New Risk • May 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 123% Dividend yield: 0.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Dividend is not well covered by cash flows (123% cash payout ratio). Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (₹7.35b market cap, or US$77.2m). Reported Earnings • May 26
Full year 2026 earnings released: EPS: ₹12.21 (vs ₹15.30 in FY 2025) Full year 2026 results: EPS: ₹12.21 (down from ₹15.30 in FY 2025). Revenue: ₹8.25b (up 19% from FY 2025). Net income: ₹310.1m (down 20% from FY 2025). Profit margin: 3.8% (down from 5.6% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹296, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹228, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 68% over the past three years. Reported Earnings • Feb 18
Third quarter 2026 earnings released: EPS: ₹4.50 (vs ₹4.27 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.50 (up from ₹4.27 in 3Q 2025). Revenue: ₹2.03b (up 21% from 3Q 2025). Net income: ₹114.2m (up 5.2% from 3Q 2025). Profit margin: 5.6% (down from 6.4% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹2.76 (vs ₹2.29 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.76 (up from ₹2.29 in 2Q 2025). Revenue: ₹1.88b (up 30% from 2Q 2025). Net income: ₹70.1m (up 20% from 2Q 2025). Profit margin: 3.7% (down from 4.0% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 18
Dividend increased to ₹2.00 Dividend of ₹2.00 is 33% higher than last year. Ex-date: 1st September 2025 Payment date: 8th October 2025 Dividend yield will be 0.8%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (13% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 19% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 14
MMP Industries Limited, Annual General Meeting, Sep 08, 2025 MMP Industries Limited, Annual General Meeting, Sep 08, 2025, at 11:00 Indian Standard Time. Reported Earnings • Aug 12
First quarter 2026 earnings released: ₹2.13 loss per share (vs ₹4.46 profit in 1Q 2025) First quarter 2026 results: ₹2.13 loss per share (down from ₹4.46 profit in 1Q 2025). Revenue: ₹1.83b (up 18% from 1Q 2025). Net loss: ₹54.1m (down 148% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Ulka Kulkarni was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Market cap is less than US$100m (₹7.24b market cap, or US$84.7m). Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹259, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 36% over the past three years. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹4.27 (vs ₹3.52 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.27 (up from ₹3.52 in 3Q 2024). Revenue: ₹1.69b (up 20% from 3Q 2024). Net income: ₹108.5m (up 22% from 3Q 2024). Profit margin: 6.4% (up from 6.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹2.29 (vs ₹1.84 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.29 (up from ₹1.84 in 2Q 2024). Revenue: ₹1.45b (up 15% from 2Q 2024). Net income: ₹58.3m (up 25% from 2Q 2024). Profit margin: 4.0% (up from 3.7% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 12
MMP Industries Limited to Report Q2, 2025 Results on Nov 12, 2024 MMP Industries Limited announced that they will report Q2, 2025 results on Nov 12, 2024 New Risk • Oct 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.40b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹8.40b market cap, or US$99.9m). Announcement • Aug 30
MMP Industries Limited Approves a Final Dividend for the Year Ended March 31, 2024 MMP Industries Limited announced that at the AGM held on 28 August, 2024 approved a final dividend of INR 1.5/- per equity share for the year ended March 31, 2024. Declared Dividend • Aug 09
Dividend increased to ₹1.50 Dividend of ₹1.50 is 50% higher than last year. Ex-date: 23rd August 2024 Payment date: 27th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 8.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
MMP Industries Limited, Annual General Meeting, Aug 28, 2024 MMP Industries Limited, Annual General Meeting, Aug 28, 2024, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹330, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 79% over the past three years. Reported Earnings • Jul 23
First quarter 2025 earnings released: EPS: ₹4.46 (vs ₹3.16 in 1Q 2024) First quarter 2025 results: EPS: ₹4.46 (up from ₹3.16 in 1Q 2024). Revenue: ₹1.56b (up 2.7% from 1Q 2024). Net income: ₹113.3m (up 41% from 1Q 2024). Profit margin: 7.3% (up from 5.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 27
MMP Industries Limited Recommends Maiden Final Dividend for the Fiscal Year 2024 MMP Industries Limited announced that at the board meeting held on May 24, 2024, The Board of Directors has also recommended its maiden final dividend for Fiscal Year 2023-24 @ 15% i.e., INR 1.5 per equity share of face value of INR 10 each, subject to approval by the Shareholders at the ensuing 51st Annual General Meeting (AGM). Announcement • May 26
MMP Industries Limited Reaffirms Revenue Guidance for the Fiscal Year 2025 MMP Industries Limited reaffirmed revenue guidance for the fiscal year 2025. Looking ahead, the company maintains its earlier guidance of an overall revenue growth of 20-22% for the fiscal year 2025. Reported Earnings • May 25
Full year 2024 earnings released: EPS: ₹12.46 (vs ₹8.39 in FY 2023) Full year 2024 results: EPS: ₹12.46 (up from ₹8.39 in FY 2023). Revenue: ₹5.80b (up 7.7% from FY 2023). Net income: ₹316.4m (up 48% from FY 2023). Profit margin: 5.5% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹300, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 263% over the past three years. Announcement • Mar 23
MMP Industries Limited Elects Ulka Kulkarni as Independent Director for Term of Five Years MMP Industries Limited elected Ms. Ulka Kulkarni (DIN: 07085469) as Independent Director for term of five years. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: ₹3.52 (vs ₹2.48 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.52 (up from ₹2.48 in 3Q 2023). Revenue: ₹1.41b (up 11% from 3Q 2023). Net income: ₹89.3m (up 42% from 3Q 2023). Profit margin: 6.3% (up from 4.9% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹6.97b market cap, or US$84.0m). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹237, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 182% over the past three years. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹1.84 (vs ₹1.36 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.84 (up from ₹1.36 in 2Q 2023). Revenue: ₹1.27b (up 6.7% from 2Q 2023). Net income: ₹46.7m (up 36% from 2Q 2023). Profit margin: 3.7% (up from 2.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
First quarter 2024 earnings released: EPS: ₹3.16 (vs ₹1.85 in 1Q 2023) First quarter 2024 results: EPS: ₹3.16 (up from ₹1.85 in 1Q 2023). Revenue: ₹1.51b (up 2.2% from 1Q 2023). Net income: ₹80.3m (up 71% from 1Q 2023). Profit margin: 5.3% (up from 3.2% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹206, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 153% over the past three years. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹8.39 (vs ₹11.41 in FY 2022) Full year 2023 results: EPS: ₹8.39 (down from ₹11.41 in FY 2022). Revenue: ₹5.39b (up 20% from FY 2022). Net income: ₹213.2m (down 26% from FY 2022). Profit margin: 4.0% (down from 6.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹174, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹117, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 109% over the past three years. Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: ₹2.48 (vs ₹2.60 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.48 (down from ₹2.60 in 3Q 2022). Revenue: ₹1.28b (up 9.9% from 3Q 2022). Net income: ₹62.9m (down 4.6% from 3Q 2022). Profit margin: 4.9% (down from 5.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Non Executive Director Mayank Bhandari was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 11
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (6.7%). Announcement • Aug 07
MMP Industries Limited, Annual General Meeting, Aug 29, 2022 MMP Industries Limited, Annual General Meeting, Aug 29, 2022, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the year 2021-22 ended 31st March 2022, comprising of the Balance Sheet as at 31st March 2022, Statement of Profit & Loss and Statement of Cash Flow for the year 2021-22 ended 31st March 2022, together with the Report of the Statutory Auditors and Board's Report thereon; to declare a final dividend of equity share for the year ended March 31, 2022; to appoint a Director in place of Narasimham Murthy Tenneti, (DIN - 08342116), [Category Non-Promoter & Executive], who retires by rotation and, being eligible, offers himself for re-appointment; to re-appointment of Statutory Auditors; and to consider other matters matters. Reported Earnings • Jul 17
First quarter 2023 earnings released: EPS: ₹1.85 (vs ₹2.25 in 1Q 2022) First quarter 2023 results: EPS: ₹1.85 (down from ₹2.25 in 1Q 2022). Net income: ₹47.0m (down 18% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹152, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 12x in the Metals and Mining industry in India. Total returns to shareholders of 34% over the past three years. Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: ₹11.41 (vs ₹6.87 in FY 2021) Full year 2022 results: EPS: ₹11.41 (up from ₹6.87 in FY 2021). Revenue: ₹4.49b (up 95% from FY 2021). Net income: ₹289.9m (up 66% from FY 2021). Profit margin: 6.5% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 17% share price gain to ₹213, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 74% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Whole-Time Director Tenneti Murthy was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 28% share price gain to ₹201, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 80% over the past three years. Announcement • Feb 11
MMP Industries Limited Provides Revenue Guidance for the First Half and Full Year 2022 MMP Industries Limited provided revenue guidance for the first half and full year 2022. As can be seen, the start of half year-2 fiscal year 2022 has shown higher revenues which is as per usual market scenario and this is expected to continue in quarter-4 fiscal year 2022 with good momentum in both powder and foil divisions. Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.60 (up from ₹2.36 in 3Q 2021). Revenue: ₹1.16b (up 63% from 3Q 2021). Net income: ₹65.9m (up 10% from 3Q 2021). Profit margin: 5.7% (down from 8.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹157, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 23% over the past three years. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Whole-Time Director Tenneti Murthy was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Second quarter 2022 earnings released: EPS ₹2.95 (vs ₹1.89 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹924.7m (up 80% from 2Q 2021). Net income: ₹75.0m (up 56% from 2Q 2021). Profit margin: 8.1% (down from 9.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 15% share price gain to ₹168, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 11x in the Metals and Mining industry in India. Total returns to shareholders of 11% over the past three years. Recent Insider Transactions • Aug 12
Insider recently sold ₹1.6m worth of stock On the 9th of August, Manisha Khandelwal sold around 10k shares on-market at roughly ₹163 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹1.6m more than they bought in the last 12 months. Reported Earnings • Aug 01
First quarter 2022 earnings released: EPS ₹2.25 (vs ₹0.27 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹862.6m (up 140% from 1Q 2021). Net income: ₹57.2m (up ₹50.4m from 1Q 2021). Profit margin: 6.6% (up from 1.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₹158, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 8.4% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 19% share price gain to ₹136, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 7.4% over the past three years. Announcement • Jun 30
MMP Industries Limited Recommends Maiden Final Dividend for the Year 2021 The Board of Directors of MMP Industries Limited has recommended its maiden final dividend for Fiscal Year 2020-21 at 10% that is, INR 1 per equity share of face value of INR 10 each, subject to approval by the Shareholders at the ensuing 48th Annual General Meeting (AGM). Reported Earnings • Jun 27
Full year 2021 earnings released: EPS ₹6.87 (vs ₹7.31 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹2.31b (down 4.6% from FY 2020). Net income: ₹174.5m (down 6.1% from FY 2020). Profit margin: 7.6% (down from 7.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₹118, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 16x in the Metals and Mining industry in India. Total loss to shareholders of 7.7% over the past three years. Is New 90 Day High Low • Feb 23
New 90-day high: ₹95.90 The company is up 18% from its price of ₹81.30 on 25 November 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: ₹93.75 The company is up 17% from its price of ₹79.95 on 13 October 2020. The Indian market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 60% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₹90.10 The company is up 5.0% from its price of ₹85.70 on 15 September 2020. The Indian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 20% share price gain to ₹86.80, the stock is trading at a trailing P/E ratio of 16.8x, up from the previous P/E ratio of 14x. This compares to an average P/E of 12x in the Metals and Mining industry in India. Total return to shareholders over the past year is a loss of 21%.