30 January 2018
3QFY18 Result Update I Industry: Plastic Products
Nilkamal Limited
BSE SENSEX
36,283
S&P CNX
11,130
CMP: INR1,876
TP: INR2,215 (+18%)
Buy
Good performance continues for Nilkamal in 3QFY18. Revenue growth
at 5%, EBITDA growth strong at 35% and PAT growth at 17%.
Steady financial performance:
For 3QFY18, Nilkamal's Revenue grew
5.1% YoY to INR5.2bn, largely driven by plastic and mattress segment.
EBITDA growth was strong at 34.6% YoY mainly on account of lower
cost of raw materials (down ~350bps as % of sales). EBITDA margins
expanded 275bps to 12.7%. However, increased interest cost and tax
expenses resulted in PAT growth of 17.1% YoY.
Plastic and mattress segment drives growth, @home flat:
in 3QFY18,
Plastic segment saw volume/value growth of 2%/5% YoY (11%/16%
QoQ). Mattress segment saw robust performance with revenue growth
of 42% YoY to INR151mn.This was largely on account of commencement
of manufacturing units in east (Barjora) and west (Bhiwandi) leading
to better geographic penetration. Performance of @home business
was flat, in-line with expectation. Revenue was down 3% to INR561mn,
however, significant improvement in operational efficiency led to PBT
of INR30mn compared to INR9mn in 3QFY17).
Capex run rate in-line with management guidance for FY18:
The
company incurred a capex of INR227mn in Q3FY18 (9MFY18 at
INR701mn) which is in-line with company's guidance of INR1000mn
capex for FY18. The capex was mainly towards the new plant &
machinery, moulds and factory buildings. Further, the credit rating for
the company's long term & short term bank facilities has been
reaffirmed to CARE AA and CARE A1+ respectively.
Valuation:
Nilkamal has steady growth, healthy balance sheet, stable
RoEs and improving operating margin. Given in-line performance for
3QFY18, we continue to maintain our earnings estimates for FY19/20.
At CMP of INR1876 it trades at 18.6x FY19PE and we believe that with
improving product mix, better operational efficiency and market share
shift to organized players, Nilkamal could command higher valuations.
Hence we maintain our buy rating on the stock with a TP of INR2215
(20x Sept'FY19 P/E).
Quarterly Standalone Performance (INR mn)
3QFY18
5,228
662
12.7
37
125
504
173
331
6.3
3QFY17
4,955
492
9.9
27
122
381
99
282
5.7
YoY (%)
5.5
34.6
274bps
38.2
2.0
32.2
75.2
17.1
63bps
2QFY18
4,647
573
12.3
28
130
425
147
278
6.0
QoQ (%)
12.5
15.6
34bps
35.1
-4.1
18.5
17.7
18.9
34bps
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Turnover, INR m
Free float (%)
Financials Snapshot (INR b)
Y/E Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
P/E (x)
P/BV (x)
EV/E (x)
Div. PO (%)
RoE (%)
RoCE (%)
2018E
21.1
2.5
1.3
87.3
14.2
571.0
21.5
3.3
11.5
15.5
16.3
15.3
2019E
23.1
2.8
1.5
100.9
22.9
651.6
18.6
2.9
10.1
20.1
16.5
15.7
2020E
25.8
3.2
1.8
120.6
38.1
747.4
15.5
2.5
8.7
20.5
17.2
16.6
NILK IN
14.9
2275 / 1491
-4 / -4 / -13
28.0
0.44
143
36
* Closing price as on 29th Jan , 2018
Shareholding pattern (%)
As On
Promoter
MFs
FPIs
Others
Dec-17 Sept-17
64.1
64.1
10.9
9.6
3.4
3.6
21.6
22.7
Jun-17
64.1
7.2
4.0
24.7
Y/E December
Revenue
Investors are advised to refer through
EBITDA
disclosures made at the end of the Research
EBITDA Margin %
Report.
Interest
Depreciation
Siddhartha Khemka
PBT
siddhartha.khemka@MotilalOswal.com
Tel: +91 22 3010 2452
Tax
Alpesh Thacker
PAT
Alpesh.thacker@motilaloswal.com
PAT Margin %
Tel: +91 9920483790
Source: Company, MOSL

Nilkamal Limited
Story in Charts
Exhibit 1: Revenue growth trend
Exhibit 2: EBITDA margins improving
Source: Company, MOSL
Exhibit 3: Adj. PAT growth trending up
Exhibit 4: Segmental revenue mix (Q3FY18)
Source: Company, MOSL
Exhibit 5: Plastic Segment- operating efficiency
improves marginally
Exhibit 6: Lifestyle(@home) segment- Significant
improvement at operating level
Note: Previous quarter segmental numbers are not comparable on account of implementation of GST.
Source: Company, MOSL
30 January 2018
November 2017
2

Nilkamal Limited
Company description
Nilkamal is an industry leader in the moulded furniture
and material handling products with diversified
product portfolio catering to different industries and
a diversified base of customers including household
customers, industrial customers and retail buyers. It
also has presence in the retail business of lifestyle
furniture, furnishings and accessories under its brand
'@home' & Nilkamal Mattresses. The company has
two major business verticals viz; 1) Plastic division and
2) Lifestyle Furniture, furnishings and accessories
division. In FY17, Plastics division contributed ~89% to
the total revenues while the retail division ('@home')
contributed ~11% to the revenue.
Exhibit 7: 1-year stock performance rebased to 100
Source: Bloomberg
Exhibit 8: Top Insitutional holdings as on 3QFY18
Name
DSP Blackrock Microcap Fund
Mirae Asset Emerging Bluechip Fund
Hdfc Small Cap Fund
L&T India Value Fund
Tata Equity P/E Fund
% Holding
3.59
2.30
1.25
1.10
1.02
Exhibit 9: Top management
Name
Mr. Vamanrai V. Parekh
Mr. Sharad V. Parekh
Mr. Hiten V. Parekh
Mr. Manish V. Parekh
Mr. Nayan S. Parekh
Designation
Chairman
Managing Director
Joint MD and Promoter
President and ED
(Furniture)
President and ED
(Material Handling)
Source: Company, MOSL
Exhibit 10: Directors
Name
Ms. Hiroo Mirchandani
Mr. K. R. Ramamoorthy
Mr. K. Venkataramanan
Mr. Mahendra V. Doshi
Mr. Mufazzal Federal
Mr. S. K. Palekar
Name
Mr. Hiten V. Parekh
Mr. Manish V. Parekh
Mr. Nayan S. Parekh
Mr. Sharad V. Parekh
Mr. Vamanrai V. Parekh
Exhibit 11: Auditors
Name
B S R & Co. LLP
Vora & Associates
Pratik M. Shah
B. F. Modi and Associates
Type
Statutory
Statutory
Secretarial Auditor
Cost Auditors
Source: Company, MOSL
30 January 2018
November 2017
3

Nilkamal Limited
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
Extraordinary Items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
PAT
Change (%)
Margins (%)
2014
17,418
1,571
9.0
522
1,049
425
36
0
659
183
27.8
5
470
-
2.7
2015
18,946
8.8
1,536
8.1
574
962
299
46
0
708
196
27.6
8
505
7.3
2.7
2016
19,265
1.7
2,300
11.9
550
1,750
182
33
0
1,601
516
32.2
-55
1,141
126.0
5.9
2017
20,240
5.1
2,317
11.4
505
1,811
117
33
0
1,728
536
31.0
-34
1,225
7.4
6.1
2018E
21,053
4.0
2,463
11.7
547
1,916
88
66
0
1,894
625
33.0
-34
1,303
6.3
6.2
2019E
23,150
10.0
2,790
12.1
653
2,137
60
119
0
2,196
725
33.0
-34
1,505
15.5
6.5
(INR Million)
2020E
25,778
11.4
3,235
12.6
731
2,504
46
176
0
2,635
870
33.0
-34
1,799
19.5
7.0
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Accum. Depriciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash and Bank Balance
Loans and Advances
Curr. Liability & Provisions
Current Liabilities
Other Long Term Liab. & Provs.
Net Current Assets
Appl. of Funds
2014
149
4,718
4,868
54
2,709
250
7,880
7,735
4,161
3,573
22
18
6,799
3,158
2,357
256
1,029
2,532
1,897
635
4,267
7,880
2015
149
5,181
5,331
62
1,692
162
7,250
7,694
4,694
3,000
12
325
6,285
2,825
2,369
147
944
2,373
1,768
604
3,913
7,250
2016
149
6,126
6,275
72
832
103
7,283
3,265
538
2,728
45
435
6,769
3,046
2,691
159
874
2,694
1,966
728
4,075
7,283
2017
149
7,270
7,419
72
826
65
8,386
3,702
994
2,707
320
416
7,488
3,360
3,010
141
977
2,546
1,727
818
4,943
8,386
2018E
149
8,371
8,521
90
626
65
9,302
4,721
1,542
3,180
300
1,058
7,483
3,236
3,032
211
1,005
2,718
1,926
793
4,765
9,302
2019E
149
9,574
9,723
109
426
65
10,323
5,321
2,194
3,127
200
1,725
8,277
3,591
3,357
231
1,098
3,006
2,118
888
5,271
10,323
2020E
149
11,004
11,153
127
326
65
11,671
5,921
2,925
2,996
100
2,669
9,187
3,963
3,738
258
1,229
3,282
2,296
986
5,906
11,671
30 January 2018
November 2017
4

Nilkamal Limited
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Net Debt/Equity
2014
31.5
66.5
326.2
4.0
14.7
59.4
28.2
5.7
1.7
19.4
0.2
86.3
9.7
10.3
2.2
66
49
21
0.5
2015
33.8
72.3
357.2
4.5
15.5
55.4
25.9
5.2
1.6
19.2
0.2
91.8
9.9
10.0
2.6
54
46
18
0.2
2016
76.4
113.3
420.5
7.0
10.3
24.5
16.5
4.5
1.5
12.5
0.4
94.9
19.7
17.1
2.6
58
51
21
0.0
2017
82.1
116.0
497.2
11.0
15.1
22.8
16.2
3.8
1.4
12.4
0.6
18.5
17.9
16.6
2.4
61
54
20
0.0
2018E
87.3
124.0
571.0
12.0
15.5
21.5
15.1
3.3
1.3
11.5
0.6
76.0
16.3
15.3
2.3
56
53
20
-0.1
2019E
100.9
144.6
651.6
18.0
20.1
18.6
13.0
2.9
1.2
10.1
1.0
75.8
16.5
15.7
2.2
57
53
20
-0.2
2020E
120.6
169.6
747.4
22.0
20.5
15.5
11.1
2.5
1.1
8.7
1.2
87.7
17.2
16.6
2.2
56
53
20
-0.2
Consolidated - Cash Flow Statement
Y/E March
Adjusted EBITDA
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Operations
(Inc)/Dec in FA & CWIP
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Inc/(Dec) in Net Worth
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Opening Balance
Closing Balance
2014
1,571
265
-143
-11
1,681
-393
1,288
-71
77
-387
0
-814
-434
-65
0
-1,312
-18
274
256
2015
1,536
250
-238
6
1,554
-185
1,369
-21
52
-155
0
-1,112
-328
-69
0
-1,508
-109
256
147
2016
2,300
-45
-515
105
1,845
-430
1,416
-123
139
-414
0
-1,021
-208
-191
0
-1,419
12
147
159
2017
2,317
-660
-578
9
1,088
-812
276
12
104
-696
0
-185
-145
-79
0
-409
-18
159
141
2018E
2,463
247
-625
49
2,134
-1,000
1,134
-642
66
-1,576
0
-200
-88
-202
0
-489
69
141
210
(INR Million)
2019E
2,790
-485
-725
52
1,632
-500
1,132
-668
119
-1,049
0
-200
-60
-303
0
-562
21
211
231
2020E
3,235
-609
-870
52
1,809
-500
1,309
-944
176
-1,267
0
-100
-46
-370
0
-515
26
231
258
30 January 2018
November 2017
5

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Disclosure of Interest Statement
" Analyst ownership of 1% or more securities
Nilkamal Limited
No
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not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities
of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable
for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty,
express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the
transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement
as may be required from time to time without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the
securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions
as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media
or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may
not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who
is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSL to any registration or licensing
requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves
of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that
may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse
and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be
suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor,
Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-30801085.
Registration details of group entities.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MSE); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412 . AMFI: ARN 17397. Investment Adviser:
INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities Products.
* Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
November 2017