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Anugraha Valve Castings Unlisted Shares
DRHP Status : Not Filed
620
Fundamentals About Anugraha Valve Castings
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Anugraha Valve Castings
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 215 | 242 | 316 | 375 |
| Cost of Material Consumed | 134 | 186 | 245 | 280 |
| Gross Margins | 37.67 | 23.14 | 22.47 | 25.33 |
| Change in Inventory | 3 | -8 | -6 | -24 |
| Employee Benefit Expenses | 39 | 47 | 51 | 60 |
| Other Expenses | 12 | 12 | 17 | 23 |
| EBITDA | 27 | 5 | 9 | 36 |
| OPM | 12.56 | 2.07 | 2.85 | 9.6 |
| Other Income | 1 | 10 | 5 | 5 |
| Finance Cost | 0.6 | 0 | 2 | 4 |
| D&A | 9 | 9 | 9 | 9 |
| EBIT | 18 | -4 | 0 | 27 |
| EBIT Margins | 8.37 | -1.65 | 0 | 7.2 |
| PBT | 17 | 6 | 3 | 28 |
| PBT Margins | 7.91 | 2.48 | 0.95 | 7.47 |
| Tax | 4 | 2 | 1 | 8 |
| PAT | 13 | 4 | 2 | 20 |
| NPM | 6.05 | 1.65 | 0.63 | 5.33 |
| EPS | 36.93 | 11.36 | 5.68 | 56.82 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 12.56 | 2.07 | 2.85 | 9.6 |
| Net Profit Margin | 6.05 | 1.65 | 0.63 | 5.33 |
| Earning Per Share (Diluted) | 36.93 | 11.36 | 5.68 | 56.82 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 135 | 140 | 135 | 147 |
| CWIP | 1 | 6 | 18 | 0.83 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 60 | 68 | 89 | 106 |
| Inventory | 36 | 55 | 73 | 91 |
| Other Assets | 34 | 36 | 31 | 27.17 |
| Total Assets | 266 | 305 | 346 | 372 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 3.52 | 3.52 | 3.52 | 3.52 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 202 | 205 | 207 | 228 |
| Borrowings | 25 | 54 | 80 | 85 |
| Trade Payables | 9 | 16 | 26 | 25 |
| Other Liabilities | 26.48 | 26.48 | 29.48 | 30.48 |
| Total Liabilities | 266 | 305 | 346 | 372 |
About Company
The following table shows a 10-point analysis of Anugraha Valve Casting. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹378 cr · PAT ₹19 cr · PAT margin ~5% | Steady exporter of valve and pump steel castings; ~90% export-driven to reputed global clients in oil, gas, and chemical sectors; consistent profitability post-FY23 turnaround. |
| Industry & Market Position | ~90% export revenue · Niche player in stainless/alloy steel foundry for valves and pumps · Strong repeat orders from Europe/US | Established global relationships reduce churn; competitive advantage via quality and timely delivery; exposed to raw material volatility and export incentive dependency. |
| Revenue Growth Trend | FY23–FY25 CAGR ~9–10% (₹316 cr → ₹378 cr; sharp jump in FY24, flat FY25 ~1%) | Growth driven by export demand and order inflows; recent moderation due to stable demand and raw material pressures; resilient but below high-growth peers. |
| Profitability & Margins | EBITDA/OPM ~9% · ROE ~8% · PAT margin ~5% | Strong turnaround from FY23 lows; moderate returns relative to capital-intensive peers; supported by debt reduction and improved operational efficiency. |
| Cash Flow Quality | OCF ~₹60 cr (FY25) · Dividend ₹2/share (~20% payout) | Healthy operating cash flows post working capital optimisation; low capex requirements; export-led business leads to 3–4 month working capital cycle. |
| Balance Sheet Strength | Net worth ~₹250 cr · Low debt (gearing ~0.15x; borrowings ~₹38 cr) | Comfortable leverage; near debt-free operations after prepayments; strong interest coverage (~9x) provides downside cushion. |
| Valuation Comfort | Unlisted P/E ~12–14x (EPS ~₹55; Market cap ~₹220 cr) | Reasonable valuation for steady exporter in cyclical sector; trading near/below book value (~₹700+); no IPO-driven premium. |
| Management & Governance | Family/promoter-led · 30+ years experience · ICRA A- (Stable) | Experienced management with clean governance track record; export reliance introduces forex and regulatory exposure. |
| Growth Triggers & Catalysts | Order book ~₹160 cr · Expansion into US/Canada/Russia | Strong order visibility for FY26; diversification and export incentives may drive upside; margin stability and raw material control key levers. |
| Liquidity & Exit Visibility | OTC liquidity only · No confirmed IPO/DRHP | Limited liquidity in unlisted market; exit dependent on potential listing or buyback; no near-term listing trigger visible. |
- Anugraha Valve Castings Limited (AVCL) is a leading steel foundry based in Coimbatore, the steel hub of South India. The company operates four foundries and two modern machine shops, catering to sectors like engineering, petroleum, chemicals, and gas.
- Since 1993, AVCL has been manufacturing and exporting steel castings used in valve and pump industries. Its promoters bring over two decades of experience in steel castings and valve manufacturing.
- Around 90% of AVCL’s revenue comes from exports, mainly to European markets such as Germany, Italy, and France. The company enjoys a stable and long-term customer base, while recently expanding its reach to the US, Canada, and Russia.
- The company exports over US $36 million worth of steel castings annually. Backed by international quality certifications such as ISO 9001:2015, ISO 14001:2015, and OHSAS 18001:2007, AVCL ships over 6,000 metric tons of steel, stainless steel, alloy steel, nickel-based alloy, duplex, and super duplex steel castings every year — in both raw and machined forms.
- AVCL has four manufacturing units and two advanced machine shops located in and around Coimbatore, equipped with conventional and CNC machines.
Challenges in Anugraha Valve’s Business
- Moderate scale of operations with high customer concentration: AVCL’s operating income was ₹215.3 crore in FY2021, and about 45.1% of its revenue came from its top five customers.
- High working capital intensity: Due to long transit and manufacturing cycles, AVCL’s working capital needs are high. Payments from clients take around three months, while creditors are paid within 15–20 days to avail discounts. Its manufacturing cycle lasts 3–4 months, depending on complexity. The NWC/OI ratio stood at 43% in FY2021, nearly unchanged from FY2020’s 41%.
- Earnings vulnerability: The main raw material, ferrous scrap, is prone to price fluctuations, which directly impact earnings. Additionally, with ~90% of sales from exports, any regulatory change in export incentives can affect profitability.
Quick Summary
Anugraha Valve Castings Limited stands as one of India’s most reputed steel foundries with a strong export base, high-quality manufacturing, and long-standing customer relationships across continents. However, its moderate scale, high working capital cycle, and dependence on raw material and export policies remain key challenges.
From an investor’s perspective, AVCL’s consistency, certifications, and global footprint present long-term potential — provided it manages its cost structure and diversifies its customer base further.
Shareholding Pattern of Anugraha Valve Castings
| Name | Holding |
|---|---|
| Promoters | 86.16% |
| Other Investors | 13.84% |
Promoters of Anugraha Valve Castings
| Name | Designation | Linkedin Profile |
|---|---|---|
| Baskaran R | Chairman & Managing Director |  |
| Anand Kumar Baskaran | Joint Managing Director | |
| Rajendran Anbazhagan | Chief Executive | |
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Frequently Asked Questions
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