Modi Rubber Ltd

₹ 103 -0.19%

26 Apr - close price

modigroup.net BSE: 500890 NSE - BE : MODIRUBBER

About

Incorporated in 1971, Modi Rubber Ltd manufactures automobile tyres, tubes & flaps, resin coated sand and operates salons^[1]

Key Points

Business Overview:^[1]^[2]
a) MRL is a part of Modi Group. It manufactures and sells tyres for trucks and bus.
b) It has 62 depots and 20 C&F agents, with a network of over 3000 dealers
c) Company sells products under the brand MARATHAN
d) Company also manufactures resin coated sand and operates Salons

Website BSE NSE - BE

Market Cap ₹ 258 Cr.
Current Price ₹ 103
High / Low ₹ 120 / 59.0
Stock P/E 16.5
Book Value ₹ 258
Dividend Yield 0.00 %
ROCE 4.89 %
ROE 4.32 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.40 times its book value
Company has delivered good profit growth of 47.9% CAGR over last 5 years
Promoter holding has increased by 3.19% over last quarter.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -2.15% over past five years.
Company has a low return on equity of 3.74% over last 3 years.
Contingent liabilities of Rs.99.3 Cr.
Earnings include an other income of Rs.43.0 Cr.
Company has high debtors of 1,240 days.

* 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: Miscellaneous Industry: Miscellaneous

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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
	0.39	0.88	0.21	0.62	2.49	1.82	0.50	0.56	1.40	2.86	4.79	4.99	7.22
	4.30	5.28	3.35	5.08	7.36	11.14	4.94	5.68	6.85	7.32	8.10	8.18	11.25
Operating Profit	-3.91	-4.40	-3.14	-4.46	-4.87	-9.32	-4.44	-5.12	-5.45	-4.46	-3.31	-3.19	-4.03
OPM %	-1,002.56%	-500.00%	-1,495.24%	-719.35%	-195.58%	-512.09%	-888.00%	-914.29%	-389.29%	-155.94%	-69.10%	-63.93%	-55.82%
	8.45	7.52	10.49	14.84	13.76	13.43	14.44	16.69	13.27	9.10	10.12	11.42	12.37
Interest	0.06	0.38	0.15	0.14	0.11	0.19	0.13	0.13	0.12	0.11	0.43	0.65	0.57
Depreciation	0.68	0.67	0.65	0.66	0.64	0.66	0.53	0.52	0.54	0.54	0.53	0.71	0.82
Profit before tax	3.80	2.07	6.55	9.58	8.14	3.26	9.34	10.92	7.16	3.99	5.85	6.87	6.95
Tax %	-0.53%	-42.03%	0.00%	-1.98%	28.99%	-7.98%	-4.82%	42.31%	-16.62%	19.30%	38.12%	53.71%	19.57%
	3.81	2.94	6.55	9.77	5.78	3.52	9.79	6.30	8.35	3.22	3.61	3.18	5.59
EPS in Rs	1.52	1.17	2.62	3.90	2.31	1.41	3.91	2.52	3.33	1.29	1.44	1.27	2.23
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	-7	9	5	144	146	5	6	5	5	3	5	5	20
	27	24	19	119	127	20	26	21	20	17	27	25	35
Operating Profit	-34	-15	-15	25	19	-14	-20	-16	-15	-14	-22	-19	-15
OPM %		-157%	-331%	17%	13%	-279%	-339%	-304%	-313%	-503%	-425%	-366%	-75%
	76	48	22	9	11	40	61	33	20	21	53	53	43
Interest	2	0	0	0	0	0	1	1	1	1	1	0	2
Depreciation	2	2	1	6	7	1	3	3	3	3	3	2	3
Profit before tax	38	31	6	27	23	23	37	13	1	4	28	31	24
Tax %	-43%	8%	25%	42%	32%	-5%	59%	31%	433%	-24%	7%	12%
	55	29	5	16	16	24	15	9	-2	5	26	28	16
EPS in Rs	21.84	11.50	1.80	6.35	6.40	9.76	6.13	3.62	-0.93	1.85	10.24	11.05	6.23
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-6%
5 Years:	-2%
3 Years:	3%
TTM:	364%

Compounded Profit Growth
10 Years:	17%
5 Years:	48%
3 Years:	156%
TTM:	-44%

Stock Price CAGR
10 Years:	19%
5 Years:	20%
3 Years:	10%
1 Year:	63%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	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	25	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	146	175	179	300	314	370	381	391	382	409	594	613	622
	6	5	3	3	3	4	4	3	3	4	5	21	17
	56	49	42	54	51	41	40	34	30	22	63	67	69
Total Liabilities	233	254	249	383	393	439	449	453	440	460	687	726	733
	16	15	15	54	60	13	32	29	29	27	216	248	252
CWIP	0	0	0	11	7	19	0	0	0	0	2	10	8
Investments	137	129	125	186	187	291	312	347	343	370	403	377	381
	79	110	108	132	139	116	105	77	68	62	67	91	92
Total Assets	233	254	249	383	393	439	449	453	440	460	687	726	733

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	77	-48	-6	-1	1	0	-13	21	4	-6	-25	-18
	-11	46	7	9	-3	-3	25	-25	-6	2	27	24
	-63	0	-0	-2	-2	1	-0	-1	-0	-1	-1	-1
Net Cash Flow	3	-1	1	6	-4	-3	11	-4	-2	-5	1	6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	-1	3	51	27	30	205	68	30	52	104	21	1,240
Inventory Days	-42			138	118						82	96
Days Payable				110	96						853	1,132
Cash Conversion Cycle	-42	3	51	55	51	205	68	30	52	104	-749	204
Working Capital Days	-2,512	-588	-1,394	7	18	-943	-891	-1,828	-1,730	1,899	-522	370
ROCE %	-11%	-0%	2%	11%	6%	6%	4%	2%	0%	2%	5%	5%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.67%	62.69%	62.69%	59.50%	59.50%	62.69%
	0.49%	0.49%	0.43%	0.15%	0.15%	2.15%	2.15%	2.15%	2.15%	2.15%	2.10%	2.10%
	2.01%	2.01%	2.01%	2.01%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	34.81%	34.81%	34.86%	35.14%	35.14%	35.13%	35.16%	35.15%	35.14%	38.35%	38.41%	35.20%
No. of Shareholders	12,949	13,247	13,352	13,618	13,612	13,496	13,284	13,184	13,117	13,156	13,553	13,915

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%
	0.00%	0.00%	0.49%	0.49%	0.49%	0.15%	2.15%	2.10%
	2.93%	2.93%	2.01%	2.01%	2.01%	2.01%	0.00%	0.00%
	34.38%	34.38%	34.80%	34.81%	34.81%	35.14%	35.15%	35.20%
No. of Shareholders	12,962	12,067	11,951	11,848	13,127	13,618	13,184	13,915

* 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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Modi Rubber Ltd

Modi Rubber Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

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