New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹9.19b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 1.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹9.19b market cap, or US$98.3m). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹86.18, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 4.5% over the past three years. New Risk • Feb 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹2.99 (vs ₹2.50 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.99 (up from ₹2.50 in 3Q 2025). Revenue: ₹9.65b (up 36% from 3Q 2025). Net income: ₹321.2m (up 32% from 3Q 2025). Profit margin: 3.3% (down from 3.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹125, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 31% over the past three years. Annonce • Feb 05
Renaissance Global Limited to Report Q3, 2026 Results on Feb 12, 2026 Renaissance Global Limited announced that they will report Q3, 2026 results on Feb 12, 2026 New Risk • Nov 27
New major risk - Revenue and earnings growth Earnings have declined by 0.06% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Nov 07
Renaissance Global Limited to Report Q2, 2026 Results on Nov 13, 2025 Renaissance Global Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Annonce • Aug 13
Renaissance Global Limited, Annual General Meeting, Sep 18, 2025 Renaissance Global Limited, Annual General Meeting, Sep 18, 2025, at 15:30 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹0.59 (vs ₹1.62 in 1Q 2025) First quarter 2026 results: EPS: ₹0.59 (down from ₹1.62 in 1Q 2025). Revenue: ₹5.30b (up 19% from 1Q 2025). Net income: ₹63.8m (down 59% from 1Q 2025). Profit margin: 1.2% (down from 3.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annonce • Aug 09
Renaissance Global Limited to Report Q1, 2026 Results on Aug 12, 2025 Renaissance Global Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹7.68 (vs ₹7.59 in FY 2024) Full year 2025 results: EPS: ₹7.68 (up from ₹7.59 in FY 2024). Revenue: ₹20.9b (flat on FY 2024). Net income: ₹761.5m (up 5.2% from FY 2024). Profit margin: 3.6% (up from 3.4% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • May 22
Renaissance Global Limited to Report Fiscal Year 2025 Results on May 28, 2025 Renaissance Global Limited announced that they will report fiscal year 2025 results at 12:15 PM, Indian Standard Time on May 28, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹126, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 24x in the Luxury industry in India. Total loss to shareholders of 9.1% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹105, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 22x in the Luxury industry in India. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹134, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 23x in the Luxury industry in India. Total loss to shareholders of 18% over the past three years. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Feb 20
Non-Executive Chairman recently bought ₹4.6m worth of stock On the 17th of February, Sumit Shah bought around 34k shares on-market at roughly ₹135 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Sumit's only on-market trade for the last 12 months. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹2.50 (vs ₹2.92 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.50 (down from ₹2.92 in 3Q 2024). Revenue: ₹7.12b (up 8.6% from 3Q 2024). Net income: ₹243.2m (down 13% from 3Q 2024). Profit margin: 3.4% (down from 4.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₹130, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 25x in the Luxury industry in India. Total loss to shareholders of 23% over the past three years. Annonce • Feb 11
Renaissance Global Limited Appoints Mr. Darshil Shah as Managing Director of the Company Renaissance Global Limited approved appointment of Mr. Darshil Shah (DIN: 08030313) as Managing Director of the Company. Annonce • Feb 06
Renaissance Global Limited to Report Q3, 2025 Results on Feb 12, 2025 Renaissance Global Limited announced that they will report Q3, 2025 results on Feb 12, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹167, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 29x in the Luxury industry in India. Total loss to shareholders of 14% over the past three years. Annonce • Jan 16
Renaissance Global Limited Announces Resignation of Sarita Patil as Global Head Renaissance Global Limited announced that Mrs. Sarita Patil (Global Head - HR), a Senior Management Personnel (SMP) of the Company has resigned from the Company with effect from close of working hours of January 15, 2025, to pursue her personal interest and commitments. Annonce • Dec 26
Renaissance Global Limited Announces Resignation of Mr. Ariez Tata as President - Product Development Renaissance Global Limited announced that Mr. Ariez Tata (President - Product Development), a Senior Management Personnel (SMP) of the Company has resigned from the Company with effect from close of working hours of December 20, 2024, to pursue his personal interest and commitments. Annonce • Nov 27
An undisclosed buyer acquired Gold Division of Renaissance Global Limited from Renaissance Global Limited (BSE:532923) An undisclosed buyer acquired Gold Division of Renaissance Global Limited from Renaissance Global Limited (BSE:532923) on July 31, 2024.
An undisclosed buyer completed the acquisition of Gold Division of Renaissance Global Limited (BSE:532923) on July 31, 2024. New Risk • Nov 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Significant insider selling over the past 3 months (₹71m sold). Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹1.17 (vs ₹1.11 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.17 (up from ₹1.11 in 2Q 2024). Revenue: ₹4.13b (down 6.6% from 2Q 2024). Net income: ₹111.7m (up 5.9% from 2Q 2024). Profit margin: 2.7% (up from 2.4% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Nov 05
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Non-Executive Independent Director Rupal D. Jhaveri was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 05
Renaissance Global Limited to Report Q2, 2025 Results on Nov 13, 2024 Renaissance Global Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹154, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 30x in the Luxury industry in India. Total loss to shareholders of 14% over the past three years. Recent Insider Transactions • Sep 25
Vice President of Operations recently sold ₹16m worth of stock On the 20th of September, Parag Shah sold around 125k shares on-market at roughly ₹125 per share. This transaction amounted to 5.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹19m more than they bought in the last 12 months. Annonce • Sep 12
Renaissance Global Limited Appoints Rupal D. Jhaveri as Non- Executive-Independent Director Renaissance Global Limited approved the appointment of Mrs. Rupal D. Jhaveri (DIN: 00910968) Additional Director, designated as Non- Executive-Independent Director of the Company. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹127, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 30x in the Luxury industry in India. Total loss to shareholders of 17% over the past three years. New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹1.62 (vs ₹1.51 in 1Q 2024) First quarter 2025 results: EPS: ₹1.62 (up from ₹1.51 in 1Q 2024). Revenue: ₹4.47b (down 5.5% from 1Q 2024). Net income: ₹156.1m (up 9.8% from 1Q 2024). Profit margin: 3.5% (up from 3.0% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Annonce • Aug 07
Renaissance Global Limited to Report Q1, 2025 Results on Aug 12, 2024 Renaissance Global Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Annonce • Aug 05
Renaissance Global Limited, Annual General Meeting, Sep 12, 2024 Renaissance Global Limited, Annual General Meeting, Sep 12, 2024, at 15:30 Indian Standard Time. Annonce • Jul 08
Renaissance Global Limited Announce Resignation of Veerkumar Shah as Independent Director, Chairman of Audit Committee and Stakeholders Relationship Committee and as A Member of Risk Management Committee Renaissance Global Limited announced that Mr. Veerkumar Shah (DIN:00129379), vide his letter dated July 08, 2024 has tendered his resignation as Independent Director from the Board of Directors with effect from close of business hours on July 08, 2024 and also stepped down as the Chairman of Audit Committee and Stakeholders Relationship Committee and as a member of Risk Management Committee of the Company. Reason for Change: Resignation as an Independent Director of the Company in view of completion of 10 years term and other personal commitments. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹7.59 (vs ₹9.28 in FY 2023) Full year 2024 results: EPS: ₹7.59 (down from ₹9.28 in FY 2023). Revenue: ₹21.1b (down 5.8% from FY 2023). Net income: ₹723.7m (down 17% from FY 2023). Profit margin: 3.4% (down from 3.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Annonce • May 23
Renaissance Global Limited to Report Fiscal Year 2024 Results on May 29, 2024 Renaissance Global Limited announced that they will report fiscal year 2024 results on May 29, 2024 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹115, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 29x in the Luxury industry in India. Total returns to shareholders of 79% over the past three years. New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (8.5% average weekly change). Buy Or Sell Opportunity • Feb 26
Now 21% undervalued Over the last 90 days, the stock has risen 35% to ₹134. The fair value is estimated to be ₹169, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.8%. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹134, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 30x in the Luxury industry in India. Total returns to shareholders of 126% over the past three years. New Risk • Feb 15
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹2.92 (vs ₹2.91 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.92 (up from ₹2.91 in 3Q 2023). Revenue: ₹6.58b (down 9.1% from 3Q 2023). Net income: ₹279.3m (up 1.6% from 3Q 2023). Profit margin: 4.2% (up from 3.8% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 02
Renaissance Global Limited to Report Q3, 2024 Results on Feb 12, 2024 Renaissance Global Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Buying Opportunity • Jan 08
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹135, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has grown by 12%. New Risk • Nov 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Annonce • Nov 02
Renaissance Global Limited to Report Q2, 2024 Results on Nov 09, 2023 Renaissance Global Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹129, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 23x in the Luxury industry in India. Total returns to shareholders of 187% over the past three years. Annonce • Aug 12
Renaissance Global Limited (BSE:532923) agreed to acquire a 19% stake in Renaissance FMI Inc. from Anubh Shah, Slisha Kankariya and Arubha Shah for INR 173.596623 million. Renaissance Global Limited (BSE:532923) agreed to acquire a 19% stake in Renaissance FMI Inc. from Anubh Shah, Slisha Kankariya and Arubha Shah for INR 173.596623 million on August 10, 2023. The consideration includes 17,34,232 equity shares of the Company. Renaissance FMI had revenue of $1,35,60,724 during FY 2022-23. Annonce • Aug 11
Renaissance Global Limited Appoints Mr. Bijou Kurien Additional Director, Designated as Non-Executive-Independent Director Renaissance Global Limited announced that at its Annual General Meeting held on August 10, 2023, approved the appointment of Mr. Bijou Kurien (DIN: 01802995) Additional Director, designated as Non-Executive-Independent Director of the Company was approved. Annonce • Aug 04
Renaissance Global Limited to Report Q1, 2024 Results on Aug 10, 2023 Renaissance Global Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • Jul 21
Full year 2023 earnings released: EPS: ₹9.28 (vs ₹11.30 in FY 2022) Full year 2023 results: EPS: ₹9.28 (down from ₹11.30 in FY 2022). Revenue: ₹22.4b (up 2.1% from FY 2022). Net income: ₹875.6m (down 17% from FY 2022). Profit margin: 3.9% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹111, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 21x in the Luxury industry in India. Total returns to shareholders of 153% over the past three years. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹9.27 (vs ₹11.30 in FY 2022) Full year 2023 results: EPS: ₹9.27 (down from ₹11.30 in FY 2022). Revenue: ₹22.4b (up 2.4% from FY 2022). Net income: ₹875.6m (down 17% from FY 2022). Profit margin: 3.9% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 27
Renaissance Global Limited, Annual General Meeting, Aug 10, 2023 Renaissance Global Limited, Annual General Meeting, Aug 10, 2023, at 15:30 Indian Standard Time. Annonce • May 19
Renaissance Global Limited to Report Fiscal Year 2023 Results on May 26, 2023 Renaissance Global Limited announced that they will report fiscal year 2023 results on May 26, 2023 Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be ₹112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Buying Opportunity • Apr 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ₹114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Buying Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be ₹117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: ₹2.91 (vs ₹3.57 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.91 (down from ₹3.57 in 3Q 2022). Revenue: ₹7.24b (down 6.5% from 3Q 2022). Net income: ₹274.9m (down 18% from 3Q 2022). Profit margin: 3.8% (down from 4.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 124% p.a. on average during the next 2 years, while revenues in the Luxury industry in India are expected to grow by 14%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Annonce • Feb 01
Renaissance Global Limited to Report Q3, 2023 Results on Feb 06, 2023 Renaissance Global Limited announced that they will report Q3, 2023 results on Feb 06, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Emeritus Niranjan Shah was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: ₹1.64 (vs ₹2.99 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.64 (down from ₹2.99 in 2Q 2022). Revenue: ₹4.42b (down 7.4% from 2Q 2022). Net income: ₹155.1m (down 45% from 2Q 2022). Profit margin: 3.5% (down from 5.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 125% p.a. on average during the next 2 years, while revenues in the Luxury industry in India are expected to grow by 14%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 29
Non-Executive Chairman & Global CEO recently bought ₹4.9m worth of stock On the 23rd of September, Sumit Shah bought around 43k shares on-market at roughly ₹113 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Sumit's only on-market trade for the last 12 months. Reported Earnings • Jul 13
Full year 2022 earnings released: EPS: ₹56.49 (vs ₹24.88 in FY 2021) Full year 2022 results: EPS: ₹56.49 (up from ₹24.88 in FY 2021). Revenue: ₹21.9b (up 7.8% from FY 2021). Net income: ₹1.06b (up 128% from FY 2021). Profit margin: 4.8% (up from 2.3% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 89% compared to a 24% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 03 September 2022. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 22% share price gain to ₹696, the stock trades at a trailing P/E ratio of 12.3x. Average forward P/E is 19x in the Luxury industry in India. Total returns to shareholders of 162% over the past three years. Recent Insider Transactions • Jul 01
Executive Director recently bought ₹5.6m worth of stock On the 28th of June, Neville Tata bought around 10k shares on-market at roughly ₹585 per share. In the last 3 months, they made an even bigger purchase worth ₹9.0m. Insiders have collectively bought ₹6.7m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹593, the stock trades at a trailing P/E ratio of 11.7x. Average forward P/E is 20x in the Luxury industry in India. Total returns to shareholders of 122% over the past three years. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Emeritus Niranjan Shah was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ₹1,021, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Apr 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₹996, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₹997, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be ₹995, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹865, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 208% over the past three years. Upcoming Dividend • Feb 10
Upcoming dividend of ₹5.50 per share Eligible shareholders must have bought the stock before 17 February 2022. Payment date: 08 March 2022. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.4%). Reported Earnings • Feb 08
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹17.83 (up from ₹13.66 in 3Q 2021). Revenue: ₹7.75b (up 4.7% from 3Q 2021). Net income: ₹333.1m (up 31% from 3Q 2021). Profit margin: 4.3% (up from 3.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Board Change • Jan 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Emeritus Niranjan Shah was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Second quarter 2022 earnings released: EPS ₹14.95 (vs ₹12.33 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: ₹4.78b (down 8.6% from 2Q 2021). Net income: ₹279.3m (up 21% from 2Q 2021). Profit margin: 5.8% (up from 4.4% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Board Change • Oct 31
High number of new directors Member of Strategic Advisory Board Bijou Kurien was the last director to join the board, commencing their role in 2021. 