22	7	9	9	4	17	16	7	21	98	77	65
Interest	24	14	17	28	27	35	48	41	36	31	46	31	31
Depreciation	15	17	20	26	26	31	35	36	38	43	46	48	49
Profit before tax	62	84	60	30	9	15	32	50	65	121	222	235	285
Tax %	19%	26%	21%	46%	34%	21%	19%	27%	37%	37%	24%	18%
Net Profit	51	62	47	17	6	12	26	36	42	77	169	193	218
EPS in Rs	1.99	2.42	1.86	0.65	0.23	0.46	1.03	1.43	1.63	3.02	6.63	7.59	8.57
Dividend Payout %	17%	17%	22%	15%	44%	22%	39%	21%	24%	13%	15%	13%

Compounded Sales Growth
10 Years:	8%
5 Years:	11%
3 Years:	16%
TTM:	-2%

Compounded Profit Growth
10 Years:	12%
5 Years:	46%
3 Years:	64%
TTM:	28%

Stock Price CAGR
10 Years:	19%
5 Years:	32%
3 Years:	-4%
1 Year:	57%

Return on Equity
10 Years:	10%
5 Years:	14%
3 Years:	18%
Last Year:	21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate 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	Sep 2020
	25	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	423	472	508	502	509	514	541	566	607	672	813	965	1,059
Borrowings	190	249	324	327	376	435	387	388	338	421	327	264	240
	156	163	177	179	219	265	201	217	221	259	339	389	445
Total Liabilities	795	909	1,034	1,033	1,130	1,240	1,155	1,197	1,192	1,378	1,504	1,644	1,770
	141	146	191	248	257	371	388	383	384	448	439	481	488
CWIP	9	43	46	53	89	21	16	23	16	25	49	101	159
Investments	110	130	148	114	138	138	139	125	125	234	183	183	214
	534	590	649	618	646	710	613	667	667	672	832	879	910
Total Assets	795	909	1,034	1,033	1,130	1,240	1,155	1,197	1,192	1,378	1,504	1,644	1,770

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	99	37	77	81	68	48	142	79	115	178	115	234
	-27	-74	-106	-34	-59	-80	-32	-33	-28	-218	-59	-93
	-26	36	41	-46	-16	41	-104	-49	-88	40	-56	-134
Net Cash Flow	46	-1	11	1	-7	8	5	-3	-0	0	1	6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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 %	18%	14%	10%	7%	4%	5%	9%	10%	11%	15%	20%	22%
Debtor Days	141	162	137	143	160	135	116	112	104	90	92	104
Inventory Turnover	5.82	4.74	5.07	4.56	3.93	3.68	3.47	2.89	3.06	3.63	3.03	3.33

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
50.39	50.29	50.31	50.68	50.68	50.76	50.92	50.91	51.28	51.29	51.58	51.52
3.59	3.49	3.05	2.47	1.88	2.65	2.57	2.04	1.96	1.59	1.53	1.58
0.66	0.59	0.56	0.22	0.26	0.31	0.22	0.16	0.17	0.17	0.02	0.00
45.36	45.63	46.08	46.63	47.18	46.27	46.29	46.89	46.59	46.95	46.87	46.90

Meghmani Organics Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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