investors eye

viewpoint

Astral Poly Technik

View: Positive

Viewpoint

Hot growth in pipeline

CMP: Rs432

Key points
First-mover advantage in plumping solutions:,QDVKRUWVSDQRI\HDUV$VWUDO3RO\7HFKQLN$VWUDOKDVHPHUJHG
DVWKHOHDGLQJSOD\HULQWKHFKORULQDWHGSRO\YLQ\OFKORULGH&39&FDQKROGERWKKRWDQGFROGWHPSHUDWXUHSLSHV
PDUNHW ,WKDLOVDVWKH UVWOLFHQFHH RI/XEUL]RORI86$D:DUUHQ%XIIHWFRPSDQ\WRPDQXIDFWXUH DQGPDUNHW
WKH&39&SLSHVLQ,QGLD,WKDVDOVRVXFFHVVIXOO\FUHDWHGDXQLTXHEUDQGLQSLSHVWKURXJKFHOHEULW\HQGRUVHPHQWV
DQGZDVDOVRWKHUVWRQHWRGLUHFWO\FRQQHFWZLWKWKHSOXPEHUVWRFUHDWHDZDUHQHVVDERXWWKHLUDGYDQFHGSLSLQJ
V\VWHP &RQVHTXHQW WR LWV LQQRYDWLYH PDUNHWLQJ DQG KLJK TXDOLW\ SURGXFWV LW UHJLVWHUHG D FRPSRXQGHG DQQXDO
JURZWKUDWH&$*5RILQUHYHQXHVDVZHOODVHDUQLQJVRYHU)<
Recent acquisitions to boost growth momentum:7RDWWDLQWKHQH[WOHDSRIJURZWKLWDFTXLUHGWZRFRPSDQLHVLQ
WKHVHDODQWVDQGDGKHVLYHVVSDFHLQ)<5HVLQRYD&KHPLHRSHUDWLQJLQ,QGLDDQG6HDO,76HUYLFHVRSHUDWLQJ
LQWKH8.:LWKWKHVHDFTXLVLWLRQVWKHFRPSDQ\KDVZLGHQHGLWVSURGXFWRIIHULQJVJHRJUDSKLFDOSUHVHQFHDQGWKH
GLVWULEXWLRQQHWZRUN7KHFRPSDQ\LQWHQGVWRXVHWKHV\QHUJLVHGGLVWULEXWLRQQHWZRUNWRPDUNHWLQWKH5V
FURUHDGKHVLYHVDQGEXLOGLQJFKHPLFDOPDUNHWV:HDUHH[SHFWLQJLWVQRQSLSHVEXVLQHVVFRQWULEXWLRQWRJURZIURP
5VFURUHLQ)<WRPRUHWKDQ5VFURUHE\)<(ZLWKDPDUJLQLPSURYHPHQWRIPRUHWKDQEDVLV
SRLQWV%363LGLOLWH,QGXVWULHVLVKDYLQJDPRQRSRO\LQWKHDGKHVLYHVPDUNHWKHQFHZHIHHOWKDW$VWUDOZLWKLWV
LQQRYDWLYHPDUNHWLQJDSSURDFKDQGVWURQJGLVWULEXWLRQQHWZRUNFDQJUDEWKHVHFRQGSODFHHDVLO\
Swacch Bharat trends are in its favour:$VWUDOLVOLNHO\WREHQHWIURPWKHVFKHPHVOLNHKRXVLQJIRUDOOE\
GHYHORSPHQWRIVPDUWFLWLHV6ZDFFK%KDUDW$EKL\DQZKLFKZLOOGULYHJURZWKIRUWKHSLSLQJVHJPHQW)XUWKHU
WKHLPSOHPHQWDWLRQRI*67ZRXOGDOVRERRVWGHPDQGIRUWKHRUJDQLVHGSLSLQJSOD\HUV7KHFRPSDQ\DOVRH[SHFWV
WKDWWKHJDOYDQLVHGLURQ*,SLSHVD5VFURUHPDUNHWZRXOGEHUHSODFHGZLWK&39&SLSHVLQDIHZFRPLQJ
\HDUV$VWUDOKDVUHFHQWO\IRUD\HGLQDJULFXOWXUDOSLSHVUHVSULQNOHUVDQGSOXPSLQJDFFHVVRULHVVHJPHQWVZKLFK
also hold huge growth prospects.
Robust growth expected in the next few years:,QWKHODVWIHZTXDUWHUVWKHFRPSDQ\SRVWHGPXWHGHDUQLQJV
JURZWK RZLQJ WR XQSUHFHGHQWHG XFWXDWLRQV LQ FUXGH RLO SULFH ZKRVH GHULYDWLYHV DUH LPSRUWHG IURP /XEUL]RO
+RZHYHUWKHHPEHGGHGIRUHLJQH[FKDQJHIRUH[ULVNLVQRZODUJHO\PLWLJDWHGDVWKHFRPSDQ\KDVVWDUWHGVRXUFLQJ
UDZPDWHULDOIURPWKHQHZO\FRPPHQFHG/XEUL]RO,QGLDQIDFLOLW\,WZRXOGUHGXFHWUDQVSRUWFRVWDQGIRUH[YRODWLOLW\
ULVNDQGVDYHaDWOHDVWRIWKHUDZPDWHULDOFRVW2YHUDOODWWKHFRQVROLGDWHGOHYHOZHDUHH[SHFWLQJD
&$*5LQUHYHQXHDQG&$*5LQHDUQLQJVRYHU)<7KHVWRFNLVFXUUHQWO\WUDGLQJDW[LWV)<(
HDUQLQJVZKLFKLVOLWWOHEHORZWKDQLWVKLVWRULFIRUZDUGWUDGLQJPXOWLSOHRI[+HQFHZHDUHH[SHFWLQJD
XSVLGHIURPWKHFXUUHQWOHYHOV
Valuations (consolidated)
Particulars
5HYHQXHV
(%,7'$
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$GMXVWHGQHWLQFRPH
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$GMXVWHG(36

Rs cr
FY12

FY13

FY14

FY15

FY16E

FY17E

FY18E







































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0.3

0.2

0.2

0.1

0.1

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13.2

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Capacity expansion and marketing innovation led

to 40% CAGR in sales over FY2006-15: 7R PDWFK WKH
JURZLQJ GHPDQG IRU WKH TXDOLW\ SLSHV LQ WKH KRXVLQJ
VHFWRU $VWUDO H[SDQGHG LWV FDSDFLW\ E\  WLPHV WR
a PHWULF WRQQH 07 LQ WKH ODVW  \HDUV 7KH
FRPSDQ\DOVRGHYHORSHGDVWURQJQHWZRUNIRUGLVWULEXWLRQ
E\IRUJLQJJRRGUHODWLRQVZLWKGHYHORSHUVDUFKLWHFWVDQG
EXLOGHUV&XUUHQWO\LWKDVGLVWULEXWRUVDQG
GHDOHUV IRU$VWUDO DQG  GLVWULEXWRUV DQG 
UHWDLO FRXQWHUV IRU 5HVLQRYD 7KH FRPSDQ\ DOVR KDV D
FXVWRPHUEDVHRIPRUHWKDQIRU6HDO,W8.,WZDV
DOVR WKH UVW WR WRXFK EDVH ZLWK SOXPEHUV IRU SURGXFW
FDPSDLJQLQJ DQG FXUUHQWO\ KDV WKH KLJKHVW EUDQG UHFDOO
DPRQJWKHSOXPEHUVZKLFKDUHWKHNH\GHFLVLRQPDNHUV
IRUKRXVHSLSLQJV\VWHPV:HDUHH[SHFWLQJWKHFRPSDQ\
WRUHJLVWHUD&$*5RILQUHYHQXHVLQ)<GULYHQ
E\WKHUREXVWGHPDQGLQWKHKRXVLQJVHFWRU

Company background
(VWDEOLVKHGLQE\WKHUVWJHQHUDWLRQHQWUHSUHQHXU
0U6DQGHHS(QJLQHHU$VWUDOLVWKHUVWOLFHQFHHRI/XEUL]RO
RI86$IRUPHUO\NQRZQDV%)*RRGULFKDIRUWXQH
FRPSDQ\WRPDQXIDFWXUHDQGPDUNHWWKHPRVWDGYDQFHG
&39&SOXPELQJV\VWHPIRUWKHUVWWLPHLQ,QGLD$VWUDO
WRGD\ PDQXIDFWXUHV &39& SOXPELQJ V\VWHPV IRU ERWK
UHVLGHQWLDODQGLQGXVWULDODSSOLFDWLRQVDQGOHDGIUHH39&
SOXPELQJV\VWHP$VWUDOLVHTXLSSHGZLWKVWDWHRIWKHDUW
SURGXFWLRQIDFLOLWLHVDW$KPHGDEDGDQG'KROND*XMDUDW
DQG+RVXU7DPLOQDGXWRPDQXIDFWXUHSOXPELQJV\VWHPV
IURP  WR  DQG GUDLQDJH V\VWHPV ZLWK DOO NLQGV RI
QHFHVVDU\WWLQJV
Investment arguments
Strategic tie-ups in place:,WLVWKHUVWFRPSDQ\WREULQJ
WKH FRQFHSW RI TXDOLW\ &39& SLSHV LQ ,QGLD E\ VRXUFLQJ
SDWHQWHG SRO\PHUV FlowGuard IURP /XEUL]RO IURP WKH
86$ LQ  6LQFH WKHQ WKH FRPSDQ\ KDV DGGHG PDQ\
TXDOLW\SURGXFWVLQLWVSRUWIROLRE\IRUPLQJDOOLDQFHVZLWK
PDQ\ LQWHUQDWLRQDO SOD\HUV OLNH 6SHFLDOW\ 3URFHVV //&
86$7RGD\LWLVWKHOHDGLQJSOD\HULQWKH5VFURUH
&39&SLSHVLQGXVWU\ZLWKDPDUNHWVKDUHRIRYHU

Capacity and production rose in tandem over the last 10 years

120000

70.0%

100000

60.0%
50.0%

80000

40.0%
60000
30.0%

Various tie-ups with global companies for high quality products

Companies
Country
Products
/XEUL]RO
86
)RXUSURGXFWOLFHQFHV&RU]DQ
%HQGDEOH&RPSRVLWH%OD]H
0DVWHUDQG)ORZ*XDUG
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86
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VROYHQWFHPHQW
),567
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'LVWULEXWRURILQGRRUDQG
RXWGRRUEDWKURRPWWLQJV
:DYLQ
1HWKHUODQG ([FOXVLYHGLVWULEXWRURI:DYLQ
$6ORZQRLVHV\VWHPVLQ,QGLD
63($56
86
7LHXSIRUSODVWLFSLSHWWLQJV
DQGYDOYHV

40000

20.0%

20000

10.0%

0.0%
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Total Installed capacity (MT)

Capacity utilization rate ( %)

New facility of Lubrizol to boost margins:,WVPDMRUUDZ

PDWHULDOVXSSOLHU/XEUL]RO86$KDVUHFHQWO\VHWXSDQHZ
SODQWLQ,QGLD07DW'DKHM*XMDUDWIURPZKHUH
$VWUDOZRXOGJHWRILWVUDZPDWHULDOUHTXLUHPHQWDW
DFKHDSHUUDWH6RXUFLQJWKHPDWHULDOORFDOO\ZRXOGDOVR

Product portfolio widened over the years

Portfolio
Year of launch
CPVC pipes (manufacturing under product licencee
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Brands
from Lubrizol)
)ORZ*XDUG
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PVC pipes
839&
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6:5
/RZQRLVH
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Accessories

)<
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$TXDULXV
8QGHU*URXQG':9
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8OWUD'UDLQ$TXD6DIH
:DYLQ
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Sharekhan

Applications
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,QGXVWULDODSSOLFDWLRQV
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3LSHVIRUVXEPHUVLEOHSXPSV
:DVKEDVLQWUDSVVKRZHUGUDLQVFRQFHDOHGWDQNVXVK
plates, etc

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UHGXFHLWVWUDQVSRUWDWLRQFRVWLQYHQWRU\F\FOHDQGIRUH[
XFWXDWLRQ ULVN ,QLWLDOO\ /XEUL]RO ZLOO IHWFK 07
RI UDZ PDWHULDO ZKLFK ZRXOG HYHQWXDOO\ LQFUHDVH XSWR
07ZLWKWKHVWDELOLVDWLRQRIWKHSODQW0RVWRIWKH
RWKHU&39&SLSHPDQXIDFWXUHUVH[FHSWWKHRWKHUOLFHQFHH
RI/XEUL]RO$VKLUYDG3LSHVVRXUFH&39&SRO\PHUVIURP
-DSDQHVH DQG &KLQHVH FRPSDQLHV DQG WKHQ FRQYHUW WKH
SRO\PHUVLQWRFRPSRXQGVZKLFKDUHVXESDULQTXDOLW\WR
/XEUL]RO

Acquisitions to further boost growth momentum: ,Q

RUGHUWRDWWDLQWKHQH[WOHDSRIJURZWK$VWUDODFTXLUHG
WZRFRPSDQLHVLQWKHVHDODQWVDQGWKHDGKHVLYHVVSDFHLQ
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6HUYLFHVRSHUDWLQJLQWKH8.:LWKWKHVHDFTXLVLWLRQV
WKH FRPSDQ\ KDV ZLGHQHG LWV SURGXFW RIIHULQJV
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7KHFRPSDQ\LQWHQGVWRXVHWKHV\QHUJLVHGGLVWULEXWLRQ
QHWZRUNWRPDUNHWLQWKH5VFURUHDGKHVLYHVDQG
EXLOGLQJFKHPLFDOPDUNHW3LGLOLWH,QGXVWULHVLVKDYLQJD
PRQRSRO\LQWKHDGKHVLYHVPDUNHWKHQFHZHIHHOWKDW
$VWUDOZLWKLWVLQQRYDWLYHPDUNHWLQJDSSURDFKDQGVWURQJ
GLVWULEXWLRQQHWZRUNFDQJUDEWKHVHFRQGSODFHHDVLO\

Trend in stand-alone business operating margin

16.0%
15.0%

Resinova will boost the product portfolio and the

distribution network: 6WDUWHG LQ  5HVLQRYD LV RQH
RI WKH OHDGLQJ PDQXIDFWXUHUV RI EUDQGHG DGKHVLYHV
and sealant, construction chemicals, and industrial
PDLQWHQDQFH SURGXFWV7KH FRPSDQ\ LV OHG E\ 0U 9LMD\
3DULNK &KHPLFDO (QJLQHHU ,,7 .DQSXU DQG KDV RYHU
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EUDQGV  PXOWLSOH YDULDQWV DQG DURXQG  6.8V
,WV SURGXFW GLYLVLRQV LQFOXGH FRQVWUXFWLRQ ZRRG FDUH
and maintenance, and has two manufacturing facilities
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across application areas, such as domestic household,
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GLVWULEXWLRQ QHWZRUN ZLWK  FKDQQHO SDUWQHUV
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14.0%
13.0%
12.0%
11.0%
10.0%
FY10

FY11

FY12

FY13

FY14

FY15 FY16E FY17E FY18E

Operating margin

Indian plastic piping industry is estimated at Rs22,000

crore growing at an annual growth rate of 10-15%:
7KHJRYHUQPHQWVLQLWLDWLYHVOLNHKRXVLQJIRUDOOE\
GHYHORSPHQW RI  VPDUW FLWLHV DQG 6ZDFFK %KDUDW
$EKL\DQDUHOLNHO\WRGULYHKHDOWK\JURZWKIRUWKHSLSLQJ
PDQXIDFWXUHUV )XUWKHU WKH LPSOHPHQWDWLRQ RI *RRGV
DQG6HUYLFHV7D[*67ZRXOGDOVRERRVWWKHGHPDQGIRU
WKHRUJDQLVHGSLSLQJSOD\HUV7KHFRPSDQ\DOVRH[SHFWV
WKDW WKH *, SLSHV D 5VFURUH PDUNHW ZRXOG EH
UHSODFHGZLWK&39&SLSHVLQWKHFRPLQJ\HDUV$VWUDOKDV
UHFHQWO\ IRUD\HG LQWR DJULFXOWXUDO SLSHV UH VSULQNOHUV
and plumping accessories segments which also hold huge
growth prospects.
Break-up of Indian plastic piping industry
Application
Segments
Market
value
(Rs cr)
0LFURLUULJDWLRQ 3,300
,UULJDWLRQ
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commercial
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200

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22,000
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Resinova Chemie at a glance

Organised
market share
(%)
60




Rs crore

FY15

FY16E

FY17E

FY18E

Future
CAGR
(%)

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30

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Product portfolio

Seal It Services would boost technology and product

SUROH 6HDO ,7 LV LQ WKH EXVLQHVV RI PDQXIDFWXULQJ RI
FRPSUHKHQVLYH UDQJH RI VHDODQWV DGKHVLYHV EXLOGLQJ
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PHUFKDQWV',<VHDODQWDSSOLFDWRUVURRQJFRQWUDFWRUV
URRQJ GLVWULEXWRUV LQGXVWULDO ELWXPHQ PDQXIDFWXUHUV
RRULQJFRQWUDFWRUVRRULQJGLVWULEXWRUVFDUSHWVKRSV
DUFKLWHFWVFRXQFLOH[SRUWZKROHVDOHUVDQGFDVK FDUU\
3UHVHQWO\ 6HDO ,7 LV H[SRUWLQJ LWV SURGXFWV WKURXJKRXW
(XURSH$IULFDDQGWKH0LGGOH(DVW

Financial of Seal IT Services, UK

FY15 FY16E FY17E FY18E
Future
Seal IT
CAGR (%)
Services, UK
(80%)
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13

20
20
16
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,7IRUDFRQVLGHUDWLRQRI5VFURUH

Advanced Adhesive:$  MRLQW YHQWXUH -9 ZLWK ,36

&RUSRUDWLRQDOHDGLQJ86EDVHGPDQXIDFWXUHURIVROYHQW
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Product portfolio of Bond it

$GYDQFHG$GKHVLYHV/WG
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1 year forward PE multiple

Break-up of growth between stand-alone and subsidiaries

300
250

6XEVLGLDULHVUHYHQXHV

 

<R<JURZWK

2,236







Consolidated
revenues

1,429

1,836

2,245

2,696

24

32



22

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200
150
100
50

Close -Unit Curr

45.0 X

PAT
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113



















62









201





32

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Particulars
CMP

Market
Cap (Rs
cr)



EPS
FY16E

FY17E

FY18E

EPS
CAGR
(%)

 







FY15

Jan-16

Mar-16

Nov-15

Jul-15

Sep-15

40.0 X
55.0 X

Valuation comparison
'XHWRLWVDJJUHVVLYHJURZWKWUDMHFWRU\WKHFRPSDQ\KDV
EHHQHQMR\LQJSUHPLXPHYHQWRWKHOHDGLQJSODVWLFV
SLSLQJSOD\HUVOLNH6XSUHPH,QGXVWULHV:LWKWKHVHFRQG
OHDSRIJURZWKFRPLQJIURPWKHDGKHVLYHVEXVLQHVVDQG
PDUJLQXSWLFNWRWKHSDVWOHYHORIWKLVSUHPLXP
ORRNV OLNHO\ WR VXVWDLQ LQ WKH IXWXUH DOVR 7KH VWRFN LV
FXUUHQWO\WUDGLQJDW[LWV)<(HDUQLQJVZKLFKLV
OLWWOHEHORZWKDQLWVKLVWRULFIRUZDUGWUDGLQJPXOWLSOHRI
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10.0



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35.0 X
50.0 X



Operating margin (%)

6WDQGDORQHEXVLQHVV

May-15

Jan-15

<R<JURZWK

603 

350

Mar-15



Nov-14

20

Jul-14

Sep-14



400



May-14



Jan-14



450

Mar-14

1,366

500

Nov-13



CAGR
(%)

Jul-13

FY17E FY18E

Sep-13

<R<JURZWK

FY16E

Mar-13

6WDQGDORQHUHYHQXHV

FY15

May-13

Revenues (Rs cr)

Sharekhan

32.6



P/E
FY16E

FY17E

FY18E

 

FY15





31.6 















23.3









 



33.0

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.H\QDQFLDOUDWLRV
Income statement
Particulars
5HYHQXHV
<R<JURZWK
(%,7'$
'HSUHFLDWLRQ
(%,7
,QWHUHVW
Other income
(2LWHPV
3URWEHIRUHWD[
PLQRULW\LQWHUHVW
7D[
3URWDIWHU7D[
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$GMXVWHG(36
Balance sheet
Particulars
Liabilities
6KDUHFDSLWDO
5HVHUYHV
1HWZRUWK
1RQFXUUHQW
OLDELOLWLHV
7RWDOFXUUHQW
OLDELOLWLHV
Total liabilities
1HWEORFN
&DSLWDOZRUNLQ
progress
/RQJWHUPORDQVDQG
DGYDQFHV
,QYHQWRULHV
6XQGU\GHEWRUV
&DVK EDQNEDO
/RDQDQGDGYDQFHV
Other current assets
7RWDOFXUUHQWDVVHWV
Total assets

viewpoint

FY14

31

22


2
22

0





FY15

32

36



10
110
2
31

110.1


FY16E






2
0

6





(Rs cr)
FY17E FY18E
 
22
20



60




2
2
0
0
220

10




201
 



FY14

FY15

FY16E

(Rs cr)
FY17E FY18E

11




12




12


130

12


122

12














694



1,166



1,298



1,506



1,793
606


10







22



1

0

694

266
233
12

2

1,165


211
26

2
622
1,298





2

1,506


303
103

2

1,793

Ratio analysis
Particulars
0DUJLQUDWLR
(%,7'$PDUJLQ
1HWSURWPDUJLQ
Return ratios
5R&(
5R(
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5HFHLYDEOHGD\V
,QYHQWRU\GD\V
3D\DEOHGD\V
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Valuation ratios
(9(%,7'$
3(
Leverage ratios
Particulars
Debt-Equity ratio
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)L[HGDVVHWV
7RWDODVVHWV
,QWHUHVWFRYHUDJH
Working capital
&DVKRZVWDWHPHQW
Particulars
1HWSURWEHIRUHWD[
'HSUHFLDWLRQ
QRQFDVK
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&KDQJHLQZFDSLWDO
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Inc/(dec) in cash
Cash at the
beginning
Cash at the end

(Rs cr)
FY17E FY18E

FY14

FY15

FY16E










13.2








22.6
12.3







32.6






















63





63
1.6











23.6





FY14
0.3

FY15
0.2

FY16E
0.2

3.6
1.6




1.2








FY14

22
31

(Rs cr)
FY17E FY18E
0.1
0.1










FY15 FY16E FY17E FY18E

110

220

36


60










(4)
11






11
1






14
12

13




26
26

23

262


51
52

12

26

52

103

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Sharekhan

April 13, 2016

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