Report as on 13 June 2021 at 11:17 PM

VERY NEGATIVE
RESULTS IN DEC 19
Risky Reliance
Valuation
Nav.Eng
Strong sell

CMP: 4.81
STOCK INFO:
BSE – 533107/ NSE – RNAVAL
Market Cap - Micro Cap (Rs. 355 cr)
Sector – Ship Building
52 w H/L (Rs.) – 4.8/1.7
Dividend Yield: 0%
Debt Equity: -0.6%
Return on Equity: 13.92%
Price to Book: -0.03

www.marketsmojo.com
Reliance Nav.Eng
CMP: 4.81 29 Strong Sell
Report as on 13 June 2021 at 11:17 PM
Strong Sell Sell Hold Buy Strong Buy

WHY IT’S A STRONG SELL? IS THIS STOCK FOR YOU?

With a fall in EPS of -0.49%, the company declared
High Risk, High Return (1 Year)
Very Negative results in Dec 19 Absolute Risk Volatility
-The company has declared negative results for the Adjusted
last 2 consecutive quarters Reliance Nav.Eng 171.75% 2.80 61.32%
-PAT(HY) At Rs -746.23 cr has Grown at -70.84 %
SENSEX 56.46% 3.22 17.51%
-NET SALES(Q) Lowest at Rs 11.35 cr
- OPERATING PROFIT TO INTEREST (Q) Lowest at - How much should you sell? - All quantity irrespective of
0.15 times whether you are making profits or losses
When to re-enter? - We will constantly monitor the
Risky - No result in last 6 months company and review our call based on new data
-The stock is trading risky as compared to its average
historical valuations RETURNS SUMMARY (Price + Dividend)
-Over the past year, while the stock has generated a The stock gave a total returns of 171.75% in the last 1 year
return of 76.4%, its profits have risen by 6.5% Outperforming Sensex returns of 56.46%
100%

0%
WHAT ARE OTHER FACTORS?
-100%
Stock is technically in a Bullish range
-The technical trend has improved from Mildly Bullish
-200%
on 07-Jun-21 and has generated 20.55% returns since
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-Multiple factors for the stock are Bullish like MACD,

Bollinger Band, KST and OBV Reliance Naval & Engineering Ltd SMLCAP

Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y
Stock (%) 34.73% 171.75% -24.01% -66.6%
Sector (%) 15.00% 15.00% 2.23% -24.96%
Sensex (%) 13.83% 56.46% 31.35% 47.89%

DO YOU HAVE OTHER BETTER CHOICES?

Within same sector Within same market cap
Cochin Shipyard Ltd. Tata Steel Long Products Ltd
Get Verdict Report Get Verdict Report

MOJO PROFESSIONAL 1
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 13th June, 2021 at 11:17 PM, and
may not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

MOJO PROFESSIONAL 2
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

FINANCIAL TREND

WITH A FALL IN EPS OF -0.49%, THE

COMPANY DECLARED VERY NEGATIVE
RESULTS IN DEC 19

Near term sales trend is very

negative
Rs 11.4 cr 52.06

Net Sales (Rs Cr)

Net Sales - Lowest at Rs 11.35 cr and Fallen
35.39
26.33
Quarterly each quarter in the last five quarters 20.55
11.35

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019

Near term PBT trend is negative

Rs -406.7 PBT less Other Income (Rs Cr)
Lowest at Rs -406.72 cr.
cr in the last five quarters -275.5
PBT - Quarterly -372.23
-336.58 -340.76
-406.72

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019

Near term PAT trend is very

-1.6% negative
PAT (Rs Cr)
Half Yearly PAT At Rs -746.23 cr has Grown at -70.84 %
Growth Year on Year (YoY)
-734.7 -746.23

Dec 2018 -988.59

Jun 2019 Dec 2019

MOJO PROFESSIONAL 3
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

FINANCIAL TREND

The company's ability to manage

-0.2 interest payments is deteriorating 0.01 0.01

times Operating Profit to Interest

Lowest at -0.15 times
-0.01 -0.01

Interest in the last five quarters

Coverage Ratio -
Quarterly -0.15

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019

Near term Operating Profit trend

is negative 3.36 3.32
Rs -50.0
cr Operating Profit (Rs Cr) -2.91 -4.18

Lowest at Rs -50.03 cr.

Operating Profit - in the last five quarters
Quarterly -50.03

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019

Company's efficiency has

-440.8% deteriorated 12.76 16.16

-5.59 -11.81
Operating Profit to Sales
Operating Profit Lowest at -440.79%
Margin - in the last five quarters
Quarterly
-440.79

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019

Jun'20 Mar'20 Change%

Net Sales 2.0 17.3 -88.6%
Key Operating Profit (PBDIT) excl Other Income -17.9 -133.4 86.6%
Result Interest 389.2 393.6 -1.1%
Highlights Exceptional Items -161.5 -66.1 -144.4%
Consolidated Net Profit -586.0 -588.8 0.5%
Operating Profit Margin (Excl OI) -911.7 -772.8 -138.9%
Consolidate- figures in Rs
Cr

MOJO PROFESSIONAL 4
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

VALUATION

RISKY - NO RESULT IN LAST 6 MONTHS

Expensive

Risky Reliance Nav.Eng

valuation Valuation

as compared to its Fundamentals Garden Reach Sh.

Laxmipati Engg

Attractive
Weak Fundamental Strong

Price to Book Value vs ROE

Risky 500 8
Fundamental

Valuation
as compared to its -500 0

past valuations -1500 -8

6

0
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D
Company Valuation Price to Book PE Ratio PEG Ratio Dividend
Ratio Yield
Key
Valuation Reliance Nav.Eng Risky -0 -0.2 0 0%

Multiples Garden Reach Sh. Very Attractive 2.2 14 0 2.5%

vs Peers Laxmipati Engg Does not qualify 1.2 8.5 0 0%

MOJO PROFESSIONAL 5
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

FACTORS
WORKING
FOR THE COMPANY


MOJO PROFESSIONAL 6
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

4.81 3.14 3.03

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Mildly Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
KST Bullish (monthly)

Market Beating Performance in the last one year

3 Months 1 Year 3 Years

32.87% 171.75%
46.03%

67.33%
6.94%

-66.60%
Stock BSE 500 Stock BSE 500 Stock BSE 500

MOJO PROFESSIONAL 7
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

RETURNS

MARKET BEATING PERFORMANCE

The stock has generated 100%
a return of 171.75% in the
last 1 year, much higher 0%

171.75% than market (BSE 500)

returns of 67.33% -100%

UP -200%

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Reliance Naval & Engineering Ltd BSE500

Inconsistent Performance against Micro Cap

companies
Reliance Naval & Engineering Ltd has not
been a consistent performer in the last 1 year

2nd
Quartile
4th
Quartile
4th
Quartile
Stock has been in the 4th quartile in 2020
and in 2nd in YTD period

YTD 2020 2019

51.26% -29.96% -67.41%

Company 1 Month 3 Month 1 Year 3 Years

Reliance Nav.Eng 60.87% 32.87% 171.75% -66.6%
Return Mazagon Dock 27.54% 20.13% - -
Comparison
Cochin Shipyard 12.22% 8.13% 56.39% -13.87%
with Peers
Closest peers by Garden Reach Sh. 15.54% -0.19% 13.02% -
market cap Laxmipati Engg - -46.12% -57.98% -58.33%

MOJO PROFESSIONAL 8
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

RESULT
ANALYSIS 

MOJO PROFESSIONAL 9
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2020 IS -58.06% VS -52.45% IN MAR
2019
Consolidated Net Profit: YoY Growth in year ended Mar 2020 is 83.89% vs -979.73% in Mar
2019
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2020 is -
107.42% vs 52.08% in Mar 2019
Interest: YoY Growth in year ended Mar 2020 is 7.35% vs 81.45% in Mar 2019 -58.06%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2020 has fallen from Mar NET SALES
2019

Mar'20 Mar'19 Change(%)

Net Sales 75.49 180.00 -58.06%
Key Operating Profit (PBDIT) excl Other Income -177.70 -85.67 -107.42%
Annual Interest 1,468.87 1,368.25 7.35%
Results Exceptional Items -66.08 -9,016.09 99.27%
Consolidated Net Profit -1,760.74 -10,926.55 83.89%
Operating Profit Margin (Excl OI) -235.40 -47.59 -187.81%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2020 is -58.06% vs - Consolidated Net Profit-YoY Growth in year ended Mar 2020
52.45% in Mar 2019 is 83.89% vs -979.73% in Mar 2019
1000 0
-592.42 -577.22 -1,011.97 -1,760.74
564.05
500 378.56 -10000
312.49
180.00 -10,926.55
75.49
0 -20000
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2020 is -107.42% vs 52.08% in Mar 2019 Mar 2020 has fallen from Mar 2019
200 200
6.06
34.20 0
0 -46.94 -47.23 -47.59
-200
-85.67 -235.40
-200 -146.69 -400
-178.78 -177.70
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

Figures in Rs Crore

MOJO PROFESSIONAL 10
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW ANALYSIS

17.53% Borrowings
Mar'20
7,606.40
Mar'19
6,471.69
Change%
17.53%

Increase
Other Long Term Liabilities 54.19 56.24 -3.65%
Fixed Assets 1,999.17 2,114.89 -5.47%
Investments 302.92 302.78 0.05%
in Borrowings in quarter Current Assets 2,428.88 1,678.14 44.74%
ended Mar 2020 vs in
Figures in Rs Cr
Mar 2019

Other Long Term Liabilities: YoY Growth in year ended Mar 2020 is -3.65% vs 0.00% in Mar 2019
Fixed Assets: YoY Growth in year ended Mar 2020 is -5.47% vs -79.32% in Mar 2019
Investments: YoY Growth in year ended Mar 2020 is 0.05% vs 0.22% in Mar 2019
Current Assets: YoY Growth in year ended Mar 2020 is 44.74% vs -8.88% in Mar 2019

Cash From Operation - YoY Growth in year ended Mar

-384.80% 2020 is -384.80% vs -5.40% in Mar 2019
Mar'20 Mar'19 Change%
GROWTH Cash Flow from Operating Activities -1,252.97 -258.45 -384.80%
Figures in Rs Cr

-245.22 -258.45
-335.11
-500

-610.26

-1000

-1,252.97
-1500
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

MOJO PROFESSIONAL 11
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

SHAREHOLDING

MAJORITY SHAREHOLDERS : NON

INSTITUTION

Majority shareholders: Non Institution

Pledged Promoter Holdings: None
Non Institution
Mutual Funds: Held in 0.00 Schemes (0.00%) 91.94%

FIIs: Held by 3 FIIs (0.14%)

Promoter with highest holding: Reliance Defence Systems
Private Limited (0%) Insurance
Companies
Highest Public shareholder: Vistra Itcl India Limited (19.673%) 7.93%

Individual Investors Holdings: 57.72%

Promoter holding-No change in Promoter holdings FII Holdings-FII holding has increased by 0% . However, the
number of shares held by the FIIs has remained constant
200%
during the period
100.00% 0.4%
100% 0.29%
25.23% 0.20%
0.00% 0.00% 0.00% 0.00% 0.2% 0.14% 0.14% 0.14%
0%
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

0%
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

MF Holdings-No change in MF holdings Other DII Holdings-Other DII holding has decreased by -
0.01%. However, the number of shares held by the Other DIIs
has remained constant during the period
0.5%
0.29%
No holdings by MF in the last few quarters 0.25%

0.00% 0.00% 0.00%

0%
-0.01%
-0.25%
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Figures in Rs Crore

MOJO PROFESSIONAL 12
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

PEER COMPARISION

PEER COMPARISON
Reliance Mazagon Dock Cochin Shipyard Garden Reach Laxmipati Engg
Nav.Eng Sh.
Size
Market Cap (Cr.) 355 5,526 5,403 2,349 14
Annual Sales (TTM) (Cr.) 51 4,050 2,555 1,141 11
Annual Net Profit (TTM) (Cr.) -1,748 576 510 168 1
Growth Factors (TTM)
Net Sales Growth 1 year -70.1% -0.2% -24.7% -20.4% 9.8%
Operating Profit Growth 1 year -629.8% -14% -6.4% 316.3% 254%
Net Profit Growth 1 year 6.5% 38% -12.9% -1.8% 196%
Net Sales Growth 5 year -39.3% -17.7% 3.9% -9.3% 41.4%
Operating Profit Growth 5 year 0.7% -14% 19.2% 69.1% 19.1%
Net Profit Growth 5 year -202.3% 38.5% 14.5% 29.3% 14.1%
Capital Structure Factors
EBIT to Interest - 19.6 12.3 15.9 -
Debt to EBITDA -38.5 - 0.2 0.5 6
Net Debt to Equity -0.6 -2.8 -0.6 -3.6 1.1
Sales to Capital Employed - -0.8 7.3 - -
Management Quality Factors
ROCE (latest) 5.2% -3.2% 122.4% 0.1% 7.7%
ROE(latest) - - 12.3% 15.8% -
Tax Ratio - 45.9% 25.8% 25.9% -
Operating CF to Net Profit - -23% 39.9% 366.9% -
Dividend Payout Ratio - 52.3% 34.3% 50% -
Valuation Factors

PE Ratio -0.2 9.6 10.6 14 -

Price to Book -0 1.9 1.5 2.2 -
PEG Ratio - - - - -
Dividend Yield - 2% 6.8% 2.5% -
EV to EBITDA -38.7 -11.2 3.3 -20.3 5.7
EV to Capital Employed -1.6 0.5 5.6 0.5 0.5
Shareholding
Promoter Holdings - 84.8% 72.9% 74.5% 72.5%
Promoter Pledged Holdings - - - - -
Total Institutional Holding 8.1% 1.5% 9.5% 16.6% -
FII Holdings 0.1% 0.7% 2.2% 1% -
Returns
1 Month 60.9% 27.5% 12.2% 15.8% -
3 Months 32.9% 20.1% 8.1% 0.1% -46.1%
YTD 51.3% 24.6% 11% 5.9% -58.7%
1 Year 171.8% - 56.4% 13.3% -58%
3 Years -66.6% - -13.9% - -58.3%

MOJO PROFESSIONAL 13
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Pipavav Defence and Offshore Engineering Co Ltd.is currently completing the
INDUSTRY : Ship construction of the Pipavav Shipyard, located on the west coast of India adjacent
Building to major sea lanes between the Persian Gulf and Asia. Upon completion of
construction, the Pipavav Shipyard will be capable of ship construction and repairs
for a range of vessels of different sizes and types, including naval vessels and coast
355 cr (Micro Cap) guard vessels, as well as the fabrication and construction of products such as
offshore platforms, rigs, jackets and vessels (but excluding sub-sea pipelines) for
oil and gas companies, which it intend to offer in its Offshore Business (“Offshore
Business Products”).

Board of Directors
Debashis Bir Whole Time Director & CEO

Pankaj Pandaya Independent Director

Venkata Rachakonda Director

Shiby Jobby Director

Avinash Godse Company Secretary

1 more board of director

Company Coordinates

Company Details: Registrat Details:

Pipavav Port, Post Ucchaya, Via Rajula, Amreli Dist Gujarat : Karvy Computershare Pvt Ltd, Plot No 17-24 , Near Image
365560 Hospital,, Reliance Cybervilae,Vithalrao Nagar,, Madhapur,
Tel: 02794 305000 Hyderabad
Fax: 02794 305100 Fax: 91-040-23420814
Email: rdel.investors@relianceada.com Email: mailmanager@karvy.com
Website: www.reliancedefence.co

MOJO PROFESSIONAL 14
Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

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Reliance Nav.Eng STRONG SELL | Report as on 13 June 2021 at 11:17 PM

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