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INVESTMENT INSIGHTS

Check Before You Invest : Vintage Securities Ltd

BSE: 531051 NSE: ISIN: INE153C01015
  |   Sector:  BFSI   |   Industry:  Finance - NBFC

Snapshot

Q.1 Which industry/sub-sector does Vintage Securities Ltd belong to?
Vintage Securities Ltd belongs to the BFSI sector, operating specifically within the Finance - NBFC segment.
Q.2 Is Vintage Securities Ltd a good quality company?
Vintage 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 Vintage Securities Ltd undervalued or overvalued?
Vintage Securities 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 3-year
Historic Median
Price to Earnings 163.68 279.00
Price to Book 0.33 0.41
Price to Sales - -
EV to EBITDA 154.62 155.39
Q.4 Is Vintage Securities Ltd a good buy now?
Vintage 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 Vintage Securities Ltd?
Vintage Securities Ltd Operating Income growth is NA% for FY-2025, which is in line with its 3-year CAGR of NA%, indicating stable growth.

Q.2 Return on Assets of Vintage Securities Ltd?
Vintage Securities Ltd Return on Asset is 0.1%, which is in line with its 3-year historical median of 0.1%, indicating stable earnings on assets.
Current Level 3-year
Historic Median
NPM (%) - 5.55
PPOP (%) -50 -50
RoA (%) 0.1 0.1

Q.3 Return on Equity (ROE) of Vintage Securities Ltd?
Vintage Securities Ltd Return on Equity is 0.1% for FY-2025, which is in line with its 3-year historical median of 0.1%, indicating the business is making similar use of its shareholders capital.

Q.4 Pre-provisioning operating profit margin of Vintage Securities Ltd?
Vintage Securities Ltd Pre-provisioning operating profit margin, which is the bank’s core operating profit before provisioning for bad loans, is -50% for FY-2025, which is in line with its 3-year median(-50%), indicating stable margins.

Q.5 Net Profit Margin of Vintage Securities Ltd?
Vintage 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 below its 3-year median( 5.55%), indicating decreasing margins.

Q.6 Does its ROIC exceed its WACC?
Vintage Securities Ltd return on invested capital (ROIC) is 0.12% 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.7 Total Asset growth of Vintage Securities Ltd?
Vintage Securities Ltd Total Asset growth is 59% for FY-2025, which is above its 3-year CAGR of 22.52%, indicating faster growth.

Ownership & governance

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

Q.1 Promoter shareholding and pledge status of Vintage Securities Ltd?
Promoters hold 53.79% of the Vintage Securities Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

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

Q.1 AUM Growth of Vintage Securities Ltd vs Industry Peers?
Vintage Securities Ltd AUM CAGR is 22.52%, compared to the 3-year industry median CAGR of 9.69%, indicating faster growth and gaining its market share.

Q.2 Profit metrics (NPM, PPOP, RoA) of Vintage Securities Ltd vs industry peers
Vintage Securities Ltd profit metrics are below the industry median level of 4.9%, indicating weaker profitability compared to peers.
Profit Metrics
Current Level 3-year
Industry Median
NPM (%) - 13.26
PPOP (%) -50 -
RoA (%) 0.1 1.45

Q.3 Operating efficiency of Vintage Securities Ltd vs industry peers?
Vintage Securities Ltd ROCE (0.1) is below the industry median of (4.4); while the current ROE (0.1) are below than the 5-year average Industry ROE (2.2). This shows that the business is positioned in the bottom quartile of the industry.
Operating Efficiency
Current Level 3-year
Industry Median
NPM (%) - 13.26
PPOP (%) -50 -
RoA (%) 0.1 1.45
ROCE (%) 0.1 4.4
ROE (%) 0.1 2.2

Valuation & price assessment

Q.1 Stock return of Vintage Securities Ltd over the last decade?
Over the last 9 years, the stock has delivered a CAGR of 2% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 2% 17% 19% 2.3%
Q.2 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 3-year
Historic Median		 3-year
Industry Median
Price to Earnings 163.68 279.00 26.37
Price to Book 0.33 0.41 1.23
Price to Sales - - 9.57
EV to EBITDA 154.62 155.39 11.03
Q.3 Valuation ratios of Vintage Securities Ltd vs historical and industry averages?
The current Price-to-Book (P/B) ratio of 0.33 is lower than its historical median of 0.41, indicating that the stock is trading below its historical average valuation.

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