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Last Updated on: 23 June, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 532366 | NSE: PNBGILTS

Fundamental Analysis of PNB Gilts Ltd

Basic Stock Data

Last Updated: June 22, 2024, 10:28 pm

Market Cap 2,102 Cr.
Current Price 117
High / Low128/60.7
Stock P/E31.4
Book Value 73.9
Dividend Yield0.00 %
ROCE6.81 %
ROE5.18 %
Face Value 10.0
PEG Ratio-1.75

Competitors of PNB Gilts Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Lakshmi Finance & Industrial Corporation Ltd 64.0 Cr. 213249/1206.16 1880.94 %24.8 %20.1 % 10.0
Transwarranty Finance Ltd 111 Cr. 22.622.8/7.55138 6.180.00 %7.53 %2.69 % 10.0
DCM Financial Services Ltd 14.3 Cr. 6.477.60/3.90 22.00.00 %4.10 %% 10.0
Kalyani Investment Company Ltd 2,158 Cr. 4,9395,199/1,74830.8 19,0240.00 %1.29 %0.99 % 10.0
Anand Rathi Wealth Ltd 16,466 Cr. 3,9374,300/85174.4 1630.36 %48.0 %37.3 % 5.00
Industry Average9,143.80 Cr634.9163.831,261.530.35%16.34%25.18%7.59

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales184215271262242283339297310443347385474
Expenses10044411434921285331813673413
Operating Profit8417123011919371255263292430280351461
OPM %46%80%85%45%80%25%75%89%94%97%81%91%97%
Other Income-9-101810-01070040
Interest87110131136133186255251280354325361371
Depreciation1000000014444
Profit before tax-1250117-1659-1151121872-49-1086
Tax %-20%21%29%62%17%23%1,256%47%25%19%16%-47%21%
Net Profit-144083-649-89-861358-41-1568
EPS in Rs-0.792.224.61-0.342.72-4.94-0.440.340.753.21-2.28-0.863.78

Last Updated: June 10, 2024, 4:41 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 5:54 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales2883464103435004025088821,0527569271,576
Expenses101216161870213132434555
Operating Profit2783333943274823324878511,0207148811,522
OPM %96%96%96%95%96%83%96%96%97%94%95%97%
Other Income1000000-81-9884
Interest1892432612762263314035193955109731,411
Depreciation1110000121115
Profit before tax899113351257183250614210-8599
Tax %31%32%33%33%35%-8%36%25%26%21%9%30%
Net Profit61618834167153186454166-7769
EPS in Rs3.403.414.901.929.290.082.9410.3525.239.21-4.293.86
Dividend Payout %22%26%31%57%27%1,277%48%29%40%54%0%26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)0.00%44.26%-61.36%391.18%-99.40%5200.00%250.94%144.09%-63.44%-146.39%189.61%
Change in YoY Net Profit Growth (%)0.00%44.26%-105.63%452.54%-490.58%5299.40%-4949.06%-106.86%-207.52%-82.95%336.00%

Growth

Compounded Sales Growth
10 Years:16%
5 Years:25%
3 Years:14%
TTM:70%
Compounded Profit Growth
10 Years:1%
5 Years:5%
3 Years:-47%
TTM:179%
Stock Price CAGR
10 Years:17%
5 Years:26%
3 Years:9%
1 Year:73%
Return on Equity
10 Years:12%
5 Years:14%
3 Years:4%
Last Year:5%

Last Updated: June 16, 2024, 4:59 pm

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital135135180180180180180180180180180180180
Reserves4434884865415527196777088631,1361,2471,0801,097
Borrowings2,2083,1223,7673,8584,9213,5144,3698,23412,1659,86414,53119,24322,119
Other Liabilities6192124182119153274001,0519607929941,160
Total Liabilities2,8473,8374,5574,7615,7714,5665,2529,52214,25812,14016,75021,49724,556
Fixed Assets54433333434714
CWIP00000000000130
Investments1751826953286404434,9998,81812,96510,90715,26718,51821,345
Other Assets2,6673,6503,8574,4305,1284,1202517011,2901,2301,4802,9593,197
Total Assets2,8473,8374,5574,7615,7714,5665,2529,52214,25812,14016,75021,49724,556

Reserves and Borrowings Chart

PNB Gilts Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -1,292-696-94-366-1,0881,213-800-3,843-3,8982,483-4,564-4,638
Cash from Investing Activity -46-8-513368-313197-0-0-1-1-1-14
Cash from Financing Activity 1,334898630711,030-1,4318003,8443,900-2,4814,6134,618
Net Cash Flow-41942274-370-200-01149-35

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow275.00330.00391.00323.00479.00328.00479.00839.00-8.00700.00862.00-21.00

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 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days00-0-0-0-0-0-0-0-0-0-0
Inventory Days
Days Payable
Cash Conversion Cycle00-0-0-0-0-0-0-0-0-0-0
Working Capital Days5,5294,1233,5963,4265,2962,883931026869181171
ROCE %7%8%8%9%6%10%7%7%8%8%5%5%

Financial Efficiency Indicators Chart

PNB Gilts Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%74.07%
FIIs0.29%0.29%0.34%0.48%0.60%0.51%0.45%0.31%0.33%0.24%0.01%0.04%
DIIs0.01%0.01%0.01%0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public25.63%25.63%25.58%25.44%25.33%25.42%25.48%25.62%25.61%25.70%25.93%25.89%
No. of Shareholders49,13252,71864,28866,22070,78579,03780,68184,89683,35283,47281,30684,154

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)3.86-4.299.2125.2310.35
Diluted EPS (Rs.)3.86-4.299.2125.2310.35
Cash EPS (Rs.)4.71-4.219.2725.3310.43
Book Value[Excl.RevalReserv]/Share (Rs.)73.8770.0079.2973.1357.91
Book Value[Incl.RevalReserv]/Share (Rs.)73.8770.0079.2973.1357.91
Dividend / Share (Rs.)0.000.005.0010.003.00
Revenue From Operations / Share (Rs.)87.5768.3254.9858.4449.01
PBDIT / Share (Rs.)84.5448.9639.7156.6547.31
PBIT / Share (Rs.)83.6948.8839.6556.5547.23
PBT / Share (Rs.)5.49-4.7211.6734.1313.88
Net Profit / Share (Rs.)3.86-4.299.2125.2310.35
PBDIT Margin (%)96.5471.6672.2296.9396.54
PBIT Margin (%)95.5671.5572.1096.7596.37
PBT Margin (%)6.26-6.9121.2358.3928.31
Net Profit Margin (%)4.40-6.2716.7443.1621.12
Return on Networth / Equity (%)5.21-6.1211.6134.4917.87
Return on Capital Employeed (%)112.5069.5149.7575.6154.74
Return On Assets (%)0.28-0.350.983.741.30
Long Term Debt / Equity (X)0.000.000.000.000.47
Total Debt / Equity (X)16.8415.2710.187.4911.67
Asset Turnover Ratio (%)0.060.060.060.070.07
Current Ratio (X)1.061.061.091.121.12
Quick Ratio (X)1.061.061.091.121.12
Dividend Payout Ratio (NP) (%)0.000.0032.5839.6316.30
Dividend Payout Ratio (CP) (%)0.000.0032.3639.4716.17
Earning Retention Ratio (%)0.000.0067.4260.3783.70
Cash Earning Retention Ratio (%)0.000.0067.6460.5383.83
Interest Coverage Ratio (X)1.080.901.402.581.64
Interest Coverage Ratio (Post Tax) (X)1.050.911.312.171.52
Enterprise Value (Cr.)24070.3419951.1015551.4310719.6112589.97
EV / Net Operating Revenue (X)15.2716.2215.7110.1914.27
EV / EBITDA (X)15.8222.6421.7610.5114.78
MarketCap / Net Operating Revenue (X)1.250.831.080.820.48
Retention Ratios (%)0.000.0067.4160.3683.69
Price / BV (X)1.480.810.750.650.41
Price / Net Operating Revenue (X)1.250.831.080.820.48
EarningsYield0.03-0.070.150.520.43

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 122.60

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.

Undervalued: 4.79% compared to the current price 117

Intrinsic Value: 100.65

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Overvalued: 13.97% compared to the current price ₹117

Last 5 Year EPS CAGR: -17.90%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Cash Conversion Cycle of 0.00, which is a positive sign.
  2. The company has shown consistent growth in sales (447.00 cr) and profit (149.42 cr) over the years.
  1. The stock has a low average ROCE of 7.33%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 58.83, which may not be favorable.
  3. The company has higher borrowings (9,165.92) compared to reserves (803.92), which may suggest financial risk.

Stock Analysis

  • 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 PNB Gilts Ltd:
    1. Net Profit Margin: 4.40%
      • 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: 112.50% (Industry Average ROCE: %)
      • 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%: 5.21% (Industry Average ROE: %)
      • 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): 1.05
      • 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: 1.06
      • 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: 31.4 (Industry average Stock P/E: )
      • 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: 16.84
      • 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

PNB Gilts Ltd. is a Public Limited Listed company incorporated on 13/03/1996 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L74899DL1996PLC077120 and registration number is 077120. Currently company belongs to the Industry of Finance & Investments. Company’s Total Operating Revenue is Rs. 989.72 Cr. and Equity Capital is Rs. 180.01 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Investment Company5, Sansad Marg, New Delhi Delhi 110001pnbgilts@pnbgilts.com
http://www.pnbgilts.com
Management
NamePosition Held
Mr. Kalyan KumarChairman, Non Ind & Non Exe Director
Mr. Vikas GoelManaging Director & CEO
Dr. T M BhasinIndependent Director
Mr. P P PareekIndependent Director
Mr. S K KalraIndependent Director
Mrs. Neharika VohraIndependent Director

FAQ

What is the latest fair value of PNB Gilts Ltd?

The latest fair value of PNB Gilts Ltd is ₹122.60.

What is the Market Cap of PNB Gilts Ltd?

The Market Cap of PNB Gilts Ltd is 2,102 Cr..

What is the current Stock Price of PNB Gilts Ltd as on 23 June 2024?

The current stock price of PNB Gilts Ltd as on 23 June 2024 is ₹117.

What is the High / Low of PNB Gilts Ltd stocks in FY 2024?

In FY 2024, the High / Low of PNB Gilts Ltd stocks is 128/60.7.

What is the Stock P/E of PNB Gilts Ltd?

The Stock P/E of PNB Gilts Ltd is 31.4.

What is the Book Value of PNB Gilts Ltd?

The Book Value of PNB Gilts Ltd is 73.9.

What is the Dividend Yield of PNB Gilts Ltd?

The Dividend Yield of PNB Gilts Ltd is 0.00 %.

What is the ROCE of PNB Gilts Ltd?

The ROCE of PNB Gilts Ltd is 6.81 %.

What is the ROE of PNB Gilts Ltd?

The ROE of PNB Gilts Ltd is 5.18 %.

What is the Face Value of PNB Gilts Ltd?

The Face Value of PNB Gilts Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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 PNB Gilts 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