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@Rakesh_Arora thanks for starting this post and also for detail post, this has given good clarity for person like me who is new to steel industry.

can you pls share list of competitors, their production capacity comparision and other Key details against competitors.

this will be really helpful.

Lincoln Pharma seems pretty good from numbers perspective.

• No Debt
• Growing topline. Management has openly targeted Rs. 750Cr topline by FY26 from Current ~550Cr in TTM Dec, 23.
• Historically Dividend paying company
• CFO more or less in line with PAT
• ROE 16-17% consistently
• Minimal related party transactions.

Currently trading at 13.3x PE and 2.13xPB.
I am wondering why this company should not trade at >20PE.

Invested and increasing allocation.

Angel One –

Q4 concall and results highlights –

Company raised 1500 cr via QIP in Q4. The issue was oversubscribed by 5 times ( by marquee investors ). The proceeds to be used to primarily fund the Margin Trading Facilities

Avg daily orders @ 77 lakh vs 42 lakh in Q4 FY 23, up 83 pc YoY. Avg daily orders in Q4 FY 22 were around 32 lakh

Q4 Financial outcomes –

Revenues – 1357 vs 826 cr, up 63 pc
EBITDA – 480 vs 386 cr, up 28 pc
PAT – 340 vs 267 cr, up 27 pc

Mkt share in India’s demat accounts @ 14.7 pc. This was 10.1 pc in Mar 22 and 13.1 pc in Mar 23
Mkt share in Incremental demat accts @ 23.1 pc
Share in retail equity + F&O turnover @ 18.1 pc

Unique SIPs registered with Angel One @ 13.93 lakh / month in Q4 vs 1.08 lakh SIPs in Q4 FY 23 – witnessing exponential growth !!!

Have tied up with leading Banks and NBFC’s to provide a variety of fixed income products

Breakup of revenues –

Broking revenues – 924 vs 581 cr ( 85 pc of broking revenues derived from F&O segment )
Interest income – 247 vs 137 cr
Others – 186 vs 112 cr

Client funding book @ 1777 vs 1153 cr. Adequately covered by Client’s demat holdings with negligible NPAs

Segment wise Mkt share –

F&O Mkt share @ 19.8 pc
Cash Mkt share @ 15.4 pc
Commodity Mkt share @ 59.5 pc

Have hired a team for launch of AMC business. Waiting for regulator’s nod for a swift launch

Segment wise Mkt share –

F&O Mkt share @ 19.8 pc
Cash Mkt share @ 15.4 pc
Commodity Mkt share @ 59.5 pc

Have hired a team for launch of AMC business. Waiting for regulator’s nod for a swift launch

Angel One became a co-sponsor of IPL which started recently. This is a brand building exercise specially towards tier – 3,4 cities

Onboarded more than 20 lakh clients in Q4 taking their total client base to over 2.2 cr

Have decided to forego dividend payments for next few Qtrs in order to conserve funds for greater working capital requirements to fund growth

Have won the IPL co-sponsorship rights for an annual amount of Rs 82 cr. Out of this Rs 23 cr were booked in Q4. Rest will be booked in Q1. Company is going to pay Rs 82 cr / yr for a period of 5 yrs. In addition, company will spend around 120 cr towards digital and media spends in Q1

EBITDA margin guidance for FY 25 @ 45 pc ( +/- 2 pc ) despite higher costs wrt new hirings, spends related to AMC business, general advertisements, ESOPs, IPL spends etc

Company could not grow its MTF book in Q4 due shortage of funds. Post QIP, this limitation should be behind

Aim to tie-up with multiple banks/NBFCs to ramp up lending business

Disc : hold a small position, biased, not SEBI registered, keenly looking out for Jio’s entry into broking business