Bhageria Dye-Chem

Hi Friends,

I found there was no discussion on this particular counter so wanted to start a discussion.

BHAGERIA INDUSTRIES LIMITED was established in 1989 with an objective to serve the dyes & intermediates industry all over the globe. Company commenced its operations by setting up a Vinyl Sulphone Plant at Vapi (Gujarat) with capacity of 540 T.P.A. which has now expanded to 3600 T.P.A. Subsequently Company has gone for further expansion in other Dyes intermediates & Dyestuffs.

Nearly 70% of its production is being exported worldwide to various clients including multinationals.
Our products are being exported to Korea, Japan, Taiwan, China, Germany, U.S.A & other European and African countries. Today Bhageria Industries Limited is one of the largest Manufacturer & Exporter of Intermediates and Dyes.

Here are some of the highlights

CMP – 120 CR
NP – 36 CR FY15
P/E – 3 to 4
ROE – 30 % plus
ROCE – 30 % plus
No Equity Dilution
Last 15 Years strong Dividend payout
Major capex completed (See rise in sales figure)

Here is the last 5 year P&L

       10-Mar	11-Mar	12-Mar	13-Mar	14-Mar	15-Mar
 Sales	33.36	61.62	62.84	129.05	368.78	412.38
Expense 53.45	57.74	61.53	125.55	345.1	356.64
OperPro	-20.09	3.88	1.31	3.5	23.68	55.74
OPM	-60.22	6.3	2.08	2.71	6.42	13.52
OthInce	2.89	0.16	0.27	0.44	1.2	2.63
Intst	1.52	0.96	1.45	1.46	1.41	2.13
Dep	0.73	0.68	0.8	0.73	0.85	1.48
PBT	1.59	2.4	-0.67	1.76	22.63	54.75
Tax	0.44	1.5	-0.2	0.51	7.22	18.15
N P	1.15	0.9	-0.47	1.26	15.4	36.61
EPS 	3.12	2.4	0	1.46	18.75	44.94

Please check screener.in for Balance Sheet and Cash Flows.

Does any one believe a P/E rerating can haappen here ?