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INVESTMENT INSIGHTS

Check Before You Invest : Goyal Associates Ltd

BSE: 530663 NSE: ISIN: INE912B01032
  |   Sector:  BFSI   |   Industry:  Finance - NBFC

Snapshot

Q.1 Which industry/sub-sector does Goyal Associates Ltd belong to?
Goyal Associates Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.
Q.2 Is Goyal Associates Ltd a good quality company?
Goyal Associates Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on the bank’s performance on Total Income growth, Pre-Provision Operating Profit, RoA, RoE, CAR, and Asset Quality, along with how these metrics compare with its long-term averages.

Q.3 Is Goyal Associates Ltd undervalued or overvalued?
Goyal Associates Ltd appears Undervalued, as its key valuation ratios are lower than 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 21.7 11.03
Price to Book 0.94 2.90
Price to Sales 3.62 2.65
EV to EBITDA 13.33 8.83
Q.4 Is Goyal Associates Ltd a good buy now?
Goyal Associates 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 Total Income growth, NPM, PPOP, RoA and RoE compared to its last 5-year median.

  • How efficiently has it grown and managed operations?

    By checking its Total Asset growth.

  • How strong is its Capital position and Asset Quality?

    By checking its Capital Adequacy Ratio (CAR), GNPA and NNPA.

A: What are the trends in income and profitability?

Q.1 Total Income growth of Goyal Associates Ltd?
Goyal Associates Ltd Operating Income growth is 10.1% for FY-2024, which is above its 5-year CAGR of -12.05%, indicating faster growth.

Q.2 Return on Assets of Goyal Associates Ltd?
Goyal Associates Ltd Return on Asset is 11.4%, which is above its 5-year historical median of 4.2%, indicating improved earnings on assets.
Current Level 5-year
Historic Median
NPM (%) 16.81 4.18
PPOP (%) -35.97 -416.67
RoA (%) 11.4 4.2

Q.3 Return on Equity (ROE) of Goyal Associates Ltd?
Goyal Associates Ltd Return on Equity is 21.5% for FY-2024, which is above its 5-year historical median of 7%, indicating the business is making better use of its shareholders capital.

Q.4 Pre-provisioning operating profit margin of Goyal Associates Ltd?
Goyal Associates Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is -35.97% for FY-2024, which is above its 5-year median(-416.67%), indicating increasing margins.

Q.5 Net Profit Margin of Goyal Associates Ltd?
Goyal Associates 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 16.81% for FY-2024, which is above its 5-year median( 4.18%), indicating increasing margins.

Q.6 Does its ROIC exceed its WACC?
Goyal Associates Ltd return on invested capital (ROIC) is 16.83% for FY-2024, is higher than its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

B: Does the bank grow efficiently and manage its operating costs?

Q.7 Total Asset growth of Goyal Associates Ltd?
Goyal Associates Ltd Total Asset growth is 21% for FY-2024, which is above its 5-year CAGR of 2.96%, indicating faster growth.

Ownership & governance

D: Promoter shareholding and pledge status of Goyal Associates Ltd?

Q.1 Promoter shareholding and pledge status of Goyal Associates Ltd?
Promoters hold 4.72% of the Goyal Associates Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Goyal Associates Ltd performance compare with that of its Peers?

Q.1 AUM Growth of Goyal Associates Ltd vs Industry Peers?
Goyal Associates Ltd AUM CAGR is 2.96%, compared to the 5-year industry median CAGR of 9.71%, indicating slower growth and losing its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Goyal Associates Ltd vs industry peers
Goyal Associates Ltd profit metrics are in line with the industry median level of 4.76%, indicating similar profitability compared to peers.
Profit Metrics
Current Level 5-year
Industry Median
NPM (%) 16.81 12.87
PPOP (%) -35.97 -
RoA (%) 11.4 1.4

Q.3 Operating efficiency of Goyal Associates Ltd vs industry peers?
Goyal Associates Ltd ROCE (8.3) is above the industry median of (4.15); while the current ROE (7) are above than the 5-year average Industry ROE (2.3). This shows that the business is positioned in the top quartile of the industry.
Operating Efficiency
Current Level 5-year
Industry Median
NPM (%) 16.81 12.87
PPOP (%) -35.97 -
RoA (%) 11.4 1.4
ROCE (%) 22.6 4.15
ROE (%) 21.5 2.3

Valuation & price assessment

Q.1 Stock return of Goyal Associates Ltd over the last decade?
Over the last 9 years, the stock has delivered a CAGR of 15.8% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 15.8% -24.2% -31.6% -14.5%
Q.2 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 21.7 11.03 29.12
Price to Book 0.94 2.90 1.11
Price to Sales 3.62 2.65 9.10
EV to EBITDA 13.33 8.83 11.77
Q.3 Valuation ratios of Goyal Associates Ltd vs historical and industry averages?
The current Price-to-Book (P/B) ratio of 0.94 is lower than its historical median of 2.90, indicating that the stock is trading below its historical average valuation.

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