Welspun Specialty Solutions Ltd

Welspun Special. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Welspun Specialty Solutions Ltd

₹ 42.0 -3.36%
21 Nov - close price
rmgalloysteel.com BSE: 500365
About

Welspun Specialty Solutions is fully Integrated Manufacturing Facility for Stainless Steel Long Products and Seamless Pipes & Tubes spread over an area of 126 acres in Jhagadia, Gujarat.

Key Points

Change in product mix
Prior to FY21, Co. was into the carbon steel and alloy business, such as manufacturing alloy-based ingots, blooms, Rolled Bar, Bright Bar and other such products.. Post FY21, Co. has moved to a stainless steel product mix. In December 2021, Co. started manufacturing SS long products and SS seamless pipes and tubes. [1] [2]
Co. restarted its Steel Melting (SMS plant) operations during Q3FY22. [3]

Website BSE
  • Market Cap ₹ 2,228 Cr.
  • Current Price ₹ 42.0
  • High / Low ₹ 58.9 / 30.7
  • Stock P/E 53.4
  • Book Value ₹ 1.62
  • Dividend Yield 0.00 %
  • ROCE 20.0 %
  • ROE 102 %
  • Face Value ₹ 6.00
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Pros

  • Company has delivered good profit growth of 26.8% CAGR over last 5 years
  • Debtor days have improved from 31.9 to 25.4 days.
  • Company's working capital requirements have reduced from 89.2 days to 62.7 days

Cons

  • Stock is trading at 26.0 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 11.5% over last 3 years.
  • Earnings include an other income of Rs.23.8 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: Steel Industry: Steel - Medium / Small

Part of BSE Allcap BSE Industrials BSE SmallCap

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Quarterly Results

Figures in Rs. Crores

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
20.71 39.71 84.44 81.76 87.09 111.18 137.80 162.83 207.82 174.75 151.27 162.10 167.42
25.06 42.57 89.35 84.61 93.47 103.31 119.72 142.99 195.82 162.83 139.20 151.25 164.66
Operating Profit -4.35 -2.86 -4.91 -2.85 -6.38 7.87 18.08 19.84 12.00 11.92 12.07 10.85 2.76
OPM % -21.00% -7.20% -5.81% -3.49% -7.33% 7.08% 13.12% 12.18% 5.77% 6.82% 7.98% 6.69% 1.65%
0.20 1.25 17.65 3.63 6.65 1.50 2.99 3.46 5.71 7.19 5.14 5.93 5.56
Interest 3.22 3.82 7.17 5.09 7.25 8.72 9.25 8.36 8.62 9.10 7.17 10.28 10.60
Depreciation 3.64 3.65 3.60 3.65 3.73 3.77 3.76 3.80 3.89 3.91 3.88 3.90 4.07
Profit before tax -11.01 -9.08 1.97 -7.96 -10.71 -3.12 8.06 11.14 5.20 6.10 6.16 2.60 -6.35
Tax % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -549.84% 25.00% 0.00%
-11.01 -9.08 1.97 -7.96 -10.71 -3.12 8.06 11.14 5.20 6.10 40.03 1.95 -6.35
EPS in Rs -0.21 -0.17 0.04 -0.15 -0.20 -0.06 0.15 0.21 0.10 0.12 0.76 0.04 -0.12
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
349 414 332 267 262 240 441 295 93 163 418 697 656
374 413 341 280 277 251 477 366 113 182 401 641 618
Operating Profit -25 1 -9 -13 -15 -11 -36 -71 -20 -18 17 56 38
OPM % -7% 0% -3% -5% -6% -4% -8% -24% -21% -11% 4% 8% 6%
3 37 34 5 9 10 32 15 138 19 15 22 24
Interest 48 50 50 46 45 47 9 15 11 19 30 33 37
Depreciation 22 22 12 7 7 7 7 10 14 14 15 15 16
Profit before tax -93 -34 -37 -60 -58 -55 -20 -81 93 -32 -14 29 9
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% -118%
-93 -34 -37 -60 -58 -55 -20 -81 93 -32 -14 62 42
EPS in Rs -8.60 -3.15 -3.38 -5.54 -5.39 -5.03 -0.58 -1.66 1.76 -0.61 -0.26 1.18 0.80
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 5%
5 Years: 10%
3 Years: 95%
TTM: 6%
Compounded Profit Growth
10 Years: 11%
5 Years: 27%
3 Years: 51%
TTM: 96%
Stock Price CAGR
10 Years: 25%
5 Years: 34%
3 Years: 47%
1 Year: 3%
Return on Equity
10 Years: %
5 Years: %
3 Years: 12%
Last Year: 102%

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 Sep 2024
Equity Capital 65 65 65 65 65 65 208 293 318 318 318 318 318
Reserves -176 -192 -264 -304 -510 -391 -441 -414 -279 -274 -289 -225 -232
363 346 416 418 607 800 410 374 172 241 233 260 303
111 152 77 68 50 107 235 75 89 88 214 235 274
Total Liabilities 363 371 293 246 212 582 412 329 300 372 477 587 663
185 164 123 118 110 105 100 219 224 212 207 198 199
CWIP 1 5 1 0 0 7 85 12 5 6 1 5 3
Investments 0 0 0 0 0 67 0 0 0 0 0 0 0
177 202 169 129 101 402 227 99 71 154 268 384 461
Total Assets 363 371 293 246 212 582 412 329 300 372 477 587 663

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
-33 15 -15 25 18 -5 -2 -27 43 -84 50 7
-0 -5 -2 -1 4 -74 -18 -48 -9 -4 -5 -12
35 -10 14 -25 -24 320 -222 74 -34 93 -50 5
Net Cash Flow 2 1 -3 -1 -2 241 -243 0 0 5 -5 -0

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 77 98 73 89 58 122 59 13 40 34 36 25
Inventory Days 124 81 74 106 121 179 159 112 337 431 289 223
Days Payable 135 145 101 130 93 202 169 65 116 255 291 173
Cash Conversion Cycle 65 34 46 65 86 99 50 60 261 211 34 76
Working Capital Days 15 22 82 63 40 18 -3 -24 169 158 46 63
ROCE % -17% -8% -8% -9% -9% -4% -12% -36% -14% -6% 6% 20%

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
53.55% 53.55% 53.55% 53.55% 53.55% 55.17% 55.17% 55.17% 55.17% 55.17% 55.17% 55.17%
0.00% 0.00% 0.00% 0.02% 0.02% 0.02% 0.02% 0.00% 0.00% 0.00% 0.00% 0.03%
0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
46.44% 46.44% 46.44% 46.43% 46.43% 44.82% 44.80% 44.82% 44.82% 44.82% 44.83% 44.80%
No. of Shareholders 84,60887,12187,00086,32085,83185,06985,10987,83587,77888,35292,35796,406

* 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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