Announcement • May 26
Crest Ventures Limited announces Annual dividend, payable on September 21, 2026 Crest Ventures Limited announced Annual dividend of INR 1.0000 per share payable on September 21, 2026, ex-date on August 14, 2026 and record date on August 14, 2026. Announcement • May 25
Crest Ventures Limited, Annual General Meeting, Aug 22, 2026 Crest Ventures Limited, Annual General Meeting, Aug 22, 2026. Reported Earnings • May 24
Full year 2026 earnings released: EPS: ₹16.61 (vs ₹31.39 in FY 2025) Full year 2026 results: EPS: ₹16.61 (down from ₹31.39 in FY 2025). Revenue: ₹1.59b (down 22% from FY 2025). Net income: ₹468.3m (down 47% from FY 2025). Profit margin: 29% (down from 43% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • May 15
Crest Ventures Limited to Report Q4, 2026 Results on May 22, 2026 Crest Ventures Limited announced that they will report Q4, 2026 results on May 22, 2026 New Risk • Mar 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹9.07b (US$98.9m) 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 Risk Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (27% net profit margin). Market cap is less than US$100m (₹9.07b market cap, or US$98.9m). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹3.92 (vs ₹5.10 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.92 (down from ₹5.10 in 3Q 2025). Revenue: ₹352.7m (down 20% from 3Q 2025). Net income: ₹110.4m (down 23% from 3Q 2025). Profit margin: 31% (down from 33% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Crest Ventures Limited to Report Q3, 2026 Results on Feb 13, 2026 Crest Ventures Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹1.32 (vs ₹6.07 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.32 (down from ₹6.07 in 2Q 2025). Revenue: ₹295.4m (down 17% from 2Q 2025). Net income: ₹37.2m (down 78% from 2Q 2025). Profit margin: 13% (down from 48% in 2Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Nov 04
Crest Ventures Limited to Report Q2, 2026 Results on Nov 11, 2025 Crest Ventures Limited announced that they will report Q2, 2026 results on Nov 11, 2025 Announcement • Oct 27
Crest Ventures Limited Approves Annual Dividend for Financial Year Ended March 31, 2025 Crest Ventures Limited announced that in terms of the recommendation of the Board of Directors of the Company, the approval of the Members of the Company be and is accorded for payment of final dividend of INR 1 per fully paid up Equity Share (that is 10%) on 28,449,775 equity shares of INR 10 each fully paid up for Financial Year Ended March 31, 2025 and that the said dividend be paid out of the profits of the Company to eligible equity shareholders. Upcoming Dividend • Sep 16
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 23 September 2025. Payment date: 06 October 2025. Payout ratio is a comfortable 3.2% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.2%). Announcement • Sep 08
Crest Ventures Limited, Annual General Meeting, Sep 30, 2025 Crest Ventures Limited, Annual General Meeting, Sep 30, 2025, at 11:00 Indian Standard Time. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹9.01 (vs ₹17.47 in 1Q 2025) First quarter 2026 results: EPS: ₹9.01 (down from ₹17.47 in 1Q 2025). Revenue: ₹631.1m (down 19% from 1Q 2025). Net income: ₹254.0m (down 48% from 1Q 2025). Profit margin: 40% (down from 64% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Aug 02
Crest Ventures Limited to Report Q1, 2026 Results on Aug 08, 2025 Crest Ventures Limited announced that they will report Q1, 2026 results on Aug 08, 2025 New Risk • Jul 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹31.39 (vs ₹21.33 in FY 2024) Full year 2025 results: EPS: ₹31.39 (up from ₹21.33 in FY 2024). Revenue: ₹2.05b (up 11% from FY 2024). Net income: ₹885.1m (up 47% from FY 2024). Profit margin: 43% (up from 33% in FY 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • May 21
Crest Ventures Limited to Report Q4, 2025 Results on May 28, 2025 Crest Ventures Limited announced that they will report Q4, 2025 results at 12:15 PM, Indian Standard Time on May 28, 2025 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹405, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 24x in the Diversified Financial industry in India. Total returns to shareholders of 147% over the past three years. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹5.10 (vs ₹4.36 in 3Q 2024) Third quarter 2025 results: EPS: ₹5.10 (up from ₹4.36 in 3Q 2024). Revenue: ₹440.2m (down 15% from 3Q 2024). Net income: ₹143.9m (up 20% from 3Q 2024). Profit margin: 33% (up from 23% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Announcement • Feb 03
Crest Ventures Limited to Report Q3, 2025 Results on Feb 12, 2025 Crest Ventures Limited announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹6.07 (vs ₹11.41 in 2Q 2024) Second quarter 2025 results: EPS: ₹6.07 (down from ₹11.41 in 2Q 2024). Revenue: ₹354.7m (down 42% from 2Q 2024). Net income: ₹171.3m (down 47% from 2Q 2024). Profit margin: 48% (down from 53% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Nov 06
Crest Ventures Limited to Report Q2, 2025 Results on Nov 12, 2024 Crest Ventures Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹540, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 27x in the Diversified Financial industry in India. Total returns to shareholders of 328% over the past three years. New Risk • Sep 06
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 8.0% 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 Share price has been volatile over the past 3 months (8.0% average weekly change). Significant insider selling over the past 3 months (₹28m sold). Upcoming Dividend • Aug 16
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 23 August 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 4.7% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (1.4%). Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ₹17.47 (vs ₹2.08 in 1Q 2024) First quarter 2025 results: EPS: ₹17.47 (up from ₹2.08 in 1Q 2024). Revenue: ₹773.9m (up 149% from 1Q 2024). Net income: ₹492.6m (up ₹434.0m from 1Q 2024). Profit margin: 64% (up from 19% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% 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 • Aug 07
Crest Ventures Limited to Report Q2, 2025 Results on Aug 14, 2024 Crest Ventures Limited announced that they will report Q2, 2025 results on Aug 14, 2024 Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: ₹21.33 (vs ₹139 in FY 2023) Full year 2024 results: EPS: ₹21.33 (down from ₹139 in FY 2023). Revenue: ₹1.84b (down 72% from FY 2023). Net income: ₹601.4m (down 85% from FY 2023). Profit margin: 33% (down from 61% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹442, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 26x in the Diversified Financial industry in India. Total returns to shareholders of 340% over the past three years. Declared Dividend • May 27
Dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 23rd August 2024 Payment date: 30th September 2024 Dividend yield will be 0.3%, which is lower than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (0.7173% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 25
Full year 2024 earnings released: EPS: ₹21.33 (vs ₹139 in FY 2023) Full year 2024 results: EPS: ₹21.33 (down from ₹139 in FY 2023). Revenue: ₹1.84b (down 72% from FY 2023). Net income: ₹601.4m (down 85% from FY 2023). Profit margin: 33% (down from 61% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
Crest Ventures Limited to Report Q4, 2024 Results on May 24, 2024 Crest Ventures Limited announced that they will report Q4, 2024 results on May 24, 2024 Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: ₹4.36 (vs ₹3.27 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.36 (up from ₹3.27 in 3Q 2023). Revenue: ₹516.2m (up 95% from 3Q 2023). Net income: ₹119.5m (up 29% from 3Q 2023). Profit margin: 23% (down from 35% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to ₹486, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 28x in the Diversified Financial industry in India. Total returns to shareholders of 416% over the past three years. New Risk • Jan 30
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (40% net profit margin). Significant insider selling over the past 3 months (₹29m sold). Announcement • Jan 25
Crest Ventures Limited to Report Q3, 2024 Results on Feb 05, 2024 Crest Ventures Limited announced that they will report Q3, 2024 results on Feb 05, 2024 Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹351, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 28x in the Diversified Financial industry in India. Total returns to shareholders of 265% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₹325, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 22x in the Diversified Financial industry in India. Total returns to shareholders of 283% over the past three years. Announcement • Nov 04
Crest Ventures Limited (BSE:511413) acquired additional 10.01% stake in Ramayana Realtors Private Limited for INR 56.7 million. Crest Ventures Limited (BSE:511413) acquired additional 10.01% stake in Ramayana Realtors Private Limited for INR 56.7 million on November 3, 2023. As of FY 2022-23, Ramayana Realtors Private Limited reported Turnover of INR 150 million.Crest Ventures Limited (BSE:511413) completed the acquisition of additional 10.01% stake in Ramayana Realtors Private Limited on November 3, 2023. Announcement • Nov 03
Crest Ventures Limited to Report Q2, 2024 Results on Nov 10, 2023 Crest Ventures Limited announced that they will report Q2, 2024 results on Nov 10, 2023 New Risk • Oct 19
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2018. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2018 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹19m sold). Market cap is less than US$100m (₹7.04b market cap, or US$84.5m). Announcement • Aug 29
Crest Ventures Limited Approves to Declares Dividend for the Financial Year Ended March 31, 2023 Crest Ventures Limited approved to declared a dividend of INR 1 per equity share for the financial year ended March 31, 2023. New Risk • Aug 13
New major 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 8.8% 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 High level of non-cash earnings (84% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (37% net profit margin). Significant insider selling over the past 3 months (₹21m sold). Market cap is less than US$100m (₹7.54b market cap, or US$90.9m). New Risk • Aug 13
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: 37% Last year net profit margin: 64% 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 High level of non-cash earnings (84% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (37% net profit margin). Significant insider selling over the past 3 months (₹21m sold). Market cap is less than US$100m (₹7.54b market cap, or US$90.9m). Upcoming Dividend • Aug 11
Upcoming dividend of ₹1.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 25 September 2023. Payout ratio is a comfortable 0.7% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.8%). Reported Earnings • Aug 07
Full year 2023 earnings released: EPS: ₹139 (vs ₹4.25 in FY 2022) Full year 2023 results: EPS: ₹139 (up from ₹4.25 in FY 2022). Revenue: ₹6.31b (up ₹5.91b from FY 2022). Net income: ₹3.96b (up ₹3.84b from FY 2022). Profit margin: 63% (up from 30% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
Crest Ventures Limited to Report Q1, 2024 Results on Aug 11, 2023 Crest Ventures Limited announced that they will report Q1, 2024 results on Aug 11, 2023 New Risk • Jun 21
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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (125% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Significant insider selling over the past 3 months (₹4.5m sold). Market cap is less than US$100m (₹7.08b market cap, or US$86.3m). Recent Insider Transactions • Jun 14
Insider recently sold ₹2.8m worth of stock On the 9th of June, Vikram Kotak sold around 15k shares on-market at roughly ₹187 per share. This transaction amounted to 1.7% 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 ₹13m more than they bought in the last 12 months. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹139 (vs ₹4.25 in FY 2022) Full year 2023 results: EPS: ₹139 (up from ₹4.25 in FY 2022). Revenue: ₹6.39b (up ₹5.97b from FY 2022). Net income: ₹3.96b (up ₹3.84b from FY 2022). Profit margin: 62% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • May 22
Crest Ventures Limited to Report Q4, 2023 Results on May 27, 2023 Crest Ventures Limited announced that they will report Q4, 2023 results on May 27, 2023 Recent Insider Transactions • Mar 13
Insider recently sold ₹5.7m worth of stock On the 8th of March, Vikram Kotak sold around 33k shares on-market at roughly ₹172 per share. This transaction amounted to 3.7% 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 ₹9.9m more than they bought in the last 12 months. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹3.27 (vs ₹2.45 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.27 (up from ₹2.45 in 3Q 2022). Revenue: ₹244.9m (up 166% from 3Q 2022). Net income: ₹92.6m (up 33% from 3Q 2022). Profit margin: 38% (down from 76% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Crest Ventures Limited to Report Q3, 2023 Results on Feb 04, 2023 Crest Ventures Limited announced that they will report Q3, 2023 results on Feb 04, 2023 Announcement • Jan 26
Crest Ventures Limited Announces Resignation of Mahesh Vithal Shirodkar as Director, Effective from February 3, 2023 Crest Ventures Limited announced that Mr. Mahesh Vithal Shirodkar (DIN 00897249) Non-Executive, Non-Independent Director of the Company has via email dated January 25, 2023, resigned from the Board of the Company with effect from February 3, 2023, due to pre-occupation in other professional commitments. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹2.70 (vs ₹2.18 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.70 (up from ₹2.18 in 2Q 2022). Revenue: ₹245.0m (up 130% from 2Q 2022). Net income: ₹76.9m (up 24% from 2Q 2022). Profit margin: 31% (down from 58% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹2.70 (vs ₹2.18 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.70 (up from ₹2.18 in 2Q 2022). Revenue: ₹245.0m (up 130% from 2Q 2022). Net income: ₹76.9m (up 24% from 2Q 2022). Profit margin: 31% (down from 58% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 08
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 24 October 2022. Payout ratio is a comfortable 0.4% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (1.8%). Recent Insider Transactions • Aug 25
Insider recently sold ₹4.2m worth of stock On the 22nd of August, Vikram Kotak sold around 22k shares on-market at roughly ₹189 per share. 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. Reported Earnings • Aug 15
First quarter 2023 earnings released: EPS: ₹129 (vs ₹0.20 in 1Q 2022) First quarter 2023 results: EPS: ₹129 (up from ₹0.20 in 1Q 2022). Revenue: ₹5.63b (up ₹5.52b from 1Q 2022). Net income: ₹3.67b (up ₹3.66b from 1Q 2022). Profit margin: 65% (up from 5.5% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2022 earnings released: EPS: ₹4.25 (vs ₹1.05 in FY 2021) Full year 2022 results: EPS: ₹4.25 (up from ₹1.05 in FY 2021). Revenue: ₹424.4m (down 3.5% from FY 2021). Net income: ₹121.0m (up 306% from FY 2021). Profit margin: 28% (up from 6.8% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 20% share price gain to ₹215, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 20x in the Diversified Financial industry in India. Total returns to shareholders of 66% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: ₹2.45 (up from ₹0.27 in 3Q 2021). Revenue: ₹91.6m (down 16% from 3Q 2021). Net income: ₹69.8m (up ₹62.2m from 3Q 2021). Profit margin: 76% (up from 7.0% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 420%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹138, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 18x in the Diversified Financial industry in India. Total returns to shareholders of 1.9% over the past three years. Recent Insider Transactions • Dec 17
Insider recently sold ₹16m worth of stock On the 14th of December, Vikram Kotak sold around 100k shares on-market at roughly ₹162 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹15m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 20% share price gain to ₹151, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 18x in the Diversified Financial industry in India. Total returns to shareholders of 15% over the past three years. Recent Insider Transactions • Dec 03
Insider recently bought ₹1.3m worth of stock On the 1st of December, Vikram Kotak bought around 10k shares on-market at roughly ₹132 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹376k more in shares than they bought in the last 12 months. Reported Earnings • Nov 13
Second quarter 2022 earnings released: EPS ₹2.18 (vs ₹1.07 loss in 2Q 2021) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2022 results: Revenue: ₹111.5m (flat on 2Q 2021). Net income: ₹62.1m (up ₹92.6m from 2Q 2021). Profit margin: 56% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 61% 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. Executive Departure • Oct 06
Non-Executive Director Mahesh Shirodkar has left the company On the 30th of September, Mahesh Shirodkar's tenure as Non-Executive Director ended after 12.5 years in the role. We don't have any record of a personal shareholding under Mahesh's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Executive Departure • Oct 06
Non–Executive Independent Director Rajeev Sharma has left the company On the 30th of September, Rajeev Sharma's tenure as Non–Executive Independent Director ended after 5.9 years in the role. We don't have any record of a personal shareholding under Rajeev's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Executive Departure • Jul 28
Non-Executive Independent Director Ferzana Behramkamdin has left the company On the 18th of July, Ferzana Behramkamdin's tenure as Non-Executive Independent Director ended after 6.3 years in the role. We don't have any record of a personal shareholding under Ferzana's name. Ferzana is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.58 years. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS ₹1.05 (vs ₹15.92 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹439.5m (down 23% from FY 2020). Net income: ₹29.8m (down 93% from FY 2020). Profit margin: 6.8% (down from 80% in FY 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₹102, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 14x in the Diversified Financial industry in India. Total loss to shareholders of 43% over the past three years. Is New 90 Day High Low • Feb 25
New 90-day low: ₹89.55 The company is down 7.0% from its price of ₹96.50 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 23% over the same period. Reported Earnings • Feb 17
Third quarter 2021 earnings released: EPS ₹0.27 (vs ₹5.14 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹108.5m (down 29% from 3Q 2020). Net income: ₹7.60m (down 95% from 3Q 2020). Profit margin: 7.0% (down from 95% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Dec 22
Insider recently sold ₹1.6m worth of stock On the 15th of December, Vikram Kotak sold around 16k shares on-market at roughly ₹104 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹3.9m more than they bought in the last 12 months. Is New 90 Day High Low • Dec 16
New 90-day high: ₹107 The company is up 17% from its price of ₹91.45 on 16 September 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Diversified Financial industry, which is up 23% over the same period. Recent Insider Transactions • Dec 03
Insider recently sold ₹1.0m worth of stock On the 27th of November, Vikram Kotak sold around 11k shares on-market at roughly ₹92.25 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹2.3m more than they bought in the last 12 months. Is New 90 Day High Low • Nov 27
New 90-day high: ₹96.50 The company is up 11% from its price of ₹86.85 on 28 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 8.0% over the same period.