OVERVIEW: Industry: What is a Foundry? Metal casting foundries have been in business since the early 1800s. A foundry is a factory that produces metal castings wherein metals are casted into various desired shapes by: (i) melting the metal into a liquid, (ii) pouring the metal into a mould and then, (iii) removing the mould material or casting after the metal has solidified and taken the desired shape. In any typical foundry, the most common metals processed are aluminium, cast iron and copper. Many other metals like bronze, brass, steel, magnesium, zinc etc are also used to fabricate castings.

Many of the market analysts are anticipating the Indian foundry industry to double its capacity (which is currently around USD18bn in revenues) in a few years. The bullishness is expected to arise due to upcoming capex in the railways, infrastructure and defence sectors. The only issue that arises here is whether these castings will be produced in India or imported from other countries. If the GOI has to maintain its vision and words of „Make in India‟, then this industry can reach a revenue upto USD20bn in times to come. At the same time, this industry which is currently employing nearly 2.5mn people can employ other 2.5mn employees. As per Amish Panchal, the president of the Institute of Indian Foundrymen (IIF, the apex body of the foundry industry) there is vast potential for growth in this sector. China has a market share of nearly 40% (estimated 100 million tonnes of the global foundry industry) while that of India is nearly 11%. India basically exports castings to Europe and the US while accounting for nearly 3% of the total exports market. India ranks number two in terms of casting manufacturing and number three in terms of global revenue. According to IIF, the Indian market itself is showing some signs of growth in demand from industries like auto, earth moving, material handling, tractors etc. Moreover, defence, aerospace, railways and capital goods will auger sizeable demand for foundries. With the kind of growth plans projected in the developing nations, there can be strong growth coming from India and China.

CMP: Rs. 1047 TARGET PRICE: Rs. 1500 TIME : 12 months

SNAPSHOT

52 week H / L Mcap (INR mn)

1320 / 725 2,870

Face value: 10

BSE Code NSE CODE

523160 NA

Annual Performance

(Rs mn) FY15 FY16 FY17 FY18E

Sales (Net) 887.0 886.7 892.3 966.4

EBITDA 180.0 201.6 222.0 178.8

EBITDA (%) 20.3 22.7 24.9 18.5

Other Income 5.8 24.8 18.6 24.0

Interest 0.1 0.0 0.0 0.1

Depreciation 78.7 71.1 36.2 40.4

PBT 107.0 155.3 204.3 162.2

PAT 60.1 98.8 132.0 107.1

Equity 28.0 28.0 28.0 28.0

EPS (INR) 21.5 35.3 47.1 38.2

Ratio Analysis

Parameters (Rs mn) FY15 FY16 FY17 FY18E

EV/EBITDA (x) 15.6 13.3 11.4 15.5

EV/Net Sales (x) 3.2 3.0 2.8 2.9

M Cap/Sales (x) 3.3 3.3 3.3 3.0

M Cap/EBITDA (x) 16.3 14.5 13.2 16.4

Debt/Equity (x) 0.0 0.0 0.0 0.0

ROCE (%) 18 24 27 19

Price/Book Value (x) 4.8 4.2 3.6 3.2

P/E (x) 42.1 29.5 22.2 27.4

Share Holding Pattern as on 31st December 2017

Parameters No of Shares %

Promoters 2,100,000 75%

Institutions 27,217 1%

Public 672,783 24%

TOTAL 2,800,000 100%

Quarterly Performance

Parameters (Rs mn) Mar 17 Jun 17 Sept 17 Dec 17

Sales (Net) 214.3 228.7 210.2 238.7

EBITDA 61.5 36.8 36.3 45.2

EBITDA ( %) 29 16 17 19

Other Income 3.7 9.9 6.6 2.3

Interest 0.0 0.0 0.0 0.0

Depreciation 8.3 7.8 7.7 7.7

PAT 36.9 26.0 23.6 26.0

Equity ( Rs mn) 28.0 28.0 28.0 28.0

TM

Note: All the data is calculated as per closing price on 12th March 2018. Please Turn Over

March 13, 2018 PICK OF THE MONTH VOL-4, NO-03

Morganite Crucible (India) Limited BUY

Source: foundry-planet.com, a typical foundry

Source: Shutterstock ; a typical crucible

Source: Annual Report

OVERVIEW: Industry:(contd.) What is a Crucible? A crucible may be defined as a pot which is used in the process for keeping metals for melting in a furnace. These furnace crucibles are designed in such a way that they can withstand the highest temperatures during the process of metal casting. The crucibles are made up of materials having high melting point which helps maintain good strength when the container is subjected to extremely hot temperatures. Crucible furnaces are most commonly used for producing aluminium, bronze and brass castings. Furnace crucibles may be composed of clay-graphite, zinc oxide or silicon-carbide, as these materials can resist the extreme temperatures in a typical foundry operation. Silicon carbide is more preferred as it exhibits additional advantage of being a highly durable substance. Zinc-oxide (ZnO) crucibles are designed in such a way that they help minimize energy consumption, increase thermal and process efficiencies which will lead to operational profits as energy has a major influence on profitability in foundry processes. Some of the benefits of using crucibles from a manufacturer‟s point of view includes low cost, reduced consumption of energy, low carbon footprint and emissions, lesser waste produced, low maintenance etc. Foundry Chemicals: A foundry produces metal castings from either ferrous or non-ferrous alloys. In a typical foundry process, a large number of chemicals are used which are known as foundry chemicals. The aim of usage of these chemicals is to enable foundries to enhance the quality of castings and improve productivity levels. These include certain additive agents, binders, coatings, fluxes, sand additives, water-based core or mold coatings in various refractory bases and other hot topping compounds. A large number of foundry chemicals are used for casting purposes. Core and mold binders are used for providing exceptionally smooth casting surface finish and dimensional accuracy for ferrous & nonferrous foundries. Fly ash which is another important replacement and filler in foundry sands is used for mold and core production for many nonferrous metals such as copper, aluminium and zinc based alloys. Graphite powder which accounts for major share of the foundry chemicals is used in various applications as it provides good lubrication properties and electrical conductivity. As per certain market research reports, analysts are anticipating the global graphite market to grow at a CAGR of 5.51% during the period of 2017-2021. Graphite has a number of applications in refractories, lubricants and crucibles, foundry facing, batteries and electronic equipment etc. Besides, this graphite has many automotive applications parts such as gaskets, motors, clutch materials, exhaust systems, cylinder heads etc. Moreover, it is also one of the key components of brushes in electric motors. This implies the same market conditions will be applicable in the foundry business as well. Phenol is used to produce a phenol formaldehyde condensation resin which in turn is used for making molds. Foundry sand is used for the production of ferrous and nonferrous metal castings. Dextrin powder is widely used as binders for cores in the foundry industry. Bentonite powder has properties like water absorption, hydration, viscosity etc which is used in the foundry industry.

Industry Hurdles: Some of the issues which the industry in India faces include the cost of manufacturing for the local foundry industry which is slightly higher in India. Due to this, some companies prefer buying the castings from China (which is slightly cheaper). In such a scenario, the smaller players are always under financial stress and some will cease to exist; while the bigger players work at minimal margin gains. In the same context, the energy costs are very unstable with constant fluctuations in the coal prices. The sector faces a major challenge which is related to the lack of new and upgraded technology. Moreover, there is shortage of good training facilities. Some of the seasoned and world class players need to invest in new technology like 3D printing, robotics, automation, new designing softwares and tools etc. Environment costs are on a constant rise. Efficient utilization of available resources, recycling and efforts to mitigate the climate change are some of the candidates which need attention. Environmental concerns have been becoming stringent in China. Many players import from China and at the same time a red flag due to environmental concern can lead to a slowdown in the Chinese market and dumping of foundry castings to neighbouring countries like India. About the Company: Morganite Crucible (India) Limited (MCIL) is a subsidiary company of Morgan Advanced Material Company Plc which was previously known as Morgan Crucible Company Plc (headquartered in London). The promoter group holds 75% of the total shareholding in MCIL. MCIL was earlier known as Greaves Morganite Crucible Limited and later the name was changed to Morganite Crucible (India) Limited in August 2006. The company is ISO 9001 certified for quality management system standards certified from LUCIDEON management system which is a leading global expert in verification and certification services. The company has one subsidiary company viz Diamond Crucible Company Limited (DCCL). The manufacturing unit of DCCL is located at Mehsana district in Gujarat while that of MCIL is located at Aurangabad in Maharashtra.

TM

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Source: thehindu.com/business/Industry/foundries-betting-on-domestic-sales

CMP: Rs. 1047 TARGET PRICE: Rs. 1500 TIME : 12 months

March 13, 2018 PICK OF THE MONTH VOL-4, NO-03

Morganite Crucible (India) Limited BUY

About the Company: (contd.) MCIL caters to a very niche market i.e. crucibles and allied accessories for the ferrous and non-ferrous industries. The company is also involved in manufacture and sale of silicon carbide and clay graphite crucibles, die lubes, foundry products and other accessories. Silicon carbide and clay graphite crucibles are used as consumables in manufacture of non-ferrous alloys which have applications in a number of industries like auto, industrial machinery, sanitary, electrical equipment, railways etc. As far as applications in the tyre industry and its production are concerned, they are used for manufacturing zinc oxide (ZnO), while in industry of electrical equipment manufacturing; they are used for manufacturing copper alloys. Nearly 80% of the business constitutes the crucibles space, while the rest is foundry (which may be for ferrous or non ferrous foundries) accessories. INVESTMENT RATIONALE

(A) Strong Parentage: Morgan Advanced Materials Plc (MAMP) is more than 160 years old company which was founded in 1856. The company is headquartered in Windsor, UK and is listed on the London Stock Exchange. The company is a recognized world-leader in advanced materials science and engineering of ceramics, carbon and composites. Many of these products are necessary to perform critical tasks in harsh or challenging environments. One of the industry‟s most extensive ranges of crucibles are provided by the Molten Metal Systems (MMS) business of the company. In addition to the regular requirements of the customers, the company is capable of offering the perfect crucible as per clients‟ requirements. Some of the multiple end-use markets include non-ferrous castings for the automotive, aerospace, marine and rail markets; recycling and refining of precious metals; production of metal powder for the aerospace & defense markets; copper and brass castings for the construction, chemical processing, oil and gas sectors etc; production of pure aluminum for electronics applications; production of zinc and zinc oxide required in the production of plastics, ceramics, glass, cement, rubber and pharmaceuticals; alternative energy applications including wind and solar etc. All the products are world class and quality assured. The company caters to the demands in the sectors of healthcare, petrochemicals, transport, electronics, energy, industrial etc. The principal product ranges from insulating fibres, electrical carbon systems, seals and bearings, ceramic cores, crucibles etc for metals processing and high technology composites. The company is capable of developing specialist materials and tailor made products. MAMP has around 85 manufacturing sites supported by a network of sales offices around the world. The company operates in well-defined markets with operations in more than 50 countries and serves customers in more than 100 countries. Moreover, the company also offers a wide range of foundry consumables like thermocouple sheaths, coatings, tubes, launders, cements and special shapes. The offerings for the furnace industries products include a wide range of crucibles & cupels, furnaces & ovens etc and have recently added carbon regeneration kilns to its portfolio. Since the company has a legacy of more than 160 years in the same domain, they have in-depth knowledge of applications in the industry they serve. (B) Aluminum-The Lighter Way: There is a clear shift from ferrous to non-ferrous casting due to the benefits of the latter like lightweight, resistance to corrosion and high conductivity. The use of aluminium in autos has been advancing at a very fast pace. Automotive is one of the product areas outsourced to foundries. In the long run, another area would include that of hybrid vehicles and Electric Vehicles (EVs). A lot of emphasis has been laid on the EVs. This trend seems to be catching up in India as well. Though we are in the very early days to have a substantial say on the same, but disruptions are bound to come in the regular IC engine vehicles and new parts for the EVs and hybrids will arise. With a shift in the mix of use, automakers are further looking at improving the fuel economy, battery range, safety, overall driving performance etc and are looking at multi-material design approach where the best material is chosen for the best application and aluminium seems to be fitting well in this criteria. The total aluminium content used in the total vehicle is estimated to increase to nearly 16-17% as compared to the current 10-11% of the total vehicle weight. In order to get operational efficiencies, a lot of players have started looking at technological advancements associated with different types of metals and related products which will boosts the market growth in near and distant future. The current focus of the market and the auto makers is to reduce the weight of vehicles, especially the mopeds for women. Reduction in weight will also help achieving better fuel efficiency and decreasing vehicle emissions over time. Management is quite bullish on sales for the Indian sub continent and the Middle East. Management is seeing flat or declining demand in the markets of Europe, Rest of Asia, North America and South Africa. The company is favoured with a positive sentiment in the Indian economy. Thus rightly said, that auto segment and foundries walk hand in hand.

TM

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Source: MCIL website; Starbide crucible

Source: MCIL website; excel e crucible

Source: MCIL website; Salamandar crucible

CMP: Rs. 1047 TARGET PRICE: Rs. 1500 TIME : 12 months

March 13, 2018 PICK OF THE MONTH VOL-4, NO-03

Morganite Crucible (India) Limited BUY

INVESTMENT RATIONALE (contd.) (C) Metals Fight Back: The sector of metal and metal manufactured products is important for growth of any economy as it serves a plethora of industries like energy & power, automotive, construction & building, aviation, electrical & electronics, healthcare, coinage, ornaments etc. The category of ferrous metals generally consists of iron and various types of steel which are used in construction and automobile industries; while the category of nonferrous metals includes aluminium, copper, zinc, lead, nickel, tin etc which are used for making castings, alloys, forgings, wires, cables, extrusions, pipes etc. Asia-Pacific occupied the major market with nearly half of the share in 2016 and is anticipated to register significant CAGR of around 2.9% over the next three to five years. Rapid industrialization, urbanization, investments in transport and infrastructure industry etc, has made Asia Pacific (APAC) capture nearly 50% of the share in market in 2016 and is anticipated to show further growth. Besides this region, Europe accounts nearly one-fourth market share during the same period. The entire gamut of steel industries is likely to benefit from GST as well. There is substantial slash in transport costs due to unified and standard tax rate under GST thus reducing the cost, time and delays. For other nations, the challenge here is the very high wages in the labour intensive sectors, which is not the case here in India which also serves as a positive point. The environmental concerns are not that strict in India as compared to China, which also provides another uptick for the Indian metal and foundries. All these factors coupled together poise for growth in the metals sector.

(D) Products Offering: The company has been successfully maintaining highest quality product which ensures consistency in performance and safety. MCIL has a continuous focus on R&D and is thus capable of developing value added and innovative products. MCIL also intends to maintain consistent focus on product portfolio management, end customer connections, application engineering and sales effectiveness. The company is laying constant efforts to diversify its product base by introducing new products. Besides that, the main objective is to focus on maintaining optimum utilisation of its internal resources, developing new markets and increase sales and thus its profitability. MCIL offers melting solutions to foundries, die-casters and other metal melting facilities. These applications may be spread across zinc, precious metals, aluminium, copper and non-ferrous metals. The company has been offering products including crucibles (like excel and himelt, salamander super, assay ware), foundry products (like degassing tubes, rotors, ladle bowls, red diamond alpha products) and furnaces (such as fusion furnace range and sample drying oven range). Crucibles manufactured by MCIL also find applications in allied industries like tyre production where crucibles are used for manufacturing zinc oxide and electrical equipment manufacturing used for manufacturing copper alloys. MCIL is one of the major manufacturers of silicon carbide and clay graphite crucibles used in non ferrous alloys which have applications in promising industries like auto, industrial machinery, sanitary, electrical equipment, railways, etc. Many analysts are anticipating a robust growth in the segment of non-ferrous castings and production. Of all mentioned above, auto segment consumes the maximum of the casting with approximately 30-32% of total castings. All these factors promise growth for the upcoming year.

TM

Please Turn Over

Source: MCIL website

Source: Annual Report

CMP: Rs. 1047 TARGET PRICE: Rs. 1500 TIME : 12 months

March 13, 2018 PICK OF THE MONTH VOL-4, NO-03

Morganite Crucible (India) Limited BUY

Source: MCIL website

Financials: MCIL is a debt free company. Clay crucibles fetch volumes while silicon carbide crucible fetches more value for the company. The company has been maintaining gross margins of nearly 56-60%. The company has increased the dividend paid to the shareholders from a legacy payout of Rs1 per equity share to Rs8 per equity share in March 2017. The segment for clay crucible runs at a capacity utilization of nearly 70%-75% while the segment for silicon carbide runs at a capacity utilization of nearly 55%-60%. The company in the recent past was hit by DEMO and the transitional phase of GST. In addition to this, the prices of the basic raw material (graphite) has been a major setback for the performance of the company and it also appears the company could not pass through the RM prices difference to its customers. This shall get rectified in due course as we can expect price increase of its products in very near future. The top line has been growing in the range of 6%-10% while the only source by which the company can improve its margins will be via better operational efficiencies and cost controls which they have been working on and continue to do so in future. The company has enough unutilized land which provide a scope for expansion, if required in future. MCIL has its focus on segments like auto, earthmoving, material handling, tractors etc in India, which are growth triggers for the nation and growth triggers for the company as well. Nearly 80% of the total sales of the company come from the crucibles division; while the rest comes from the foundry based complimentary products where 56-60% of the produce is used by domestic consumers in India, while the rest is exported. The company is capable of making tailor made products as per the client‟s requirements. The company has been maintaining healthy ROCE in the range of 23%-26% over the last few years. Moreover, the company is cash rich which opens door for acquisition of small players in the same domain or buy advanced machinery with a view to move towards automation to some extent and manufacture homogenous-high margin products. The acquisition of DCCL will also help in boosting the sales as well as the profits. Risks and Concerns: Unlike any other company, MCIL also faces risks related to forex fluctuations, economic uncertainty, geopolitical risks, competitive market conditions, increase in the prices of raw material (especially graphite prices), LPG, electricity, inflation and other overheads. Global economic slowdown may affect the automobile sector and MCIL has a substantial customer base in this segment which can have a negative impact on the company‟s‟ performance. If one carefully studies the expenses incurred by the company, MCIL has been paying royalty and management services fees to Morgan Crucible Company PLC to acquire technical know-how which does not seem to be waived-off. Moreover, the company is constantly under the stress of maintaining quality standards and cost competitiveness which is the key to survive in this niche business and industry. The stock is very thinly traded only on the Bombay Stock Exchange. Outlook and Valuations: The company is in a very niche segment wherein the entry barriers are high due to tall capital investments. Some of the major sectors which can propel growth for the company and the economy include industrial, automotive, chemicals, petrochemicals, metals, etc. The growth in casting industry or its production moves hand-in-hand with growth in the auto segment which is currently in good shape in India. The concept of Make in India has also started gaining momentum (on the ground level) along with increase in capex by some of the manufacturing companies. In addition to this, the parent company is quite bullish on the Asian countries for futuristic growth and has ambitious plans for India and China especially in the domain of Molten Metals Systems (MMS). All these factors poise well for slow but sustainable growth for MCIL and the best strategy would be to SIP into the stock on regular basis, thus we initiate a BUY on the stock with a target price of Rs1500 with a horizon of 12 months.

TM

CMP: Rs. 1047 TARGET PRICE: Rs. 1500 TIME : 12 months

March 13, 2018 PICK OF THE MONTH VOL-4, NO-03

Morganite Crucible (India) Limited BUY

TM

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