meghmani organics ltd dynamic levels

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Report By: Arnab Dasgupta – [email protected]

Source: Company, www.dynamiclevels.com

Meghmani Organics Ltd- Market Leader in Color pigment

Meghmani Organics Ltd

Company Overview and Stock Price .............................................3

Products of Meghmani………………………………………………………….4

Company Financials……………………………………………………………..5

Shareholding Pattern…………………………......................................9

Peer Comparison…………………………………………………………………10

Opportunities in Pigments segment ………………………………………11 Outlook for Agrochemicals…………………………………………………..12 Competitive Strength of Meghmani Organics………………………..13 Investment Rationale………………………………………………………….14

Entry: 42 Target: 50 FY16 P/E: 12.35


Company Overview and Stock Price

Meghmani Organics Limited, a 6000 million Rupees company is one of the largest producers of color pigment in the world. Sound fundamentals, outstanding export performance, strong presence in the domestic market and a focused management team has seen Megmani Organics grow at a compounded annual growth rate of 17% and profits 10% over the past 3 years.

Meghmani is also one of the largest producers of pesticides in India. More than 80% of the company’s pigment products and over 50% of the pesticides products are exported over the world. The Company has 4 multifunctional production facilities in Gujarat (India).

The company has an extensive network of 20 overseas distributors worldwide. It has over 1000 stockists, agents, distributors and dealers covering India market for its products.

Chart Hypothesis: The above chart shows that Meghmani has come at a correction of 20% and is available at a support of 40 levels

Meghmani Organics Share Price Performance EXCHANGE SYMBOL MEGH

Current Price * (Rs.) 42.00

Face Value (Rs.) 1.00

52 Week High (Rs.) 49.70 (26-Jul-16)

52 Week Low (Rs.) 17.30 (08-Sep-15)

Life Time high (Rs.) 53.45 (07-Jan-08)

Life Time low (Rs.) 3.80 (03-Jul-13)

Average Daily Movement 2.34

Average Volume 1196349

1 Month Return (%) -7.08

P/E Ratio (x) 12.35

Book Value 25.25

Market Cap 1066.85 (Cr)

% of Promoter holding pledged

NIL

COMPANY PROFILE OF MEGH

Date of Incorporation 02-Jan-1995

Date of Listing 28-Jun-2007

Management

Name Designation

Jayanti M Patel Executive Chairman

Ramesh M Patel Executive Director

Anand I Patel Executive Director

Chander Kumar Sabharwal

Independent Director

Chinubhai R Shah Independent Director

Balkrishna T Thakkar Independent Director

Jayaraman Vishwanathan Independent Director

Kantibhai H Patel Independent Director

Urvashi Dhirubhai Shah Independent Director

Natwarlal M Patel Managing Director

Ashish N Soparkar Managing Director & CEO

Registered Office Address

Pigment Green Division:Plot No. 184,Phase II,G.I.D.C. Vatva,382445,Ahmedabad,Gujarat,India

Website

http://www.meghmani.com

http://www.meghmani.com/


Products of Meghmani Organics

Meghmani Organics has a diversification in product portfolio servicing

400+ marquee clients in 75 countries.

Pigment Segment

7% global market share, among top 3 global blue pigment

players. 72% revenue of the segment comes from exports, mainly from

North America. The company has long term client relationships with 90%

business from repeat clients. The pigment segment contributed 33% to net sales in FY16.

Agrochemical Segment

Wide range of bulk and branded products – Megastar, Megacyper, Megaban, Synergy.

Competitive advantage via 183 exports registrations, 400 registrations in pipeline.

Pan India presence with sales network doubling to 2370 distributors in FY16.

69% revenue of the segment comes from exports. This segment contributed 31% to net sales in FY16.

Basic Chemicals Segment

4th largest Caustic Chlorine capacity in India. Latest 4th generation membrane cell technology imported from

Asahi Kasei, Japan. Strategically located facility at Dahej – proximity to raw

materials and customers. 5-year CAGR of 18%, contributing 28% to net sales in FY16.


Company Financials

Income Statement (Cr) Jun–16 Quarterly

Mar–16 Quarterly

Dec–15 Quarterly

Sep-15 Quarterly

Jun–15 Quarterly

Mar-16 Annual

Net Sales/Income from operations 354.62 356.37 307.43 340.14 333.08 1,337.02

Other Operating Income 5.89 4.41 3.53 5.48 5.5 18.92

Total Income From Operations 360.51 360.77 310.96 345.62 338.58 1,355.94

Increase/Decrease in Stocks 32.84 23.34 -19.36 -23.37 5.12 -14.28

Consumption of Raw Materials 163.77 156.2 160.58 194.18 175.57 686.52

Purchase of Traded Goods 5.14 11.6 15.34 12.74 10.81 50.49

Power And Fuel -- -- -- -- -- --

Employees Cost 15.66 19.31 20.31 20.21 19.24 79.08

Depreciation 25.36 19.05 19.26 19.27 19.19 76.76

Other Expenses 68.21 78.06 63.37 66.3 59.52 267.25

Total Expenditure 310.97 307.55 259.5 289.33 289.44 1,145.82

Operating Profit 49.54 53.22 51.46 56.29 49.14 210.11

Other Income 4.98 1.67 1.08 0.8 0.36 3.9

P/L Before Int., Excpt. Items & Tax 54.52 54.88 52.54 57.1 49.5 214.02

Interest 14.39 12.24 14.9 18.59 17.92 63.66

P/L Before Exceptional Items & Tax 40.13 42.64 37.63 38.51 31.58 150.36

Exceptional Item -- -- -- -- -- --

P/L Before Tax 40.13 42.64 37.63 38.51 31.58 150.36

Tax 12.19 7.75 3.47 13.37 12.75 37.33

P/L After Tax from Ordinary Activities 27.94 34.9 34.16 25.14 18.83 113.03

Extra Ordinary Items -- -- -- -- -- --

PAT 27.94 34.9 34.16 25.14 18.83 113.03

Minority Interest -9.1 -11.52 -10.96 -4.05 -3.92 -30.45

Net Profit/(Loss) For the Period 18.85 23.38 23.21 21.09 14.91 82.58

Equity Share Capital 25.43 25.43 25.43 25.43 25.43 25.43

Reserves -- -- -- -- -- 616.61

Equity Dividend Rate (%) -- -- -- -- -- --

EPS (Rs.) [Before Extraordinary items] 0.74 0.92 0.91 0.83 0.59 3.25

EPS (Rs.) [After Extraordinary items] 0.74 0.92 0.91 0.83 0.59 3.25

Revenue of the company up by 6.5% YoY. Steady operating profit is significant. The net profit of the company has increased by 26% YoY.


Segment wise revenue Percentage

FY 2015

FY 2016

11%

26%

32%

31% Others

Basic Chemicals

Agrochemicals

Pigments

Segmental Breakdown (Cr)

Q1 FY 17 Q1 FY 16

EXPORT DOMESTIC EXPORT DOMESTIC

PIGMENTS 76.10 39.10 77.20 26.40

AGROCHEMICALS 78.30 53.40 61.90 30.30

BASIC CHEMICALS 3.60 83.20 0.60 84.20

OTHERS 20.80 0.10 23.20 -0.20

Total 178.80 175.80 162.90 140.70

8%

28%

31%

33% Others

Basic Chemicals

Agrochemicals

Pigments


Balance Sheet (Cr) Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 EQUITIES AND LIABILITIES

Equity Share Capital 25.43 25.43 25.43 25.43 25.43

Total Share Capital 25.43 25.43 25.43 25.43 25.43

Reserves and Surplus 616.61 526.1 492.69 476.59 450.53

Total Reserves and Surplus 616.61 526.1 492.69 476.59 450.53

Total Shareholder’s Funds 642.04 551.53 518.12 502.02 475.96

Minority Interest 124.8 94.35 92.36 79.7 56.79

NON-CURRENT LIABILITIES

Long Term Borrowings 218.08 312.93 377.26 421.66 499.1

Deferred Tax Liabilities [Net] 57.16 47.1 37 23.38 21.03

Long Term Provisions 3.81 4.36 43.05 30.95 42.89

Total Non-Current Liabilities 279.05 364.39 457.31 475.99 563.02

CURRENT LIABILITIES

Short Term Borrowings 267.72 197.28 245.98 215.91 197.73

Trade Payables 180.04 143.35 173.64 149.85 118.59

Other Current Liabilities 142.45 167.4 171.3 120.43 88.23

Short Term Provisions 2 26.13 4.77 6.73 5.85

Total Current Liabilities 592.21 534.17 595.7 492.92 410.4

Total Capital And Liabilities 1,638.10 1,544.43 1,663.49 1,550.64 1,506.17

ASSETS

NON-CURRENT ASSETS

Tangible Assets 723.26 778.76 684.22 613.58 640.03

Intangible Assets 12.1 2.63 4.99 9.77 15.63

Capital Work-In-Progress 84.81 12.16 117.09 160.8 85.72

Intangible Assets Under Development 7.18 10.72 9.06 3.89 0

Fixed Assets 827.36 804.26 815.36 788.04 741.38

Non-Current Investments 6.59 0.56 0.56 0.56 0.56

Deferred Tax Assets [Net] 0 0 0 3.22 20.36

Long Term Loans And Advances 10.71 13.38 37.11 38.19 23.71

Other Non-Current Assets 10.04 18.78 28.14 26.32 5.95

Total Non-Current Assets 854.69 836.98 881.18 856.34 791.96

CURRENT ASSETS

Current Investments 0 17.34 0 24.04 19.01

Inventories 244.7 215.78 249.58 181.09 172.23

Trade Receivables 405.18 316.7 352.32 342.94 332.63

Cash And Cash Equivalents 10.98 15.59 37.28 9.88 29.93

Short Term Loans And Advances 102.82 124.48 121.49 118.2 32.86

Other Current Assets 19.74 17.56 21.64 18.15 127.56

Total Current Assets 783.41 707.45 782.31 694.3 714.21

Total Assets 1,638.10 1,544.43 1,663.49 1,550.64 1,506.17

The company is continuously decreasing its long term debt. From last financial year, it had reduced near about 100 crores.

The asset value is increasing at a steady pace.


Ratios

Valuation Ratios

Mar-16 Mar-15 Mar-14 Mar-13

P/E 7.0 8.6 9.6 7.7

EV/EBIT 5.6 9.2 11.7 7.7

EV/EBITDA 4.1 5.6 6.1 4.7

P/S 0.4 0.3 0.2 0.1

P/B 0.9 0.7 0.4 0.3

Div Yield 132.2% 269.4% 116.3% 181.8%

Profitability Ratios %


Gross Margin - - - -

EBITDA Margin 21.5 14.8 14.3 18.2

Operating Margin 15.7 9.1 7.5 11.1

Profit Margin 6.2 3.4 1.9 1.6

Return on Assets 5.2 2.7 1.4 1.1

Return on Equity 13.8 8.2 4.5 3.5

Leverage and Coverage Ratios %


Current Ratio 1.3 1.3 1.3 1.4

Quick Ratio 0.7 0.7 0.7 0.8

EBIT/Interest 3.3 1.6 1.4 1.9

Tot Debt/Capital 0.4 0.5 0.6 0.6

Tot Debt/Equity 0.6 1.0 1.2 1.2

Effective Tax Rate 24.8 23.3 33.9 50.6

As on Mar 16, the stock was

trading at a P/E ratio of 7

which is below the industry

P/E.

The EBITDA margin of

Meghmani Organics is

increasing in every financial

year, with increase in profit

margin and ROA and ROE.

The company is putting effort

to reduce its long term debt.


Share Holding Pattern Jun 2015

Institutional holdings, especially FIIs are increasing position in Meghmani

Jun 2016

50.40%

0.97%

48.63%

Promoter

Institutions

Non Institutions

50.30%

4.80%

44.90%

Promoter

Institutions

Non Institutions

Shareholding Pattern Jun-16 Mar-16 Dec-15 Sep-15 Jun-15

Promoter and Promoter Group (%) 50.30 50.52 50.81 50.91 50.4

Indian 50.30 50.52 50.81 50.91 50.4

Foreign NIL NIL NIL NIL NIL

Institutions (%) 4.8 1.12 1.01 0.98 0.97

FII 4.75 1.06 NIL 0.91 0.92

DII 0.05 0.05 1.01 0.06 0.05

Non Institutions (%) 44.90 48.36 48.18 48.12 48.63

Bodies Corporate 6.8 NIL NIL 7.5 7.44

Others 23.8 33.65 33.37 25.58 25.36

Custodians 14.30 14.72 14.81 15.05 15.83

Total no. of shares (cr.) 25.43 25.43 25.43 25.43 25.43


Peer Comparison

Company Name: MEGHMANI ORGANICS ATUL LTD PI INDUSTRIES EXCEL INDUSTRIES

RALLIS INDIA

Latest Fiscal Year: 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar

Latest Available Period Date: 3/16/2016 3/31/2016 3/31/2016 3/31/2016 3/31/2016

52-Week High 49.7 2,298.80 808.75 349 230

52-Week High Date 26th July 16 22nd Jul 16 9th Aug 16 20th Aug 15 22nd Sep 15

52-Week Low 17.3 1,186.00 497.55 138.7 142

52-Week Low Date 8th Sep 15 25th Aug 15 26th Feb 16 12th Feb 16 20th Jan 16

Daily Volume 9,01,351 167,569 121,982 11654 405939

Current Price: 41.5 2137.5 790.15 290.5 216.6

52-Week High % Change 16.50 7.02 2.30 16.76 5.83

52-Week Low % Change 139.88 80.23 58.81 109.44 52.54

P/E Ratio 12.36 21.99 30.73 15.67 14.84

Net Profit Margin 6.09 10.35 15.04 5.81 8.79

Market Capitalization (Cr) 1055.40 57,93.83 10835.11 398.87 4212.2


Opportunities in Pigments segment According to Transparency Market Research, the global pigments market is anticipated to reach $32 bn by 2023, expanding at a CAGR of 3.8% between 2015 and 2023. Paints & Coatings is the largest end user segment of the pigments market, driving demand for the industry. The architectural Paints & Coatings market has grown considerably, owing to rising infrastructural development and construction activities in emerging economies. Asia Pacific dominated the global pigments market with 40% market share. Rapid industrial development, rising infrastructural activity, and economic progress in developing countries played a key role in driving the automotive and construction industries, which fuelled the demand for pigments. China dominates the pigments market in Asia Pacific. The mature paints & coatings and plastics markets have driven demand for pigments in developed regions, such as North America and Europe. North America was the second-largest consumer of pigments, followed by Europe. In terms of volume, U.S. dominated the pigments market in North America. In terms of demand, Germany held the largest share of the pigments market in Europe. Middle East & Africa has been projected as a lucrative market for pigments during the forecast period. The Paints & Coatings segment is estimated to dominate the pigments market in Middle East & Africa in the next few years. Brazil is likely to be the key market for pigments in Latin America (LatAm) by 2023. Global demand for dyes and organic pigments is expected to grow 6% per year to $19.5 bn in 2019. The organic pigments market is expected to witness growth on account of its use in various end-use industries, including printing inks, paints and coatings, plastics, rubber and textiles. Urbanization, coupled with rise in infrastructure spending, is likely to boost the paints market which, in turn, is anticipated to fuel the organic pigments market over the forecast period. Furthermore, use of organic pigments as colorants in textile and plastic industries is expected to contribute to growth. Moreover, rising demand for value-added, high-quality organic pigments in the cosmetic industry is likely to drive growth over the next few years. The Indian Dyestuffs and Pigments industry has transformed from being import dependent to one driven by exports. Developed countries are now focusing on sourcing dyestuffs and pigments from cost effective Asian markets, thanks to stringent environmental constraints back home. Exports have grown in double-digits over the last few years. Going forward, availability of skilled professionals and low cost of manufacturing coupled with Research and Development (R & D) capabilities are seen as strong demand drivers for the dyestuffs and pigments industry in India.

Production Units

3/1/2015 (mn)

3/1/2016 (mn)

Domestic Sales

Vatva 82 89

Panoli 637 967

Dahej SEZ 40 95

Total 759 1151

Export Sales

Vatva 1025 945

Panoli 1852 1567

Dahej SEZ 608 1004

Total 3485 3516

Yearly growth in Pigments segment


Outlook for Agrochemicals According to research by Markets and Markets, value of the agrochemicals market is estimated to reach $ 250.5 bn by 2020, from $ 214.2 bn in 2015; a CAGR of 3.2%. Asia Pacific dominates the global market with a share of around 36.7%. The European region is expected to be the fastest growing market in the near future, with a rising number of farmers moving towards technology driven agricultural practices. The market is primarily driven by the increasing demand for food, in tandem with the growing global population, rising standards in agricultural farming and extensive use of technology in agrochemicals development. Intensive R&D efforts are expected to lead to delivery of enhanced yields and superior produce. Given the current economic growth projections, India is likely to become the third largest economy in the world by 2030, accompanied by a rise in urbanization levels, which will lead to changes in dietary needs. To sustain the growing population’s food and nutrition needs, India will have to adopt to the most modern techniques in the agriculture sector. According to a FICCI report on the Indian Agrochemical Industry, the Indian crop protection industry is expected to grow at a CAGR of 12% to reach ` 470 bn by FY19. The domestic market, on the other hand, would grow at a CAGR of 8%, as it is predominantly dependent on monsoons. Insecticides are the largest sub-segment of agrochemicals with 60% market share, while herbicides, with 16% market share, form the fastest growing segment in India. Although yield per hectare has doubled in the past years due to increased use of hybrid seeds, fertilizers, and crop protection chemicals, among others, it is still low in comparison to global standards. There is now a need for the agriculture sector to undergo technological transformation and adopt modern methods which reduce dependency on monsoons, ensure more productive use of available resources and thereby serve the nation more efficiently. These factors therefore, highlight the importance of the use of agrochemicals for enhancing food and nutrition security of the nation. This would require ushering in the Second Green Revolution in India.

Production Units

3/1/2015 (mn)

3/1/2016 (mn)

Domestic Sales

Ankleshwar 368 331

Panoli 495 560

Dahej 421 505

Total 1284 1396

Export Sales

Ankleshwar 1904 1178

Panoli 641 1017

Dahej 550 886

Total 3095 3081

Yearly growth in Agrochemical segment


Competitive Strength of Meghmani Organics Financial year 2016 was a year of strong performance for Meghmani Organics Limited as they continued to reap the benefits of 5.57bn mega capacity expansion made over the past 5 years. Today, they have emerged as a well diversified chemicals player operating in three segments, i.e. Pigments, Agrochemicals and Basic Chemicals. The company has developed a growing basket of higher value added and high-margin products, along with an extensive pan-India and global presence. Meghmani is now present in 75 countries with over 400 clients. Due to their well planned expansion strategy, they were able to deliver strong performance despite a challenging environment during the year, which saw a bad monsoon, tough global markets, falling raw material prices and volatile foreign exchange rates. The company reported consolidated revenue of ` 13,370 mn for FY16 compared to ` 12,678 mn in FY15, on account of 13%, 10% and 2% growth in Basic Chemicals, Pigments and Agrochemicals, respectively. In terms of geography, domestic business increased by 14%, driven by robust growth in the Pigments business, followed by Agrochemicals and Basic Chemicals businesses. Going forward, with higher volumes, increased share of higher-value-added products, better capacity utilization, strengthening position in the basic chemicals (high margin) business and de-leveraging of the balance sheet, the company is expected to deliver increasing returns. At Meghmani, all the businesses are on a strong growth path. They had adopted a conscious strategy of focusing on value added offerings, i.e. in Pigments (Beta Blue) and Agrochemicals (branded Agro products), besides monetizing the CRAMS (Contract Research and Manufacturing Services) opportunity in Agrochemicals and Pigments and recently diversifying into Caustic Potash. The improved performance and higher utilization of capacities bode well for the company.


Investment Rationale: Meghmani Organics is one of the largest producers of color pigments in the world. It is also a

renowned name in Agrochemical industry. Diversified in various products, the company has 400+ marquee clients in 75 countries.

The total revenue in the pigment segment increased by 7% YoY, driven by strong performance in domestic markets which grew 48% YoY. EBITDA margin in this segment increases by 14% YoY.

The company shows a robust growth in Agrochemicals revenue reporting a growth of 43% driven by 76% growth in domestic and 26% growth in exports markets.

The revenue from basic chemicals increased by 3% YoY to reach Rs 956 mn as production starts at new

Caustic Potash plant. The domestic business of the company increased by 25% YoY and Export revenue increases by 10%

YoY.

Meghmani Organics is trading at a P/E ratio of 12.35 which is below its industry P/E. The stock has given a movement of 150% from Mar 2016 and from there it has given a correction of

around 20%.

CRISIL has recently revised the Long-Term Rating of Meghmani Organics to A/Positive (outlook revised from stabe and rating reaffirmed). The short term rating has been given A1 (reaffirmed).

The FIIs has increased their position in the stock by 3.69% from last quarter.

We initiate coverage on Meghmani Organics Ltd as a BUY @42 with a target of Rs 50 representing a

potential upside of 20% from the buy price. Meghmani is trading at a PE of 12.35.

https://www.dynamiclevels.com/en/meghmani-organics-quarterly-results


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DYANMIC/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company? No

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DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months? No

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