Vinyl Chemicals (I) Ltd

Vinyl Chemicals (I) Ltd

₹ 422 -1.30%
24 Jun - close price
About

Incorporated in 1986, Vinyl Chemicals
(India) Ltd is in the business of dealing
in chemicals, mainly Vinyl Acetate Monomer (VAM)[1]

Key Points

Business Overview:[1][2]
VCIL is a Parekh Group Company, promoted by Pidilite Industries Ltd (40.6% as of 31 March 2024). It was involved in manufacturing VAM at its
plant located in Mahad in Raigad District, Maharashtra, but the said manufacturing unit was demerged into PIL. Post-de-merger, company's main focus remains in trading Vinyl Acetate Monomer (VAM), which is now imported /sourced from various Global suppliers and distributed /traded in India.
VCIL is the leading importer of VAM, with one-third of India’s VAM imports. Being a key input for PIL’s end-product (adhesives), almost 95% of PIL’s VAM requirement is being sourced from VCIL

  • Market Cap 773 Cr.
  • Current Price 422
  • High / Low 532 / 309
  • Stock P/E 35.4
  • Book Value 63.7
  • Dividend Yield 1.60 %
  • ROCE 25.7 %
  • ROE 19.0 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 19.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.7%
  • Company has been maintaining a healthy dividend payout of 53.5%

Cons

  • The company has delivered a poor sales growth of 4.34% over past five years.
  • Debtor days have increased from 27.0 to 65.0 days.
  • Working capital days have increased from 33.3 days to 67.1 days

* 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: Trading Industry: Trading

Loading peers table ...

Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
165.96 149.32 262.17 333.08 120.50 310.75 324.17 270.66 106.93 115.31 154.40 159.03 168.27
161.69 143.54 257.67 319.10 104.62 301.06 311.30 260.62 97.41 111.87 149.87 150.28 159.63
Operating Profit 4.27 5.78 4.50 13.98 15.88 9.69 12.87 10.04 9.52 3.44 4.53 8.75 8.64
OPM % 2.57% 3.87% 1.72% 4.20% 13.18% 3.12% 3.97% 3.71% 8.90% 2.98% 2.93% 5.50% 5.13%
0.92 2.67 0.20 0.29 3.55 5.00 0.70 0.16 0.99 1.26 0.82 0.64 1.73
Interest 0.02 0.02 0.06 0.05 0.03 0.09 0.15 0.17 0.94 0.01 0.02 0.01 0.01
Depreciation 0.00 0.00 0.00 0.00 0.00 0.02 0.03 0.02 0.03 0.03 0.02 0.02 0.03
Profit before tax 5.17 8.43 4.64 14.22 19.40 14.58 13.39 10.01 9.54 4.66 5.31 9.36 10.33
Tax % 25.15% 25.50% 25.43% 25.32% 25.21% 25.10% 24.94% 26.37% 23.48% 24.89% 26.93% 25.96% 27.11%
3.87 6.28 3.46 10.62 14.51 10.92 10.05 7.37 7.30 3.50 3.88 6.93 7.53
EPS in Rs 2.11 3.42 1.89 5.79 7.91 5.96 5.48 4.02 3.98 1.91 2.12 3.78 4.11
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
244 293 442 335 293 375 483 372 404 865 1,013 597
235 282 424 326 283 361 469 366 389 821 966 572
Operating Profit 8 10 18 9 9 14 14 6 15 44 47 25
OPM % 3% 4% 4% 3% 3% 4% 3% 2% 4% 5% 5% 4%
1 1 1 3 4 4 1 4 0 2 2 4
Interest 0 0 0 0 0 0 0 0 0 0 1 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 9 11 19 12 13 18 14 10 15 47 48 30
Tax % 33% 34% 34% 35% 35% 36% 37% 25% 26% 25% 25% 26%
6 7 12 8 9 12 9 7 11 35 36 22
EPS in Rs 3.24 4.08 6.73 4.36 4.76 6.36 4.83 4.07 6.19 19.01 19.44 11.91
Dividend Payout % 25% 24% 22% 34% 38% 38% 50% 59% 60% 52% 51% 57%
Compounded Sales Growth
10 Years: 7%
5 Years: 4%
3 Years: 14%
TTM: -41%
Compounded Profit Growth
10 Years: 12%
5 Years: 20%
3 Years: 25%
TTM: -36%
Stock Price CAGR
10 Years: 34%
5 Years: 44%
3 Years: 42%
1 Year: -15%
Return on Equity
10 Years: 23%
5 Years: 25%
3 Years: 30%
Last Year: 19%

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 2 2 2 2 2 2 2 2 2 2 2 2
Reserves 18 24 33 41 46 54 57 59 66 94 111 115
0 0 0 0 0 0 0 0 0 1 0 0
47 80 69 80 56 115 84 94 200 65 62 188
Total Liabilities 68 106 104 123 104 171 144 156 269 162 176 305
0 0 0 0 0 0 0 0 0 0 1 1
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 8 5 9 45 39 34 2 47 55 78 40 57
60 100 95 78 66 137 141 108 214 84 135 247
Total Assets 68 106 104 123 104 171 144 156 269 162 176 305

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
7 2 0 34 -7 -3 -21 51 11 17 -21 36
-7 3 -3 -33 10 8 34 -44 -6 -21 41 -14
0 0 -2 -3 -3 -4 -5 -5 -4 -7 -19 -18
Net Cash Flow 0 6 -4 -2 -0 1 7 2 0 -11 1 4

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 50 66 40 54 57 75 48 45 100 5 11 65
Inventory Days 33 48 33 29 23 57 53 50 70 24 33 78
Days Payable 69 99 53 88 69 116 63 95 188 26 22 118
Cash Conversion Cycle 14 15 20 -5 11 17 39 -1 -17 3 22 25
Working Capital Days 17 16 19 -4 11 19 36 2 2 7 26 67
ROCE % 44% 45% 57% 24% 21% 30% 24% 14% 23% 55% 44%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
50.62% 50.62% 50.62% 50.62% 50.62% 50.41% 50.41% 50.41% 50.41% 50.41% 50.41% 50.41%
0.00% 0.35% 0.07% 0.16% 0.42% 1.39% 1.64% 1.20% 0.00% 0.00% 0.00% 0.09%
0.01% 0.00% 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
49.37% 49.03% 49.30% 49.22% 48.95% 48.20% 47.95% 48.37% 49.58% 49.57% 49.57% 49.49%
No. of Shareholders 28,58730,79533,59834,47434,13239,67042,94543,79245,13046,19545,81944,460

* 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.

Click on the line-items to see the names of individual entities.

Documents