Check Before You Invest : First Custodian Fund (India) Ltd

Q: Which industry/sub-sector does First Custodian Fund (India) Ltd belong to?

First Custodian Fund (India) Ltd belongs to the BFSI sector, operating specifically within the Finance - Stock Broking segment.

Q: Is First Custodian Fund (India) Ltd a good quality company?

First Custodian Fund (India) Ltd is a quality company, based on a multi-year financial track record. This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q: Is First Custodian Fund (India) Ltd undervalued or overvalued?

First Custodian Fund (India) Ltd appears Fair, as its key valuation ratios are in line with their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: -, Historic Median: 8.34. Price to Book, Current: 0.73, Historic Median: 0.68. Price to Sales, Current: 259.88, Historic Median: 38.35. EV to EBITDA, Current: -87.69, Historic Median: 0.74

Q: Is First Custodian Fund (India) Ltd a good buy now?

First Custodian Fund (India) Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Q: Revenue growth of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd revenue growth is -53.2% for FY-2025, which is below its 5-year CAGR of -12.33%, indicating slower growth.

Q: Gross Profit margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Gross profit margin which is the profit after deduction of direct costs, is 785% for FY-2025, which is above its 5-year median of 227.1%, indicating increasing margins.

Q: Operating Profit Margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is -149.61% for FY-2025, which is below its 5-year median of 29.88% indicating decreasing margins.

Q: Net Profit Margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Net Profit Margin is 592.94% for FY-2025, is above its 5-year median of 164.53%, indicating increasing margins. Profitability Metrics. Gross Profit Margin (%), Current: 785, Historic Median: 227.1. Operating Profit Margin (%), Current: -149.61, Historic Median: 29.88. Net Profit Margin (%), Current: 592.94, Historic Median: 164.53

Q: Return on Asset of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Return on Asset is 11.5%, which is above its 5-year historical median of 7.4%, indicating improved asset utilization efficiency.

Q: Return on capital employed (ROCE) of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Return on capital employed is 14.9% for FY-2025, which is above its 5-year historical median of 11.7%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Check Before You Invest : First Custodian Fund (India) Ltd

BSE: 511122 NSE: ISIN: INE609B01018

| Sector: BFSI | Industry: Finance - Stock Broking

Snapshot

Q.1 Which industry/sub-sector does First Custodian Fund (India) Ltd belong to?

First Custodian Fund (India) Ltd belongs to the BFSI sector, operating specifically within the Finance - Stock Broking segment.

Q.2 Is First Custodian Fund (India) Ltd a good quality company?

First Custodian Fund (India) Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is First Custodian Fund (India) Ltd undervalued or overvalued?

First Custodian Fund (India) Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	-	8.34
Price to Book	0.73	0.68
Price to Sales	259.88	38.35
EV to EBITDA	-87.69	0.74

Q.4 Is First Custodian Fund (India) Ltd a good buy now?

First Custodian Fund (India) Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd revenue growth is -53.2% for FY-2025, which is below its 5-year CAGR of -12.33%, indicating slower growth.

Q.2 Gross Profit margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Gross profit margin which is the profit after deduction of direct costs, is 785% for FY-2025, which is above its 5-year median of 227.1%, indicating increasing margins.

Q.3 Operating Profit Margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is -149.61% for FY-2025, which is below its 5-year median of 29.88% indicating decreasing margins.

Q.4 Net Profit Margin of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Net Profit Margin is 592.94% for FY-2025, is above its 5-year median of 164.53%, indicating increasing margins.

	Current Level	5-year Historic Median
Gross Profit Margin (%)	785	227.1
Operating Profit Margin (%)	-149.61	29.88
Net Profit Margin (%)	592.94	164.53

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Return on Asset is 11.5%, which is above its 5-year historical median of 7.4%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Return on capital employed is 14.9% for FY-2025, which is above its 5-year historical median of 11.7%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.7 Return on Equity (ROE) of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Return on equity is 11.8% for FY-2025, which is above its 5-year historical median of 8.8%, indicating the business is making better use of its shareholders capital.

Q.8 Cash conversion cycle of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Cash conversion cycle is 1068 days, above its 5-year historical median of 605 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.

	Current Level	5-year Historic Median
Asset Turnover (x)	0.02	0.04
ROE (%)	11.8	8.8
ROCE (%)	14.9	11.7
Cash Conversion Cycle	1068 days	605 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Debt-to-Equity ratio is 0.00, which is lower the industry average of 0.05, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of First Custodian Fund (India) Ltd?

First Custodian Fund (India) Ltd Debt to cash flow from operations is 0.04, which is at a healthy level.

Ownership & governance

D: Promoter shareholding and pledge status of First Custodian Fund (India) Ltd?

Q.1 Promoter shareholding and pledge status of First Custodian Fund (India) Ltd?

Promoters hold 52.57% of the First Custodian Fund (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does First Custodian Fund (India) Ltd performance compare with that of its Peers?

Q.1 Revenue growth of First Custodian Fund (India) Ltd vs industry peers?

First Custodian Fund (India) Ltd revenue CAGR is -12.33%, compared to the industry median CAGR of 16.32%, indicating slower growth and losing its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth (%)	-53.2	16.3
Gross Profit Growth (%)	11.7	24.7
Operating Profit Growth (%)	-728.6	36.7
Net Profit Growth (%)	6.1	24.5

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover (x)	0.02	0.26
ROE (%)	11.8	7.6
ROCE (%)	14.9	10.2
Cash Conversion Cycle (days)	1068.34	-82

Valuation & price assessment

Q.1 Stock return of First Custodian Fund (India) Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 27.1% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	27.1%	19.2%	27.4%	-38.9%

Q.2 Valuation ratios of First Custodian Fund (India) Ltd vs historical?

The current P/E ratio of 0 is lower than its historical median of 8.34, indicating that the stock is trading below its historical average valuation.

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	-	8.34	19.96
Price to Book	0.73	0.68	1.64
Price to Sales	259.88	38.35	5.31
EV to EBITDA	-87.69	0.74	6.93

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Check Before You Invest : First Custodian Fund (India) Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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