Madhur Soars with Strong Financials, Capacity Expansion, and Growth Potential
- Revenue and Profit Growth: FY24 revenue grew 24% YoY to 0239 crore, with a 3- year CAGR of 44%. Profit reached QI 2.2 crore, and NPM improved to 5.1% (+190bps YOY), signalling sustainable growth.
- Operational Efficiency: The company's asset turnover ratio is 2.5x, with moderate leverage (AIE of 3x) and a strong ROE of 29%. A short cash conversion cycle of 2 months highlights its effective capital management.
- Capacity Expansion: Manufacturing capacity expanded from 8,000 Mtpa in FY20 to 28,500 Mtpa in FY23, with an expected rise to 35,000 Mtpa in FY24, supporting future growth.
- Strategic Clients: Proximity to suppliers and a strong client base, including Indian Railways and KP Power, ensure stability. An unexecuted order book of GI .95 crore offers short-term revenue visibility.
- Investment Opportunity With an FY24 EPS of 020.98 and a PIE of 6, the company's stock appears undervalued, presenting long-term growth potential.
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