Axis Capital Limited, Edelweiss Financial Services Ltd, IIFL Securities Ltd
SJS is one of the leading players in the Indian decorative aesthetics industry. The company is a ‘design-to-delivery’ aesthetics solutions provider with a diverse product offering for the automotive and consumer appliance industries. The company’s product offerings include – decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux badges, domes, overlays, aluminum badges, in-mold labels, or decoration parts, lens mask assembly, and chrome-plated printed, and painted injection moulded plastic parts. The company’s subsidiary, Exotech, caters to requirements in the two-wheelers, passenger vehicles, consumer durables/appliances, farm equipment, and sanitary ware industries for chrome-plated, printed, and painted injection moulded plastic parts. The company has its manufacturing facilities at Bengaluru and Pune and as of March 31, 2021, the annual production capacity of the Bengaluru and Pune facilities was 208.61 million and 29.50 million products, respectively. In FY 2021, the company and its subsidiary produced 91.94 million and 15.60 million products, respectively. The company has a global presence and supplied over 115 million parts to around 170 customers across 20 countries in FY 2021. Evergraph Holdings Pte. Ltd. and K.A. Joseph are the company promoters.
For year/ period ended ( in Cr.)
| 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 | |
|---|---|---|---|
| Total Revenue | 251.62 | 216.17 | 237.25 |
| Profit After Tax | 47.77 | 41.29 | 37.6 |
| EPS | 15.69 | 13.56 | 12.35 |
| OPM(%) | 31.68% | 31.74% | 27.11% |
| PATM(%) | 18.98% | 19.10% | 15.85% |
The company IPO is fully priced and massive dilution of over 48% raises concern. Based on its financial parameters, the valuation is on the higher side. Hence, cash surplus investors may consider investment with a long term perspective.
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