Emkay Global Financial Services Ltd

₹ 156 -0.29%

08 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 ₹ 381 Cr.
Current Price ₹ 156
High / Low ₹ 185 / 67.8
Stock P/E 29.4
Book Value ₹ 61.3
Dividend Yield 0.64 %
ROCE 7.19 %
ROE 7.90 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 25.7%

Cons

Stock is trading at 2.55 times its book value
Tax rate seems low
Company has a low return on equity of 7.35% over last 3 years.
Contingent liabilities of Rs.382 Cr.
Promoters have pledged 26.4% of their holding.
Earnings include an other income of Rs.30.4 Cr.
Company has high debtors of 200 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

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	32	44	44	47	47	40	48	51	50	40	40	63	69
	30	37	35	39	39	44	40	44	44	50	49	58	58
Operating Profit	2	7	9	9	8	-4	7	7	5	-11	-9	5	11
OPM %	8%	16%	21%	19%	18%	-9%	15%	13%	11%	-27%	-22%	8%	16%
	1	4	0	1	1	6	1	1	1	8	7	7	8
Interest	1	1	1	4	1	1	1	1	1	1	1	1	2
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before tax	0	8	7	4	7	0	6	5	3	-6	-4	9	15
Tax %	290%	20%	22%	36%	47%	-517%	42%	19%	-153%	41%	2%	18%	17%
	-0	7	6	3	4	1	3	4	7	-4	-4	8	12
EPS in Rs	-0.08	2.75	2.26	1.04	1.53	0.58	1.37	1.52	2.93	-1.51	-1.74	3.04	4.99
Raw PDF

Upcoming result date: 16 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	90	79	67	104	95	97	133	128	119	141	180	188	213
	84	74	65	77	76	79	103	110	123	122	155	177	216
Operating Profit	6	5	2	27	19	17	29	18	-4	19	25	11	-3
OPM %	7%	6%	4%	26%	20%	18%	22%	14%	-4%	13%	14%	6%	-1%
	-0	0	1	-36	0	-3	0	-0	0	3	4	10	30
Interest	2	3	4	3	2	2	2	3	6	3	3	4	5
Depreciation	5	5	4	4	4	4	5	7	8	7	7	9	9
Profit before tax	-1	-3	-5	-16	13	7	23	7	-18	11	19	7	13
Tax %	34%	-145%	-1%	1%	24%	38%	21%	31%	30%	30%	28%	-53%
	-1	-8	-5	-16	10	5	18	5	-13	8	13	11	12
EPS in Rs	-0.32	-3.23	-2.13	-6.52	4.01	1.89	7.31	2.01	-5.11	3.25	5.41	4.31	4.78
Dividend Payout %	-159%	0%	0%	0%	25%	53%	27%	50%	0%	31%	23%	23%

Compounded Sales Growth
10 Years:	9%
5 Years:	7%
3 Years:	16%
TTM:	13%

Compounded Profit Growth
10 Years:	13%
5 Years:	-8%
3 Years:	44%
TTM:	-2%

Stock Price CAGR
10 Years:	24%
5 Years:	14%
3 Years:	31%
1 Year:	118%

Return on Equity
10 Years:	6%
5 Years:	4%
3 Years:	7%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	24	24	24	24	24	24	25	25	25	25	25	25	25
Reserves	111	103	98	82	89	94	110	110	96	106	120	127	127
	13	39	27	21	9	29	10	12	10	7	33	18	55
	75	61	97	83	82	108	158	135	216	381	511	482	667
Total Liabilities	223	228	247	210	205	255	302	281	346	518	688	651	873
	48	42	39	36	34	35	32	35	38	34	31	37	35
CWIP	0	0	0	0	0	0	0	0	0	0	2	0	0
Investments	34	34	35	35	36	34	41	49	49	62	73	54	59
	141	151	173	140	135	186	229	196	259	422	582	560	779
Total Assets	223	228	247	210	205	255	302	281	346	518	688	651	873

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	10	-32	20	3	36	-17	36	18	58	91	35	-69
	-31	11	0	2	-0	-2	-4	-11	-10	-1	-2	34
	5	22	-16	-10	-16	18	-25	-9	-14	-16	-8	-10
Net Cash Flow	-16	1	5	-4	19	-1	6	-2	34	73	25	-45

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	113	106	201	142	70	243	241	163	160	167	175	200
Inventory Days
Days Payable
Cash Conversion Cycle	113	106	201	142	70	243	241	163	160	167	175	200
Working Capital Days	-114	102	52	-56	-190	-111	-173	-193	-429	-665	-565	-453
ROCE %	1%	0%	-1%	16%	12%	10%	17%	9%	-8%	10%	12%	7%

Shareholding Pattern

Numbers in percentages

6 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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