BSE: 531892 | NSE: KHANDSE | Finance - Stock Broking | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Khandwala Securities Ltd is a below average quality company.
The key valuation ratios of Khandwala Securities Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Khandwala Securities Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0.2% | 1.8% | -1.5% | -1.2% | -1.8% | 1.1% | -9.7% | -3.9% | 2.3% | 2.3% | - |
| Value Creation Index ⓘ | -1.0 | -0.9 | -1.1 | -1.1 | -1.1 | -0.9 | -1.7 | -1.3 | -0.8 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 3.7 | 4.5 | 3 | 3.7 | 3.5 | 3.4 | 2.7 | 3.6 | 6.1 | 6.3 | 7 |
| Sales YoY Gr. | - | 21.9% | -32.5% | 23.3% | -4.6% | -5.1% | -18.5% | 31.4% | 69.4% | 2.6% | - |
| Adj EPS ⓘ | -0.2 | 0.2 | -0.6 | -0.5 | -0.6 | 0.2 | -3 | -1.4 | 0.1 | 0.3 | -0.8 |
| YoY Gr. | - | NA | -381% | NA | NA | NA | -1975% | NA | NA | 190% | - |
| BVPS (₹) ⓘ | 23.1 | 23.3 | 22.7 | 22.2 | 21.6 | 21.7 | 18.6 | 17.2 | 17.4 | 19.8 | 20.1 |
| Adj Net Profit ⓘ | -0.3 | 0.3 | -0.7 | -0.6 | -0.8 | 0.2 | -3.6 | -1.7 | 0.1 | 0.4 | -1 |
| Cash Flow from Ops. ⓘ | 0.4 | -0.1 | 3.9 | -1.4 | 0.4 | 3.6 | -3.6 | -0.2 | 3.3 | -7.2 | - |
| Debt/CF from Ops. ⓘ | 12.4 | -21.7 | 0.8 | -2.2 | 7 | 1.4 | -1.8 | -33.4 | 2 | -0.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6.1% | 12.1% | 31.7% | 2.6% | ||||
| Adj EPS ⓘ | NA | NA | NA | 190% | ||||
| BVPSⓘ | -1.7% | -1.7% | 2% | 13.8% | ||||
| Share Price | 9% | 15.5% | 25.6% | 17% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -1 | 0.9 | -2.6 | -2.3 | -2.9 | 0.7 | -14.9 | -7.7 | 0.6 | 1.8 | -4 |
| Op. Profit Mgn % ⓘ | -0.3 | 17.9 | -18 | -32.3 | -13.4 | -55.4 | -42.8 | -23.5 | 13.6 | 21 | 6.2 |
| Net Profit Mgn % ⓘ | -7.6 | 5.6 | -23.3 | -16.4 | -21.2 | 5.7 | -131.1 | -45.9 | 2 | 7.1 | -17.1 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.1 | - |
| Working Cap Days ⓘ | 3,005 | 2,343 | 3,107 | 2,407 | 2,619 | 2,839 | 3,223 | 2,427 | 1,647 | 1,674 | 541 |
| Cash Conv. Cycle ⓘ | 518 | 401 | 627 | 263 | 157 | 10 | -16 | -141 | -855 | -961 | 155 |
Sales growth is growing at healthy rate in last 3 years 31.71%
Sales growth is good in last 4 quarters at 47.31%
Return on Equity is Poor
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -0.8 | -0.8 |
| TTM Sales (₹ Cr.) | 7.1 | 7.1 |
| BVPS (₹.) ⓘ | 20.1 | 19.7 |
| Reserves (₹ Cr.) ⓘ | 15 | 15 |
| P/BV ⓘ | 1.45 | 1.48 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 22.01 / 41.00 |
| All Time Low / High (₹) | 5.05 / 467.00 |
| Market Cap (₹ Cr.) | 44.5 |
| Equity (₹ Cr.) | 15.3 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 26.7 |
| Pledged * | 27.91 | 23.84 | 23.84 | 23.84 | 23.84 | 23.84 | 23.83 | 23.80 | 23.79 | 23.79 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | 4.38 | 5.09 | 3.49 | 4.96 | 3.86 | 6.10 | 3.68 | 3.80 | 6.35 | 6.49 |
| Interest Income | 3.66 | 4.46 | 3.01 | 3.71 | 3.54 | 3.36 | 2.74 | 3.60 | 6.10 | 6.26 |
| Other Income ⓘ | 0.73 | 0.63 | 0.48 | 1.25 | 0.32 | 2.74 | 0.95 | 0.21 | 0.26 | 0.22 |
| Expenditure ⓘ | 4.67 | 4.91 | 4.20 | 5.56 | 4.62 | 5.94 | 7.31 | 5.50 | 6.29 | 5.99 |
| Interest Expense ⓘ | 0.50 | 0.53 | 0.32 | 0.35 | 0.28 | 0.23 | 0.82 | 0.74 | 0.71 | 0.34 |
| Operating Expenses ⓘ | 3.91 | 4.23 | 3.80 | 4.36 | 4.27 | 5.21 | 4.11 | 4.66 | 5.51 | 5.06 |
| Provisions | 0.25 | 0.15 | 0.08 | 0.85 | 0.08 | 0.50 | 2.38 | 0.10 | 0.07 | 0.59 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -0.28 | 0.18 | -0.72 | -0.60 | -0.76 | 0.16 | -3.63 | -1.70 | 0.06 | 0.50 |
| Taxes ⓘ | -0.01 | -0.07 | -0.01 | 0.01 | -0.01 | -0.04 | -0.04 | -0.05 | -0.06 | 0.05 |
| Profit After Tax | -0.28 | 0.25 | -0.70 | -0.61 | -0.75 | 0.19 | -3.59 | -1.65 | 0.12 | 0.44 |
| Adjusted EPS (₹) | -0.2 | 0.2 | -0.6 | -0.5 | -0.6 | 0.2 | -3.0 | -1.4 | 0.1 | 0.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Equity Capital | 29.52 | 29.78 | 29.07 | 28.47 | 27.72 | 27.34 | 23.75 | 20.57 | 20.73 | 30.12 |
| Share Capital ⓘ | 13.94 | 13.94 | 13.94 | 13.94 | 13.94 | 13.44 | 13.44 | 11.94 | 11.94 | 15.25 |
| Reserves ⓘ | 15.59 | 15.84 | 15.14 | 14.53 | 13.78 | 13.90 | 10.31 | 8.64 | 8.79 | 14.87 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long Term Borrowings | 3.91 | 3.79 | 4.05 | 3.97 | 2.88 | 4.97 | 6.25 | 6.95 | 6.44 | 2.56 |
| Current Liabilities | 12.36 | 5.74 | 7.49 | 6.70 | 10.16 | 15.04 | 10.35 | 14.25 | 20.46 | 11.22 |
| Trade Payables | 8.52 | 4.82 | 7.07 | 6.27 | 9.69 | 14.81 | 9.98 | 12.44 | 20.04 | 10.92 |
| Short term borrowings | 2.34 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | -10.86 | -4.82 | -7.07 | -6.27 | -9.69 | -14.81 | -9.98 | -12.44 | -20.04 | -10.92 |
| Total Liabilities ⓘ | 45.79 | 39.31 | 40.61 | 39.13 | 40.76 | 47.35 | 40.35 | 41.77 | 47.62 | 43.89 |
Assets | ||||||||||
| Non Current Asset | 24.98 | 24.79 | 24.54 | 23.91 | 23.89 | 26.66 | 22.70 | 28.13 | 28.49 | 23.08 |
| Loan Asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non Current Asset ⓘ | 24.98 | 24.79 | 24.54 | 23.91 | 23.89 | 26.66 | 22.70 | 28.13 | 28.49 | 23.08 |
| Current Asset | 20.81 | 14.52 | 16.07 | 15.22 | 16.87 | 20.68 | 17.65 | 13.65 | 19.14 | 20.81 |
| Current Investment | 0 | 0 | 0 | 0.03 | 0.03 | 0.15 | 0.05 | 0.07 | 0.06 | 0.41 |
| Other Current Asset | 20.81 | 14.52 | 16.07 | 15.19 | 16.84 | 20.53 | 17.60 | 13.58 | 19.08 | 20.40 |
| Total Assets ⓘ | 45.79 | 39.31 | 40.61 | 39.13 | 40.76 | 47.35 | 40.35 | 41.77 | 47.62 | 43.89 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 0.42 | -0.13 | 3.90 | -1.35 | 0.40 | 3.59 | -3.55 | -0.21 | 3.30 | -7.24 |
| Cash Flow From Investing Activity ⓘ | 0.23 | 0.45 | -0.16 | 0.28 | 0.21 | 2 | -0.40 | 0.18 | 0.50 | -0.40 |
| Cash Flow From Financing Activity ⓘ | 1.63 | -2.89 | 0.04 | -0.50 | -0.36 | 1.32 | 0.53 | -1.54 | -1.19 | 4.76 |
| Net Cash Flow ⓘ | 2.28 | -2.56 | 3.79 | -1.57 | 0.26 | 6.90 | -3.42 | -1.57 | 2.62 | -2.88 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 0 | 0 | -1 | -1 | -1 | 0 | -3 | -1 | 0 | 0 |
| DPS (₹) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BVPS (₹) | 23 | 23 | 23 | 22 | 22 | 22 | 19 | 17 | 17 | 20 |
Performance Ratios | ||||||||||
| ROA (%) | -0.6 | 0.6 | -1.8 | -1.5 | -1.9 | 0.4 | -8.2 | -4.0 | 0.3 | 1.0 |
| ROE (%) | -1.0 | 0.9 | -2.6 | -2.3 | -2.9 | 0.7 | -14.9 | -7.7 | 0.6 | 1.8 |
| ROCE (%) | 0.6 | 2.1 | -1.2 | -0.8 | -1.6 | 1.2 | -9.0 | -3.3 | 2.8 | 2.8 |
Valuation Parameters | ||||||||||
| Price/Book(x) | 0.5 | 0.6 | 0.8 | 0.8 | 0.8 | 0.8 | 0.7 | 0.9 | 1.2 | 1.2 |
Khandwala Securities Ltd. (KSL), though having commenced operations in Feb 1993, has a group expertise in financial services dating back all the way to 1934. Today, they continue to demonstrate their value and expertise of several decades and are today ranked as one of the most reputed brokerage house in the country. KSL was incorporated as specialized broking, portfolio management, investment banking, and related financial services arm of the Group in 1993.
KSL is known for innovative initiatives as Principal broking Member of National Stock Exchange in PMS and Indian Capital Market Developments.
The company caters to several leading Foreign Institutional Investors, mutual funds, banks, corporate and High Net-Worth Individuals, both at domestic and international level.They have inherited a tradition. A tradition built on relationship, performance and trust. These values and principles of the Group are primarily responsible for achieving excellence in market intermediation and financial advisory services. And they take pride in doing this consistently, year after year, decade after decade.
KSL is a specialized Institutional Dealing and Investment Banking firm with an exemplary track record of cutting-edge research, service innovation, transaction execution and solution structuring. Part of a group with over seven decades of market intermediation and transaction execution expertise, KSL today is recognized as a specialist financial services firm delivering intelligent research, transaction execution, corporate advisory and structured fund raising services to its clients across multiple markets and geographies.
KSL's top management has combined wealth of experience of several decades in the Indian financial markets, led by eminent Board of Directors, with impeccable credentials.
KSL is corporate member of following segments:
Services offered by the company:
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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