(i) Alltek Plasters are invented and developed in Sweden and patented in many countries by the company's technical collaborators International Coating Products (ICP), Sweden. They have been widely used under varied climatic conditions in Europe, the Middle East, Africa, and Asia.

What is Alltek Plasters?

Alltek trendy is an exterior grade ready mixed plaster made with natural minerals marble powder, sand and other carefully selected and sieved minerals in an acrylic binding medium. It also contains film protecting additives, for long years of protection over the applied surface. Alltek is a ready-mixed product with excellent Acrylic binders, anti-cracking, anti-foaming, anti-fungal, anti-rusting agents, and carefully selected natural colored sieved dolomite, marble, granite, quartz, and other inert fillers.  



(ii) NCL Buildtek Limited (Previously NCL Alltek & Seccolor Limited) is the sole licensee in India for ICP plasters and successfully completed many prestigious projects.

(iii) Alltek is the first company in India to manufacture Putty (Textured Paints). It manufactures different grades and different finishes for interior and exterior applications like plain, granular, textured and other designer finishes to suit various tastes of Architects, Builders and Interior Designers.

(iv) Alltek Exterior Grades are also ready-mixed plasters with excellent synthetic binders, the main difference being the high percentage of special binders and fungicides. These are specially formulated to suit exterior climatic variations and available in a number of natural shades. (v) Alltek cement primers are very popular in Indian Market for interior and exterior applications. Alltek produces excellent water-based Emulsion Paints both for interior and exteriors. The product range includes several grades covering over 300 shades for world-class beautification of walls.

Products of the company  


Presence of the Company  



FY19-20 Analysis

1. After a stellar FY 2018-19, the company saw a significant decline in turnover in FY 2019-20 While the overall economic slowdown and slowdown in the real-estate sector contributed to a decline in revenue, the primary reason the company saw the significant decline was due to government contracts being kept on hold by the Government of Andhra Pradesh.

2. Excluding the AP Government orders, the Windoors and Coatings division each saw an 8% increase in gross turnover.

3. Turnover in the Autoclaved Aerated Concrete (AAC) Blocks division declined by about 22%. The decline in the AAC blocks division was mainly due to a significant slow-down witnessed in the construction activity due to the shortage/non-availability of sand.

4. The second AAC blocks unit in Nellore has been commissioned and production has commenced. The modernization of the putty plant in Mattapalli has been completed by installing a 3T mixer. Acquisition of the land for setting up the steel doors factory in Ratnapuri has been completed and efforts are underway to finalize the plant layout.

5. The high-end aluminum fabrication unit has started production. Inquiries and orders have started flowing in. A state-of-the-art powder coating facility is in market trials and the company plans to use this for captive consumption as well as an alternate source of revenue.

6. The company has entered into an agreement to use solar power to cover 43% of its power needs at four production facilities through renewable energy with little to no investment.

Financial Analysis of Ncl-Buildtek Unlisted Share FY18-19

1. The company has excellent growth of 45% in FY18-19 as compared to last year.

2. The FY19 profit is 30 Cr vs 51 Cr last year( including exceptional gain).

3. The FY19 EPS ( without exceptional profit) is Rs. 52 vs 31 last year.

4. The company is planning for an IPO of 300 Cr, which will be the mix of Fresh Issue and OFS.

5. The company has proposed bonus shares in a 1:1 ratio in FY18-19. 6. The company is currently available at Mcap of 231 Cr. The company is currently available at P/E of 7.54x and Mcap/Revenue<1.

Financial Analysis of Ncl-Buildtek Unlisted ShareFY19-20

1.  The revenue has fallen 23% in FY19-20 due to a slowdown in the economy and the company not getting good orders from the AP government.

2. EBITDA and PAT have also fell by 40% and 38% respectively.

3. The company has clocked an EPS of 16 per share.

4. P/E = 12.5x. 5. In FY19-20, the company has given a dividend of Rs. 2.50 per share.

Financial Analysis of Ncl-Buildtek Unlisted Share FY21-22

1. The revenue has gone up from 265 Crores in FY21 to 408 Crores in FY22. A jump of 54% from the previous year.

2. Gross Margins have come down significantly from 44% to 38%. This is due to higher cost of material due to inflation.

3. Other expenses have also gone up from 37 Crores in FY21 to 53 Crores in FY22.

4. EBITDA Margins have also come down from 6.24% in FY21 to 5.68% in FY22. So, we are seeing the margin pressure in the NCL-Buildtek.

5. Last year NCL Buildtek was in loss of 6 Crores but in FY22 they have clocked a Profit of 11.65 Crores including an exceptional gain of 9 Crores.

6. EPS is 2 without exceptional gain and 10 by including profit of an exceptional item.

Financial Performance of Ncl-Buildtek in FY22-23

1. The revenue grew from 407 crores in 2022 to 450 crores in 2023, a growth of about 10.56%, indicating a positive sales performance. Gross profit saw a substantial increase from 159 crores to 194 crores, and the gross margin has also improved from 39.07% to 43.11%.

2. However, other manufacturing expenses have increased significantly from 32 to 50 crores, indicating higher production costs.

3. The OPM increased from 5.65% to 9.56%, which shows that the firm's operational efficiency improved in 2023 compared to 2022.

4. PAT increased from 12 crores to 20 crores, The company's NPM improved from 2.94% in 2022 to 4.42% in 2023.

5. NCL Buildtek Limited showed significant financial improvements in 2023, with growth in revenue, gross profit, and both operating and net profit margins. However, the rise in other manufacturing expenses should be addressed to further optimize costs.