Tainwala Chemicals & Plastics (India) Ltd

₹ 225 -4.09%

16 Sep 4:01 p.m.

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.

Website BSE NSE - BE

Market Cap ₹ 211 Cr.
Current Price ₹ 225
High / Low ₹ 242 / 115
Stock P/E 39.5
Book Value ₹ 126
Dividend Yield 0.00 %
ROCE 4.24 %
ROE 3.71 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has delivered good profit growth of 20.6% CAGR over last 5 years
Company's working capital requirements have reduced from 108 days to 41.7 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company has a low return on equity of 0.92% over last 3 years.
Earnings include an other income of Rs.6.44 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	1.31	1.78	3.63	1.00	1.77	1.18	1.74	8.14	6.48	6.36	4.40	0.79	1.55
	2.39	1.84	4.12	3.07	2.08	2.19	1.68	12.31	6.64	6.28	4.43	0.91	1.27
Operating Profit	-1.08	-0.06	-0.49	-2.07	-0.31	-1.01	0.06	-4.17	-0.16	0.08	-0.03	-0.12	0.28
OPM %	-82.44%	-3.37%	-13.50%	-207.00%	-17.51%	-85.59%	3.45%	-51.23%	-2.47%	1.26%	-0.68%	-15.19%	18.06%
	0.67	0.33	2.86	0.95	0.55	3.83	3.57	1.82	0.55	5.38	0.51	-0.24	0.79
Interest	0.01	0.00	0.33	0.01	0.00	0.00	0.00	0.01	0.01	0.00	0.00	0.00	0.00
Depreciation	0.12	0.13	0.12	0.01	0.09	0.12	0.12	0.12	0.12	0.12	0.11	0.07	0.10
Profit before tax	-0.54	0.14	1.92	-1.14	0.15	2.70	3.51	-2.48	0.26	5.34	0.37	-0.43	0.97
Tax %	0.00%	0.00%	7.81%	-13.16%	13.33%	10.00%	0.00%	13.71%	0.00%	11.61%	27.03%	2.33%	18.56%
	-0.55	0.14	1.77	-0.99	0.14	2.44	3.51	-2.82	0.26	4.72	0.27	-0.44	0.79
EPS in Rs	-0.59	0.15	1.89	-1.06	0.15	2.61	3.75	-3.01	0.28	5.04	0.29	-0.47	0.84
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	9.63	8.27	9.73	9.44	5.73	11.48	11.53	10.58	6.47	7.72	12.83	18.03	13.10
	10.40	8.91	10.73	11.85	8.11	14.37	14.93	12.56	8.90	11.43	18.26	18.26	12.89
Operating Profit	-0.77	-0.64	-1.00	-2.41	-2.38	-2.89	-3.40	-1.98	-2.43	-3.71	-5.43	-0.23	0.21
OPM %	-8.00%	-7.74%	-10.28%	-25.53%	-41.54%	-25.17%	-29.49%	-18.71%	-37.56%	-48.06%	-42.32%	-1.28%	1.60%
	2.14	1.73	3.88	6.89	9.74	9.69	5.64	6.86	2.62	4.81	9.77	6.20	6.44
Interest	0.02	0.02	0.02	0.10	0.08	0.04	0.04	0.03	0.04	0.35	0.01	0.01	0.00
Depreciation	0.76	0.71	0.76	0.52	0.54	0.39	0.41	0.50	0.48	0.38	0.44	0.42	0.40
Profit before tax	0.59	0.36	2.10	3.86	6.74	6.37	1.79	4.35	-0.33	0.37	3.89	5.54	6.25
Tax %	0.00%	16.67%	3.33%	0.26%	0.00%	0.00%	-15.08%	0.46%	0.00%	0.00%	15.68%	13.00%
	0.59	0.30	2.03	3.86	6.74	6.37	2.05	4.34	-0.32	0.37	3.28	4.81	5.34
EPS in Rs	0.63	0.32	2.17	4.12	7.20	6.80	2.19	4.63	-0.34	0.40	3.50	5.14	5.70
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:	8%
5 Years:	9%
3 Years:	41%
TTM:	-25%

Compounded Profit Growth
10 Years:	50%
5 Years:	21%
3 Years:	75%
TTM:	58%

Stock Price CAGR
10 Years:	27%
5 Years:	36%
3 Years:	43%
1 Year:	79%

Return on Equity
10 Years:	3%
5 Years:	1%
3 Years:	1%
Last Year:	4%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
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
Reserves	29.41	29.71	31.21	35.07	57.96	66.09	67.61	76.42	88.59	80.88	89.36	108.18
	0.00	0.00	0.00	0.80	0.36	0.18	0.00	0.04	0.00	0.00	0.00	0.00
	1.06	1.26	1.55	1.35	1.71	1.66	2.45	2.95	2.36	1.31	0.72	5.66
Total Liabilities	39.83	40.33	42.12	46.58	69.39	77.29	79.42	88.77	100.31	91.55	99.44	123.20
	4.65	3.99	2.71	3.30	3.24	2.94	3.11	2.70	2.72	2.94	3.58	3.16
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
Investments	16.48	19.52	20.73	25.08	46.69	52.61	53.55	62.82	80.70	74.38	88.76	117.18
	18.70	16.82	18.68	18.20	19.46	21.74	22.76	23.25	16.89	14.23	7.10	2.86
Total Assets	39.83	40.33	42.12	46.58	69.39	77.29	79.42	88.77	100.31	91.55	99.44	123.20

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2.04	0.03	-1.57	-5.61	-0.37	-3.44	-2.40	-7.43	3.66	-2.09	-5.54	0.84
	3.04	-4.05	1.22	4.18	1.08	4.82	3.77	4.77	-3.01	2.32	5.45	-0.94
	-0.02	-0.01	-0.01	0.70	-0.51	-0.23	-0.04	-0.08	-0.04	-0.35	-0.01	-0.01
Net Cash Flow	5.06	-4.03	-0.37	-0.73	0.20	1.16	1.33	-2.74	0.61	-0.12	-0.10	-0.11

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	27.29	24.72	88.91	103.24	70.07	52.14	20.58	85.90	135.39	24.59	18.21	8.30
Inventory Days	197.67	261.55	139.70	168.06	394.27	167.16	208.52	179.74	280.66	239.23	73.92	33.16
Days Payable	9.61	11.71	27.28	19.41	72.35	32.09	55.65	83.09	97.47	18.80	4.60	2.30
Cash Conversion Cycle	215.35	274.56	201.32	251.89	391.99	187.21	173.44	182.56	318.59	245.01	87.53	39.16
Working Capital Days	171.32	185.37	174.81	281.48	348.44	211.43	218.11	178.36	306.89	189.12	93.31	41.70
ROCE %	0.86%	0.39%	3.94%	8.28%	11.16%	8.49%	1.77%	5.25%	-1.26%	-3.17%	2.74%	4.24%

Shareholding Pattern

Numbers in percentages

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	67.03%	67.05%	67.06%	67.06%	67.04%	67.04%	67.04%	67.04%	67.04%	67.44%	67.44%	67.44%
	0.00%	0.04%	0.04%	0.28%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	0.26%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%
	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	32.71%	32.69%	32.65%	32.44%	32.69%	32.67%	32.69%	32.68%	32.69%	32.28%	32.28%	32.29%
No. of Shareholders	8,051	7,714	7,930	7,987	8,371	7,864	7,953	7,656	7,615	8,005	7,817	7,362

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Jun 2024
	67.20%	66.87%	66.95%	67.05%	67.11%	67.06%	67.04%	67.44%	67.44%
	0.00%	0.00%	0.00%	0.04%	0.00%	0.04%	0.04%	0.04%	0.04%
	0.26%	0.26%	0.26%	0.22%	0.26%	0.22%	0.22%	0.22%	0.22%
	0.55%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%
	31.99%	32.87%	32.79%	32.69%	32.63%	32.65%	32.69%	32.28%	32.29%
No. of Shareholders	6,400	6,617	6,409	6,392	7,414	7,930	7,953	7,817	7,362

* 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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Tainwala Chemicals & Plastics (India) Ltd

Tainwala Chemicals & Plastics (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports