Valiant Organics Ltd

valiantorganics.com BSE: 540145 NSE : VALIANTORG

About [ edit ]

Valiant Organics is engaged in the business of Manufacturing of chemicals for Agro Intermediate and Pharma.

Key Points [ edit ]

Increase in product basket-^# Starting out as a single product manufacturing company in 1984, today Valiant has established itself as a leading producer of Chlorination, Ammonolysis, Acetylation, Hydrogenation, and Methoxylation based specialty products in India. It manufactures a wide portfolio of products used as intermediates in several end-user industries, and also several value-added products.

Domestic focus - The company derives 85% of its revenue from India and 15% from exports.

Continuous expansion and backward integration - Company has high capital requirements for capacity enhancement, new product launches, and backward integration. Valiant increased Chlorophenol capacity to 18,000 MT per annum by completing the expansion at the Sarigam plant in FY 2020. The company also increased the capacities of hydrogenation products from 18,000 MT to 26,000 MT per annum. It further plans on increasing the Ammonolysis capacity at Tarapur and Vapi plants from ~13,000 MT per annum to 16,000 MT per annum. The company has integrated manufacturing facilities, which helps it manage all its core activities in-house, with no substantial dependence on external manufacturing. ^#

Expansion of Product Portfolio - Valiant is expecting to commence operations of Para Amino Phenol (PAP) in the second half of FY 2020-21, which has been identified to be incentivized under the recently announced PLI Scheme by the Indian government. It also added Ortho Nitro Anisole and Para Nitro Anisole to its portfolio.

Acquisition of Amarjyot Chemical - Valiant Organics made the strategic acquisition of Amarjyot Chemical in March 2019. The acquisition not only expanded its manufacturing capacity but also enlarged its product portfolio with a wide range of value-added products.

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Market Cap ₹ 3,415 Cr.
Current Price ₹ 1,258
High / Low ₹ 1,991 / 442
Stock P/E 27.0
Book Value ₹ 166
Dividend Yield 0.44 %
ROCE 41.6 %
ROE 40.6 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 77.65% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 50.43%
Company's median sales growth is 25.26% of last 10 years

Cons

Stock is trading at 7.59 times its book value
Company might be capitalizing the interest cost
Promoter holding has decreased over last 3 years: -9.19%

Peer comparison

Sector: Chemicals Industry: Chemicals

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2019	Sep 2019	Dec 2019	Jun 2020	Sep 2020	Dec 2020
	163	143	145	112	132	160
	106	98	103	77	91	118
Operating Profit	57	45	41	34	42	42
OPM %	35%	31%	28%	31%	31%	26%
Other Income	0	2	1	4	3	4
Interest	0	0	0	1	1	1
Depreciation	3	3	3	4	5	5
Profit before tax	54	44	38	33	40	41
Tax %	24%	28%	22%	26%	22%	23%
Net Profit	41	31	30	25	31	32
EPS in Rs	16.98	12.85	12.18	10.16	12.64	11.64
	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	20	26	33	34	43	59	52	73	121	606	583
	16	21	26	28	34	48	36	55	94	428	411
Operating Profit	4	5	7	6	8	11	16	18	26	178	173
OPM %	22%	19%	20%	18%	19%	19%	30%	25%	22%	29%	30%
Other Income	0	1	1	1	1	1	1	2	1	6	21
Interest	0	0	0	0	1	1	0	0	0	2	1
Depreciation	1	1	1	1	1	1	1	2	2	12	13
Profit before tax	4	5	6	6	8	11	16	18	25	171	179
Tax %	33%	42%	34%	34%	32%	34%	35%	35%	35%	29%	23%
Net Profit	3	3	4	4	6	7	10	12	16	121	139
EPS in Rs	29.11	29.67	43.56	57.57	79.14	103.86	14.03	15.92	13.97	103.65	57.00
Dividend Payout %	0%	0%	27%	38%	27%	50%	71%	16%	23%	6%	10%

Compounded Sales Growth
10 Years:	40%
5 Years:	58%
3 Years:	100%
TTM:	-4%

Compounded Profit Growth
10 Years:	47%
5 Years:	78%
3 Years:	123%
TTM:	6%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	44%
1 Year:	77%

Return on Equity
10 Years:	47%
5 Years:	49%
3 Years:	50%
Last Year:	41%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	0	0	0	0	0	0	4	6	6	6	14	14
Reserves	13	12	15	15	18	21	19	42	53	245	357	436
Borrowings	0	1	2	2	5	8	1	1	1	53	116	132
	11	8	9	10	14	11	17	23	36	98	125	113
Total Liabilities	25	22	26	28	37	40	41	69	96	402	611	695
	10	10	10	10	11	11	12	26	31	130	255	256
CWIP	0	0	0	0	0	1	0	0	0	66	129	211
Investments	1	0	0	2	2	2	2	7	7	20	16	31
	14	12	16	15	24	26	26	35	58	187	210	196
Total Assets	25	22	26	28	37	40	41	69	96	402	611	695

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	3	8	3	6	18	9	18	77	152
	-1	-3	-2	-1	-1	-1	-6	-88	-180
	-2	-5	-2	-5	-16	-4	-5	2	36
Net Cash Flow	0	-0	-2	-0	0	4	7	-8	8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %		33%	40%	37%	43%	43%	61%	50%	47%	94%	42%
Debtor Days	82	59	69	71	90	74	71	88	112	73	69
Inventory Turnover		6.86	6.77	7.04	5.64	6.82	8.51	6.99	8.55	15.43	8.12

Shareholding Pattern

Numbers in percentages

Mar 2017	Sep 2017	Mar 2018	Sep 2018	Mar 2019	Sep 2019	Mar 2020	Sep 2020	Dec 2020
52.00	52.03	47.61	46.19	45.96	47.77	47.77	42.26	42.84
0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.06	1.85
2.16	2.10	1.17	0.89	0.73	0.32	0.32	3.36	2.80
45.84	45.87	51.21	52.92	53.31	51.91	51.91	52.32	52.51

Valiant Organics Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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