IIFL Securities Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 3, 2024, 9:56 pm

Market Cap	10,373 Cr.
Current Price	335
High / Low	449/108
Stock P/E	14.5
Book Value	71.8
Dividend Yield	0.89 %
ROCE	34.6 %
ROE	32.3 %
Face Value	2.00
PEG Ratio	1.74

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for

Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Multipurpose Trading & Agencies Ltd	5.23 Cr.	10.6	13.3/7.81	29.1	10.2	0.00 %	4.44 %	3.91 %	10.0
Munoth Financial Services Ltd	34.4 Cr.	67.0	81.3/54.6		21.2	0.00 %	1.71 %	1.79 %	10.0
Nam Securities Ltd	72.5 Cr.	134	198/65.6	201	21.2	0.00 %	4.16 %	3.05 %	10.0
Naperol Investments Ltd	733 Cr.	1,275	2,041/801	748	3,204	0.00 %	0.08 %	0.05 %	10.0
Inani Securities Ltd	13.2 Cr.	29.0	42.0/20.5	9.10	42.2	0.00 %	10.6 %	6.92 %	10.0
Industry Average	6,895.83 Cr	1,836.48		3,514.44	5,415.95	0.31%	15.08%	16.58%	7.38

All Competitor Stocks of

Quarterly Result

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	201	238	251	299	336	347	292	317	342	402	409	507	559
Expenses	125	140	153	176	199	221	198	212	226	250	271	348	318
Operating Profit	76	98	98	123	137	125	93	104	116	152	138	159	240
OPM %	38%	41%	39%	41%	41%	36%	32%	33%	34%	38%	34%	31%	43%
Other Income	14	18	17	19	32	15	3	7	5	3	2	27	23
Interest	10	14	13	30	39	18	19	19	18	19	21	30	43
Depreciation	11	11	15	15	16	17	16	17	17	17	16	16	18
Profit before tax	68	92	87	97	113	105	61	75	85	119	102	140	203
Tax %	26%	16%	21%	25%	24%	25%	29%	26%	24%	27%	27%	23%	26%
Net Profit	51	77	69	72	86	79	43	55	65	86	75	108	151
EPS in Rs	1.58	2.55	2.27	2.38	2.84	2.60	1.43	1.83	2.12	2.83	2.45	3.52	4.88

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	933	870	758	841	1,295	1,361	1,660
Expenses	491	461	432	487	749	886	1,095
Operating Profit	441	409	326	354	546	475	564
OPM %	47%	47%	43%	42%	42%	35%	34%
Other Income	14	6	134	27	22	10	37
Interest	145	115	103	50	102	77	89
Depreciation	37	42	55	46	63	67	66
Profit before tax	274	258	301	285	402	341	446
Tax %	34%	34%	22%	23%	24%	27%
Net Profit	181	171	234	220	306	250	333
EPS in Rs	96.47	91.58	7.32	7.27	10.07	8.19	10.92
Dividend Payout %	-0%	-0%	27%	14%	30%	37%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
YoY Net Profit Growth (%)	-5.52%	36.84%	-5.98%	39.09%	-18.30%
Change in YoY Net Profit Growth (%)	0.00%	42.37%	-42.83%	45.07%	-57.39%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2018-2019 to 2022-2023.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: November 14, 2024, 11:32 pm

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	-0.00	-0.00	64	61	61	61	62	62
Reserves	560	667	816	907	1,121	1,289	1,725	2,158
Borrowings	1,097	759	459	292	607	486	1,154	1,053
Other Liabilities	1,205	1,624	1,095	2,285	4,252	3,401	4,934	6,393
Total Liabilities	2,862	3,050	2,434	3,544	6,041	5,237	7,875	9,665
Fixed Assets	512	393	402	488	482	440	379	359
CWIP	84	86	130	47	3	1	1	3
Investments	159	140	231	74	228	90	159	339
Other Assets	2,107	2,431	1,671	2,936	5,329	4,707	7,335	8,964
Total Assets	2,862	3,050	2,434	3,544	6,041	5,237	7,875	9,665

Reserves and Borrowings Chart

No data available for this post.

Free Cash Flow

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Free Cash Flow	440.00	-350.00	-133.00	62.00	-61.00	-11.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	10	10	16	15	8	6	8
Inventory Days
Days Payable
Cash Conversion Cycle	10	10	16	15	8	6	8
Working Capital Days	-12	-282	-239	-498	-891	-551	-496
ROCE %		24%	22%	25%	32%	23%	35%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	31.34%	31.30%	31.29%	31.28%	31.21%	31.14%	31.13%	31.11%	30.97%	30.91%	30.88%	30.79%
FIIs	16.48%	16.57%	16.65%	16.57%	16.53%	16.48%	16.33%	13.59%	15.54%	15.18%	17.51%	19.00%
DIIs	3.12%	3.16%	3.20%	3.19%	3.17%	3.20%	3.24%	3.31%	3.29%	3.37%	3.18%	3.69%
Public	49.06%	48.97%	48.85%	48.94%	49.07%	49.16%	49.29%	51.99%	50.20%	50.55%	48.43%	46.53%
No. of Shareholders	57,430	58,629	61,625	61,613	62,170	62,751	64,424	62,407	64,307	70,003	68,061	68,268

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	16.73	8.22	10.09	6.97	7.33
Diluted EPS (Rs.)	16.40	8.16	9.94	6.91	7.31
Cash EPS (Rs.)	20.37	10.36	12.15	8.78	9.05
Book Value[Excl.RevalReserv]/Share (Rs.)	58.09	44.18	38.88	31.94	27.52
Book Value[Incl.RevalReserv]/Share (Rs.)	58.09	44.18	38.88	31.94	27.52
Revenue From Operations / Share (Rs.)	70.20	44.25	40.55	26.11	22.65
PBDIT / Share (Rs.)	30.68	15.82	18.65	12.55	11.18
PBIT / Share (Rs.)	26.98	13.63	16.57	11.03	9.45
PBT / Share (Rs.)	22.17	11.16	13.23	9.39	9.43
Net Profit / Share (Rs.)	16.67	8.18	10.06	7.27	7.32
NP After MI And SOA / Share (Rs.)	16.64	8.19	10.07	7.27	7.32
PBDIT Margin (%)	43.69	35.74	46.00	48.05	49.34
PBIT Margin (%)	38.43	30.79	40.85	42.25	41.70
PBT Margin (%)	31.58	25.21	32.61	35.98	41.64
Net Profit Margin (%)	23.75	18.47	24.80	27.83	32.31
NP After MI And SOA Margin (%)	23.70	18.50	24.83	27.86	32.32
Return on Networth / Equity (%)	28.67	18.52	25.89	22.76	26.59
Return on Capital Employeed (%)	44.75	29.30	40.50	33.52	31.09
Return On Assets (%)	6.50	4.77	5.06	6.21	9.61
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.00	0.06
Total Debt / Equity (X)	0.64	0.35	0.51	0.30	0.52
Asset Turnover Ratio (%)	0.32	0.22	0.23	0.24	0.24
Current Ratio (X)	1.22	1.23	1.14	1.14	1.22
Quick Ratio (X)	1.22	1.23	1.14	1.14	1.21
Dividend Payout Ratio (NP) (%)	18.01	36.55	29.78	13.74	27.28
Dividend Payout Ratio (CP) (%)	14.74	28.85	24.66	11.37	22.07
Earning Retention Ratio (%)	81.99	63.45	70.22	86.26	72.72
Cash Earning Retention Ratio (%)	85.26	71.15	75.34	88.63	77.93
Interest Coverage Ratio (X)	6.38	6.40	5.58	7.66	3.50
Interest Coverage Ratio (Post Tax) (X)	4.47	4.31	4.01	5.44	2.29
Enterprise Value (Cr.)	464.22	-823.88	-438.91	31.62	423.87
EV / Net Operating Revenue (X)	0.21	-0.60	-0.35	0.03	0.58
EV / EBITDA (X)	0.49	-1.70	-0.77	0.08	1.19
MarketCap / Net Operating Revenue (X)	1.75	1.13	2.19	1.79	1.37
Retention Ratios (%)	81.98	63.44	70.21	86.25	72.71
Price / BV (X)	2.11	1.13	2.28	1.46	1.13
Price / Net Operating Revenue (X)	1.75	1.13	2.19	1.79	1.37
EarningsYield	0.13	0.16	0.11	0.15	0.23

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 339.27

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 21, 2024, is Undervalued by 1.27% compared to the current share price 335.00

Intrinsic Value of as of December 21, 2024 is: 367.53

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 21, 2024, is Undervalued by 9.71% compared to the current share price 335.00

Last 5 Year EPS CAGR: 8.33%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 23.00%, which is a positive sign. The stock has a low average Working Capital Days of -424.14, which is a positive sign. The company has higher reserves (1,155.38 cr) compared to borrowings (738.38 cr), indicating strong financial stability. The company has shown consistent growth in sales (486.43 cr) and profit (329.57 cr) over the years.	The stock has a high average Cash Conversion Cycle of 10.43, which may not be favorable.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 23.75%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 44.75% (Industry Average ROCE: 15.08%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 28.67% (Industry Average ROE: 16.58%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 4.47
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.22
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 14.5 (Industry average Stock P/E: 3)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.64
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

IIFL Securities Ltd. is a Public Limited Listed company incorporated on 21/03/1996 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L99999MH1996PLC132983 and registration number is 132983. Currently Company is involved in the business activities of Activities auxiliary to financial service activities. Company’s Total Operating Revenue is Rs. 1060.48 Cr. and Equity Capital is Rs. 60.79 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	IIFL House, Sun Infotech Park, Thane Maharashtra 400604	secretarial@iifl.com http://www.iiflsecurities.com

Management
Name	Position Held
Mr. R Venkataraman	Chairman & Non-Exe.Director
Mr. H Nemkumar	Managing Director
Mr. Narendra Deshmal Jain	Whole Time Director
Ms. Rekha Warriar	Independent Director
Mr. Anand Shailesh Bathiya	Independent Director
Mr. Viswanathan Krishnan	Independent Director
Mr. Shamik Das Sharma	Independent Director

FAQ

What is the latest intrinsic value of IIFL Securities Ltd?

The latest intrinsic value of IIFL Securities Ltd as on 10 December 2024 is ₹339.27, which is 1.27% higher than the current market price of ₹335.00. The stock has a market capitalization of 10,373 Cr. and recorded a high/low of ₹449/108 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹2,158 Cr and total liabilities of ₹9,665 Cr.

What is the Market Cap of IIFL Securities Ltd?

The Market Cap of IIFL Securities Ltd is 10,373 Cr..

What is the current Stock Price of IIFL Securities Ltd as on 10 December 2024?

The current stock price of IIFL Securities Ltd as on 10 December 2024 is 335.

What is the High / Low of IIFL Securities Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of IIFL Securities Ltd stocks is 449/108.

What is the Stock P/E of IIFL Securities Ltd?

The Stock P/E of IIFL Securities Ltd is 14.5.

What is the Book Value of IIFL Securities Ltd?

The Book Value of IIFL Securities Ltd is 71.8.

What is the Dividend Yield of IIFL Securities Ltd?

The Dividend Yield of IIFL Securities Ltd is 0.89 %.

What is the ROCE of IIFL Securities Ltd?

The ROCE of IIFL Securities Ltd is 34.6 %.

What is the ROE of IIFL Securities Ltd?

The ROE of IIFL Securities Ltd is 32.3 %.

What is the Face Value of IIFL Securities Ltd?

The Face Value of IIFL Securities Ltd is 2.00.