ESL Steel Limited Unlisted Shares

ESL Steel Limited Unlisted Shares

Overview of ESL Steel Limited:

  1. Electrosteel Steels Ltd has built a Greenfield Integrated Steel Plant with a capacity of 2.51 million tonnes per year (MTPA) in Siyaljori village in Jharkhand’s Bokaro district. Sinter Plant, Coke Oven, Blast Furnace, Basic Oxygen Furnace, Billet Caster, Wire Rod Mill, Bar Mill, and Power Plant are the main components. By bringing in worldwide knowledge and solutions from reputable manufacturers, ESL has achieved excellence at every level of manufacturing. The factory uses cutting-edge technology while adhering to the strictest environmental regulations.
  2. ESl Steel Limited is a private corporation that was founded on December 20, 2006. It is a public limited corporation with headquarters in Bokaro, Jharkhand. It has a total paid-up capital of INR 1,849.03 crore and an authorized share capital of INR 10,020.00 crore.
  3. The Company’s Board of Directors has been reconstituted on June 4, 2018, i.e. the effective date with nominees of Vedanta being inducted as a member of the Board. 
  4. The purchase of ESL fits within Vedanta’s forward integration plan, it added, complementing the company’s existing iron ore operations as well as mines in Jharkhand. Since its acquisition, the company has experienced a total turnover, thanks to a combination of the right personnel, increased volumes, and improved cost control, all of which have resulted in a noticeable positive improvement.
  5. Vedanta Star Limited (a wholly-owned subsidiary of Vedanta Limited) deposited Rs. 532,000.00 lakh in an escrow account (the “Escrow Account”) of the Company on June 04, 2018, for payment to financial creditors of the entire amount of sustainable debts in terms of the ARP out of the total Outstanding amount of Rs. 12,71,913.21 lakhs, which was remitted to them on June 21, 2018.
  6. Vedanta acquired the firm in 2018 and delisted it from the stock exchanges. The proposed delisting price was Rs.9 per share. The company’s financial performance has improved tremendously since then.

FY21 Financial Analysis

  • In comparison to the previous year, sales increased by 9.3% in FY21.
  • On the back of deferred tax, Electrosteel had a PAT of 2732 Cr. in FY21. Aside from that, it has showed a loss of 21 million dollars.
  • At the current unlisted market price of Rs.45, the EV/EBITDA multiple for Electrosteel appears to be quite expensive when compared to peers.

Electrosteel Steels Limited Unlisted Shares Details

Total Available Shares: Not Available
Face Value: ₹ 1 Per Equity Share
ISIN: INE481K01021
Lot Size: 1000 Shares
Current Unlisted Share Price: ₹ Best in Industry Per Equity Share
Retail Discount: Bulk Deal (1%)

Financials of Electrosteel Steels Limited Unlisted Shares: (Fig. in Crores)

Year Revenue EBITDA OPM PAT NPM Shares FV EPS
2017 2875 141 5% -1,463 -51% 240.92 10 -6.07
2018 3621 423 12% -6,138 -170% 240.92 10 -25.48
2019 5006 883 18% 1,188 24% 196.17 10 6.06
2020 4481 668 1.5% -22 -0.5% 184.9 10 -0.12
2021 4899 977 19.9% 2732 56% 184.9 10 14.78

Comparison With Peers

Peers Revenue Growth PAT Growth OPM ROE EV EBITDA EV/EBITDA P/E
Tata Steel Ltd 9% -17% 19% 10% 202975 30331 6.69 18
JSW Steel Ltd 4% 8.38% 25% 17% 206662 20141 10.26 22
SAIL 3% NA 21% 8.31% 97115 13021 7.46 15
Jindal Steel and Power 5% NA 34% 11.45% 57000 13184 4.32 12
Shyam Metallic 12% 4.81% 19% 15.45% 7950 958 8.3 12.5
Electrosteel Steels 0% NA 19% NA 11160 977 11 NA

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