Nayara Energy Ltd

Nayara Energy Ltd

Fundamentals

Quick Insights

  • 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.
Market Cap₹193,772.95 Cr
PE Ratio15.73
EPS₹82.66
Dividend Yield-
Book Value₹291.78 Cr
Debt/Equity0.27
Price/Book4.46
Price/Sales-
Industry PE-
Sales₹155,091.5 Cr
Profit After Tax₹12,321 Cr
Share Capital₹1,507.2 Cr
Shares Outstanding-
ISININE011A01019
SectorEnergy
Symbol-
About Company

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.

Latest News
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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.
Annual Reports
FY 23FY 24
Balance SheetFY2024FY2023
Equity Capital1507.201,507.20
Reserves and Surplus41983.8029,025.90
Total Equity43,491.0030,533.10
Long Term Borrowings8,19010699.6
Other Long Term Liabilities11340.117625.1
Total Non-Current Liabilities19530.128324.7
Short Term Borrowings3,5951342.9
Other Current Liabilities21132.724640.7
Total Current Liabilities24727.9025983.6
Equity + Liabilities87,749.0084,841.40
Fixed Assets (incl. WIP)57,199.5057,312.80
Other Non Current Assets2,524.202,161.60
Total NC Assets59,723.7059,474.40
Trade Receivables7,319.705264.8
Cash and Bank Balances1775.007211.8
Other Current Assets18930.612890.4
Total Current Assets28025.325367.0
Total Assets87,749.0084,841.40
Profit & LossFY2024FY2023
Revenue From Operations155091.5138112.5
Growth %12.2%0
Total Operating Expenses135361122930.5
Growth %10.1%0
Operating Profit 19730.8015182.0
Operating Profit Margin %12.7%10.9%
Other Income939.0753.8
Finance Costs2241.90.0
Depreciation and Amortization Expense1998.23401.2
Profit before Tax16429.712534.6
Income Tax4108.73108.4
Tax %2.6%2.2%
Profit After Tax12321.09426.2
Growth %30.7%0
PAT %7.9%6.8%
EPS82.663.2
Shareholding Pattern
ColorShareholderHolding
GDS held by Kesani Enterprise Company Ltd31.92%
Equity shares held by Kesani Enterprise 17.21%
Equity shares held by Rosneft Singapore Pte. Limited49.13%
Others2.00%
Board of Directors
Prasad K PanickerExecutive Chairman
Avril ConryNon Executive Chairman
Victoria CunninghamNon Executive Chairman
P. N. VijayNon Executive Chairman
Alexey LizunovNon Executive Chairman
Naina Lal KidwaiIndependant Director
Andrey BogatenkovNon Executive Chairman
Deepak KapoorIndependant Director
Jörg TumatNon Executive Chairman
Abhimanyu BhandariNon Executive Chairman
Senior Management
No senior management information available.

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