Financials Rallis India Limited Bombay S.E.

Equities

RALLIS

INE613A01020

Agricultural Chemicals

Market Closed - Bombay S.E. Other stock markets 11:00:48 08/05/2024 BST			5-day change	1st Jan Change
273.1 ^INR	+2.15%		+2.59%	+9.33%

05-06	Rallis India Commissions Automated Water Soluble Fertilizer Facility in Akola, India	MT
04-23	Transcript : Rallis India Limited, Q4 2024 Earnings Call, Apr 23, 2024

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,873	34,168	49,162	46,293	37,513	53,168	-	-
Enterprise Value (EV) ¹	31,049	31,533	46,526	44,154	38,090	48,404	50,065	49,784
P/E ratio	20.5 x	18.5 x	21.5 x	28.2 x	40.8 x	32.9 x	27.6 x	21.7 x
Yield	1.53%	1.42%	1.19%	1.26%	1.3%	1%	1.16%	1.29%
Capitalization / Revenue	1.58 x	1.49 x	2.02 x	1.78 x	1.26 x	1.84 x	1.77 x	1.56 x
EV / Revenue	1.54 x	1.38 x	1.92 x	1.7 x	1.28 x	1.83 x	1.67 x	1.46 x
EV / EBITDA	12.9 x	12.2 x	14.4 x	16.1 x	17.4 x	15.5 x	13.4 x	11.1 x
EV / FCF	67.1 x	11.5 x	62.9 x	-230 x	132 x	25.9 x	41.8 x	31.9 x
FCF Yield	1.49%	8.72%	1.59%	-0.43%	0.76%	3.86%	2.39%	3.14%
Price to Book	2.48 x	2.42 x	3.07 x	2.73 x	2.17 x	2.66 x	2.69 x	2.48 x
Nbr of stocks (in thousands)	194,469	194,469	194,469	194,469	194,469	194,469	-	-
Reference price ²	163.9	175.7	252.8	238.0	192.9	273.4	273.4	273.4
Announcement Date	25/04/19	05/05/20	22/04/21	21/04/22	25/04/23	22/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,146	22,862	24,294	26,039	29,670	26,480	29,965	34,104
EBITDA ¹	2,409	2,594	3,229	2,741	2,183	3,120	3,735	4,465
EBIT ¹	1,949	1,978	2,588	1,998	1,270	1,980	2,458	3,117
Operating Margin	9.67%	8.65%	10.65%	7.67%	4.28%	7.48%	8.2%	9.14%
Earnings before Tax (EBT) ¹	2,203	2,375	3,035	2,224	1,281	1,960	2,544	3,256
Net income ¹	1,554	1,848	2,286	1,642	919.4	1,480	1,927	2,448
Net margin	7.71%	8.09%	9.41%	6.31%	3.1%	5.59%	6.43%	7.18%
EPS ²	7.990	9.510	11.75	8.440	4.730	7.610	9.920	12.63
Free Cash Flow ¹	462.7	2,749	740.2	-191.9	289.2	1,870	1,199	1,562
FCF margin	2.3%	12.02%	3.05%	-0.74%	0.97%	7.06%	4%	4.58%
FCF Conversion (EBITDA)	19.2%	105.98%	22.92%	-	13.25%	59.94%	32.1%	34.99%
FCF Conversion (Net income)	29.78%	148.7%	32.38%	-	31.46%	126.35%	62.21%	63.83%
Dividend per Share ²	2.500	2.500	3.000	3.000	2.500	2.500	3.182	3.538
Announcement Date	25/04/19	05/05/20	22/04/21	21/04/22	25/04/23	22/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2024 S2
Net sales ¹	14,125	5,781	4,713	7,405	7,278	6,281	5,075	8,628	9,512	6,304	5,226	7,820	9,130	5,838	4,796	-
EBITDA ¹	2,450	601.2	177.2	1,215	1,213	674	-28.4	1,127	1,176	533.1	-652.5	1,100	1,160	536	36	758
EBIT ¹	-	490.8	29.2	1,030	1,028	489.8	-225	879.9	955.8	312.8	-878.8	850	782	134.5	-202.1	-
Operating Margin	-	8.49%	0.62%	13.91%	14.13%	7.8%	-4.43%	10.2%	10.05%	4.96%	-16.82%	10.87%	8.57%	2.3%	-4.21%	-
Earnings before Tax (EBT) ¹	-	620.5	115.6	1,091	765	530.7	-162.4	909.6	954.1	299.7	-882.8	850	892	234	-195	-
Net income ¹	1,748	456.4	81.2	823.4	564.9	395.6	-141.9	674.7	710.5	225.5	-691.3	630	717.2	244.5	-159.1	-
Net margin	12.38%	7.89%	1.72%	11.12%	7.76%	6.3%	-2.8%	7.82%	7.47%	3.58%	-13.23%	8.06%	7.85%	4.19%	-3.32%	-
EPS ²	8.990	2.350	0.4200	4.230	2.900	2.030	-0.7300	3.470	3.650	1.160	-3.550	3.260	3.000	0.5500	-0.8000	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19/10/20	18/01/21	22/04/21	21/07/21	19/10/21	19/01/22	21/04/22	19/07/22	19/10/22	19/01/23	25/04/23	15/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	577	-	-	-
Net Cash position ¹	825	2,635	2,636	2,140	-	310	3,103	3,383
Leverage (Debt/EBITDA)	-	-	-	-	0.2645 x	-	-	-
Free Cash Flow ¹	463	2,749	740	-192	289	1,870	1,199	1,563
ROE (net income / shareholders' equity)	12.5%	13.7%	15.2%	9.99%	5.37%	8.32%	10.2%	11.9%
ROA (Net income/ Total Assets)	7.43%	8.02%	6.42%	6.03%	3.25%	5.1%	7.2%	7.7%
Assets ¹	20,915	23,056	35,604	27,233	28,278	29,005	26,766	31,791
Book Value Per Share ²	66.10	72.50	82.30	87.20	88.90	94.00	102.0	110.0
Cash Flow per Share ²	4.120	17.30	-	8.520	11.20	13.80	12.90	15.60
Capex ¹	338	786	1,428	1,561	1,694	700	1,483	1,326
Capex / Sales	1.68%	3.44%	5.88%	6%	5.71%	2.64%	4.95%	3.89%
Announcement Date	25/04/19	05/05/20	22/04/21	21/04/22	25/04/23	22/04/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Rallis India Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

273.4 INR

Average target price

240.8 INR

Spread / Average Target

-11.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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Pesticide