This document analyzes and recommends buying shares of Precision Camshafts Ltd. It summarizes that over FY12-FY15, PCL's revenues grew at a CAGR of 21% and are expected to continue growing at 13% to FY19. PCL's EBITDA and PAT margins are also expected to expand through FY19 due to increasing focus on value-added products and lower financing costs. PCL plans capacity expansions through FY18 to increase production, and aims to expand into Asia and Europe through strategic investments and partnerships. Based on this, the document initiates coverage on PCL with a buy recommendation and target price representing a 30% potential upside.

1. Precision Camshafts Ltd.
BUY
- 1 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
STOCKPOINTER
Target Price `241 Issue Price `180-186 FY17E PE21.7
Index Details Precision Camshafts Ltd. (PCL) is one of the world’s leading
manufacturers and supplier of camshafts, a critical engine component,
in the passenger vehicle. It manufactures over 150 varieties of
camshafts for various segments. With a market share of 8%-9% in 2014,
PCL aims to increase the same to 13-15% by FY20. Long term
relationships with marquee global OEMs gives PCL an edge over the
new entrants in the camshaft industry. We are positive on the company
given that:
 Over FY12 to FY15, revenues of PCL have grown at a CAGR of 21%
to Rs 532 crore in FY15. The growth is expected to continue at a
CAGR of 13% to Rs 861 crore by FY19E. We expect PCL’s EBITDA
margin to expand to 28.7% by FY19 due to increasing focus on
value added products viz machined camshafts. We expect PAT
margin to expand by 210 bps to 13.8% over FY15- 19.
 From the IPO proceeds, PCL intends to utilize approximately Rs 200
crore for greenfield expansion -- setting up new machine shop with
capacity of 9.6 Lacs tons specifically for ductile iron camshafts and
assembled camshafts over FY17-FY18. It also aims to foray into the
manufacturing and supply of sliding cams and cam modules in
accordance with its expansion strategy.
 PCL has entered into two joint ventures with NSPCL. PCL has also
entered into a 5 year exclusive agreement with EMAG for transfer of
certain know-how and technology in order to strengthen its foray
into assembled camshafts and expand PCL’s business operations
in the European market. As a part of growth strategy, PCL seeks to
acquire or make strategic investments in a company/business
particularly in Europe.
With expansion plans in place, the growth trajectory in volumes (4 Yr
CAGR of 15% to 15.18 mn camshafts by FY19) should continue. We
initiate coverage on Precision Camshafts Ltd as a BUY with a price
objective of Rs 241 representing a potential upside of 30% from the
Issue price of Rs 180-186 over a period of 14 months. We have used the
EV/EBITDA multiple approach to value PCL & assigned a multiple of 13x
on FY17 EBITDA of Rs 172.7 crore to arrive at the target price.
Sensex 24,486
Nifty 7,436
Industry
Auto
Ancillary
Scrip Details
MktCap (` cr) 1,762.2
BVPS (`) 104.2
O/s Shares (Cr) 9.5
FVPS (`) 10.0
Shareholding Pattern
Shareholders %
Promoters 64.0
DIIs 0.0
FIIs 0.0
Public 36.0
Total 100.0
Key Financials (` in Cr)
Y/E Mar
Net
Sales
EBITDA PAT
EPS
(`)
EPS
Growth (%)
RONW
(%)
ROCE
(%)
P/E
(x)
EV/EBITDA
(x)
2014 467.4 112.5 13.1 7.7 164.2 15.3 27.2 24.1 28.1
2015 532.4 140.8 62.4 6.6 -14.8 13.2 25.5 28.3 14.6
2016E 506.7 139.4 63.4 6.7 1.6 12.4 14.5 27.8 16.1
2017E 616.8 172.7 81.2 8.6 28.1 12.4 17.2 21.7 11.7

2. - 2 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
 Company Background
PCL is one of the world’s leading manufacturers and supplier of camshafts, a critical
engine component, in the passenger vehicle segment based on its estimated global
market share by volume. PCL manufactures over 150 varieties of camshafts for
passenger vehicles, tractors, light commercial vehicles and locomotive engine
applications the company at its manufacturing facilities in Solapur, Maharashtra.
Despite a relatively slower period of growth in the automobile industry in the last five
years, PCL has been able to consistently increase its global market share in
passenger vehicle camshafts market from 5%-6% in 2010 to an estimated 8%-9%
in 2014 due to increased product basket. PCL aims the same to increase further to
13-15% by FY20.
Leveraging the experience, expertise and existing relationship with customers, PCL
seek to capitalize on the anticipated global demand for camshafts in the passenger
vehicle segment.
Long term relationships and, in some cases, preferred supplier status, with marquee
global OEMs in the automobile sector, such as General Motors, Ford Motors,
Hyundai, Maruti Suzuki and Tata Motors gives PCL an edge over the new entrants
in the camshaft industry.
Camshaft manufacturing process at PCL
Source :Precision Camshafts Ltd, Ventura Research

3. - 3 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
 Key Investment Highlights
 Revenue and profit margins are expected to grow
Over FY12 to FY15, revenues of PCL have grown at a CAGR of 21% from Rs 302
crore in FY12 to Rs 532 crore in FY15. The growth is expected to continue at a
CAGR of 13% to Rs 861 crore by FY19E. The growth is expected to be seen on
account of capacity expansion and exponential order inflow.
The EBITDA margin has expanded from 13.8% in FY12 to 26.5% in FY15. The
main reason for the expansion in margins has been due to increased focus on
machined camshafts which command higher margins over raw camshafts. In FY14
the EBITDA margin witnessed a sharp decline (13.4%) which was on account of
ESOP given to employees. The ESOP escalated the employee cost by Rs 50.1
crore. However, this was a onetime cost to the company and excluding this
exceptional cost (which is merely a book entry), the EBITDA margin for FY14 is
24.1%. Going forward, we expect PCL to expand the EBITDA margins to 28.7%
due to increasing focus on value added products viz machined camshafts.
The company reported net profit of Rs 62.4 crore (11.7% PAT Margin) in FY15 as
against Rs 20.3 crore (6.7% PAT Margin) in FY12. Going forward, we expect the
PAT margin to expand by 210 bps to 13.8% on account of lower finance costs as
the company is expected to pay off its debt partly from IPO proceeds and partly
from the advances that the company has given. It is expected that PCL will become
virtually a debt free company by FY19.
Revenue to grow at a CAGR of 13%
0
5
10
15
20
25
30
35
0
1500
3000
4500
6000
7500
9000
10500
FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E
Sales EBITDA PAT
Rs in Mn
%
Source :Precision Camshafts Ltd, Ventura Research
Volume and ASP growth
0
2
4
6
8
10
12
14
16
0
100
200
300
400
500
600
FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E
ASP (LHS) Camshafts Sold (RHS)
Rs per Camshaft
Nos in Mn
Source :Precision Camshafts Ltd, Ventura Research

4. - 4 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
 Capacity expansion to drive volume growth
PCL’s total manufacturing capacity as on September 30, 2015 was 13.38 million
camshaft per annum castings from their foundries and 2.22 million machined
camshafts per annum from its machine shops. From the IPO proceeds, PCL
proposes a greenfield expansion by setting up new machine shop (capex of Rs 200
crore approx) with capacity of 9.6 Lacs tons specifically for ductile iron camshafts
and assembled camshafts, respectively, over the period FY17-FY18 and also seek
to foray into manufacturing and supply of sliding cams and cam modules in
accordance with the expansion strategy. The entire capacity of the new foundry is
already booked and is expected to start production from early FY17.
 PCL aims to expand foothold in Asia and Europe
Two JV’s in China to meet demand for the Chinese market
PCL has entered into two joint ventures with NSPCL. First, Ningbo Shenglong PCL
Camshafts Company Limited, for machining of camshafts and the second, PCL
Shenglong (Huzhou) Specialised Casting Company Limited, for setting up a foundry
in China. The machine shop at Ningbo, China commenced production in April 2013
and the foundry at Huzhou City, China is currently under construction.
Exclusive agreement with EMAG to strengthen our foray into assembled
camshafts
PCL has entered into a 5 year exclusive agreement with EMAG, a German
machining and tooling process company, for transfer of certain know-how and
technology in order to strengthen its foray into assembled camshafts and expand
PCL’s business operations in the European market. This technology will cater to
almost 80% of the available market for assembled camshafts in the European
market.
Capacity expansion plans
Capacity New Capacity
Particulars Availabile (in Mn) FY12 FY13 FY14 FY15 FY16E post IPO FY17E FY18E FY19E
EOU Unit
Foundry 11.94 77% 59% 66% 80% 70% 14.00 66% 75% 83%
Machine Shop 1.86 97% 52% 53% 55% 50% 3.11 38% 55% 70%
Domestic Unit
One foundry 1.44 86% 87% 79% 33% 70% 1.44 80% 80% 80%
One machine shop 0.36 77% 69% 61% 58% 50% 0.36 63% 65% 70%
Utilization Utilization
Source: Precision Camshafts Ltd, Ventura Research

5. - 5 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
Expansion through inorganic growth
As a part of growth strategy PCL seek to acquire or make strategic investments in a
company or companies or business particularly in Europe which are engaged in the
same business or are engaged in the manufacturing of critical component
machining in which we believe we have acquired significant domain knowledge
based on our camshafts manufacturing experience.
 Financial Performance
In H1FY16, the consolidated revenue of PCL degrew by 8% YoY to Rs 237.1 crore.
The EBITDA fell from Rs 75.3 crore in H1FY15 to Rs 66.6 crore in H1FY16.
However, margins contracted by 100 bps to 28%. Consolidated PAT fell from Rs 37
crore in H1FY15 to Rs 31.5 crore during the quarter. PAT margin though declined
from 14% in H1FY15 to 13% in Hx1FY16.
For FY15, consolidated revenue increased by 11% YoY from Rs 459.5 crore in
FY14 to Rs 514.4 crore in FY15. The EBITDA margin grew by 21% YoY to Rs 136.4
crore. In FY14, the company issued ESOP and booked a onetime expense of Rs 50
crore. In FY15, margins contracted to 12% as compared to 13.5% (excluding ESOP
expenditure) in FY14.
Half yearly financial performance (Rs crores)
Description H1FY16 H1FY15 FY15 FY14
Net Sales 237.1 256.5 514.4 459.5
Growth -8% 11%
Total expenditure 170.5 181.2 377.9 346.9
EBITDA 66.6 75.3 136.4 112.6
Margin % 28% 29% 27% 25%
Depreciation 20.0 19.7 39.1 27.3
EBIT (Exl. OI) 46.64 55.64 97.29 85.35
Other Income 9.3 7.8 10.6 12.4
EBIT 55.91 63.45 107.85 97.71
Margin % 24% 25% 21% 21%
Finance Cost 4.5 5.0 9.4 12.1
Exceptional Expense 0.0 0.0 0.0 50.1
PBT 51.4 58.5 98.5 35.5
Margin % 22% 23% 19% 8%
Tax Expense 19.9 21.5 34.9 21.4
PAT 31.5 37.0 63.6 14.1
Margin % 13% 14% 12% 3%
Source: Precision Camshafts Ltd, Ventura Research

6. - 6 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
 Financial Outlook:
With expansion plans in place, the growth trajectory in volumes (4 Yr CAGR of 15%
to 15.18 mn camshafts by FY19) should continue. As PCL is increasingly focusing
on machined camshafts which command better margins over raw camshafts, the
margins will tend to expansion. We expect PCL revenues to grow at a 4 year CAGR
of 13% to Rs 861 crores by FY19E while earnings are expected to grow at a CAGR
of 17% to Rs 119 crore over the same period. The EBITDA margins (ex OI) and
PAT margins are expected to expand by 210bps to 28.7% and 13.8% respectively.
Consolidated Revenue, Gross & PAT margins
0
5
10
15
20
25
30
35
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
FY12 FY13 FY14 FY15E FY16E FY17E FY18E FY19E
Sales EBITDA PAT
Rs in Mn
%
Source: Precision Camshafts Ltd, Ventura Research
RoCE & RoE
0%
5%
10%
15%
20%
25%
30%
FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E
RoE (Adjusted) RoCE
Source: Precision Camshafts Ltd, Ventura Research
Net working capital days to be around 52 days
0
10
20
30
40
50
60
70
80
90
100
FY12 FY13 FY14 FY15E FY16E FY17E FY18E FY19E
Debtor Days Inventory Days Creditor Days
No of
Days
Source: Precision Camshafts Ltd, Ventura Research
PCL to become virtually a debt free company
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E
D/E Ratio
Source: Precision Camshafts Ltd, Ventura Research

7. - 7 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
 Valuation
We initiate coverage on Precision Camshafts Ltd as a BUY with a price objective of
Rs 241 representing a potential upside of 30% from the Issue price of Rs 180-186
over a period of 14 months. We have used the EV/EBITDA multiple approach to
value PCL & assigned a multiple of 13x on FY17 EBITDA of Rs 172.7 crore to arrive
at the target price. We feel positive about the company due to the following aspects:
1. Capacity expansion to drive volume growth.
2. Increased focus on valued added machined camshafts.
3. Large addressable export market.
4. More focus quality products and company’s attempt to develop itself from
camshaft manufacturer to camshaft designer.
2 year forward EV/EBITDA to 2 year forward EPS Growth
Bharat Forge
Mothersun
Sumi
ZF Steering
Gear
Jamna Auto Ind
Minda
Industries
Cummins India
PCL
0
10
20
30
40
50
60
0 5 10 15 20 25
2YrFwdEarnings
Growth(%)
2 Yr Fwd EV / EBITDA
Source: Precision Camshafts Ltd, Ventura Research
2 year forward PE to 2 year forward ROE
Cummins India
ZF Steering
Gear
PCL
Bharat Forge
Mothersun
Sumi
Jamna Auto Ind
Minda
Industries
0
5
10
15
20
25
30
35
40
0 5 10 15 20 25 30
2YrFwdROE(%)
2 Yr Fwd PE
Source: Precision Camshafts Ltd, Ventura Research

8. - 8 - Monday, 25
th
January, 2016
This document is for private circulation, and must be read in conjunction with the disclaimer on the last page.
Financials and Projections
Y/E March, Fig in ` Cr FY14 FY15 FY16E FY17E Y/E March, Fig in ` Cr FY14 FY15 FY16E FY17E
Profit & Loss Statement Per Share Data (Rs)
Net Sales 467.4 532.4 506.7 616.8 Adj. EPS 7.7 6.6 6.7 8.6
% Chg. 13.9 -4.8 21.7 Cash EPS 11.1 10.9 11.3 14.9
Total Expenditure 405.0 391.6 367.4 444.1 DPS
% Chg. -3.3 -6.2 20.9 Book Value 68.5 72.6 104.2 114.1
EBDITA 112.5 140.8 139.4 172.7 Capital, Liquidity, Returns Ratio
EBDITA Margin % 24.1 26.5 27.5 28.0 Debt / Equity (x) 1.1 0.7 0.3 0.2
Other Income 12.6 10.3 15.2 18.5 Current Ratio (x) 1.1 1.2 2.3 1.7
PBDIT 125.0 151.2 154.6 191.2 ROE (%) 15.3 13.2 12.4 12.4
Depreciation 27.8 41.2 43.6 59.6 ROCE (%) 27.2 25.5 14.5 17.2
Interest 12.6 11.2 11.9 6.7 Dividend Yield (%) 0.0 0.0 0.0 0.0
Exceptional items 50.1 0.0 0.0 0.0 Valuation Ratio (x)
PBT 34.6 98.7 99.0 124.9 P/E 24.1 28.3 27.8 21.7
Tax Provisions 21.4 36.3 35.6 43.7 P/BV 2.7 2.6 1.8 1.6
Reported PAT 13.1 62.4 63.4 81.2 EV/Sales 7.1 6.8 38.0 30.1
Minority Interest EV/EBIDTA 28.1 14.6 16.1 11.7
PAT 13.1 62.4 63.4 81.2 Efficiency Ratio (x)
PAT Margin (%) 2.8 11.7 12.5 13.2 Inventory (days) 34.0 30.4 35.3 35.0
Other Inc/ Sales (%) 2.7 1.9 3.0 3.0 Debtors (days) 87.6 71.9 77.0 80.0
Tax Rate (%) 62.0 36.8 36.0 35.0 Creditors (days) 58.0 61.4 62.0 65.0
Balance Sheet Cash Flow Statement
Share Capital 4.1 4.1 17.0 17.0 Profit Before Tax 34.6 98.7 99.0 124.9
Reserves & Surplus 168.1 229.6 555.6 636.8 Depreciation 27.8 41.2 43.6 59.6
Minority Interest Working Capital Changes 12.5 11.6 -40.1 -73.6
Long Term Borrowings 130.5 133.9 126.8 46.8 Others 28.7 -36.3 -21.3 -35.6
Deferred Tax Liability 14.9 0.0 0.0 0.0 Operating Cash Flow 103.5 115.2 81.2 75.3
Other Non Current Liabilities 0.0 0.0 0.0 0.0 Capital Expenditure -38.8 -15.4 -14.0 -123.9
Total Liabilities 317.7 367.7 699.4 700.6 Other Investment Activities -39.7 -16.8 -94.4 -4.1
Gross Block 257.0 272.4 286.4 410.4 Cash Flow from Investing -78.5 -32.1 -108.4 -128.0
Less: Acc. Depreciation 27.8 41.2 43.6 59.6 Changes in Share Capital 0.0 0.0 240.0 0.0
Net Block 229.2 231.2 242.8 350.8 Changes in Borrowings 1.5 -11.5 -7.1 -80.0
Capital Work in Progress 5.0 16.2 111.1 104.0 Dividend and Interest -12.6 -11.2 -5.5 -11.9
Other Non Current Assets 64.8 64.6 64.8 64.9 Cash Flow from Financing -11.1 -22.7 227.4 -91.9
Net Current Assets 12.7 44.0 269.7 158.9 Net Change in Cash 13.9 60.3 200.2 -144.7
Long term Loans & Advances 6.0 11.7 11.0 22.0 Opening Cash Balance 20.3 34.2 94.5 294.7
Total Assets 317.6 367.7 699.4 700.6 Closing Cash Balance 34.2 94.5 294.7 150.0

9. - 9 - Monday, 25
th
January, 2016
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Disclosures and Disclaimer
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