Pioneer Investcorp Ltd

Pioneer Investcorp Ltd

₹ 85.0 14.46%
24 Dec - close price
About

Incorporated in 1984, Pioneer Investcorp Ltd
is in the business of providing Financial Services

Key Points

Business Overview:[1]
Company is a SEBI registered Category–I Merchant Banker and an integrated mid-market focused financial services company. It provides Investment Banking and Financial Advisory Services which includes formulating capital structure, raising capital, debt restructuring, project financing, coal consultancy and other corporate advisory services. Apart from this, company also deals in Secondary capital market like open offer in Takeovers, Right issue, Buyback, Mergers and Amalgamation, and valuation assignments, Government securities (G-Sec & SDL) and corporate bonds

  • Market Cap 105 Cr.
  • Current Price 85.0
  • High / Low 89.0 / 33.7
  • Stock P/E 31.0
  • Book Value 107
  • Dividend Yield 0.00 %
  • ROCE 5.49 %
  • ROE 1.87 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.79 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.53% over past five years.
  • Company has a low return on equity of 1.88% over last 3 years.
  • Promoters have pledged 43.9% of their holding.
  • Earnings include an other income of Rs.4.44 Cr.
  • Company has high debtors of 1,336 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
6.78 7.01 7.14 4.95 5.06 6.11 7.18 6.05 5.39 6.27 8.38 5.59 6.07
3.32 3.73 4.58 3.47 3.45 3.83 3.86 3.67 3.38 3.75 3.96 3.65 4.49
Operating Profit 3.46 3.28 2.56 1.48 1.61 2.28 3.32 2.38 2.01 2.52 4.42 1.94 1.58
OPM % 51.03% 46.79% 35.85% 29.90% 31.82% 37.32% 46.24% 39.34% 37.29% 40.19% 52.74% 34.70% 26.03%
0.05 0.05 0.60 0.05 0.05 0.07 0.13 0.06 0.06 0.06 0.17 0.51 3.70
Interest 2.48 1.90 1.48 1.24 1.12 1.68 2.09 2.02 1.44 1.85 2.48 1.48 4.04
Depreciation 0.17 0.22 0.28 0.21 0.21 0.21 0.09 0.20 0.19 0.20 0.20 0.17 0.17
Profit before tax 0.86 1.21 1.40 0.08 0.33 0.46 1.27 0.22 0.44 0.53 1.91 0.80 1.07
Tax % 47.67% 10.74% -0.71% -75.00% 24.24% 23.91% 67.72% 13.64% 20.45% 26.42% 20.94% 18.75% 23.36%
0.44 1.07 1.41 0.14 0.26 0.35 0.41 0.19 0.34 0.40 1.51 0.64 0.82
EPS in Rs 0.36 0.87 1.15 0.11 0.21 0.28 0.33 0.15 0.28 0.33 1.23 0.52 0.67
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
41.74 27.09 30.83 22.19 53.51 34.30 31.63 35.00 25.61 27.49 23.59 26.43 26.31
19.73 17.10 13.17 13.72 20.10 26.95 23.32 20.23 14.72 14.73 14.62 14.76 15.85
Operating Profit 22.01 9.99 17.66 8.47 33.41 7.35 8.31 14.77 10.89 12.76 8.97 11.67 10.46
OPM % 52.73% 36.88% 57.28% 38.17% 62.44% 21.43% 26.27% 42.20% 42.52% 46.42% 38.02% 44.15% 39.76%
-9.79 -12.35 0.01 0.01 0.01 0.01 0.01 0.12 0.06 0.01 0.01 0.02 4.44
Interest 6.29 7.74 5.65 5.34 11.39 5.56 7.15 10.46 7.48 7.70 6.12 7.80 9.85
Depreciation 2.38 1.44 0.67 0.65 0.51 0.43 0.95 1.03 0.92 0.84 0.72 0.79 0.74
Profit before tax 3.55 -11.54 11.35 2.49 21.52 1.37 0.22 3.40 2.55 4.23 2.14 3.10 4.31
Tax % 20.56% 7.54% 25.73% 16.47% 39.73% -10.95% -59.09% 36.18% 75.29% 13.24% 46.26% 21.29%
2.82 -12.41 8.43 2.07 12.97 1.53 0.34 2.18 0.63 3.67 1.16 2.43 3.37
EPS in Rs 2.29 -10.09 6.86 1.68 10.55 1.24 0.28 1.77 0.51 2.98 0.94 1.98 2.75
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 0%
5 Years: -4%
3 Years: 1%
TTM: 6%
Compounded Profit Growth
10 Years: 23%
5 Years: 48%
3 Years: 57%
TTM: 161%
Stock Price CAGR
10 Years: 19%
5 Years: 19%
3 Years: 30%
1 Year: 136%
Return on Equity
10 Years: 3%
5 Years: 2%
3 Years: 2%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89 12.89
Reserves 93.26 80.80 88.00 90.06 103.03 104.56 107.86 110.10 111.31 116.36 117.59 117.21 118.71
102.90 34.37 42.44 18.21 49.34 30.40 73.89 41.42 102.48 50.89 73.78 62.80 169.78
16.26 3.92 7.44 4.25 12.64 4.43 4.61 4.63 4.23 8.54 12.42 11.49 15.13
Total Liabilities 225.31 131.98 150.77 125.41 177.90 152.28 199.25 169.04 230.91 188.68 216.68 204.39 316.51
69.57 4.67 2.89 2.32 2.72 3.14 4.46 5.05 3.68 4.05 3.37 2.59 2.27
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 42.26 41.86 46.47 44.94 56.44 58.42 60.99 57.90 58.04 59.82 59.94 56.04 56.14
113.48 85.45 101.41 78.15 118.74 90.72 133.80 106.09 169.19 124.81 153.37 145.76 258.10
Total Assets 225.31 131.98 150.77 125.41 177.90 152.28 199.25 169.04 230.91 188.68 216.68 204.39 316.51

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-76.15 38.74 3.19 22.15 -7.07 24.55 -25.49 26.86 -56.39 58.44 -17.03 20.09
33.77 52.47 0.14 2.03 -11.93 3.74 -1.51 6.10 0.61 0.47 0.24 1.64
40.05 -76.23 2.41 -29.59 19.74 -24.50 34.34 -42.93 53.58 -59.28 16.78 -21.73
Net Cash Flow -2.33 14.98 5.74 -5.41 0.73 3.79 7.34 -9.97 -2.20 -0.37 -0.01 0.01

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 286.21 538.00 548.51 836.10 373.12 507.06 751.12 936.49 1,107.83 896.50 1,563.05 1,335.99
Inventory Days
Days Payable
Cash Conversion Cycle 286.21 538.00 548.51 836.10 373.12 507.06 751.12 936.49 1,107.83 896.50 1,563.05 1,335.99
Working Capital Days 450.35 1,072.23 1,062.68 1,194.68 708.92 852.27 1,330.99 973.82 2,284.63 1,529.31 1,781.52 1,553.63
ROCE % 2.52% 5.14% 12.53% 5.92% 22.98% 4.43% 4.30% 7.72% 5.12% 5.87% 4.30% 5.49%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80% 64.80%
3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79% 3.79%
0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22%
31.18% 31.18% 31.18% 31.18% 31.18% 31.18% 31.19% 31.19% 31.18% 31.19% 31.18% 31.19%
No. of Shareholders 3,9263,9843,9733,9714,0454,0784,0944,1164,0864,0934,1184,112

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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