Report as on 5 July 2023 at 01:06 AM

FLAT
RESULTS IN MAR 23
Mildly Bearish Macpower
Technical Trend
CNC
Sell

CMP: 316.90
STOCK INFO:
BSE – 535057/ NSE – MACPOWER
Market Cap - Micro Cap (Rs. 319 cr)
Sector – Engg - Industrial Equipments
52 w H/L (Rs.) – 419.4/194
Dividend Yield: 0.31%
Debt Equity: -0.1%
Return on Equity: 13.35%
Price to Book: 3.3

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Macpower CNC
CMP: 316.90 47 Sell
Report as on 5 July 2023 at 01:06 AM
Strong Sell Sell Hold Buy Strong Buy

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

High Risk, High Return (1 Year)
Flat results in Mar 23
- OPERATING PROFIT TO NET SALES (Q) Lowest at Absolute Risk Volatility
9.32% Adjusted
Stock is technically in a Mildly Bearish range Macpower CNC 60.29% 1.13 53.18%
-The technical trend has deteriorated from Sideways SENSEX 23.00% 1.95 11.81%
on 30-Jun-23
-The stocks MACD and KST technical factors are also How much should you sell? - All quantity irrespective of
whether you are making profits or losses
Mildly Bearish
When to re-enter? - We will constantly monitor the
company and review our call based on new data

RETURNS SUMMARY (Price + Dividend)

WHAT ARE OTHER FACTORS? The stock gave a total returns of 60.8% in the last 1 year
Company has a low Debt to Equity ratio (avg) at 0 Outperforming Sensex returns of 23.00%
times

Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y
Stock (%) -2.69% 60.8% 100.27% 384.03%
Sector (%) 24.32% 24.32% 44.29% 279.90%
Sensex (%) 7.95% 23.00% 24.76% 81.78%

DO YOU HAVE OTHER BETTER CHOICES?

Within same sector Within same market cap
ISGEC Heavy Engineering Ltd GNA Axles Ltd.
Get Verdict Report Get Verdict Report

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

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generated on 5th July, 2023 at 01:06 AM, and may
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might have changed.

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

FINANCIAL TREND

Company's efficiency has

9.3% deteriorated
Operating Profit to Sales
Operating Profit Lowest at 9.32%
Margin - in the last five quarters
Quarterly

Mar'23 Mar'22 Change%

Net Sales 54.3 55.0 -1.2%
Key Operating Profit (PBDIT) excl Other Income 5.1 5.6 -9.6%
Result Interest 0.0 0.0 33.3%
Highlights Exceptional Items 0.0 0.0
Standaloned Net Profit 3.0 3.6 -17.6%
Operating Profit Margin (Excl OI) 9.3 10.2 -0.9%
Standalone- figures in Rs
Cr

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BEARISH RANGE
Mildly Bearish Daily Moving Averages indicating near term price weakness
Current Price 50 Day Moving Average 200 Day Moving Average

316.90 319.17 325.51

Factors with downward momentum

Indicator Technical Trend
MACD Mildly Bearish (monthly)
KST Mildly Bearish (monthly)

Consistent Returns over the last 3 years

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

FACTORS
WORKING
FOR THE COMPANY


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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

CAPITAL STRUCTURE

COMPANY HAS A LOW DEBT TO EQUITY

RATIO (AVG) AT 0 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Mar 2023 0.41 -0.17
Company’s average Debt to Equity ratio over the past few years Mar 2019 0.60 -0.19
is low at -0.17 times

No clear trend in Debt to Equity Ratio numbers

Total Debt Debt to EBITDA Ratio

Low Debt to EBITDA Ratio Mar 2019 0.60 0.63
Company’s average Debt to EBITDA ratio over the past few
years is low at 0.16 times

No clear trend in Debt to EBITDA Ratio numbers

Total Debt EBIT to Interest

Healthy EBIT to Interest Mar 2023 0.41 13.98
Company has healthy average EBIT to Interest ratio of 13.98 Mar 2022 - -4.91
times
Mar 2019 0.60 8.92
EBIT to Interest has seen a high growth of 425% over previous
period

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

GROWTH

HEALTHY LONG TERM GROWTH AS NET

SALES HAS GROWN BY AN ANNUAL RATE
OF 33.74% AND OPERATING PROFIT AT
62.15%

High Growth in Net Sales

of 33.7% CAGR
33.7% Net Sales has seen a high growth of
CAGR 43.57% over previous period

High Growth in Operating

Profit of 62.2% CAGR
62.2% Operating Profit has seen a high
CAGR growth of 13.33% over previous
period

Net Profit of 46.3% CAGR

46.3% No clear trend in Net Profit numbers

CAGR

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

VALUATION

WITH ROE OF 13.4, IT HAS A FAIR

VALUATION WITH A 3.3 PRICE TO BOOK
VALUE

Fair
valuation
as compared to its Fundamentals

Expensive
as compared to its
past valuations

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Macpower CNC Fair 3.3 24.6 24.6 0.3%
Valuation
Multiples Incon Engineers Risky 6.2 -6.2 0 0%
vs Peers EMA India Risky -2 -2 0 0%
Ameya Precision Very Expensive 2.2 15.8 0 0%
Ishan Internat. Very Expensive 2.9 18 0 0%

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

RETURNS

CONSISTENT RETURNS OVER THE LAST 3

YEARS
Along with generating
60.29% returns in the last 1
year, the stock has
60.29% outperformed BSE 500 in
each of the last 3 annual
UP periods

Inconsistent Performance against Micro Cap

companies
Macpower CNC Machines Ltd has not been a
consistent performer in the YTD

3rd
Quartile
1st
Quartile
2ndQuartile
Stock has been in the 1st quartile in 2022 and
in 3rd in YTD period

YTD 2022 2021

-5.99% 72.03% 75.19%

Company 1 Month 3 Month 1 Year 3 Years

Return Macpower CNC 6.56% 15.83% 60.29% 381.61%

Comparison Thermax -5.13% -3.26% 10.16% 193.86%
with Peers
Praj Industries -3.62% 8.31% 3.45% 480.39%
Closest peers by
market cap BEML Ltd 5.33% 24.94% 54.35% 195.32%
Elecon Engg.Co 14.31% 56.96% 132.63% 2358%

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

RESULT
ANALYSIS 

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 6.24% VS 68.53% IN MAR 2022
Standaloned Net Profit: YoY Growth in year ended Mar 2023 is 0.39% vs 112.94% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is -
0.91% vs 127.23% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 53.33% vs -11.76% in Mar 2022 6.24%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has fallen from Mar NET SALES
2022

Mar'23 Mar'22 Change(%)

Net Sales 201.89 190.04 6.24%
Key Operating Profit (PBDIT) excl Other Income 20.67 20.86 -0.91%
Annual Interest 0.23 0.15 53.33%
Results Exceptional Items 0.00 0.00
Standaloned Net Profit 12.89 12.84 0.39%
Operating Profit Margin (Excl OI) 10.24 10.98 -0.74%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2023 is 6.24% vs Standaloned Net Profit-YoY Growth in year ended Mar 2023
68.53% in Mar 2022 is 0.39% vs 112.94% in Mar 2022

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is -0.91% vs 127.23% in Mar 2022 Mar 2023 has fallen from Mar 2022

Figures in Rs Crore

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

0.0% Borrowings
Mar'22
0.00
Mar'21
0.00
Change%

Increase
Other Long Term Liabilities 0.04 0.13 -69.23%
Fixed Assets 39.98 38.41 4.09%
Investments 0.00 0.00
in Borrowings in quarter Current Assets 96.73 93.32 3.65%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021

Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is -69.23% vs -76.79% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 4.09% vs 7.32% in Mar 2021
Investments: No Investments in the last few periods;
Current Assets: YoY Growth in year ended Mar 2022 is 3.65% vs 55.48% in Mar 2021

Cash From Operation - YoY Growth in year ended Mar

-129.75% 2022 is -129.75% vs 1,164.64% in Mar 2021
Mar'22 Mar'21 Change%
GROWTH Cash Flow from Operating Activities -6.81 22.89 -129.75%
Figures in Rs Cr

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

SHAREHOLDING

MAJORITY SHAREHOLDERS : PROMOTERS

Majority shareholders: Promoters

Pledged Promoter Holdings: None
Mutual Funds: Held in 0.00 Schemes (0.00%)
FIIs: Held by 2 FIIs (5.79%)
Promoter with highest holding: Rupeshkumar Jagdishchandra
Mehta (31.52%)
Highest Public shareholder: Massachusetts Institute Of
Technology (6%)
Individual Investors Holdings: 16.18%

Promoter holding-Promoter holding has decreased by -0%. FII Holdings-FII holding has remained constant . However, the
However, the number of shares held by the Promoters has number of shares held by the FIIs has decreased by -0% during
remained constant during the period the period

MF Holdings-No change in MF holdings Other DII Holdings-Other DII holding has decreased by -
0.15%

No holdings by MF in the last few quarters

Figures in Rs Crore

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

PEER COMPARISION

PEER COMPARISON
Macpower CNC Ameya Ishan Internat. Kusam Electr. Emkay Taps &
Precision Cut
Size
Market Cap (Cr.) 317 29 18 - 516
Annual Sales (TTM) (Cr.) 202 29 36 - 89
Annual Net Profit (TTM) (Cr.) 13 2 0 - 44
Growth Factors (TTM)
Net Sales Growth 1 year 6% 0.2% 0.7% - 0.3%
Operating Profit Growth 1 year -4.3% -3% -54% - 33%
Net Profit Growth 1 year 0.5% 22% -60% - 25%
Net Sales Growth 5 year 33.7% 7.1% 26.8% - 10.5%
Operating Profit Growth 5 year 62.2% -28.3% 22.9% - 15.5%
Net Profit Growth 5 year 46.3% -17.7% 16.2% - 17.3%
Capital Structure Factors
EBIT to Interest 17.3 2.1 1.1 - 40.4
Debt to EBITDA 0 - - - 0.1
Net Debt to Equity -0.1 - - - 0
Sales to Capital Employed 2.3 - - - 0.4
Management Quality Factors
ROCE (latest) 19.9% 12.9% 8.2% - 22%
ROE(latest) 13.4% 13.7% 8% - 24.4%
Tax Ratio 25.6% 21.3% 25% - 19.9%

Operating CF to Net Profit -53% 74.3% 90.3% - 91.2%

Dividend Payout Ratio 11.7% - - - -
Valuation Factors
PE Ratio 24.6 15.8 18 - 11.7
Price to Book 3.3 2.2 2.9 - 2.9
PEG Ratio 24.6 - - - 0.5
Dividend Yield 0.3% - - - -
EV to EBITDA 14.9 11.1 19.8 - 11.9
EV to Capital Employed 3.5 2 1.9 - 2.8
Shareholding
Promoter Holdings 73.1% 72% 68.1% - 75%
Promoter Pledged Holdings - - - - -
Total Institutional Holding 7.3% - - - -
FII Holdings 5.8% - - - -
Returns
1 Month 6.6% -1.4% 1.8% -99.6% 25.9%
3 Months 15.8% 10.6% 32% -99.6% 64.6%
YTD -6% -9.2% -10.9% -99.6% 62.5%
1 Year 60.3% - - -99.6% 75.9%
3 Years 381.6% - - - 454.8%

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Macpower CNC SELL | Report as on 5 July 2023 at 01:06 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Macpower CNC Machines Limited was originally formed as a private limited
INDUSTRY : Engg - Company in the name and style of Macpower CNC Machines Private Limited' in
Industrial Equipments Gujarat on December 31, 2003. Consequently, it was converted into a public
limited company and the name of the Company was changed to Macpower CNC
Machines Limited' on November 16, 2017. Rupesh Mehta and Nikesh Mehta are
319 cr (Micro Cap) the Promoters of the Company and Initial Subscriber to the Memorandum of
Association. The Company was founded by Mr. Rupesh Mehta.

Board of Directors
Rupesh Mehta Chairman & Managing Director

Riya Mehta Director

Nikesh Mehta Whole-time Director

Maulik Mokaria Independent Director

Deven Doshi Independent Director

2 more board of directors

Company Coordinates

Company Details: Registrat Details:

Plot No.2234, Nr. Kranti Gate, G I D C Metoda, Taluka- Link Intime India Pvt Ltd, C-13 Pannalal Silk Compound, L B S
Lodhika, Rajkot Gujarat : 360021 Marg, Bhandup , Mumbai
Tel: 02827 287930/31/32 Fax: 91-022-25946979/91-022-25960329
Fax: 02827 287933 Email: helpdesk@linkintime.co.in
Email: info@macpowercnc.com
Website: www.macpowercnc.com

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