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Last Updated on: 21 June, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Religare Enterprises Ltd

Basic Stock Data

Last Updated: June 20, 2024, 10:28 pm

Market Cap 7,700 Cr.
Current Price 233
High / Low281/160
Stock P/E68.1
Book Value 71.1
Dividend Yield0.00 %
ROCE8.71 %
ROE5.14 %
Face Value 10.0
PEG Ratio0.60

Competitors of Religare Enterprises Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Computer Age Management Services Ltd 17,599 Cr. 3,5783,686/2,13253.9 1801.30 %49.8 %40.5 % 10.0
Arihants Securities Ltd 10.4 Cr. 20.727.9/9.069.96 79.40.00 %4.82 %3.41 % 10.0
Consecutive Investments & Trading Co Ltd 11.9 Cr. 39.639.6/39.6 16.00.00 %2.63 %2.02 % 10.0
Steel City Securities Ltd 146 Cr. 96.4110/60.612.3 78.43.11 %13.7 %10.3 % 10.0
Comfort Commotrade Ltd 25.0 Cr. 25.027.6/16.01.43 44.10.00 %54.6 %49.3 % 10.0
Industry Average9,107.36 Cr628.9163.391,261.550.35%16.33%25.18%7.59

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales7536437958279539511,1641,1651,3961,2851,5841,5111,856
Expenses6448071,0589218249231,1171,0201,1491,1471,4831,4551,833
Operating Profit109-164-263-9412828471452471381015623
OPM %14%-25%-33%-11%13%3%4%12%18%11%6%4%1%
Other Income84935431011933,35418127249
Interest1911721901971811891972132926252418
Depreciation14131314141413141419181817
Profit before tax-87-345-373-250-63-75-144-793,5571125941236
Tax %23%14%-8%-0%-826%-1%-22%-22%1%17%32%18%23%
Net Profit-67-296-404-251-588-76-177-963,517934034181
EPS in Rs-3.46-9.74-13.49-7.84-19.20-2.38-6.49-3.62107.611.940.780.593.80

Last Updated: June 9, 2024, 10:37 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:01 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales3,7623,3614,1284,8953,7092,6752,3712,3842,5133,2274,6796,235
Expenses1,4601,5852,0063,7101,6592,8413,0052,3412,2353,5924,1965,917
Operating Profit2,3021,7752,1221,1842,050-167-63443278-364483318
OPM %61%53%51%24%55%-6%-27%2%11%-11%10%5%
Other Income-77725581,012-3166010-157171373,473295
Interest1,7221,5841,6581,8791,8401,27185485573375064194
Depreciation603437363130266159535672
Profit before tax-258182485282-136-1,407-1,504-1,030-497-1,0313,259448
Tax %-87%85%34%79%10%16%0%-1%4%-49%3%22%
Net Profit-4812732161-124-1,181-1,501-1,038-478-1,5393,169347
EPS in Rs-37.09-4.638.62-2.67-9.77-58.56-59.33-36.12-19.60-48.4395.247.06
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)105.61%1088.89%-81.00%-303.28%-852.42%-27.10%30.85%53.95%-221.97%305.91%-89.05%
Change in YoY Net Profit Growth (%)0.00%983.28%-1169.89%-222.28%-549.14%825.32%57.94%23.10%-275.92%527.88%-394.96%

Growth

Compounded Sales Growth
10 Years:6%
5 Years:21%
3 Years:35%
TTM:33%
Compounded Profit Growth
10 Years:10%
5 Years:16%
3 Years:31%
TTM:490%
Stock Price CAGR
10 Years:-4%
5 Years:57%
3 Years:21%
1 Year:35%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:5%

Last Updated: June 17, 2024, 2:46 pm

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital149149150178178178178217258259319324328
Reserves3,4892,9702,9823,7053,6602,5491,658521-157-306-1,3011,7341,873
Preference Capital565656252526000000
Borrowings13,98413,36514,01716,46620,22214,9299,9456,7175,3564,9404,878841648
Other Liabilities2,7223,8113,9765,0893,3693,3822,0812,1192,6733,8325,4675,1936,262
Total Liabilities20,34320,29521,12525,43927,42921,03813,8629,5738,1308,7259,3628,0929,111
Fixed Assets1,5761,8221,9812,1281,7851038083175117127196185
CWIP123412441211141312250
Investments1,4152,4193,3444,3632,7001,9831,1971,4382,0233,1903,8365,0945,829
Other Assets17,22916,04915,78818,94422,94118,94012,5748,0385,9195,4065,3972,7973,097
Total Assets20,34320,29521,12525,43927,42921,03813,8629,5738,1308,7259,3628,0929,111

Reserves and Borrowings Chart

Religare Enterprises Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -1,0322,9361,634-706-2,1545,8715,8023,5552,4331,3731,5961,506
Cash from Investing Activity -1,754-730-403-6124992,149-457-31-436-1,181-689-939
Cash from Financing Activity 3,187-2,326-1,4001,0941,853-7,696-6,455-3,819-1,743-314559-2,079
Net Cash Flow401-120-169-224198324-1,110-295254-1221,466-1,512

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-54.00-55.00-23.00-24.00-24.00-167.00-634.0043.00278.00-364.00483.00318.00

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 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days475252356042531428211414
Inventory Days
Days Payable
Cash Conversion Cycle475252356042531428211414
Working Capital Days265104564226-118-98-267-264-387-275-265
ROCE %11%11%11%9%10%-1%-7%-0%4%-6%16%

Financial Efficiency Indicators Chart

Religare Enterprises Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters0.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FIIs16.46%17.29%18.75%19.31%19.59%18.99%19.60%18.79%18.30%19.48%11.75%9.89%
DIIs6.13%5.24%1.42%1.47%2.38%3.82%5.63%7.18%7.42%7.00%7.84%7.75%
Public77.11%77.47%79.83%79.22%78.03%77.19%74.77%74.02%74.27%73.52%80.41%82.36%
No. of Shareholders42,81363,12648,97152,70057,18955,61355,22259,75259,29257,93961,53569,311

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Large and Midcap Fund3,000,0002.4867.583,000,0002024-06-200%
Motilal Oswal ELSS Tax Saver Fund2,900,0002.3765.323,000,0002024-06-20-3.33%
Motilal Oswal Balance Advantage Fund2,740,7287.461.733,000,0002024-06-20-8.64%
Motilal Oswal Focused Fund2,022,2992.5645.553,000,0002024-06-20-32.59%
Motilal Oswal Equity Hybrid Fund894,3034.720.143,000,0002024-06-20-70.19%
Motilal Oswal Nifty Microcap 250 Index Fund340,5981.347.673,000,0002024-06-20-88.65%
Motilal Oswal Multi Asset Fund250,0005.125.633,000,0002024-06-20-91.67%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)96.06-51.33-19.65-39.55-63.32
Diluted EPS (Rs.)94.67-51.33-19.65-39.62-63.32
Cash EPS (Rs.)99.67-46.58-16.15-37.85-68.00
Book Value[Excl.RevalReserv]/Share (Rs.)82.75-16.6911.487.5348.50
Book Value[Incl.RevalReserv]/Share (Rs.)82.75-16.6911.487.5348.50
Revenue From Operations / Share (Rs.)144.53101.1195.8691.25105.42
PBDIT / Share (Rs.)20.20-7.4611.041.94-28.93
PBIT / Share (Rs.)18.46-9.148.77-0.41-30.12
PBT / Share (Rs.)100.71-32.34-19.17-39.90-69.30
Net Profit / Share (Rs.)97.93-48.26-18.41-40.21-69.18
NP After MI And SOA / Share (Rs.)95.24-48.43-19.60-36.12-59.33
PBDIT Margin (%)13.97-7.3811.512.12-27.44
PBIT Margin (%)12.77-9.039.15-0.45-28.57
PBT Margin (%)69.68-31.98-20.00-43.72-65.74
Net Profit Margin (%)67.75-47.72-19.21-44.06-65.62
NP After MI And SOA Margin (%)65.89-47.89-20.44-39.58-56.28
Return on Networth / Equity (%)149.760.000.00-923.09-154.51
Return on Capital Employeed (%)10.92-19.5410.06-0.61-7.61
Return On Assets (%)38.07-16.50-5.82-11.46-13.43
Long Term Debt / Equity (X)0.000.00-11.925.597.98
Total Debt / Equity (X)0.35-4.92-103.8553.027.98
Current Ratio (X)2.811.111.161.088.41
Quick Ratio (X)2.811.111.161.088.41
Interest Coverage Ratio (X)1.04-0.320.390.05-0.73
Interest Coverage Ratio (Post Tax) (X)0.80-1.080.34-0.02-0.76
Enterprise Value (Cr.)5230.887032.765988.224485.506285.26
EV / Net Operating Revenue (X)1.122.182.411.902.75
EV / EBITDA (X)8.01-29.5520.9189.49-10.01
MarketCap / Net Operating Revenue (X)1.001.290.910.200.27
Price / BV (X)2.28-4.22-48.264.860.76
Price / Net Operating Revenue (X)1.001.290.910.200.27
EarningsYield0.65-0.37-0.22-1.90-2.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 253.85

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: 8.95% compared to the current price 233

Intrinsic Value: 541.53

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.

Undervalued: 132.42% compared to the current price ₹233

Last 5 Year EPS CAGR: 113.33%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -98.42, which is a positive sign.
  2. The company has higher reserves (1,669.00 cr) compared to borrowings (15.67 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (3.17 cr) and profit (42.08 cr) over the years.
  1. The stock has a low average ROCE of 4.83%, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 36.00, which may not be favorable.

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 Religare Enterprises Ltd:
    1. Net Profit Margin: 67.75%
      • 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: 10.92% (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%: 149.76% (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): 0.80
      • 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: 2.81
      • 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: 68.1 (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: 0.35
      • 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

Religare Enterprises Ltd. is a Public Limited Listed company incorporated on 30/01/1984 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L74899DL1984PLC146935 and registration number is 146935. Currently company belongs to the Industry of Finance & Investments. Company’s Total Operating Revenue is Rs. 17.77 Cr. and Equity Capital is Rs. 318.81 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Finance & Investments1407, 14th Floor, Chiranjiv Tower, New Delhi Delhi 110019investorservices@religare.com
http://www.religare.com
Management
NamePosition Held
Dr. Rashmi SalujaExecutive Chairperson
Mr. Malay Kumar SinhaIndependent Director
Mr. Hamid AhmedIndependent Director
Mr. Praveen Kumar TripathiIndependent Director
Mr. Ranjan DwivediIndependent Director
Mrs. Preeti MadanIndependent Director

FAQ

What is the latest fair value of Religare Enterprises Ltd?

The latest fair value of Religare Enterprises Ltd is ₹253.85.

What is the Market Cap of Religare Enterprises Ltd?

The Market Cap of Religare Enterprises Ltd is 7,700 Cr..

What is the current Stock Price of Religare Enterprises Ltd as on 21 June 2024?

The current stock price of Religare Enterprises Ltd as on 21 June 2024 is ₹233.

What is the High / Low of Religare Enterprises Ltd stocks in FY 2024?

In FY 2024, the High / Low of Religare Enterprises Ltd stocks is 281/160.

What is the Stock P/E of Religare Enterprises Ltd?

The Stock P/E of Religare Enterprises Ltd is 68.1.

What is the Book Value of Religare Enterprises Ltd?

The Book Value of Religare Enterprises Ltd is 71.1.

What is the Dividend Yield of Religare Enterprises Ltd?

The Dividend Yield of Religare Enterprises Ltd is 0.00 %.

What is the ROCE of Religare Enterprises Ltd?

The ROCE of Religare Enterprises Ltd is 8.71 %.

What is the ROE of Religare Enterprises Ltd?

The ROE of Religare Enterprises Ltd is 5.14 %.

What is the Face Value of Religare Enterprises Ltd?

The Face Value of Religare Enterprises 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 Religare Enterprises 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