Delhi-based specialty chemicals maker of PVC heat stabilizers, plasticizers and flame retardants plus TPR/TPE/EVA polymer compounds, with an added infra-products line of steel pipe fittings and MDPE gas pipes.
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Commodities
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| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 28 | 28 | 28 | 94 | 95 | 139 | 139 | 139 | 139 |
| Reserves | 114 | 115 | 101 | 134 | 143 | 238 | 254 | 258 | 256 |
| Borrowings | 158 | 145 | 151 | 91 | 62 | 19 | 28 | 38 | 30 |
| Other Liabilities | 92 | 57 | 46 | 26 | 43 | 48 | 90 | 51 | 88 |
| Total Liabilities | 391 | 346 | 326 | 344 | 343 | 444 | 512 | 486 | 513 |
| AssetsFixed Assets | 40 | 31 | 30 | 28 | 29 | 54 | 55 | 55 | 49 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 55 | 228 | 140 | 140 | 64 |
| Other Assets | 352 | 314 | 295 | 316 | 259 | 161 | 316 | 290 | 400 |
| Total Assets | 391 | 346 | 326 | 344 | 343 | 444 | 512 | 486 | 513 |
| Line item | FY10 | FY11 | FY12 | FY13 | FY14 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -5 | -6 | 12 | -8 | — | 92 | 120 | -60 |
| Cash from Investing | -5 | -9 | -9 | -1 | — | -58 | -202 | 46 |
| Cash from Financing | 10 | 15 | -3 | 9 | — | -41 | 83 | 15 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -11 | -12 | 4 | -10 | — | 87 | 115 | -65 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
VIKASECO · CYCLICAL_UNMODELABLE
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