Pioneer Investcorp Ltd

₹ 74.3 7.14%

23 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

Website BSE

Market Cap ₹ 91.4 Cr.
Current Price ₹ 74.3
High / Low ₹ 76.5 / 33.7
Stock P/E 12.7
Book Value ₹ 122
Dividend Yield 0.00 %
ROCE 7.22 %
ROE 2.83 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.61 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 1.70% over past five years.
Company has a low return on equity of 2.37% over last 3 years.
Promoters have pledged 43.9% of their holding.
Earnings include an other income of Rs.13.6 Cr.
Company has high debtors of 1,240 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	9.10	8.21	11.96	6.57	9.22	6.44	9.66	8.35	7.34	8.43	11.45	8.64	8.00
	4.65	5.12	6.58	5.09	4.99	5.60	5.59	5.26	5.07	5.47	8.63	5.10	7.06
Operating Profit	4.45	3.09	5.38	1.48	4.23	0.84	4.07	3.09	2.27	2.96	2.82	3.54	0.94
OPM %	48.90%	37.64%	44.98%	22.53%	45.88%	13.04%	42.13%	37.01%	30.93%	35.11%	24.63%	40.97%	11.75%
	0.12	0.12	0.10	0.11	0.01	0.21	0.14	0.11	0.02	0.21	6.88	2.67	3.87
Interest	2.97	2.73	1.77	1.27	1.18	1.72	2.39	2.32	1.82	2.50	4.01	2.26	4.10
Depreciation	0.22	0.28	0.36	0.27	0.26	0.27	0.15	0.25	0.26	0.27	0.28	0.24	0.23
Profit before tax	1.38	0.20	3.35	0.05	2.80	-0.94	1.67	0.63	0.21	0.40	5.41	3.71	0.48
Tax %	31.16%	60.00%	20.30%	-140.00%	2.86%	11.70%	84.43%	49.21%	47.62%	27.50%	38.45%	11.32%	41.67%
	0.95	0.08	2.66	0.12	2.72	-1.05	0.27	0.32	0.11	0.30	3.34	3.29	0.28
EPS in Rs	0.77	0.07	2.16	0.10	2.21	-0.85	0.22	0.26	0.09	0.24	2.72	2.68	0.23
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	58.30	30.79	34.47	25.35	63.01	39.70	37.68	42.76	31.06	36.01	32.33	41.00	36.52
	28.01	21.51	17.19	17.51	23.82	30.76	27.60	26.04	18.69	20.26	21.26	24.42	26.26
Operating Profit	30.29	9.28	17.28	7.84	39.19	8.94	10.08	16.72	12.37	15.75	11.07	16.58	10.26
OPM %	51.96%	30.14%	50.13%	30.93%	62.20%	22.52%	26.75%	39.10%	39.83%	43.74%	34.24%	40.44%	28.09%
	-9.76	-14.28	0.01	0.01	0.08	0.01	0.01	0.12	0.07	0.01	0.02	1.79	13.63
Interest	12.18	12.94	9.05	8.49	13.42	7.14	7.64	10.61	8.47	9.69	6.55	10.65	12.87
Depreciation	2.50	1.51	0.71	0.69	0.54	0.57	0.59	1.24	1.17	1.08	0.95	1.06	1.02
Profit before tax	5.85	-19.45	7.53	-1.33	25.31	1.24	1.86	4.99	2.80	4.99	3.59	6.66	10.00
Tax %	27.35%	7.30%	17.66%	-35.34%	29.67%	74.19%	-3.76%	37.68%	68.21%	25.25%	42.90%	38.89%
	4.24	-20.86	6.20	-0.85	17.80	0.32	1.93	3.11	0.88	3.73	2.06	4.07	7.21
EPS in Rs	3.45	-16.96	5.04	-0.69	14.48	0.26	1.57	2.53	0.72	3.03	1.68	3.31	5.87
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:	3%
5 Years:	2%
3 Years:	10%
TTM:	15%

Compounded Profit Growth
10 Years:	10%
5 Years:	16%
3 Years:	67%
TTM:	2160%

Stock Price CAGR
10 Years:	18%
5 Years:	15%
3 Years:	25%
1 Year:	106%

Return on Equity
10 Years:	3%
5 Years:	2%
3 Years:	2%
Last Year:	3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	111.26	91.40	96.37	95.51	113.32	109.79	111.73	117.40	118.93	124.06	126.37	135.02	136.94
	142.46	63.69	65.64	34.38	50.45	45.87	73.09	42.42	103.13	51.27	84.16	108.41	150.36
	34.31	14.83	18.04	7.94	20.17	10.01	9.34	9.43	8.28	16.48	24.39	149.36	133.54
Total Liabilities	300.92	182.81	192.94	150.72	196.83	178.56	207.05	182.14	243.23	204.70	247.81	405.68	433.73
	69.81	4.84	2.98	2.38	2.75	4.46	4.57	6.27	4.69	4.85	3.94	4.82	4.36
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	6.86	2.18	6.76	3.69	15.05	16.26	16.79	15.94	16.18	17.92	18.15	118.96	117.99
	224.25	175.79	183.20	144.65	179.03	157.84	185.69	159.93	222.36	181.93	225.72	281.90	311.38
Total Assets	300.92	182.81	192.94	150.72	196.83	178.56	207.05	182.14	243.23	204.70	247.81	405.68	433.73

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-43.64	34.30	9.88	29.04	10.22	16.88	-11.64	32.26	-54.84	68.09	-30.15	-23.21
	3.98	55.19	0.83	4.80	-11.47	-1.06	-0.67	6.03	0.65	-1.59	1.31	6.40
	35.33	-90.60	-7.10	-39.76	2.64	-11.71	19.57	-43.28	52.23	-61.54	26.34	11.13
Net Cash Flow	-4.33	-1.11	3.61	-5.92	1.38	4.11	7.26	-4.99	-1.96	4.96	-2.50	-5.68

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	771.32	1,315.38	1,130.90	1,350.28	569.48	924.64	1,027.00	1,130.25	1,396.54	1,043.61	1,660.28	1,239.93
Inventory Days
Days Payable
Cash Conversion Cycle	771.32	1,315.38	1,130.90	1,350.28	569.48	924.64	1,027.00	1,130.25	1,396.54	1,043.61	1,660.28	1,239.93
Working Capital Days	825.73	1,680.85	1,516.65	1,675.11	846.32	1,198.71	1,480.92	1,142.37	2,347.12	1,488.18	2,113.00	686.47
ROCE %	5.33%	3.63%	9.67%	4.51%	24.25%	4.86%	5.19%	8.42%	5.52%	6.94%	4.93%	7.22%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 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	3,926	3,984	3,973	3,971	4,045	4,078	4,094	4,116	4,086	4,093	4,118	4,112

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	56.51%	56.51%	60.85%	61.93%	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%
	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%
	39.48%	39.48%	35.14%	34.06%	31.18%	31.18%	31.18%	31.19%	31.19%
No. of Shareholders	5,451	4,855	4,575	4,149	3,940	3,984	4,078	4,093	4,112

* 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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Pioneer Investcorp Ltd

Pioneer Investcorp Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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