Welspun Specialty Solutions Ltd

₹ 37.3 -0.43%

19 Apr - close price

About

Welspun Specialty Solutions is engaged in the business of manufacturing alloy, stainless steel & its products such as Seamless Tubes & Rolled Products and hence the entire turnover is from alloy and SS steel & its products.

Key Points

Change in product mix
Prior to FY21, Co. was into the carbon steel and alloy business, such as manufacturing alloy-based ingots, blooms, Rolled Bar, Bright Bar and other such products.. Post FY21, Co. has moved to a stainless steel product mix. In December 2021, Co. started manufacturing SS long products and SS seamless pipes and tubes. ^[1] ^[2]
Co. restarted its Steel Melting (SMS plant) operations during Q3FY22. ^[3]

Website BSE

Market Cap ₹ 1,978 Cr.
Current Price ₹ 37.3
High / Low ₹ 46.0 / 19.0
Stock P/E 64.8
Book Value ₹ 0.92
Dividend Yield 0.00 %
ROCE 6.04 %
ROE -37.8 %
Face Value ₹ 6.00

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Pros

Company is expected to give good quarter
Company's working capital requirements have reduced from 125 days to 46.4 days

Cons

Stock is trading at 40.6 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.7% over past five years.

* 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: Steel Industry: Steel - Medium / Small

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	17.83	27.99	18.43	20.71	39.71	84.44	81.76	87.09	111.18	137.80	162.83	207.82	174.75
	25.53	32.49	24.71	25.06	42.57	89.35	84.61	93.47	103.31	119.72	142.99	195.82	162.83
Operating Profit	-7.70	-4.50	-6.28	-4.35	-2.86	-4.91	-2.85	-6.38	7.87	18.08	19.84	12.00	11.92
OPM %	-43.19%	-16.08%	-34.07%	-21.00%	-7.20%	-5.81%	-3.49%	-7.33%	7.08%	13.12%	12.18%	5.77%	6.82%
	-3.43	141.72	0.02	0.20	1.25	17.65	3.63	6.65	1.50	2.99	3.46	5.71	7.19
Interest	2.49	2.39	3.25	3.22	3.82	7.17	5.09	7.25	8.72	9.25	8.36	8.62	9.10
Depreciation	3.42	3.43	3.60	3.64	3.65	3.60	3.65	3.73	3.77	3.76	3.80	3.89	3.91
Profit before tax	-17.04	131.40	-13.11	-11.01	-9.08	1.97	-7.96	-10.71	-3.12	8.06	11.14	5.20	6.10
Tax %	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-17.04	131.31	-13.11	-11.01	-9.08	1.97	-7.96	-10.71	-3.12	8.06	11.14	5.20	6.10
EPS in Rs	-0.32	2.48	-0.25	-0.21	-0.17	0.04	-0.15	-0.20	-0.06	0.15	0.21	0.10	0.12
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Profit & Loss

Figures in Rs. Crores

	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
	580	349	414	332	267	262	240	441	295	93	163	418	683
	574	374	413	341	280	277	251	477	366	113	182	401	621
Operating Profit	5	-25	1	-9	-13	-15	-11	-36	-71	-20	-18	17	62
OPM %	1%	-7%	0%	-3%	-5%	-6%	-4%	-8%	-24%	-21%	-11%	4%	9%
	2	3	37	34	5	9	10	32	15	138	19	15	19
Interest	42	48	50	50	46	45	47	9	15	11	19	30	35
Depreciation	22	22	22	12	7	7	7	7	10	14	14	15	15
Profit before tax	-57	-93	-34	-37	-60	-58	-55	-20	-81	93	-32	-14	30
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-57	-93	-34	-37	-60	-58	-55	-20	-81	93	-32	-14	30
EPS in Rs	-5.26	-8.60	-3.15	-3.38	-5.54	-5.39	-5.03	-0.58	-1.66	1.76	-0.61	-0.26	0.58
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	2%
5 Years:	12%
3 Years:	12%
TTM:	87%

Compounded Profit Growth
10 Years:	6%
5 Years:	12%
3 Years:	23%
TTM:	254%

Stock Price CAGR
10 Years:	29%
5 Years:	17%
3 Years:	39%
1 Year:	86%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	-38%

Balance Sheet

Figures in Rs. Crores

	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	65	65	65	65	65	65	65	208	293	318	318	318	318
Reserves	-198	-176	-192	-264	-304	-510	-391	-441	-414	-279	-274	-289	-269
Preference Capital	0	40	45	51	59	0	236	230	152	51	15	17
	398	323	302	365	359	607	564	179	222	121	226	217	227
	194	151	197	127	127	50	343	466	227	140	103	231	269
Total Liabilities	459	363	371	293	246	212	582	412	329	300	372	477	545
	207	185	164	123	118	110	105	100	219	224	212	207	202
CWIP	2	1	5	1	0	0	7	85	12	5	6	1	4
Investments	0	0	0	0	0	0	67	0	0	0	0	0	0
	250	177	202	169	129	101	402	227	99	71	154	268	338
Total Assets	459	363	371	293	246	212	582	412	329	300	372	477	545

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	37	-33	15	-15	25	18	-5	-2	-27	43	-84	50
	-2	-0	-5	-2	-1	4	-74	-18	-48	-9	-4	-5
	-36	35	-10	14	-25	-24	320	-222	74	-34	93	-50
Net Cash Flow	-1	2	1	-3	-1	-2	241	-243	0	0	5	-5

Ratios

Figures in Rs. Crores

	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	71	77	98	73	89	58	122	59	13	40	34	36
Inventory Days	104	124	81	74	106	121	179	159	112	337	431	289
Days Payable	174	135	145	101	130	93	202	169	65	116	255	291
Cash Conversion Cycle	1	65	34	46	65	86	99	50	60	261	211	34
Working Capital Days	-22	15	22	82	63	40	18	-3	-24	169	158	46
ROCE %	-5%	-17%	-8%	-8%	-9%	-9%	-4%	-12%	-36%	-14%	-6%	6%

Shareholding Pattern

Numbers in percentages

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	53.62%	53.55%	53.55%	53.55%	53.55%	53.55%	53.55%	53.55%	55.17%	55.17%	55.17%	55.17%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.02%	0.00%	0.00%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	46.38%	46.43%	46.44%	46.44%	46.44%	46.44%	46.43%	46.43%	44.82%	44.80%	44.82%	44.82%
No. of Shareholders	78,896	81,082	84,700	84,608	87,121	87,000	86,320	85,831	85,069	85,109	87,835	87,778

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Dec 2023
	86.80%	86.80%	55.85%	49.81%	53.62%	53.55%	55.17%	55.17%
	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.02%	0.00%
	0.04%	0.04%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%
	13.17%	13.17%	44.14%	50.18%	46.38%	46.44%	44.82%	44.82%
No. of Shareholders	82,023	80,190	79,963	79,314	78,896	87,121	85,069	87,778

* 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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Welspun Specialty Solutions Ltd

Welspun Specialty Solutions Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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