Steel Exchange India Ltd

Steel Exchange India Ltd

₹ 13.8 -1.43%
28 Mar - close price
About

Incorporated in 1999, Steel Exchange India Ltd. is engaged in manufacturing and sale of steel and related products and generation of power. [1]

Key Points

History
Steel Exchange India Ltd was incorporated in 1999 as Pyxis Technology Solutions Ltd. In December 1999 the Steel Exchange India Ltd was incorporated as a 100 percent subsidiary of Pyxis Technologies. The promoters ventured into steel manufacturing by acquiring Simhadri Steels in 2004. Under a Scheme of Amalgamation approved by the Members of the Companies, SEIL(subsidiary) and Simhadri Steels were merged with Pyxis Technologies under the name of Steel Exchange India Ltd. Simhadri Power Ltd was later merged to Steel Exchange India Ltd In the Year 2014. [1]

  • Market Cap 1,638 Cr.
  • Current Price 13.8
  • High / Low 18.4 / 7.80
  • Stock P/E
  • Book Value 5.06
  • Dividend Yield 0.00 %
  • ROCE 8.56 %
  • ROE -11.9 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company's working capital requirements have reduced from 31.7 days to 17.5 days

Cons

  • Stock is trading at 2.73 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 10.6% over last 3 years.
  • Promoters have pledged 65.4% of their holding.
  • Company's cost of borrowing seems high

* 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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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
269.38 326.96 262.62 206.92 263.04 366.87 364.85 314.53 304.12 398.22 251.25 269.45 256.32
218.88 283.14 232.28 212.53 210.32 338.25 330.97 287.43 303.58 363.10 230.91 250.41 232.95
Operating Profit 50.50 43.82 30.34 -5.61 52.72 28.62 33.88 27.10 0.54 35.12 20.34 19.04 23.37
OPM % 18.75% 13.40% 11.55% -2.71% 20.04% 7.80% 9.29% 8.62% 0.18% 8.82% 8.10% 7.07% 9.12%
54.82 13.06 0.51 13.05 0.18 6.54 0.53 0.55 3.11 0.85 0.91 0.80 1.29
Interest 6.94 18.93 17.03 17.38 35.07 18.64 19.88 20.51 23.27 41.97 20.79 18.35 19.27
Depreciation 6.04 6.18 5.84 5.91 5.96 6.04 6.40 6.09 5.80 6.08 5.89 5.13 5.18
Profit before tax 92.34 31.77 7.98 -15.85 11.87 10.48 8.13 1.05 -25.42 -12.08 -5.43 -3.64 0.21
Tax % 0.00% 8.34% 0.00% 0.00% 0.00% -973.28% 0.00% 0.00% 0.00% -252.73% 0.00% 0.00% 0.00%
92.34 29.12 7.98 -15.85 11.87 112.48 8.13 1.05 -25.42 -42.61 -5.43 -3.65 0.21
EPS in Rs 1.22 0.36 0.09 -0.18 0.13 1.28 0.09 0.01 -0.29 -0.41 -0.05 -0.03 0.00
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,687 979 1,252 1,562 1,658 1,271 922 1,024 781 898 1,099 1,375 1,175
1,539 883 1,124 1,387 1,506 1,197 933 1,000 710 764 993 1,279 1,077
Operating Profit 148 96 127 175 152 74 -11 24 71 134 106 97 98
OPM % 9% 10% 10% 11% 9% 6% -1% 2% 9% 15% 10% 7% 8%
14 20 7 12 11 -46 -39 -1 -1 77 20 5 4
Interest 108 63 80 128 123 157 136 10 3 26 88 106 100
Depreciation 17 12 15 25 27 30 29 30 27 43 24 24 22
Profit before tax 38 40 39 35 14 -159 -215 -17 39 143 14 -28 -21
Tax % 29% -32% 8% 18% 46% 1% 21% -114% -64% 2% -704% -108%
27 53 36 28 7 -157 -170 -37 64 140 116 -59 -51
EPS in Rs 0.52 1.03 0.69 0.55 0.14 -2.07 -2.24 -0.48 0.85 1.74 1.32 -0.57 -0.49
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 3%
5 Years: 8%
3 Years: 21%
TTM: -13%
Compounded Profit Growth
10 Years: %
5 Years: 9%
3 Years: %
TTM: -153%
Stock Price CAGR
10 Years: 10%
5 Years: 53%
3 Years: 35%
1 Year: 6%
Return on Equity
10 Years: 0%
5 Years: 12%
3 Years: 11%
Last Year: -12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Jun 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 52 52 52 52 76 76 76 76 76 80 88 104 119
Reserves 177 230 266 323 288 222 52 15 80 222 392 403 482
Preference Capital 0 0 0 0 19 0 0 0 0 0 0 0
424 421 399 713 673 982 1,069 1,021 1,014 438 458 359 285
524 514 624 774 830 436 337 315 217 249 178 266 297
Total Liabilities 1,177 1,217 1,342 1,863 1,868 1,716 1,533 1,428 1,387 989 1,117 1,132 1,182
328 325 350 614 591 695 717 691 666 612 596 579 569
CWIP 2 4 9 46 53 54 5 4 4 6 7 13 14
Investments 35 35 35 0 0 0 0 0 0 0 0 0 0
812 854 948 1,202 1,223 966 811 732 717 371 514 540 599
Total Assets 1,177 1,217 1,342 1,863 1,868 1,716 1,533 1,428 1,387 989 1,117 1,132 1,182

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
201 77 147 91 166 -149 50 60 37 79 5 138
-186 -10 -46 -34 -9 -6 -2 -3 -2 13 9 -14
-18 -66 -102 -49 -163 151 -49 -58 -10 -116 -1 -120
Net Cash Flow -4 1 -1 8 -5 -4 -0 -1 25 -23 13 4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Jun 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 57 97 62 72 59 62 39 14 18 22 31 30
Inventory Days 99 196 218 195 190 215 268 257 344 100 98 88
Days Payable 121 196 185 169 153 36 45 59 65 49 33 45
Cash Conversion Cycle 34 97 95 99 96 241 262 212 297 74 95 73
Working Capital Days 40 94 74 88 70 143 135 107 155 40 38 18
ROCE % 25% 17% 18% 13% 4% -3% -0% 5% 11% 11% 9%

Shareholding Pattern

Numbers in percentages

22 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
44.98% 49.78% 49.78% 49.78% 49.78% 49.78% 49.79% 49.79% 50.94% 55.92% 55.92% 55.92%
4.47% 4.27% 4.50% 5.14% 6.65% 6.40% 6.35% 5.91% 4.52% 4.30% 4.01% 3.87%
5.03% 4.59% 4.36% 4.35% 4.51% 4.35% 0.89% 0.89% 0.75% 0.66% 0.66% 0.66%
0.38% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.30% 0.26% 0.26% 0.26%
45.14% 41.01% 41.01% 40.37% 38.71% 39.12% 42.61% 43.06% 43.48% 38.86% 39.13% 39.29%
No. of Shareholders 48,40448,11348,01149,31147,13650,40667,10373,43973,14879,46198,4701,40,783

* 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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