Pioneer Embroideries Ltd

Pioneer Embroideries Ltd

₹ 43.5 1.75%
22 Apr 12:57 p.m.
About

Incorporated in 1991, Pioneer Embroideries Ltd is a manufacturer of Special Polyester Filament Yarn (SPFY), Embroidery & Lace Products[1]

Key Points

Business Overview:[1][2]
PEL manufactures and exports specialized polyester filament yarn, embroidered laces, braided laces, torchon /bobbin laces, raschel laces and embroidered fabrics. It is associated with a retail brand for embroidered clothing brands Hakoba and Slikolite, and has 3 Lac+ designs. Company’s yarns find applications in the non-apparel segment, such as carpets, bath mats, upholstery fabrics, and curtains

  • Market Cap 128 Cr.
  • Current Price 43.5
  • High / Low 67.0 / 33.0
  • Stock P/E 64.8
  • Book Value 50.0
  • Dividend Yield 0.00 %
  • ROCE 2.76 %
  • ROE 0.88 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.86 times its book value

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.75%
  • The company has delivered a poor sales growth of 2.49% over past five years.
  • Promoter holding is low: 29.6%
  • Company has a low return on equity of 9.10% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 60.6% of their holding.

* 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: Textiles Industry: Textiles - Products

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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
69.24 79.42 65.92 76.36 75.53 74.34 85.92 70.34 65.97 74.41 73.72 82.51 85.32
58.49 70.41 59.44 68.71 69.09 70.15 83.60 68.09 63.45 69.75 69.58 77.95 79.34
Operating Profit 10.75 9.01 6.48 7.65 6.44 4.19 2.32 2.25 2.52 4.66 4.14 4.56 5.98
OPM % 15.53% 11.34% 9.83% 10.02% 8.53% 5.64% 2.70% 3.20% 3.82% 6.26% 5.62% 5.53% 7.01%
0.29 1.35 0.39 0.17 0.47 0.71 0.71 10.66 0.53 0.35 0.34 0.77 0.57
Interest 1.08 0.97 0.67 0.65 0.75 1.13 0.85 1.09 0.71 0.99 0.97 2.16 3.20
Depreciation 2.01 2.06 2.04 2.03 2.07 1.94 2.10 2.12 2.10 2.14 2.17 3.10 3.31
Profit before tax 7.95 7.33 4.16 5.14 4.09 1.83 0.08 9.70 0.24 1.88 1.34 0.07 0.04
Tax % 0.00% -39.02% 26.92% 27.43% 26.16% 32.24% 25.00% 26.49% 29.17% 51.06% 23.88% 71.43% 50.00%
7.95 10.18 3.04 3.73 3.01 1.24 0.06 7.13 0.17 0.92 1.02 0.02 0.02
EPS in Rs 3.05 3.98 1.14 1.40 1.13 0.47 0.02 2.68 0.07 0.42 0.39 0.05 0.01
Raw PDF

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
213 241 273 272 255 236 262 274 238 226 292 297 316
219 229 254 252 234 220 253 255 219 199 267 285 297
Operating Profit -6 12 19 20 21 16 10 19 19 27 25 12 19
OPM % -3% 5% 7% 7% 8% 7% 4% 7% 8% 12% 8% 4% 6%
29 6 1 17 20 -16 2 1 4 2 2 12 2
Interest 22 22 17 12 9 11 9 8 6 4 3 4 7
Depreciation 13 13 11 19 15 8 9 9 9 8 8 8 11
Profit before tax -11 -17 -8 6 17 -19 -6 4 8 16 15 12 3
Tax % 4% -110% 0% 0% 0% 0% -0% 0% 0% -18% 28% 31%
-10 -35 -9 11 17 -19 -6 4 8 19 11 8 2
EPS in Rs -7.15 -19.12 -4.98 6.21 9.31 -8.96 -2.46 1.59 3.29 7.24 4.15 3.20 0.87
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 3% 7% 0%
Compounded Sales Growth
10 Years: 2%
5 Years: 2%
3 Years: 8%
TTM: 7%
Compounded Profit Growth
10 Years: 7%
5 Years: 17%
3 Years: -43%
TTM: 5%
Stock Price CAGR
10 Years: 19%
5 Years: 14%
3 Years: -2%
1 Year: 27%
Return on Equity
10 Years: 11%
5 Years: 8%
3 Years: 9%
Last Year: 1%

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 13 18 18 18 19 22 24 25 25 27 27 27 27
Reserves 26 -9 28 61 45 53 47 53 61 83 94 102 108
Preference Capital 28 27 27 23 17 0 3 0 0 0 0 0
244 247 185 120 92 70 66 57 37 32 32 97 114
62 64 66 67 57 59 63 60 50 46 47 68 90
Total Liabilities 345 319 296 265 213 203 200 196 173 188 199 293 339
124 116 110 94 98 107 96 93 85 80 78 75 166
CWIP 5 6 3 5 3 0 3 2 0 0 8 72 22
Investments 4 8 3 8 7 0 0 0 0 0 1 12 12
212 189 181 159 105 95 101 100 87 108 112 135 139
Total Assets 345 319 296 265 213 203 200 196 173 188 199 293 339

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
35 48 62 29 22 36 17 19 26 18 13 10
-7 -11 -5 6 -10 -24 -7 -4 3 -8 -10 -65
-29 -35 -56 -35 -14 -12 -10 -16 -28 -5 -8 60
Net Cash Flow -1 2 0 0 -2 -0 0 -1 1 5 -5 5

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 74 62 55 30 39 38 39 40 29 37 31 33
Inventory Days 94 79 61 78 73 120 84 79 103 138 106 108
Days Payable 59 52 40 44 60 81 72 72 64 70 45 55
Cash Conversion Cycle 110 90 77 64 52 77 50 47 68 105 91 86
Working Capital Days 157 96 43 59 31 30 57 57 48 80 80 76
ROCE % 2% 2% 6% 14% 16% 11% 2% 9% 9% 15% 12% 3%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
32.86% 32.86% 32.86% 32.86% 32.86% 32.86% 32.86% 32.86% 32.39% 32.39% 32.39% 29.64%
0.00% 0.37% 0.53% 0.35% 0.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.48%
15.31% 9.41% 9.40% 9.41% 9.40% 9.40% 9.40% 9.40% 9.27% 9.27% 9.27% 8.48%
51.83% 57.36% 57.21% 57.38% 57.63% 57.71% 57.71% 57.72% 58.32% 58.32% 58.35% 53.39%
No. of Shareholders 24,25924,96024,77125,80225,60825,66125,22924,90924,61624,14623,68524,010

* 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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