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Last Updated: April 2, 2026, 3:29 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 507864 | NSE: PIONRINV

Pioneer Investcorp Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹35.14Overvalued by 59.00%vs CMP ₹85.70

P/E (6.2) × ROE (5.2%) × BV (₹134.00) × DY (2.00%)

₹138.08Undervalued by 61.12%vs CMP ₹85.70
MoS: +37.9% (Strong)Confidence: 54/100 (Moderate)Models: 6 Under, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹47.6326%Over (-44.4%)
Graham NumberEarnings₹204.4919%Under (+138.6%)
DCFCash Flow₹282.4713%Under (+229.6%)
Net Asset ValueAssets₹133.868%Under (+56.2%)
EV/EBITDAEnterprise₹137.9411%Under (+61%)
Earnings YieldEarnings₹138.708%Under (+61.8%)
ROCE CapitalReturns₹133.308%Under (+55.5%)
Revenue MultipleRevenue₹38.366%Over (-55.2%)
Consensus (8 models)₹138.08100%Undervalued
Key Drivers: EPS CAGR 35.6% lifts DCF — verify sustainability. | Wide model spread (₹38–₹282) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 35.6%

*Investments are subject to market risks

Investment Snapshot

66
Pioneer Investcorp Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health62/100 · Moderate
ROCE 8.8% AverageROE 5.2% WeakD/E 0.76 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 65.5% Stable
Earnings Quality55/100 · Moderate
OPM expanding (39% → 45%) ImprovingWorking capital: 838 days Capital intensive
Quarterly Momentum100/100 · Strong
Revenue (4Q): +40% YoY AcceleratingProfit (4Q): +103% YoY StrongOPM: 61.5% (up 19.2% YoY) Margin expansion
Industry Rank55/100 · Moderate
P/E 6.2 vs industry 171.3 Cheaper than peersROCE 8.8% vs industry 11.4% AverageROE 5.2% vs industry 25.6% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:29 am

Market Cap 105 Cr.
Current Price 85.7
Intrinsic Value₹138.08
High / Low 134/55.0
Stock P/E6.18
Book Value 134
Dividend Yield0.00 %
ROCE8.82 %
ROE5.20 %
Face Value 10.0
PEG Ratio0.17

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

View Share Price Target for Pioneer Investcorp Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Pioneer Investcorp Ltd 105 Cr. 85.7 134/55.06.18 1340.00 %8.82 %5.20 % 10.0
Keynote Financial Services Ltd 129 Cr. 232 479/22014.3 2690.43 %9.27 %11.1 % 10.0
Naga Dhunseri Group Ltd 237 Cr. 2,371 4,685/2,10023.5 13,0640.11 %1.37 %3.19 % 10.0
Muthoot Capital Services Ltd 298 Cr. 181 367/17524.4 3990.00 %11.0 %7.19 % 10.0
MKVentures Capital Ltd 315 Cr. 819 1,890/73266.7 2870.03 %16.6 %9.56 % 10.0
Industry Average17,128.74 Cr1,145.63171.253,616.520.48%11.38%25.55%6.58

All Competitor Stocks of Pioneer Investcorp Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6.449.668.357.348.4311.458.648.009.669.9115.3115.5711.93
Expenses 5.605.595.265.075.478.635.107.065.577.968.437.724.59
Operating Profit 0.844.073.092.272.962.823.540.944.091.956.887.857.34
OPM % 13.04%42.13%37.01%30.93%35.11%24.63%40.97%11.75%42.34%19.68%44.94%50.42%61.53%
Other Income 0.210.140.110.020.216.882.673.870.827.071.720.821.49
Interest 1.722.392.321.822.504.012.264.103.013.834.022.392.23
Depreciation 0.270.150.250.260.270.280.240.230.200.390.170.170.25
Profit before tax -0.941.670.630.210.405.413.710.481.704.804.416.116.35
Tax % 11.70%84.43%49.21%47.62%27.50%38.45%11.32%41.67%12.35%40.83%18.14%20.79%9.29%
Net Profit -1.050.270.320.110.303.343.290.281.492.843.614.855.76
EPS in Rs -0.850.220.260.090.242.722.680.231.212.312.943.944.68

Last Updated: March 3, 2026, 3:47 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 9:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 31342563403843313632414753
Expenses 22171824312826192021242429
Operating Profit 91783991017121611172324
OPM % 30%50%31%62%23%27%39%40%44%34%40%49%46%
Other Income -140000000002311
Interest 13981378118107111412
Depreciation 2111111111111
Profit before tax -198-12512535471122
Tax % 7%18%-35%30%74%-4%38%68%25%43%39%26%
Net Profit -216-1180231424817
EPS in Rs -16.965.04-0.6914.480.261.572.530.723.031.683.316.4213.87
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)128.57%-116.67%1900.00%-100.00%50.00%-66.67%300.00%-50.00%100.00%100.00%
Change in YoY Net Profit Growth (%)0.00%-245.24%2016.67%-2000.00%150.00%-116.67%366.67%-350.00%150.00%0.00%

Pioneer Investcorp Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:3%
5 Years:2%
3 Years:9%
TTM:20%
Compounded Profit Growth
10 Years:2%
5 Years:20%
3 Years:28%
TTM:17%
Stock Price CAGR
10 Years:18%
5 Years:17%
3 Years:29%
1 Year:7%
Return on Equity
10 Years:3%
5 Years:3%
3 Years:3%
Last Year:5%

Last Updated: September 5, 2025, 12:15 pm

Balance Sheet

Last Updated: December 4, 2025, 1:47 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 13131313131313131313131313
Reserves 919696113110112117119124126135143151
Borrowings 64663450467342103518410814371
Other Liabilities 1518820109981624149150137
Total Liabilities 183193151197179207182243205248406449372
Fixed Assets 5323456554556
CWIP 0000000000000
Investments 27415161716161818119122124
Other Assets 176183145179158186160222182226282322242
Total Assets 183193151197179207182243205248406449372

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3410291017-1232-5568-30-23-25
Cash from Investing Activity + 5515-11-1-161-2165
Cash from Financing Activity + -91-7-403-1220-4352-62261121
Net Cash Flow -14-6147-5-25-2-61
Free Cash Flow 861029915-1230-5567-30-24-25
CFO/OP 379%63%387%48%189%-103%194%-438%437%-258%-132%-98%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-55.00-49.00-26.00-11.00-37.00-63.00-25.00-91.00-35.00-73.00-91.00-120.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1,315.381,130.901,350.28569.48924.641,027.001,130.251,396.541,043.611,660.281,239.931,042.71
Inventory Days
Days Payable
Cash Conversion Cycle 1,315.381,130.901,350.28569.48924.641,027.001,130.251,396.541,043.611,660.281,239.931,042.71
Working Capital Days 928.92823.611,181.97559.17800.52928.971,030.892,347.121,488.182,113.00686.47837.55
ROCE %3.63%9.67%4.51%24.25%4.86%5.19%8.42%5.52%6.94%4.93%7.22%8.82%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.80%64.80%64.80%64.80%64.80%64.80%64.80%64.80%64.80%64.80%65.34%65.46%
FIIs 3.79%3.79%3.79%3.79%3.79%3.79%3.79%3.59%2.99%2.99%2.99%2.99%
DIIs 0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%0.22%
Public 31.18%31.19%31.19%31.18%31.19%31.18%31.19%31.40%32.01%31.99%31.46%31.33%
No. of Shareholders 4,0784,0944,1164,0864,0934,1184,1124,8114,9324,8534,8954,732

Shareholding Pattern Chart

No. of Shareholders

Pioneer Investcorp Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 6.423.311.672.980.72
Diluted EPS (Rs.) 6.423.311.672.980.72
Cash EPS (Rs.) 4.842.612.333.731.59
Book Value[Excl.RevalReserv]/Share (Rs.) 120.85114.71108.00106.21102.23
Book Value[Incl.RevalReserv]/Share (Rs.) 120.85114.71108.00106.21102.23
Revenue From Operations / Share (Rs.) 28.0727.5824.7227.5923.59
PBDIT / Share (Rs.) 17.2412.878.6012.229.65
PBIT / Share (Rs.) 16.4212.057.8711.398.74
PBT / Share (Rs.) 6.183.792.793.872.17
Net Profit / Share (Rs.) 4.011.781.592.900.68
NP After MI And SOA / Share (Rs.) 6.123.151.592.900.68
PBDIT Margin (%) 61.4046.6734.7944.3040.89
PBIT Margin (%) 58.4843.6931.8141.2737.03
PBT Margin (%) 22.0113.7511.2614.049.19
Net Profit Margin (%) 14.306.476.4410.492.89
NP After MI And SOA Margin (%) 21.7911.446.4410.492.89
Return on Networth / Equity (%) 5.062.751.472.720.66
Return on Capital Employeed (%) 12.9410.166.9910.458.34
Return On Assets (%) 1.751.000.821.820.36
Long Term Debt / Equity (X) 0.000.000.010.000.00
Total Debt / Equity (X) 0.910.730.600.350.76
Asset Turnover Ratio (%) 0.080.100.140.150.14
Current Ratio (X) 1.521.552.343.042.01
Quick Ratio (X) 1.201.292.062.731.27
Inventory Turnover Ratio (X) 0.460.000.000.000.00
Interest Coverage Ratio (X) 1.681.561.691.631.47
Interest Coverage Ratio (Post Tax) (X) 1.391.221.311.391.10
Enterprise Value (Cr.) 218.96161.47110.6176.43124.47
EV / Net Operating Revenue (X) 6.054.543.472.154.09
EV / EBITDA (X) 9.859.739.974.8510.00
MarketCap / Net Operating Revenue (X) 2.311.671.211.211.12
Price / BV (X) 0.530.400.270.310.25
Price / Net Operating Revenue (X) 2.311.671.211.211.12
EarningsYield 0.090.060.050.080.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Pioneer Investcorp Ltd. is a Public Limited Listed company incorporated on 23/01/1984 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65990MH1984PLC031909 and registration number is 031909. Currently company belongs to the Industry of Finance & Investments. Company's Total Operating Revenue is Rs. 27.18 Cr. and Equity Capital is Rs. 12.89 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & Investments1218, Maker Chambers V, Mumbai Maharashtra 400021Contact not found
Management
NamePosition Held
Mr. Gaurang GandhiManaging Director
Mr. Tushya JatiaNon Executive Director
Mr. A T KrishnakumarInd. Non-Executive Director
Mr. Shailesh DalalInd. Non-Executive Director
Mr. Raj SinghInd. Non-Executive Director
Mrs. Saraswathy SadasivanInd. Non-Executive Director

FAQ

What is the intrinsic value of Pioneer Investcorp Ltd and is it undervalued?

As of 14 April 2026, Pioneer Investcorp Ltd's intrinsic value is ₹138.08, which is 61.12% higher than the current market price of ₹85.70, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (5.20 %), book value (₹134), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Pioneer Investcorp Ltd?

Pioneer Investcorp Ltd is trading at ₹85.70 as of 14 April 2026, with a FY2026-2027 high of ₹134 and low of ₹55.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹105 Cr..

How does Pioneer Investcorp Ltd's P/E ratio compare to its industry?

Pioneer Investcorp Ltd has a P/E ratio of 6.18, which is below the industry average of 171.25. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Pioneer Investcorp Ltd financially healthy?

Key indicators for Pioneer Investcorp Ltd: ROCE of 8.82 % is on the lower side compared to the industry average of 11.38%; ROE of 5.20 % is below ideal levels (industry average: 25.55%). Dividend yield is 0.00 %.

Is Pioneer Investcorp Ltd profitable and how is the profit trend?

Pioneer Investcorp Ltd reported a net profit of ₹8 Cr in Mar 2025 on revenue of ₹47 Cr. Compared to ₹4 Cr in Mar 2022, the net profit shows an improving trend.

Does Pioneer Investcorp Ltd pay dividends?

Pioneer Investcorp Ltd has a dividend yield of 0.00 % at the current price of ₹85.70. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Pioneer Investcorp Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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