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INVESTMENT INSIGHTS

Check Before You Invest : Trustwave Securities Ltd

BSE: 508963 NSE: ISIN: INE668Y01016
  |   Sector:  BFSI   |   Industry:  Finance - NBFC

Snapshot

Q.1 Which industry/sub-sector does Trustwave Securities Ltd belong to?
Trustwave Securities Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.
Q.2 Is Trustwave Securities Ltd a good quality company?
Trustwave Securities 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 Trustwave Securities Ltd undervalued or overvalued?
Trustwave Securities 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 - -
Price to Book -13.69 -12.99
Price to Sales - -
EV to EBITDA -5.16 -68.98
Q.4 Is Trustwave Securities Ltd a good buy now?
Trustwave Securities 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 Trustwave Securities Ltd?
Trustwave Securities Ltd Operating Income growth is NA% for FY-2025, which is above its 5-year CAGR of -100%, indicating faster growth.

Q.2 Return on Assets of Trustwave Securities Ltd?
Trustwave Securities Ltd Return on Asset is -49%, which is in line with its 5-year historical median of -49%, indicating stable earnings on assets.
Current Level 5-year
Historic Median
NPM (%) - -43.51
PPOP (%) 157.14 -52.94
RoA (%) -49 -49

Q.3 Pre-provisioning operating profit margin of Trustwave Securities Ltd?
Trustwave Securities Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is 157.14% for FY-2025, which is above its 5-year median(-52.94%), indicating increasing margins.

Q.4 Net Profit Margin of Trustwave Securities Ltd?
Trustwave Securities 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 0% for FY-2025, which is above its 5-year median( -43.51%), indicating increasing margins.

Q.5 Does its ROIC exceed its WACC?
Trustwave Securities Ltd return on invested capital (ROIC) is -52.97% for FY-2025, is lower than its estimated weighted average cost of capital (WACC) of 14%, indicating value erosion.

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

Q.6 Total Asset growth of Trustwave Securities Ltd?
Trustwave Securities Ltd Total Asset growth is 3500% for FY-2025, which is above its 5-year CAGR of 104.77%, indicating faster growth.

Ownership & governance

D: Promoter shareholding and pledge status of Trustwave Securities Ltd?

Q.1 Promoter shareholding and pledge status of Trustwave Securities Ltd?
Promoters hold 47.69% of the Trustwave Securities Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Trustwave Securities Ltd performance compare with that of its Peers?

Q.1 AUM Growth of Trustwave Securities Ltd vs Industry Peers?
Trustwave Securities Ltd AUM CAGR is 104.77%, compared to the 5-year industry median CAGR of 9.71%, indicating faster growth and gaining its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Trustwave Securities Ltd vs industry peers
Trustwave Securities 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 (%) - 12.87
PPOP (%) 157.14 -
RoA (%) -49 1.4

Q.3 Operating efficiency of Trustwave Securities Ltd vs industry peers?
Trustwave Securities Ltd ROCE (-75.6) is below the industry median of (4.15); while the current ROE (22.36) are above than the 5-year average Industry ROE (2.3). This shows that the business is positioned in the middle quartile of the industry.
Operating Efficiency
Current Level 5-year
Industry Median
NPM (%) - 12.87
PPOP (%) 157.14 -
RoA (%) -49 1.4
ROCE (%) -53 4.15
ROE (%) - 2.3

Valuation & price assessment

Q.1 Stock return of Trustwave Securities Ltd over the last decade?
Over the last 9 years, the stock has delivered a CAGR of 9.6% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 9.6% 30.8% 4.9% 12.8%
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 - - 29.12
Price to Book -13.69 -12.99 1.11
Price to Sales - - 9.10
EV to EBITDA -5.16 -68.98 11.77
Q.3 Valuation ratios of Trustwave Securities Ltd vs historical and industry averages?
The current Price-to-Book (P/B) ratio of -13.69 is lower than its historical median of -12.99, indicating that the stock is trading below its historical average valuation.

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