(i) FRICK INDIA LIMITED was incorporated as a public limited company in 1962 in collaboration with Frick Company USA, one of the world's oldest and largest manufacturers of industrial refrigeration & air-conditioning equipment. Frick India is now independent and has diversified and developed into one of the top-ranking companies and its equipment is rated amongst the world's best.

(ii) Today, Frick India Limited is the largest equipment manufacturer and turnkey solution provider for Industrial refrigeration in India. The Company also installs turnkey projects and uses more than 50 years of experience in the manufacturing and selling of refrigeration equipment. It provides energy-efficient and reliable refrigeration equipment and systems in India. It also has exported to 45 other countries across the world. Its manufacturing facilities are located at Faridabad (Haryana), in the periphery of the national capital & are spread over a 22-acre multi-block complex.

(iii) Frick India has the unmatched advantage of providing single-source responsibility for turnkey refrigeration and air-conditioning systems covering design, manufacture, packaging, installation, and service to standard specifications as well as custom-built to meet its customers' special requirements. With collaboration and technologies from the U.K., Japan, U.S.A., and Europe, Frick India also provides online Frick India Energy Management System (FEMS) for all Industrial Refrigeration Applications.

The Company is presently manufacturing a lot of equipment like various types of Compressors and packages Condensers, Air handling units, Liquid recirculation pump, Ice-making equipment, Plate & blast freezers, Packages chillers, etc. used in Industrial Refrigeration and PUF Panel. The Company has listed its 5,99,975 Equity Shares were listed on The Metropolitan Stock Exchange of India Limited (MSEI) w.e.f.December 31, 2015. Though the shares of the Company are listed with MSEI and are not traded among stakeholders hence market price data is not available.

Key Takeaways in FY19-20:

1. Revenue has gone down by 8.5% in FY19-20 as compared to last year. Revenue is in decline mode in the last 4 years.

2. Frick India has able to reduce the debt by ~6 Cr. As on 31.03.2020, Frick India has short-term and long-term debt of ~11 Cr.

3. Net-Worth of the company is ~164 Cr. Accordingly, D/E is 0.06x. Almost debt-free.

4. Frick India has an ROE of 10% and ROCE of 13%. These are moderate numbers. UnlistedZone like companies that have ROE and ROCE above 20%. With ROCE of only 13%, Frick India will not be able to generate value for investors because this return may not even beat the cost of capital.

5. Frick India has clocked an EPS of 250 per share. Frick India Unlisted share current price is 3100 per share.

Key Takeaways in FY20-21:

1. Frick India revenue has grown by just 2.5% in FY21.

2. PAT has grown from ~14 Cr to ~20 Cr, this is achieved due to reduction in employees benefit expense and other expenses.

3. Trade Receivables have gone up from ~62 Cr in FY20 to ~85 Cr in FY21. Due to which the cash-flow from operations have gone down from ~15 Cr in FY20 to ~4 Cr in FY21.

4. Company is also not doing any meaning full capex from the last 3 years. The affect of which is shown in almost no growth in the revenue of Frick India.

5. Frick India has issued dividend of Rs.2.5 per share.

Key Takeaways of Frick India Unlisted Share in Fy21-22

1. The revenue has increased from 2375 Crores in Fy21 to 2877 Crores in Fy22. A decent growth of 21% in the top-line.

2. Gross margins have dented from 38% in Fy21 to 27% in the FY22. The increase in the cost of raw material have dented the Gross margins.

3. Due to decrease in the gross margins, the PAT has also affected. The PAT has gone down from Rs. 20 Crores in Fy21 to Rs. 16 Crores in Fy22.

4. EPS of FY22 is 272 per share.

Key Takeaways of Frick India Unlisted Share in Fy22-23

1. Frick India Limited's Total Revunue reaching Rs. 369.25 crore, a remarkable surge of 29.38% from the previous year's Rs. 287.71 crore.

2. The net profit showcased an even more impressive leap of 74%, reaching Rs. 28.5 crore compared to the previous year's Rs. 16.36 crore.

3. The EBITDA margin for FY 2021-22 was 6.70%, while it increased to 10.00% in FY 2022-23. This indicates improved profitability as a percentage of revenue.

4. However, Debt has increased.

5. EPS for FY 2022-23 is increased to ₹475.5. Overall, the financials of Frick India Limited show positive trends. 

Valuation as per FY21-22 Financials:

1. P/E = 7.57x

2. Mcap = 216 Cr.

3. Mcap/Sales =0.59

Value-wise the stock is undervalued.

Q1FY25 Results