Disclaimer: Biased view as I hold this stock.
Hi All. Don’t see much traction here since 2022. Looking at India’s SIP trend, equity culture growth & financialization of savings, I think all these players should do really well over the next 10-15 years. Geojit has a high integrity management. They look hungry for growth now (by their last few concalls & execution). The only point is, it’s not a pure play wealth management/AMC business. So there is always going to be regulatory hang like what happened yesterday. We know that this is going to impact brokerages & stock exchanges the most. But in case of diversified financial services businesses like Motilal Oswal or Geojit, how can we asses the impact of the regulations on the terminal value? Geojit is now 45% revenue coming out of broking. Over the period of time I think it should be substantially lower than this. But in the meantime, how to think about broking part of the business? Wealth side is sticker revenue as it’s fee based.
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