Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,359, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 24% over the past three years. Buy Or Sell Opportunity • Mar 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₹904. The fair value is estimated to be ₹1,160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Earnings per share has grown by 3.6%. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹29.43 (vs ₹5.84 in 3Q 2025) Third quarter 2026 results: EPS: ₹29.43 (up from ₹5.84 in 3Q 2025). Revenue: ₹1.47b (up 36% from 3Q 2025). Net income: ₹172.0m (up 400% from 3Q 2025). Profit margin: 12% (up from 3.2% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Feb 07
Cheviot Company Limited to Report Q3, 2026 Results on Feb 14, 2026 Cheviot Company Limited announced that they will report Q3, 2026 results at 9:15 AM, Indian Standard Time on Feb 14, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹25.40 (vs ₹31.39 in 2Q 2025) Second quarter 2026 results: EPS: ₹25.40 (down from ₹31.39 in 2Q 2025). Revenue: ₹1.48b (up 44% from 2Q 2025). Net income: ₹148.4m (down 20% from 2Q 2025). Profit margin: 10.0% (down from 18% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 04
Cheviot Company Limited to Report Q2, 2026 Results on Nov 11, 2025 Cheviot Company Limited announced that they will report Q2, 2026 results on Nov 11, 2025 New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings have declined by 0.1% 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 Risk Earnings have declined by 0.1% 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. Large one-off items impacting financial results. Market cap is less than US$100m (₹7.14b market cap, or US$81.5m). Announcement • Jul 29
Cheviot Company Limited to Report Q1, 2026 Results on Aug 06, 2025 Cheviot Company Limited announced that they will report Q1, 2026 results on Aug 06, 2025 Upcoming Dividend • Jul 24
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 06 September 2025. Payout ratio is a comfortable 5.1% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.6%). Reported Earnings • Jul 17
Full year 2025 earnings released: EPS: ₹98.08 (vs ₹115 in FY 2024) Full year 2025 results: EPS: ₹98.08 (down from ₹115 in FY 2024). Revenue: ₹4.39b (down 5.1% from FY 2024). Net income: ₹577.4m (down 17% from FY 2024). Profit margin: 13% (down from 15% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
Full year 2025 earnings released: EPS: ₹98.08 (vs ₹115 in FY 2024) Full year 2025 results: EPS: ₹98.08 (down from ₹115 in FY 2024). Revenue: ₹4.68b (up 1.2% from FY 2024). Net income: ₹577.4m (down 17% from FY 2024). Profit margin: 12% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Announcement • May 19
Cheviot Company Limited to Report Q4, 2025 Results on May 26, 2025 Cheviot Company Limited announced that they will report Q4, 2025 results on May 26, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹5.84 (vs ₹29.78 in 3Q 2024) Third quarter 2025 results: EPS: ₹5.84 (down from ₹29.78 in 3Q 2024). Revenue: ₹1.08b (up 9.8% from 3Q 2024). Net income: ₹34.4m (down 81% from 3Q 2024). Profit margin: 3.2% (down from 18% in 3Q 2024). Announcement • Feb 07
Cheviot Company Limited to Report Q3, 2025 Results on Feb 13, 2025 Cheviot Company Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: ₹31.39 (vs ₹32.70 in 2Q 2024) Second quarter 2025 results: EPS: ₹31.39 (down from ₹32.70 in 2Q 2024). Revenue: ₹1.19b (down 5.0% from 2Q 2024). Net income: ₹184.8m (down 6.1% from 2Q 2024). Profit margin: 16% (in line with 2Q 2024). Announcement • Oct 31
Cheviot Company Limited to Report Q2, 2025 Results on Nov 08, 2024 Cheviot Company Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Announcement • Aug 09
Cheviot Company Limited Approves Dividend for the Financial Year Ended 31 March, 2024 Cheviot Company Limited announced that at the AGM held on August 9, 2024 approved dividend of INR 5/- (Rupees Five only) per ordinary share on 60,16,875 ordinary shares of face value of INR 10/- each (50%), amounting to INR 3,00,84,375/- (Rupees Three Crores Eighty-Four Thousand Three Hundred Seventy-Five only) for the financial year ended 31 March, 2024. Announcement • Jul 31
Cheviot Company Limited to Report Q1, 2025 Results on Aug 08, 2024 Cheviot Company Limited announced that they will report Q1, 2025 results on Aug 08, 2024 New Risk • Jul 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 81% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₹8.09b market cap, or US$96.7m). Upcoming Dividend • Jun 07
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 08 September 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.8%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.5%). Reported Earnings • May 27
Full year 2024 earnings released: EPS: ₹115 (vs ₹90.51 in FY 2023) Full year 2024 results: EPS: ₹115 (up from ₹90.51 in FY 2023). Revenue: ₹5.08b (down 9.9% from FY 2023). Net income: ₹693.9m (up 27% from FY 2023). Profit margin: 14% (up from 9.7% in FY 2023). The increase in margin was driven by lower expenses. Announcement • May 26
Cheviot Company Limited, Annual General Meeting, Aug 09, 2024 Cheviot Company Limited, Annual General Meeting, Aug 09, 2024, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,472, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 28x in the Luxury industry in India. Total returns to shareholders of 30% over the past year. Announcement • May 18
Cheviot Company Limited to Report Q4, 2024 Results on May 24, 2024 Cheviot Company Limited announced that they will report Q4, 2024 results on May 24, 2024 Board Change • Apr 05
Less than half of directors are independent Following Independent Director Deo Mohta's arrival on 01 April 2024, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Deo Mohta was the last independent director to join the board, commencing their role in the last week. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 16
Cheviot Company Limited Approves Board Appointments Cheviot Company Limited approved appointment of Mr. Sutirtha Bhattacharya, Mr. Deo Kishan Mohta and Mr. Siddharth Jhajharia as independent directors to hold office for the term of 5 consecutive years from 1st April, 2024 to 31st March, 2029, not liable to retire by rotation, through postal ballot. New Risk • Feb 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.28b (US$99.8m) 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: Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Market cap is less than US$100m (₹8.28b market cap, or US$99.8m). Reported Earnings • Jan 31
Third quarter 2024 earnings released: EPS: ₹29.78 (vs ₹21.19 in 3Q 2023) Third quarter 2024 results: EPS: ₹29.78 (up from ₹21.19 in 3Q 2023). Revenue: ₹1.12b (down 4.6% from 3Q 2023). Net income: ₹179.2m (up 41% from 3Q 2023). Profit margin: 16% (up from 11% in 3Q 2023). The increase in margin was driven by lower expenses. Announcement • Jan 20
Cheviot Company Limited to Report Q3, 2024 Results on Jan 30, 2024 Cheviot Company Limited announced that they will report Q3, 2024 results on Jan 30, 2024 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹1,522, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 27x in the Luxury industry in India. Total returns to shareholders of 28% over the past year. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹32.70 (vs ₹30.00 in 2Q 2023) Second quarter 2024 results: EPS: ₹32.70 (up from ₹30.00 in 2Q 2023). Revenue: ₹1.37b (down 17% from 2Q 2023). Net income: ₹196.8m (up 9.0% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by lower expenses. Announcement • Aug 03
Cheviot Company Limited to Report Q1, 2024 Results on Aug 10, 2023 Cheviot Company Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Upcoming Dividend • Jul 28
Upcoming dividend of ₹27.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 04 August 2023. Payment date: 10 September 2023. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.5%). Reported Earnings • Jul 22
Full year 2023 earnings released: EPS: ₹90.51 (vs ₹127 in FY 2022) Full year 2023 results: EPS: ₹90.51 (down from ₹127 in FY 2022). Revenue: ₹5.64b (down 1.3% from FY 2022). Net income: ₹544.6m (down 31% from FY 2022). Profit margin: 9.7% (down from 14% in FY 2022). The decrease in margin was primarily driven by higher expenses. Reported Earnings • May 26
Full year 2023 earnings released: EPS: ₹90.51 (vs ₹127 in FY 2022) Full year 2023 results: EPS: ₹90.51 (down from ₹127 in FY 2022). Revenue: ₹5.74b (flat on FY 2022). Net income: ₹544.6m (down 31% from FY 2022). Profit margin: 9.5% (down from 14% in FY 2022). Announcement • May 17
Cheviot Company Limited to Report Q4, 2023 Results on May 25, 2023 Cheviot Company Limited announced that they will report Q4, 2023 results on May 25, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹21.19 (vs ₹26.58 in 3Q 2022) Third quarter 2023 results: EPS: ₹21.19 (down from ₹26.58 in 3Q 2022). Revenue: ₹1.18b (down 24% from 3Q 2022). Net income: ₹127.5m (down 24% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Announcement • Feb 04
Cheviot Company Limited to Report Q3, 2023 Results on Feb 11, 2023 Cheviot Company Limited announced that they will report Q3, 2023 results at 12:15 PM, Indian Standard Time on Feb 11, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹30.00 (vs ₹40.58 in 2Q 2022) Second quarter 2023 results: EPS: ₹30.00 (down from ₹40.58 in 2Q 2022). Revenue: ₹1.65b (up 28% from 2Q 2022). Net income: ₹180.5m (down 29% from 2Q 2022). Profit margin: 11% (down from 20% in 2Q 2022). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non Executive Woman Director Rashmi Prashad was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 20
Full year 2022 earnings released: EPS: ₹127 (vs ₹118 in FY 2021) Full year 2022 results: EPS: ₹127 (up from ₹118 in FY 2021). Revenue: ₹5.71b (up 44% from FY 2021). Net income: ₹793.5m (up 4.8% from FY 2021). Profit margin: 14% (down from 19% in FY 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Jun 28
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹1,484, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Board Change • Jun 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non Executive Woman Director Rashmi Prashad was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
