Check Before You Invest : Thirani Projects Ltd

Snapshot

Q.1 Which industry/sub-sector does Thirani Projects Ltd belong to?

Thirani Projects Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.

Q.2 Is Thirani Projects Ltd a good quality company?

Thirani Projects Ltd is a quality company, based on a 10-year financial track record.

Q.3 Is Thirani Projects Ltd undervalued or overvalued?

Thirani Projects Ltd appears Somewhat overvalued, as its key valuation ratios are above with their past averages.

Q.4 Is Thirani Projects Ltd a good buy now?

Thirani Projects 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

Q.1 Total Income growth of Thirani Projects Ltd?

Thirani Projects Ltd Operating Income growth is 2.41% for FY-2025, which is above its 5-year CAGR of -2.2%, indicating faster growth.

Q.2 Return on Assets of Thirani Projects Ltd?

Thirani Projects Ltd Return on Asset is 5.6%, which is above its 5-year historical median of -0.9%, indicating improved earnings on assets.

	Current Level	5-year Historic Median
NPM%	87.66	-19.76
PPOP%	10.81	-5.13
RoA%	5.6	-0.9

Q.3 Return on Equity (ROE) of Thirani Projects Ltd?

Thirani Projects Ltd Return on Equity is 6.2% for FY-2025, which is above its 5-year historical median of -0.9%, indicating the business is making better use of its shareholders capital.

Q.4 Pre-provisioning operating profit margin of Thirani Projects Ltd?

Thirani Projects Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 10.81% for FY-2025, which is above its 5-year median(-5.13%), indicating increasing margins.

Q.5 Net Profit Margin of Thirani Projects Ltd?

Thirani Projects Ltd Net Profit Margin, which is the difference between the rate of interest earned on assets and the rate of interest paid on liabilities, is 87.66% for FY-2025, which is above its 5-year median( -19.76%), indicating increasing margins.

Q.6 Total Asset growth of Thirani Projects Ltd?

Thirani Projects Ltd Total Asset growth is 3.02% for FY-2025, which is above its 5-year CAGR of -7.08%, indicating faster growth.

Ownership & governance

Q.1 Promoter shareholding and pledge status of Thirani Projects Ltd?

Promoters hold 0.00% of the Thirani Projects Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

Q.1 AUM Growth of Thirani Projects Ltd vs Industry Peers?

Thirani Projects Ltd AUM CAGR is -7.08%, compared to the 5-year industry median CAGR of 9.9%, indicating slower growth and losing its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Thirani Projects Ltd vs industry peers

Thirani Projects Ltd profit metrics are in line with the industry median level of 7.31%, indicating similar profitability compared to peers.

Profit Metrics

	Current Level	5-year Industry Median
NPM%	87.66	15.95
PPOP%	10.81	4.54
RoA%	5.6	1.45

Q.3 Operating efficiency of Thirani Projects Ltd vs industry peers?

Thirani Projects Ltd ROCE (-0.9) is below the industry median of (4.4); while the current ROE (-0.9) are below than the 5-year average Industry ROE (2.7). This shows that the business is positioned in the bottom quartile of the industry.

Operating Efficiency

	Current Level	5-year Industry Median
NPM%	87.66	15.95
PPOP%	10.81	4.54
RoA%	5.6	1.45
ROCE%	3.5	4.4
ROE%	6.2	2.7

Valuation & price assessment

Q.1 Stock return of Thirani Projects Ltd over the last decade?

Over the last 5 years, the stock has delivered a CAGR of 26.57% based on the current price.

Q.2 What return has the stock given over the last decade?

	9Y	5Y	3Y	1Y
Share Price CAGR	-	26.6%	22.4%	26.1%

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	9.31	36.74	28.96
Price to Book	0.67	0.38	1.11
Price to Sales	8.75	8.77	9.10
EV to EBITDA	15.41	15.06	11.77

Q.4 Valuation ratios of Thirani Projects Ltdvs historical and industry averages?

The current Price to book ratio (P/B) 0.67% is higher than its historical median of 0.38%, indicating that at the current price the stock is overvalued. However, you need a deeper analysis to make a better judgement.

Strategic outlook

Q.1 Does its ROIC exceed its WACC?

Thirani Projects Ltd return on invested capital (ROIC) is 6.22% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

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