Emkay Global Financial Services Ltd

₹ 329 -1.91%

26 Dec - close price

About

Incorporated in 1995, Emkay Global Financial Services Ltd is in the business of providing
capital market services^[1]

Key Points

Business Overview:^[1]^[2]^[3]
EGFSL is a 360 degree financial services provider of institutional broking, asset management, wealth/ portfolio management, succession planning, investment banking, currency, depository participant, equity
broking, commodity broking, distribution
of financial products and investment banking operations. It has 300+ clients. In FY23, company's PMS+AIF AUMs stood at Rs. 5,984 Mn. and Wealth AUMs at Rs. ** 2,348 Mn.**

Website BSE NSE - BE

Market Cap ₹ 832 Cr.
Current Price ₹ 329
High / Low ₹ 370 / 97.4
Stock P/E 13.9
Book Value ₹ 84.4
Dividend Yield 0.46 %
ROCE 20.7 %
ROE 15.3 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 32.4% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 20.5%

Cons

Stock is trading at 3.89 times its book value
Company has a low return on equity of 10.7% over last 3 years.
Earnings include an other income of Rs.30.0 Cr.
Company has high debtors of 157 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: Stock/ Commodity Brokers Industry: Finance & Investments

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Detailed Comparison with:

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
	47	47	40	48	51	50	40	40	63	69	80	76	101
	39	39	44	40	44	44	50	49	58	58	69	62	73
Operating Profit	9	8	-4	7	7	5	-11	-9	5	11	11	14	28
OPM %	19%	18%	-9%	15%	13%	11%	-27%	-22%	8%	16%	13%	18%	28%
	1	1	6	1	1	1	8	7	7	8	8	7	6
Interest	4	1	1	1	1	1	1	1	1	2	2	2	2
Depreciation	2	2	2	2	2	2	2	2	2	2	3	2	2
Profit before tax	4	7	0	6	5	3	-6	-4	9	15	14	16	30
Tax %	36%	47%	-517%	42%	19%	-153%	-41%	-2%	18%	17%	38%	18%	17%
	3	4	1	3	4	7	-4	-4	8	12	9	14	25
EPS in Rs	1.04	1.53	0.58	1.37	1.52	2.93	-1.51	-1.74	3.04	4.99	3.62	5.47	9.89
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
	79	67	104	95	97	133	128	119	141	180	198	283	325
	74	65	77	76	79	103	110	123	122	155	177	234	262
Operating Profit	5	2	27	19	17	29	18	-4	19	25	21	49	63
OPM %	6%	4%	26%	20%	18%	22%	14%	-4%	13%	14%	10%	17%	19%
	0	1	-36	0	-3	0	-0	0	3	4	-0	0	30
Interest	3	4	3	2	2	2	3	6	3	3	4	6	8
Depreciation	5	4	4	4	4	5	7	8	7	7	9	9	10
Profit before tax	-3	-5	-16	13	7	23	7	-18	11	19	7	34	75
Tax %	145%	1%	-1%	24%	38%	21%	31%	-30%	30%	28%	-53%	28%
	-8	-5	-16	10	5	18	5	-13	8	13	11	24	59
EPS in Rs	-3.23	-2.13	-6.52	4.01	1.89	7.31	2.01	-5.11	3.25	5.41	4.31	9.91	23.97
Dividend Payout %	0%	0%	0%	25%	53%	27%	50%	0%	31%	23%	23%	15%

Compounded Sales Growth
10 Years:	15%
5 Years:	17%
3 Years:	26%
TTM:	69%

Compounded Profit Growth
10 Years:	21%
5 Years:	32%
3 Years:	53%
TTM:	658%

Stock Price CAGR
10 Years:	20%
5 Years:	41%
3 Years:	50%
1 Year:	142%

Return on Equity
10 Years:	8%
5 Years:	6%
3 Years:	11%
Last Year:	15%

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	24	24	24	24	24	25	25	25	25	25	25	25	25
Reserves	103	98	82	89	94	110	110	96	106	120	127	149	185
	39	27	21	9	29	10	12	10	7	33	18	51	63
	61	97	83	82	108	158	135	216	381	511	482	765	854
Total Liabilities	228	247	210	205	255	302	281	346	518	688	651	990	1,127
	42	39	36	34	35	32	35	38	34	31	37	37	37
CWIP	0	0	0	0	0	0	0	0	0	2	0	0	0
Investments	34	35	35	36	34	41	49	49	62	73	54	57	64
	151	173	140	135	186	229	196	259	422	582	560	896	1,025
Total Assets	228	247	210	205	255	302	281	346	518	688	651	990	1,127

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
	-32	20	3	36	-17	36	18	58	91	35	-69	-17
	11	0	2	-0	-2	-4	-11	-10	-1	-2	34	4
	22	-16	-10	-16	18	-25	-9	-14	-16	-8	-10	24
Net Cash Flow	1	5	-4	19	-1	6	-2	34	73	25	-45	11

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	106	201	142	70	243	241	163	160	167	175	190	157
Inventory Days
Days Payable
Cash Conversion Cycle	106	201	142	70	243	241	163	160	167	175	190	157
Working Capital Days	102	52	-56	-190	-111	-173	-193	-429	-665	-565	-430	-524
ROCE %	0%	-1%	16%	12%	10%	17%	9%	-8%	10%	12%	7%	21%

Shareholding Pattern

Numbers in percentages

9 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.34%	74.27%	73.89%
	0.78%	0.83%	0.81%	0.76%	0.76%	0.76%	0.76%	0.77%	0.76%	1.17%	0.76%	0.77%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.00%	0.00%
	24.73%	24.69%	24.70%	24.75%	24.75%	24.75%	24.74%	24.74%	24.74%	24.41%	24.97%	25.34%
No. of Shareholders	15,450	15,350	15,768	16,042	15,527	14,922	14,753	13,593	12,961	11,766	12,354	11,469

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	73.24%	71.95%	72.68%	74.55%	74.55%	74.49%	74.49%	74.34%	73.89%
	0.00%	0.06%	0.00%	0.00%	0.11%	0.83%	0.76%	1.17%	0.77%
	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.00%
	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	25.01%	27.43%	26.81%	25.44%	25.34%	24.69%	24.75%	24.41%	25.34%
	1.75%	0.51%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	6,314	9,855	9,410	8,779	9,869	15,350	14,922	11,766	11,469

* 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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