Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹343, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 110% over the past three years. Declared Dividend • May 30
Dividend increased to ₹1.25 Dividend of ₹1.25 is 25% higher than last year. Ex-date: 13th August 2026 Payment date: 19th September 2026 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 1.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 29
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at ₹294. The fair value is estimated to be ₹387, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 37%. Announcement • May 28
Ramco Industries Limited, Annual General Meeting, Aug 20, 2026 Ramco Industries Limited, Annual General Meeting, Aug 20, 2026. Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹35.36 (vs ₹20.89 in FY 2025) Full year 2026 results: EPS: ₹35.36 (up from ₹20.89 in FY 2025). Revenue: ₹18.1b (up 8.7% from FY 2025). Net income: ₹3.06b (up 69% from FY 2025). Profit margin: 17% (up from 11% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 28
Ramco Industries Limited announces Annual dividend, payable on September 19, 2026 Ramco Industries Limited announced Annual dividend of INR 1.2500 per share payable on September 19, 2026, ex-date on August 13, 2026 and record date on August 13, 2026. Announcement • May 13
Ramco Industries Limited to Report Q4, 2026 Results on May 27, 2026 Ramco Industries Limited announced that they will report Q4, 2026 results on May 27, 2026 Reported Earnings • Feb 12
Third quarter 2026 earnings released: EPS: ₹12.94 (vs ₹10.27 in 3Q 2025) Third quarter 2026 results: EPS: ₹12.94 (up from ₹10.27 in 3Q 2025). Revenue: ₹3.89b (up 13% from 3Q 2025). Net income: ₹1.12b (up 26% from 3Q 2025). Profit margin: 29% (up from 26% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year and the company’s share price has also increased by 31% per year. Announcement • Jan 28
Ramco Industries Limited to Report Q3, 2026 Results on Feb 11, 2026 Ramco Industries Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ₹4.73 (vs ₹2.02 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.73 (up from ₹2.02 in 2Q 2025). Revenue: ₹3.65b (up 3.5% from 2Q 2025). Net income: ₹409.3m (up 143% from 2Q 2025). Profit margin: 11% (up from 4.8% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Announcement • Oct 25
Ramco Industries Limited to Report Q2, 2026 Results on Nov 05, 2025 Ramco Industries Limited announced that they will report Q2, 2026 results at 9:08 AM, Indian Standard Time on Nov 05, 2025 Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹363, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 34x in the Basic Materials industry in India. Total returns to shareholders of 78% over the past three years. Announcement • Aug 14
Ramco Industries Limited Declares Dividend for the Year Ended March 31, 2025 Ramco Industries Limited announced declaration of dividend for the year 2024-25 @ INR 1 per share. "RESOLVED that a Dividend of INR 1 per Share be and is hereby declared for the year ended 31s March, 2025 out of the profits of the Company for the year and the same be paid to those shareholders whose names appear in the Register of Members and Register of Beneficial Orvners maintained by the Depositories as on 6h August, 2025, at the AGM held on August 13, 2025. Upcoming Dividend • Jul 30
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 4.8% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.5%). Announcement • Jul 28
Ramco Industries Limited to Report Q1, 2026 Results on Aug 04, 2025 Ramco Industries Limited announced that they will report Q1, 2026 results on Aug 04, 2025 Reported Earnings • Jul 24
Full year 2025 earnings released: EPS: ₹20.89 (vs ₹12.66 in FY 2024) Full year 2025 results: EPS: ₹20.89 (up from ₹12.66 in FY 2024). Revenue: ₹16.6b (up 11% from FY 2024). Net income: ₹1.81b (up 71% from FY 2024). Profit margin: 11% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Declared Dividend • May 25
Dividend increased to ₹1.00 Dividend of ₹1.00 is 33% higher than last year. Ex-date: 6th August 2025 Payment date: 12th September 2025 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 24
Full year 2025 earnings released: EPS: ₹20.89 (vs ₹12.66 in FY 2024) Full year 2025 results: EPS: ₹20.89 (up from ₹12.66 in FY 2024). Revenue: ₹16.7b (up 11% from FY 2024). Net income: ₹1.81b (up 71% from FY 2024). Profit margin: 11% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 24
Ramco Industries Limited announces Annual dividend, payable on September 12, 2025 Ramco Industries Limited announced Annual dividend of INR 1.0000 per share payable on September 12, 2025, ex-date on August 06, 2025 and record date on August 06, 2025. Announcement • May 23
Ramco Industries Limited, Annual General Meeting, Aug 13, 2025 Ramco Industries Limited, Annual General Meeting, Aug 13, 2025. Announcement • May 14
Ramco Industries Limited to Report Fiscal Year 2025 Results on May 23, 2025 Ramco Industries Limited announced that they will report fiscal year 2025 results on May 23, 2025 Buy Or Sell Opportunity • Apr 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to ₹235. The fair value is estimated to be ₹304, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 34%. Announcement • Mar 24
Ramco Industries Limited Announces Cessation of Justice Chitra Venkataraman (Retd.) as Non- Executive Independent Director Ramco Industries Limited informed that Smt. Justice Chitra Venkataraman (Retd.) (DIN: 07044099) has completed two consecutive terms of 5 years each as Non- Executive Independent Director of the Company and accordingly, she ceased to be the Director of the Company from 24th March, 2025. Announcement • Mar 17
Ramco Industries Limited Appoints Soundara Kumar as A Non-Executive Independent Director Ramco Industries Limited announced the appointment of Smt. Soundara Kumar as a Non-Executive Independent Director for a term of 5 consecutive years from 23rd March 2025 to 22nd March 2030. Smt. Soundara Kumar, holds a bachelor's degree in Maths and is a Certified Associate of the Indian Institute of Banking and Finance (CAIIB). She joined State Bank of India as a Direct Recruit Officer and had worked for 39 years as officer in State Bank of India from 1975 to 2014 with various responsibilities including managing Bank's business. She served as the Managing Director of State Bank of Indore from 2008 to 2010 and ensured smooth merger of State Bank of Indore with State Bank of India. She had also served as President and Chief Executive Officer, State Bank of India (California), subsidiary of SBI and CEO of Los Angeles Agency of SBI. She had also served as Deputy Managing Director and Group Executive of Stressed Assets Management of State Bank of India. She headed Wholesale Banking Credit Committee at Corporate Centre, for over three years, evaluating high value commercial credit proposals including project finance for infrastructure. She also headed Credit Committees at State Bank of Indore, SBI Bangalore Circle and served on the Boards of SBI Factors, ARCIL, SBICI (State Bank of India Commercial and International Bank Ltd.) and CERSAI (Central Registry of Securitization Asset Reconstruction and Securities Interest). She also served as a Director on the Boards of 1. Bank of Baroda 2. Tamil Nadu Newsprint and Papers Limited 3. Carborundum Universal Limited. Buy Or Sell Opportunity • Mar 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₹230. The fair value is estimated to be ₹294, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 34%. Buy Or Sell Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ₹231. The fair value is estimated to be ₹289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 34%. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹10.27 (vs ₹3.16 in 3Q 2024) Third quarter 2025 results: EPS: ₹10.27 (up from ₹3.16 in 3Q 2024). Revenue: ₹3.44b (up 3.0% from 3Q 2024). Net income: ₹888.9m (up 237% from 3Q 2024). Profit margin: 26% (up from 7.9% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 75% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jan 22
Ramco Industries Limited to Report Q3, 2025 Results on Feb 10, 2025 Ramco Industries Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₹3.56b (up 13% from 2Q 2024). Net income: ₹168.8m (up ₹210.3m from 2Q 2024). Profit margin: 4.7% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹284, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 32x in the Basic Materials industry in India. Total returns to shareholders of 4.3% over the past three years. Announcement • Nov 01
Ramco Industries Limited to Report Q2, 2025 Results on Nov 11, 2024 Ramco Industries Limited announced that they will report Q2, 2025 results on Nov 11, 2024 Announcement • Oct 01
Ramco Industries Limited Announces Cessation of V. Santhanaraman as Non-Executive Independent Director Ramco Industries Limited announced that Shri V. Santhanaraman has completed two consecutive terms of 5 years each as Non-Executive Independent Director of the Company and accordingly, he ceased to be the Director of the Company from the close of business hours of 30th September,2024. Reason for change: Completion of two consecutive terms of 5 years each, as Non-Executive Independent Director of the Company, at the close of business hours on 30th September, 2024. Announcement • Aug 17
Ramco Industries Limited Appoints P.P.S. Janarthana Raja as Non-Executive Independent Director, Effective October 1, 2024 Ramco Industries Limited at its AGM held on August 16, 2024, approved the appointment of Justice Shri P.P.S. Janarthana Raja (Retd.), aged 73 years, as a Non-Executive Independent Director for a term of 5 consecutive years from October 1, 2024 to September 30, 2029. Date of appointment is October 1, 2024. Date of Birth is January 21, 1951. Justice Shri P.P.S. Janarthana Raja (Retd.), 73 years, is a graduate in Law from the Madras Law College, had been in active practice mainly on the Taxation matters for the past four decades from 1977. He was appointed as an Additional Judge of High Court of Madras during December, 2005 and had become a Permanent Judge of the High Court from April, 2007. After a term of 7 years as High Court Judge, he retired on January 21, 2013. Announcement • Aug 16
Ramco Industries Limited Declares Dividend for the Year Ended March 31, 2024 Ramco Industries Limited at its AGM held on August 16, 2024, declared dividend of INR 0.75 per share for the year ended March 31, 2024 out of the profits of the Company for the year and the same be paid to those shareholders whose names appear in the Register of Members and Register of Beneficial Owners maintained by the Depositories as on August 9, 2024. Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: ₹4.72 (vs ₹4.73 in 1Q 2024) First quarter 2025 results: EPS: ₹4.72 (down from ₹4.73 in 1Q 2024). Revenue: ₹5.46b (up 12% from 1Q 2024). Net income: ₹394.1m (flat on 1Q 2024). Profit margin: 7.2% (down from 8.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 02
Upcoming dividend of ₹0.75 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 15 September 2024. Payout ratio is a comfortable 5.9% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.5%). Board Change • Aug 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. 3 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Shri Thiagarajan 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. Announcement • Jul 25
Ramco Industries Limited to Report Q1, 2025 Results on Aug 03, 2024 Ramco Industries Limited announced that they will report Q1, 2025 results at 12:08 PM, Indian Standard Time on Aug 03, 2024 Declared Dividend • Jun 01
Dividend of ₹0.75 announced Shareholders will receive a dividend of ₹0.75. Ex-date: 9th August 2024 Payment date: 15th September 2024 Dividend yield will be 0.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 93% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Reported Earnings • May 29
Full year 2024 earnings released: EPS: ₹12.67 (vs ₹14.65 in FY 2023) Full year 2024 results: EPS: ₹12.67 (down from ₹14.65 in FY 2023). Revenue: ₹15.2b (up 4.0% from FY 2023). Net income: ₹1.06b (down 14% from FY 2023). Profit margin: 7.0% (down from 8.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 23
Ramco Industries Limited to Report Fiscal Year 2024 Results on May 28, 2024 Ramco Industries Limited announced that they will report fiscal year 2024 results on May 28, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹3.16 (vs ₹0.10 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.16 (up from ₹0.10 in 3Q 2023). Revenue: ₹3.36b (up 11% from 3Q 2023). Net income: ₹263.8m (up ₹255.4m from 3Q 2023). Profit margin: 7.8% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jan 27
Ramco Industries Limited Approves Appointment of Hariharan Thiagarajan as Non-Executive Independent Director Ramco Industries Limited announced that the shareholders have vide postal ballot on January 25, 2024, approved by passing special resolution the appointment of Shri. Hariharan Thiagarajan, age 64 years, as a Non-Executive Independent Director, not liable to retire by rotation for a term of five years from February 1, 2024 to January 31, 2029. Shri Hariharan Thiagarajan done B.Tech. in Chemical Engineering and MBA, Open University Business Schools, UK. A retired Senior Management Professional with strong orientation in Operations, with over 39 years of cross cultural, combined manufacturing, Projects and Technology, Business Development and Marketing experience in Consumer-Packaged Goods. The date of appointment is February 1, 2024. Announcement • Jan 23
Ramco Industries Limited to Report Q3, 2024 Results on Feb 08, 2024 Ramco Industries Limited announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 14
Second quarter 2024 earnings released: ₹0.50 loss per share (vs ₹0.31 profit in 2Q 2023) Second quarter 2024 results: ₹0.50 loss per share (down from ₹0.31 profit in 2Q 2023). Revenue: ₹3.19b (down 2.5% from 2Q 2023). Net loss: ₹41.5m (down 261% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 21
Ramco Industries Limited to Report First Half, 2024 Results on Nov 10, 2023 Ramco Industries Limited announced that they will report first half, 2024 results on Nov 10, 2023 New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.0% net profit margin). Announcement • Aug 11
Ramco Industries Limited Declares Dividend for the Year Ended March 31, 2023 Ramco Industries Limited at its AGM held on August 10, 2023, declared dividend of INR 1.00 per Share for the year ended 31st March 2023 out of the profits of the company for the year and the same be paid to those shareholders whose names appear in the Register of Members and Register of Beneficial Owners maintained by the Depositories as on 3rd August, 2023. Upcoming Dividend • Jul 27
Upcoming dividend of ₹1.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 09 September 2023. Payout ratio is a comfortable 6.8% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.5%). Reported Earnings • Jul 21
Full year 2023 earnings released: EPS: ₹14.65 (vs ₹36.27 in FY 2022) Full year 2023 results: EPS: ₹14.65 (down from ₹36.27 in FY 2022). Revenue: ₹14.6b (flat on FY 2022). Net income: ₹1.23b (down 60% from FY 2022). Profit margin: 8.4% (down from 21% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 23
Full year 2023 earnings released: EPS: ₹14.65 (vs ₹36.27 in FY 2022) Full year 2023 results: EPS: ₹14.65 (down from ₹36.27 in FY 2022). Revenue: ₹14.8b (up 1.0% from FY 2022). Net income: ₹1.23b (down 60% from FY 2022). Profit margin: 8.3% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Jan 29
Third quarter 2023 earnings released: EPS: ₹0.10 (vs ₹4.48 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.10 (down from ₹4.48 in 3Q 2022). Revenue: ₹3.10b (down 9.0% from 3Q 2022). Net income: ₹8.40m (down 98% from 3Q 2022). Profit margin: 0.3% (down from 11% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Jan 29
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. 3 experienced directors. 4 highly experienced directors. Independent Director Ajay Baliga 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. Announcement • Jan 14
Ramco Industries Limited to Report Q3, 2023 Results on Jan 27, 2023 Ramco Industries Limited announced that they will report Q3, 2023 results on Jan 27, 2023 Upcoming Dividend • Jul 26
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 09 September 2022. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (0.9%). Reported Earnings • Jul 20
Full year 2022 earnings released: EPS: ₹36.27 (vs ₹33.38 in FY 2021) Full year 2022 results: EPS: ₹36.27 (up from ₹33.38 in FY 2021). Revenue: ₹14.7b (up 21% from FY 2021). Net income: ₹3.03b (up 8.6% from FY 2021). Profit margin: 21% (down from 23% 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 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
Full year 2022 earnings released: EPS: ₹36.27 (vs ₹33.38 in FY 2021) Full year 2022 results: EPS: ₹36.27 (up from ₹33.38 in FY 2021). Revenue: ₹14.7b (up 21% from FY 2021). Net income: ₹3.03b (up 8.6% from FY 2021). Profit margin: 21% (down from 23% 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 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. Independent Director Ajay Baliga 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. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₹238, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 17x in the Basic Materials industry in India. Total returns to shareholders of 14% over the past three years. Recent Insider Transactions • Apr 02
Insider recently sold ₹10m worth of stock On the 29th of March, R. Ramalakshmi sold around 50k shares on-market at roughly ₹204 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jan 22
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.48 (down from ₹8.58 in 3Q 2021). Revenue: ₹3.41b (up 12% from 3Q 2021). Net income: ₹373.9m (down 48% from 3Q 2021). Profit margin: 11% (down from 24% 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 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Dec 22
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. Independent Director Ajay Baliga 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. Reported Earnings • Jul 29
First quarter 2022 earnings released: EPS ₹9.05 (vs ₹7.40 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: ₹4.19b (up 38% from 1Q 2021). Net income: ₹755.9m (up 22% from 1Q 2021). Profit margin: 18% (down from 20% in 1Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 15% share price gain to ₹327, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 21x in the Basic Materials industry in India. Total returns to shareholders of 46% over the past three years. Executive Departure • Jun 08
Independent Director Subramanian Suresh has left the company On the 30th of May, Subramanian Suresh's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Subramanian's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 27
Full year 2021 earnings released: EPS ₹33.38 (vs ₹20.30 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹12.1b (up 24% from FY 2020). Net income: ₹2.79b (up 64% from FY 2020). Profit margin: 23% (up from 17% in FY 2020). 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 15
Upcoming Dividend of ₹1.00 Per Share Will be paid on the 11th of April to those who are registered shareholders by the 22nd of March. The trailing yield of 0.4% is below the top quartile of Indian dividend payers (1.8%), and is lower than industry peers (0.9%). Is New 90 Day High Low • Mar 09
New 90-day high: ₹268 The company is up 24% from its price of ₹217 on 09 December 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 22% over the same period. Reported Earnings • Feb 04
Third quarter 2021 earnings released: EPS ₹8.58 (vs ₹3.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹3.04b (up 53% from 3Q 2020). Net income: ₹716.7m (up 186% from 3Q 2020). Profit margin: 24% (up from 13% in 3Q 2020). 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 fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 03
New 90-day high: ₹238 The company is up 23% from its price of ₹193 on 05 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 20% over the same period.