Emkay Global Financial Services Ltd

₹ 158 -0.25%

31 May - 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

Market Cap ₹ 391 Cr.
Current Price ₹ 158
High / Low ₹ 185 / 71.5
Stock P/E 12.6
Book Value ₹ 97.5
Dividend Yield 0.63 %
ROCE 17.6 %
ROE 13.7 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 32.2% CAGR over last 5 years

Cons

Company has a low return on equity of 12.8% over last 3 years.
Contingent liabilities of Rs.197 Cr.
Promoters have pledged 26.4% of their holding.
Earnings include an other income of Rs.34.1 Cr.
Company has high debtors of 163 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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	49	54	76	92	52	52	57	54	42	47	71	75	90
	38	39	58	65	56	43	47	48	54	52	63	65	78
Operating Profit	11	15	18	27	-4	9	10	6	-12	-6	8	10	12
OPM %	22%	28%	23%	30%	-7%	17%	17%	12%	-28%	-12%	11%	14%	13%
	1	0	1	0	1	1	1	2	8	9	8	8	9
Interest	1	1	4	0	1	1	1	1	1	1	1	1	2
Depreciation	2	2	2	2	2	2	2	2	2	2	2	3	3
Profit before tax	9	13	13	26	-6	7	8	5	-7	1	12	15	17
Tax %	30%	23%	25%	25%	24%	40%	20%	-85%	27%	120%	19%	17%	37%
	6	10	9	19	-5	5	6	9	-5	0	9	12	11
EPS in Rs	2.49	3.97	3.80	7.84	-1.89	1.86	2.48	3.55	-2.18	0.14	3.76	4.97	4.28
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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
	99	82	117	105	109	156	147	135	160	272	205	282
	99	76	82	82	85	111	124	137	134	217	189	258
Operating Profit	-0	6	34	24	24	45	23	-3	26	55	15	25
OPM %	-0%	8%	29%	22%	22%	29%	15%	-2%	16%	20%	8%	9%
	0	1	-36	0	0	0	3	0	2	1	11	34
Interest	6	5	5	4	3	4	7	7	3	3	4	5
Depreciation	5	4	4	4	4	5	7	8	8	8	9	10
Profit before tax	-11	-3	-11	17	16	37	12	-17	17	46	12	44
Tax %	-31%	-40%	-49%	28%	26%	22%	31%	29%	32%	24%	-12%	27%
	-15	-4	-16	12	12	29	9	-13	11	34	14	32
EPS in Rs	-6.05	-1.62	-6.44	4.92	4.99	11.66	3.55	-5.11	4.52	13.72	5.71	13.14
Dividend Payout %	0%	0%	0%	20%	20%	17%	28%	0%	22%	9%	18%	11%

Compounded Sales Growth
10 Years:	13%
5 Years:	14%
3 Years:	21%
TTM:	38%

Compounded Profit Growth
10 Years:	26%
5 Years:	32%
3 Years:	41%
TTM:	119%

Stock Price CAGR
10 Years:	22%
5 Years:	14%
3 Years:	26%
1 Year:	118%

Return on Equity
10 Years:	9%
5 Years:	8%
3 Years:	13%
Last Year:	14%

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
Equity Capital	24	24	24	24	24	25	25	25	25	25	25	25
Reserves	109	105	89	98	111	137	142	128	142	176	186	216
	41	34	35	11	49	34	23	10	17	44	33	52
	96	110	112	92	116	169	136	218	381	519	488	772
Total Liabilities	271	274	261	226	299	365	326	381	565	764	731	1,065
	43	39	36	35	35	33	35	38	34	32	38	43
CWIP	0	0	0	0	0	0	0	0	0	2	0	0
Investments	1	3	4	11	26	36	28	16	29	34	24	26
	227	232	221	180	237	296	263	327	501	696	669	996
Total Assets	271	274	261	226	299	365	326	381	565	764	731	1,065

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
	-5	18	-4	61	-22	30	21	94	-44	60	-63	22
	4	-2	3	-8	-15	-8	4	-1	-3	-4	5	-6
	-0	-11	-2	-30	35	-20	-27	-26	-3	-7	-7	2
Net Cash Flow	-1	5	-3	24	-3	2	-1	66	-51	48	-65	18

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	126	173	169	66	218	208	146	145	152	119	188	163
Inventory Days
Days Payable
Cash Conversion Cycle	126	173	169	66	218	208	146	145	152	119	188	163
Working Capital Days	127	148	52	-121	-9	-71	-134	-353	-564	-372	-398	-505
ROCE %	-3%	2%	19%	14%	12%	22%	9%	-6%	12%	23%	7%

Shareholding Pattern

Numbers in percentages

4 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	74.55%	74.51%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.49%	74.34%
	0.00%	0.48%	0.78%	0.83%	0.81%	0.76%	0.76%	0.76%	0.76%	0.77%	0.76%	1.17%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
	25.45%	25.01%	24.73%	24.69%	24.70%	24.75%	24.75%	24.75%	24.74%	24.74%	24.74%	24.41%
No. of Shareholders	9,947	16,135	15,450	15,350	15,768	16,042	15,527	14,922	14,753	13,593	12,961	11,766

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	73.24%	71.95%	72.68%	74.55%	74.55%	74.49%	74.49%	74.34%
	0.00%	0.06%	0.00%	0.00%	0.11%	0.83%	0.76%	1.17%
	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
	0.00%	0.01%	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%
	1.75%	0.51%	0.51%	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

* 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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