Buy Or Sell Opportunity • May 27
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to ₹137. The fair value is estimated to be ₹106, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has declined by 46%. New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 9.7% 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₹1.27b market cap, or US$13.2m). Reported Earnings • May 21
Full year 2026 earnings released: EPS: ₹2.31 (vs ₹7.93 in FY 2025) Full year 2026 results: EPS: ₹2.31 (down from ₹7.93 in FY 2025). Revenue: ₹6.58b (down 1.4% from FY 2025). Net income: ₹23.8m (down 71% from FY 2025). Profit margin: 0.4% (down from 1.2% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • May 07
BSL Limited to Report Q4, 2026 Results on May 19, 2026 BSL Limited announced that they will report Q4, 2026 results on May 19, 2026 Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹104, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 16x in the Luxury industry in India. Total loss to shareholders of 31% over the past three years. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹1.15 (vs ₹2.96 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.15 (down from ₹2.96 in 3Q 2025). Revenue: ₹1.67b (down 1.7% from 3Q 2025). Net income: ₹11.8m (down 61% from 3Q 2025). Profit margin: 0.7% (down from 1.8% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jan 30
BSL Limited to Report Q3, 2026 Results on Feb 09, 2026 BSL Limited announced that they will report Q3, 2026 results on Feb 09, 2026 Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹1.67 (vs ₹2.45 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.67 (down from ₹2.45 in 2Q 2025). Revenue: ₹1.84b (up 3.5% from 2Q 2025). Net income: ₹17.2m (down 32% from 2Q 2025). Profit margin: 0.9% (down from 1.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Oct 31
BSL Limited to Report Q2, 2026 Results on Nov 12, 2025 BSL Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 12, 2025 Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹186, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 24x in the Luxury industry in India. Total returns to shareholders of 35% over the past three years. New Risk • Sep 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (₹2.03b market cap, or US$23.0m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹166, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 25x in the Luxury industry in India. Total returns to shareholders of 46% over the past three years. Upcoming Dividend • Aug 14
Upcoming dividend of ₹0.80 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 27 September 2025. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.3%). In line with average of industry peers (0.6%). Reported Earnings • Jul 26
Full year 2025 earnings released: EPS: ₹7.93 (vs ₹10.91 in FY 2024) Full year 2025 results: EPS: ₹7.93 (down from ₹10.91 in FY 2024). Revenue: ₹6.67b (flat on FY 2024). Net income: ₹81.6m (down 27% from FY 2024). Profit margin: 1.2% (down from 1.7% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Jul 23
BSL Limited to Report Q1, 2026 Results on Aug 12, 2025 BSL Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Announcement • Jul 07
BSL Limited, Annual General Meeting, Aug 28, 2025 BSL Limited, Annual General Meeting, Aug 28, 2025, at 16:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹151, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 26x in the Luxury industry in India. Total returns to shareholders of 56% over the past three years. Announcement • May 23
BSL Limited Recommends Dividend for the Financial Year 2024-25 The Board of Directors of the BSL Limited in its Meeting held on 22nd May, 2025, has transacted and recommended the dividend at the rate 8% i.e INR 0.8 per equity share of the face value of INR 10/- each for the financial year 2024-25 subject to the approval of the Shareholders at the forthcoming Annual General Meeting of the Company. The Dividend will be paid/dispatched within 30 days from the declaration at the Annual General Meeting. The date of the Annual General Meeting will be intimated to the Stock Exchanges in due course of time. Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹7.93 (vs ₹10.91 in FY 2024) Full year 2025 results: EPS: ₹7.93 (down from ₹10.91 in FY 2024). Revenue: ₹6.68b (flat on FY 2024). Net income: ₹81.6m (down 27% from FY 2024). Profit margin: 1.2% (down from 1.7% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹171, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 24x in the Luxury industry in India. Total returns to shareholders of 69% over the past three years. Announcement • May 03
BSL Limited to Report Q4, 2025 Results on May 22, 2025 BSL Limited announced that they will report Q4, 2025 results on May 22, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹2.96 (vs ₹3.81 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.96 (down from ₹3.81 in 3Q 2024). Revenue: ₹1.70b (flat on 3Q 2024). Net income: ₹30.5m (down 22% from 3Q 2024). Profit margin: 1.8% (down from 2.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Jan 28
BSL Limited to Report Q3, 2025 Results on Feb 13, 2025 BSL Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹194, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 29x in the Luxury industry in India. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹272, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 30x in the Luxury industry in India. Total returns to shareholders of 143% over the past three years. New Risk • Dec 03
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 8.7% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₹2.94b market cap, or US$34.8m). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹286, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 29x in the Luxury industry in India. Total returns to shareholders of 207% over the past three years. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹2.45 (vs ₹2.45 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.45 (in line with 2Q 2024). Revenue: ₹1.78b (flat on 2Q 2024). Net income: ₹25.2m (flat on 2Q 2024). Profit margin: 1.4% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹263, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 30x in the Luxury industry in India. Total returns to shareholders of 200% over the past three years. Announcement • Oct 23
BSL Limited to Report Q2, 2025 Results on Nov 14, 2024 BSL Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹236, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 30x in the Luxury industry in India. Total returns to shareholders of 251% over the past three years. Upcoming Dividend • Jul 23
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 05 September 2024. Payout ratio is a comfortable 9.2% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.5%). Announcement • Jul 18
BSL Limited to Report Q1, 2025 Results on Aug 05, 2024 BSL Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • Jul 12
Full year 2024 earnings released: EPS: ₹10.91 (vs ₹16.43 in FY 2023) Full year 2024 results: EPS: ₹10.91 (down from ₹16.43 in FY 2023). Revenue: ₹6.66b (up 41% from FY 2023). Net income: ₹112.3m (down 34% from FY 2023). Profit margin: 1.7% (down from 3.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 01
BSL Limited, Annual General Meeting, Aug 06, 2024 BSL Limited, Annual General Meeting, Aug 06, 2024, at 16:00 Indian Standard Time. Board Change • Apr 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Jagdish Laddha was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 3.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₹2.06b market cap, or US$24.8m). Announcement • Jan 20
BSL Limited to Report Q3, 2024 Results on Feb 10, 2024 BSL Limited announced that they will report Q3, 2024 results at 12:15 PM, Indian Standard Time on Feb 10, 2024 Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹205, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 26x in the Luxury industry in India. Total returns to shareholders of 527% over the past three years. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹2.45 (vs ₹4.93 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.45 (down from ₹4.93 in 2Q 2023). Revenue: ₹1.79b (up 35% from 2Q 2023). Net income: ₹25.2m (down 50% from 2Q 2023). Profit margin: 1.4% (down from 3.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 19
BSL Limited to Report Q2, 2024 Results on Nov 06, 2023 BSL Limited announced that they will report Q2, 2024 results on Nov 06, 2023 Upcoming Dividend • Sep 14
Upcoming dividend of ₹1.50 per share at 0.9% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 28 October 2023. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.5%). Announcement • Aug 26
BSL Limited, Annual General Meeting, Sep 28, 2023 BSL Limited, Annual General Meeting, Sep 28, 2023, at 16:00 Indian Standard Time. Agenda: To consider payment of dividend for the financial year 2022-2023. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: ₹2.21 (vs ₹2.66 in 1Q 2023) First quarter 2024 results: EPS: ₹2.21 (down from ₹2.66 in 1Q 2023). Revenue: ₹1.61b (up 43% from 1Q 2023). Net income: ₹22.7m (down 17% from 1Q 2023). Profit margin: 1.4% (down from 2.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
BSL Limited to Report Q1, 2024 Results on Aug 09, 2023 BSL Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Announcement • May 09
BSL Limited Recommends Final Dividend for the Financial Year 2022-23 BSL Limited at the SBM, the board has recommended the dividend on equity shares at the rate INR 1.50/- per share of the face value of INR 10 each for the financial year 2022-23 subject to the approval of the Shareholders at the forthcoming Annual General Meeting of the Company. The Dividend will be paid/dispatched within 30 days from the declaration at the Annual General Meeting. The date of the Annual General Meeting will be intimated to the Stock Exchanges in due course of time. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹5.18 (vs ₹2.54 in 3Q 2022) Third quarter 2023 results: EPS: ₹5.18 (up from ₹2.54 in 3Q 2022). Revenue: ₹1.08b (down 3.2% from 3Q 2022). Net income: ₹53.3m (up 104% from 3Q 2022). Profit margin: 4.9% (up from 2.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 80% per year and the company’s share price has also increased by 80% per year. Announcement • Jan 24
BSL Limited to Report Q3, 2023 Results on Feb 13, 2023 BSL Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 41% share price gain to ₹212, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 654% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹4.93 (vs ₹3.77 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.93 (up from ₹3.77 in 2Q 2022). Revenue: ₹1.33b (up 14% from 2Q 2022). Net income: ₹50.7m (up 31% from 2Q 2022). Profit margin: 3.8% (up from 3.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year whereas the company’s share price has increased by 78% per year. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹4.93 (vs ₹3.77 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.93 (up from ₹3.77 in 2Q 2022). Revenue: ₹1.33b (up 14% from 2Q 2022). Net income: ₹50.7m (up 31% from 2Q 2022). Profit margin: 3.8% (up from 3.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year whereas the company’s share price has increased by 79% per year. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 19% share price gain to ₹168, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 460% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹121, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 346% over the past three years. Upcoming Dividend • Sep 13
Upcoming dividend of ₹1.20 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 05 October 2022. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 22% share price gain to ₹141, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 342% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹2.66 (vs ₹2.46 in 1Q 2022) First quarter 2023 results: EPS: ₹2.66 (up from ₹2.46 in 1Q 2022). Revenue: ₹1.13b (up 30% from 1Q 2022). Net income: ₹27.4m (up 8.3% from 1Q 2022). Profit margin: 2.4% (down from 2.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₹118, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 339% over the past three years. Buying Opportunity • May 11
Now 20% undervalued Over the last 90 days, the stock is up 5.8%. The fair value is estimated to be ₹150, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹128, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 20% share price gain to ₹139, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 230% over the past three years. Buying Opportunity • Mar 22
Now 21% undervalued Over the last 90 days, the stock is up 6.8%. The fair value is estimated to be ₹149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.5% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₹118, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 174% over the past three years. Buying Opportunity • Feb 11
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be ₹138, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.5% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.54 (up from ₹1.42 in 3Q 2021). Revenue: ₹1.12b (up 26% from 3Q 2021). Net income: ₹26.1m (up 79% from 3Q 2021). Profit margin: 2.3% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₹107, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 134% over the past three years. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ₹3.77 (vs ₹2.50 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹1.17b (up 24% from 2Q 2021). Net income: ₹38.8m (up 51% from 2Q 2021). Profit margin: 3.3% (up from 2.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₹73.20, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₹68.75, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS ₹2.46 (vs ₹5.70 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹874.0m (up 87% from 1Q 2021). Net income: ₹25.3m (up ₹84.0m from 1Q 2021). Profit margin: 2.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 18% share price gain to ₹72.80, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 21x in the Luxury industry in India. Total returns to shareholders of 10% over the past three years. Reported Earnings • Jun 09
Full year 2021 earnings released: EPS ₹1.32 (vs ₹1.62 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: ₹3.23b (down 17% from FY 2020). Net income: ₹13.6m (down 18% from FY 2020). Profit margin: 0.4% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 05
New 90-day high: ₹38.50 The company is up 16% from its price of ₹33.30 on 04 December 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 14% over the same period.