Nayara Energy Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹1,575
- Market Cap
- ₹14,905.61 Cr
- ISIN
- INE011A01019
- Face Value
- ₹10
- P/E Ratio
- 1.20
- EPS
- 82.66
- P/B Ratio
- 0.34
- Book Value
- 0
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 |
|---|---|---|
| Revenue From Operations | 155091.5 | 138112.5 |
| Growth % | 12.2% | 0 |
| Total Operating Expenses | 135361 | 122930.5 |
| Growth % | 10.1% | 0 |
| Operating Profit | 19730.80 | 15182.0 |
| Operating Profit Margin % | 12.7% | 10.9% |
| Other Income | 939.0 | 753.8 |
| Finance Costs | 2241.9 | 0.0 |
| Depreciation and Amortization Expense | 1998.2 | 3401.2 |
| Profit before Tax | 16429.7 | 12534.6 |
| Income Tax | 4108.7 | 3108.4 |
| Tax % | 2.6% | 2.2% |
| Profit After Tax | 12321.0 | 9426.2 |
| Growth % | 30.7% | 0 |
| PAT % | 7.9% | 6.8% |
| EPS | 82.6 | 63.2 |
Company Financials
| Metric | FY2024 | FY2023 |
|---|---|---|
| Equity Capital | 1507.20 | 1,507.20 |
| Reserves and Surplus | 41983.80 | 29,025.90 |
| Total Equity | 43,491.00 | 30,533.10 |
| Long Term Borrowings | 8,190 | 10699.6 |
| Other Long Term Liabilities | 11340.1 | 17625.1 |
| Total Non-Current Liabilities | 19530.1 | 28324.7 |
| Short Term Borrowings | 3,595 | 1342.9 |
| Other Current Liabilities | 21132.7 | 24640.7 |
| Total Current Liabilities | 24727.90 | 25983.6 |
| Equity + Liabilities | 87,749.00 | 84,841.40 |
| Fixed Assets (incl. WIP) | 57,199.50 | 57,312.80 |
| Other Non Current Assets | 2,524.20 | 2,161.60 |
| Total NC Assets | 59,723.70 | 59,474.40 |
| Trade Receivables | 7,319.70 | 5264.8 |
| Cash and Bank Balances | 1775.00 | 7211.8 |
| Other Current Assets | 18930.6 | 12890.4 |
| Total Current Assets | 28025.3 | 25367.0 |
| Total Assets | 87,749.00 | 84,841.40 |
Shareholding Pattern
- GDS held by Kesani Enterprise Company Ltd
- 31.92%%
- Equity shares held by Kesani Enterprise
- 17.21%%
- Equity shares held by Rosneft Singapore Pte. Limited
- 49.13%%
- Others
- 2%%
Strengths & Weaknesses
Strengths
- Strong operating profile:Nayara’s refinery boasts one of the highest complexities in India, with a Nelson Complexity Index (NCI) of 11.8. This allows the company to efficiently process heavier grades of crude oil, leading to higher margins compared to low-complexity refineries. With a capacity of 20 million metric tonnes per annum (MMTPA), Nayara's facility accounts for approximately 8% of India’s total refining capacity and can process crude oil with an API gravity ranging from 15 to 60.
- Advantageous location along with a captive port terminal and power plant:Nayara’s refinery, situated in Vadinar, Gujarat, is strategically positioned to meet the needs of both domestic and export markets. The facility features a captive all-weather port with India’s deepest natural draft of 32 meters, enabling year-round operations. Additionally, it includes a Single Buoy Mooring (SBM) capable of handling a crude oil intake of 27 MMTPA.
- Growing retail operations:As of March 31, 2023, Nayara has established a significant presence in fuel retailing with over 6,300 operational outlets. The company has also developed two greenfield rail-fed fuel depots in Wardha (Maharashtra) and Pali (Rajasthan) and has hired additional depots for product storage. These initiatives have helped reduce logistics costs and decrease reliance on public sector oil marketing companies (OMCs).
- Sustained healthy operational performance further aided by elevated fuel cracks:Nayara’s refinery operated above its rated capacity throughout FY23 and Q1FY24, except for a planned shutdown in November 2022. Following a strong recovery in petroleum product demand post-COVID-19 and disruptions from the Russia-Ukraine war, fuel cracks improved significantly in Q1FY23 and remained robust over the next four quarters, though with some moderation. Favorable fuel cracks and the sourcing of relatively cheaper Russian crude contributed to improved gross refining margins (GRMs) for Nayara and other domestic refiners during FY23 and Q1FY24.
Weaknesses
- Exposure to the volatility of crude prices, fuel cracks, and foreign exchange rates:Oil and petroleum product prices are driven by global supply and demand dynamics, influenced by OPEC policies, geopolitical situations, economic growth, and exchange rates. To mitigate the impact of market volatility on profitability, Nayara regularly hedges its inventory exposure using hedging instruments.
- Competitive industry and regulatory risk:Nayara faces strong competition from PSU oil marketing companies, which control around 90% of retail outlets in India. However, following the deregulation of motor spirit (MS) and high-speed diesel (HSD), Nayara is actively expanding its retail presence. The company also encounters regulatory risks, as government interventions can impact profitability, though a significant portion of its sales comes from exports, mitigating this risk. While the government has imposed windfall taxes on certain exports like HSD and ATF, it has also reduced or removed these taxes when product margins stabilize.
About Nayara Energy Ltd
Nayara Energy proudly operates the largest private fuel station network in India, dedicated to providing high-quality products to our customers nationwide. Our company is committed to continuous innovation and the development of products tailored to meet the evolving needs of our clientele.
Board of Directors
- Prasad K Panicker - Executive Chairman
- Avril Conry - Non Executive Chairman
- Victoria Cunningham - Non Executive Chairman
- P. N. Vijay - Non Executive Chairman
- Alexey Lizunov - Non Executive Chairman
- Naina Lal Kidwai - Independant Director
- Andrey Bogatenkov - Non Executive Chairman
- Deepak Kapoor - Independant Director
- Jörg Tumat - Non Executive Chairman
- Abhimanyu Bhandari - Non Executive Chairman
- Anton Kabachinskiy - Non Executive Chairman
