Tainwala Chemicals & Plastics (India) Ltd

Tainwala Chemicals & Plastics (India) Ltd

₹ 132 0.11%
19 Apr - close price
About

Incorporated in 1985, Tainwala Chemicals
& Plastics Ltd does manufacturing of plastic sheets and trading of commodity and share[1]

Key Points

Business Overview:[1][2]
TCPL is a flagship company of Tainwala Group. It does manufacturing of extruded plastic sheets of various polymers like PVC, PP, PPGL, HDPE, ABS etc. from 0.5 mm to 30 mm thickness. Company had technical collaboration with Cincinnati Milacron in Austria for manufacturing PVC Sheets, and Amut Spa in Italy for expansion of its plastic sheet extrusion business. These sheets are very good substitutes for conventional materials like wood, metal etc. due to its advantages of being tough, light and anti-corrosive.

  • Market Cap 124 Cr.
  • Current Price 132
  • High / Low 167 / 104
  • Stock P/E 51.0
  • Book Value 118
  • Dividend Yield 0.00 %
  • ROCE 2.74 %
  • ROE 2.17 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 1.12 times its book value
  • Debtor days have improved from 59.4 to 18.2 days.
  • Company's working capital requirements have reduced from 196 days to 93.3 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 2.25% over past five years.
  • Company has a low return on equity of -0.88% over last 3 years.
  • Earnings include an other income of Rs.8.26 Cr.

* 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: Plastic products Industry: Plastics Products

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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
1.16 3.04 1.31 1.78 3.63 1.00 1.77 1.18 1.74 8.14 6.48 6.36 4.40
1.91 3.27 2.39 1.84 4.12 3.07 2.08 2.19 1.68 12.31 6.64 6.28 4.43
Operating Profit -0.75 -0.23 -1.08 -0.06 -0.49 -2.07 -0.31 -1.01 0.06 -4.17 -0.16 0.08 -0.03
OPM % -64.66% -7.57% -82.44% -3.37% -13.50% -207.00% -17.51% -85.59% 3.45% -51.23% -2.47% 1.26% -0.68%
1.76 0.74 0.67 0.33 2.86 0.95 0.55 3.83 3.57 1.82 0.55 5.38 0.51
Interest 0.02 0.00 0.01 0.00 0.33 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.00
Depreciation 0.12 0.11 0.12 0.13 0.12 0.01 0.09 0.12 0.12 0.12 0.12 0.12 0.11
Profit before tax 0.87 0.40 -0.54 0.14 1.92 -1.14 0.15 2.70 3.51 -2.48 0.26 5.34 0.37
Tax % 0.00% 0.00% 0.00% 0.00% 7.81% 13.16% 13.33% 10.00% 0.00% -13.71% 0.00% 11.61% 27.03%
0.87 0.40 -0.55 0.14 1.77 -0.99 0.14 2.44 3.51 -2.82 0.26 4.72 0.27
EPS in Rs 0.93 0.43 -0.59 0.15 1.89 -1.06 0.15 2.61 3.75 -3.01 0.28 5.04 0.29
Raw PDF

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
10.46 9.63 8.27 9.73 9.44 5.73 11.48 11.53 10.58 6.47 7.72 12.83 25.38
11.82 10.40 8.91 10.73 11.85 8.11 14.37 14.93 12.56 8.90 11.43 18.26 29.66
Operating Profit -1.36 -0.77 -0.64 -1.00 -2.41 -2.38 -2.89 -3.40 -1.98 -2.43 -3.71 -5.43 -4.28
OPM % -13.00% -8.00% -7.74% -10.28% -25.53% -41.54% -25.17% -29.49% -18.71% -37.56% -48.06% -42.32% -16.86%
2.34 2.14 1.73 3.88 6.89 9.74 9.69 5.64 6.86 2.62 4.81 9.77 8.26
Interest 0.03 0.02 0.02 0.02 0.10 0.08 0.04 0.04 0.03 0.04 0.35 0.01 0.02
Depreciation 0.69 0.76 0.71 0.76 0.52 0.54 0.39 0.41 0.50 0.48 0.38 0.44 0.47
Profit before tax 0.26 0.59 0.36 2.10 3.86 6.74 6.37 1.79 4.35 -0.33 0.37 3.89 3.49
Tax % 0.00% 0.00% 16.67% 3.33% 0.26% 0.00% 0.00% -15.08% 0.46% 0.00% 0.00% 15.68%
0.26 0.59 0.30 2.03 3.86 6.74 6.37 2.05 4.34 -0.32 0.37 3.28 2.43
EPS in Rs 0.28 0.63 0.32 2.17 4.12 7.20 6.80 2.19 4.63 -0.34 0.40 3.50 2.60
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 3%
5 Years: 2%
3 Years: 7%
TTM: 346%
Compounded Profit Growth
10 Years: 21%
5 Years: -19%
3 Years: -21%
TTM: -52%
Stock Price CAGR
10 Years: 21%
5 Years: 18%
3 Years: 32%
1 Year: 20%
Return on Equity
10 Years: 3%
5 Years: 1%
3 Years: -1%
Last Year: 2%

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 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36 9.36
Reserves 28.81 29.41 29.71 31.21 35.07 57.96 66.09 67.61 76.42 88.59 80.88 89.36 100.93
0.00 0.00 0.00 0.00 0.80 0.36 0.18 0.00 0.04 0.00 0.00 0.00 0.00
1.43 1.06 1.26 1.55 1.35 1.71 1.66 2.45 2.95 2.36 1.31 0.72 5.23
Total Liabilities 39.60 39.83 40.33 42.12 46.58 69.39 77.29 79.42 88.77 100.31 91.55 99.44 115.52
5.27 4.65 3.99 2.71 3.30 3.24 2.94 3.11 2.70 2.72 2.94 3.58 3.34
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 18.59 16.48 19.52 20.73 25.08 46.69 52.61 53.55 62.82 80.70 74.38 88.76 102.31
15.74 18.70 16.82 18.68 18.20 19.46 21.74 22.76 23.25 16.89 14.23 7.10 9.87
Total Assets 39.60 39.83 40.33 42.12 46.58 69.39 77.29 79.42 88.77 100.31 91.55 99.44 115.52

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
0.22 2.04 0.03 -1.57 -5.61 -0.37 -3.44 -2.40 -7.43 3.66 -2.09 -5.54
-1.93 3.04 -4.05 1.22 4.18 1.08 4.82 3.77 4.77 -3.01 2.32 5.45
-0.02 -0.02 -0.01 -0.01 0.70 -0.51 -0.23 -0.04 -0.08 -0.04 -0.35 -0.01
Net Cash Flow -1.73 5.06 -4.03 -0.37 -0.73 0.20 1.16 1.33 -2.74 0.61 -0.12 -0.10

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 52.34 27.29 24.72 88.91 103.24 70.07 52.14 20.58 85.90 135.39 24.59 18.21
Inventory Days 215.64 197.67 261.55 139.70 168.06 394.27 167.16 208.52 179.74 280.66 239.23 73.92
Days Payable 21.95 9.61 11.71 27.28 19.41 72.35 32.09 55.65 83.09 97.47 18.80 4.60
Cash Conversion Cycle 246.03 215.35 274.56 201.32 251.89 391.99 187.21 173.44 182.56 318.59 245.01 87.53
Working Capital Days 303.24 171.32 185.37 174.81 281.48 348.44 211.43 218.11 178.36 306.89 189.12 93.31
ROCE % 0.73% 0.86% 0.39% 3.94% 8.28% 11.16% 8.49% 1.77% 5.25% -1.26% -3.17% 2.74%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
67.04% 67.03% 67.05% 67.06% 67.06% 67.04% 67.04% 67.04% 67.04% 67.04% 67.44% 67.44%
0.00% 0.00% 0.04% 0.04% 0.28% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
0.26% 0.26% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22%
0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
32.70% 32.71% 32.69% 32.65% 32.44% 32.69% 32.67% 32.69% 32.68% 32.69% 32.28% 32.28%
No. of Shareholders 7,7328,0517,7147,9307,9878,3717,8647,9537,6567,6158,0057,817

* 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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