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JSW Holdings Limited (532642) Report Analysis

Corporate Events

Neutral

JSW Holdings Limited, Board Meeting, Nov 04, 2022

2022-10-27 11:34:00

JSW Holdings Limited, Board Meeting, Nov 04, 2022, at 12:45 Indian Standard Time. Agenda: To consider, approve and take on record, amongst oth...

Neutral

JSW Holdings Limited to Report Q2, 2023 Results...

2022-10-27 11:34:00

JSW Holdings Limited announced that they will report Q2, 2023 results on Nov 04, 2022

Neutral

JSW Holdings Limited to Report Fiscal Year 2022...

2022-07-18 11:44:00

JSW Holdings Limited announced that they will report fiscal year 2022 results on Jul 27, 2022

Neutral

JSW Holdings Limited, Board Meeting, Jul 27, 2022

2022-07-18 11:44:00

JSW Holdings Limited, Board Meeting, Jul 27, 2022, at 14:30 Indian Standard Time. Agenda: To consider, approve and take on record, amongst oth...

Neutral

JSW Holdings Limited - Shareholder/Analyst Call

2022-06-30 09:42:00

AGM

Neutral

JSW Holdings Limited, Annual General Meeting, J...

2022-06-30 09:42:00

JSW Holdings Limited, Annual General Meeting, Jul 27, 2022, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited ...

Neutral

JSW Holdings Limited, Board Meeting, May 30, 2022

2022-05-30 08:49:00

JSW Holdings Limited, Board Meeting, May 30, 2022, at 12:45 Indian Standard Time. Agenda: To consider Audited Standalone and Consolidated Fina...

Positive

Race to Acquire Holcim Stake in Ambuja-ACC Inte...

2022-05-10 13:28:00

JSW Holdings Limited (BSE:532642) and Adani Enterprises Limited (BSE:512599) are among the other bidders and have quoted $7-10 billion for the...

Negative

JSW Holdings Limited Announces Resignation of I...

2022-04-30 11:05:00

JSW Holdings Limited announced that Mr. Imtiaz Qureshi has tendered his resignation as Non-Executive Independent Director of the company with ...

Neutral

JSW Holdings Limited to Report Q3, 2022 Results...

2022-01-21 05:51:00

JSW Holdings Limited announced that they will report Q3, 2022 results on Jan 29, 2022

Neutral

JSW Holdings Limited, Board Meeting, Jan 29, 2022

2022-01-21 05:51:00

JSW Holdings Limited, Board Meeting, Jan 29, 2022. Agenda: To consider unaudited standalone & consolidated financial results for third quarter...

Neutral

JSW Holdings Limited, Board Meeting, Nov 04, 2022

2022-10-27 11:34:00

JSW Holdings Limited, Board Meeting, Nov 04, 2022, at 12:45 Indian Standard Time. Agenda: To consider, approve and take on record, amongst other business, the unaudited Standalone & Consolidated Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2022.

Neutral

JSW Holdings Limited to Report Q2, 2023 Results on Nov 04, 2022

2022-10-27 11:34:00

JSW Holdings Limited announced that they will report Q2, 2023 results on Nov 04, 2022

Neutral

JSW Holdings Limited to Report Fiscal Year 2022 Results on Jul 27, 2022

2022-07-18 11:44:00

JSW Holdings Limited announced that they will report fiscal year 2022 results on Jul 27, 2022

Neutral

JSW Holdings Limited, Board Meeting, Jul 27, 2022

2022-07-18 11:44:00

JSW Holdings Limited, Board Meeting, Jul 27, 2022, at 14:30 Indian Standard Time. Agenda: To consider, approve and take on record, amongst other business, the unaudited Standalone & Consolidated Financial Results of the Company for the First Quarter ended June 30, 2022.

Neutral

JSW Holdings Limited - Shareholder/Analyst Call

2022-06-30 09:42:00

AGM

Neutral

JSW Holdings Limited, Annual General Meeting, Jul 27, 2022

2022-06-30 09:42:00

JSW Holdings Limited, Annual General Meeting, Jul 27, 2022, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereon; to appoint a Director in place of Mr. K. N. Patel, who retires by rotation and being eligible, offers himself for re-appointment; to re-appoint M/s. HPVS & Associates, Chartered Accountants, Mumbai, Firm Registration No. 137533W, as Statutory Auditors of the Company for a second term of 5 (five) consecutive years, to hold office from the conclusion of this 21st Annual General Meeting until the conclusion of the 26th Annual General Meeting of the Company; and to transact other business.

Neutral

JSW Holdings Limited, Board Meeting, May 30, 2022

2022-05-30 08:49:00

JSW Holdings Limited, Board Meeting, May 30, 2022, at 12:45 Indian Standard Time. Agenda: To consider Audited Standalone and Consolidated Financial Results of the Company for the Fourth Quarter and Financial Year ended 31.03.2022 (Q4) - Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; to Re-appointment of Statutory Auditor.

Positive

Race to Acquire Holcim Stake in Ambuja-ACC Intensifies as ArcelorMittal Enters Fray

2022-05-10 13:28:00

JSW Holdings Limited (BSE:532642) and Adani Enterprises Limited (BSE:512599) are among the other bidders and have quoted $7-10 billion for the acquisition. The race for Holcim Ltd. (SWX:HOLN)' stake in Ambuja Cements Limited (BSE:500425) and ACC Limited (NSEI:ACC) combined has intensified with ArcelorMittal S.A. (ENXTAM:MT) showing interest to acquire the asset valued at over $10 billion. On the other hand, Holcim can extract a premium from the new entrants into cement business as it will directly make it the second largest producer in India with pan-India presence. Switzerland-headquartered Holcim has been selling off its non-core assets and divested its Brazilian unit for $1 billion in September. It has also put the Zimbabwe business on the block.

Negative

JSW Holdings Limited Announces Resignation of Imtiaz Qureshi as Non-Executive Independent Director and Membership/Chairman in Various Committee

2022-04-30 11:05:00

JSW Holdings Limited announced that Mr. Imtiaz Qureshi has tendered his resignation as Non-Executive Independent Director of the company with effect from April 30, 2022 along with his membership in various Committee, where he is a member/Chairman. Resignation is due to other professional commitments.

Neutral

JSW Holdings Limited to Report Q3, 2022 Results on Jan 29, 2022

2022-01-21 05:51:00

JSW Holdings Limited announced that they will report Q3, 2022 results on Jan 29, 2022

Neutral

JSW Holdings Limited, Board Meeting, Jan 29, 2022

2022-01-21 05:51:00

JSW Holdings Limited, Board Meeting, Jan 29, 2022. Agenda: To consider unaudited standalone & consolidated financial results for third quarter and nine months ended Dec. 31, 2021.

Fundamental Summary

When JSW released their Q1 results on 2022-06-30, some of the data looked concerning. Separately, their growth and income factors looked problematic, but the overall picture statistically showed relatively outstanding metrics when also considering growth factors and their peers' comparative stature and performance. In statistics, this is called the Simpson Paradox (https://www.britannica.com/topic/Simpsons-paradox). Therefore, JSW received an overall score of 79, which translates into a BUY recommendation.

JSW reported earnings results for the second quarter and six months ended September 30, 2022. For the second quarter, the company reported revenue was INR 3,374.87 million compared to INR 1,343.9 million a year ago. Net income was INR 2,545.42 million compared to INR 1,041.77 million a year ago. Basic earnings per share from continuing operations was INR 229.35 compared to INR 94.13 a year ago. Diluted earnings per share from continuing operations was INR 229.32 compared to INR 94.13 a year ago.For the six months, revenue was INR 3,562.9 million compared to INR 1,500.3 million a year ago. Net income was INR 2,600.91 million compared to INR 1,190.75 million a year ago. Basic earnings per share from continuing operations was INR 234.35 compared to INR 107.59 a year ago. Diluted earnings per share from continuing operations was INR 229.32 compared to INR 107.59 a year ago.

Business Description

JSW, a non-banking financial company, primarily engages in investing and financing activities. It invests in equity shares and other companies. The company was formerly known as Jindal South West Holdings Limited and changed its name to JSW in 2013. JSW was incorporated in 2001 and is based in Mumbai, India.

Sector Overview

JSW is included in the Capital Markets according to GICS (global industry classification standard). The Capital Markets industry is part of the Financials sector. It includes companies that engage in Diversified Capital Markets, Investment Banking & Brokerage, Asset Management & Custody Banks. JSW's industry and sector affiliation are expected to positively boost their relative likelihood to overperform the market looking forward, as they should benefit significantly from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 227.6B 62.0% 44
Liabilities 28.0B 94.2% 95
Price to Book 0.2 -32.5% 90
Cash & Equivalents 3.2M -70.8% 48
Equity 199.5B 58.3% 65
EBITDA 1.8B 105.5% 75
Total Revenues 1.9B 100.6% 47
Parameter Value Change Score
Return on Equity 0.9 22.1% 53
Net Cashflow -7.8M 83.9% 72
Capital Expenditure 363.0K 226.5% 59
Asset Turnover 0.0 18.6% 46
Free Cashflow Per Share 117.4 93.3% 62
* All values are TTM

The below chart reflects JSW's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While JSW's peer average final assessment score stands on 72, JSW's score is 79.

  •  532642
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
Angel One Limited 133.3B 88 69 76
Buy
84
84 0 1
Indian Energy Exchange Limited 132.4B 94 77 80
Strong Buy
99
99 1 1
IDFC Limited 131.1B 74 48 68
Hold
63
63 2 1
Tata Investment Corporation Limited 118.8B 90 61 86
Buy
84
84 3 1
UTI Asset Management Company Limited 99.2B 67 60 71
Hold
67
67 4 1
JM Financial Limited 71.1B 77 69 78
Buy
79
79 5 1
Bengal & Assam Company Limited 42.6B 81 69 80
Buy
80
80 6 1
ICRA Limited 42.4B 73 51 66
Hold
64
64 7 1
Authum Investment & Infrastructure Limited 40.9B 57 72 66
Hold
63
63 8 1
Share India Securities Limited 38.9B 82 76 66
Buy
81
81 9 1
Dhani Services Limited 29.2B 65 62 74
Hold
64
64 10 1
Choice International Limited 26.6B 66 74 66
Hold
70
70 11 1
HDFC Asset Management Company Limited 466.5B 79 66 71
Hold
77
77 12 1
CRISIL Limited 213.7B 76 82 72
Buy
81
81 13 1
ICICI Securities Limited 170.3B 90 59 49
Hold
76
76 14 1
Nippon Life India Asset Management Limited 169.0B 77 68 76
Hold
77
77 15 1
IIFL Wealth Management Limited 162.6B 59 89 50
Hold
69
69 16 1
Central Depository Services (India) Limited 129.4B 79 81 55
Buy
83
83 17 1
Aditya Birla Sun Life AMC Limited 125.0B 86 60 73
Buy
79
79 18 1
Motilal Oswal Financial Services Limited 98.0B 86 75 81
Strong Buy
89
89 19 1
Multi Commodity Exchange of India Limited 79.7B 70 48 76
Hold
62
62 20 1
BSE Limited 78.2B 79 71 83
Buy
83
83 21 1
Edelweiss Financial Services Limited 60.0B 81 65 86
Hold
76
76 22 1
Prudent Corporate Advisory Services Limited 36.8B 89 69 52
Buy
79
79 23 1
IIFL Securities Limited 21.1B 84 70 74
Buy
83
83 24 1
CARE Ratings Limited 16.3B 71 67 76
Hold
71
71 25 1

Macro Environment

Positive
80

Typically, the stock market in India will react to recent economic events, as well as be influenced by the sentiment in other major economies around the world, such as the United States, European Union, and China. Our assessment is that these two events may influence global market sentiment. On the negative side we have the tensions between taiwan and china, and on the positive side we have the end of COVID-19 pandemic.

Positive end of COVID-19 pandemic

The World Health Organization issued six policy briefs outlining essential steps governments could take to stop the pandemic. The briefings, which are based on evidence and experience from the previous 32 months, provide guidance on how to save lives, protect health systems, and minimize social and economic disruption.

Negative tensions between taiwan and china

The tensions between Taiwan and China have spiked following Nancy Pelosi's visit to Taipei. China staged war games near Taiwan to express its anger at what it saw as stepped-up U.S. support for the island Beijing views as sovereign Chinese territory. Because Taiwan produces the majority of the world's semiconductors, which are used in every electronic device today, a war between China and Taiwan might be catastrophic for the global economy.

Besides the events we mentioned, there are also specific events related to the Diversified Financials industry of which JSW Holdings Limited is a part. As a result, we believe that the rising interest rate is a positive event that will continue to support the industry in the future, whereas the rising inflation may cloud the sector's shares.

Positive rising interest rate

From a historical point of view, the finance sector functions well when interest rates are rising, mainly due to the increase in loan repayments from lenders. Also, insurers often reinvest policyholder premiums into bond instruments, allowing them to profit when Treasury yields increase.

Negative rising inflation

The sudden increase in inflation is generally regarded as the most painful since it takes companies several quarters to pass on higher input costs to consumers. Historically, companies traded in the Diversified Financials industry have been hit by high inflation times due to increased operating expenses and decreased revenues.

In our analysis of the current macro environment, as well as the potential risks that could specifically affect JSW Holdings Limited stock, we concluded that sentiment was largely positive and may lead to short-term price increases. Therefore, we rated the macro environment JSW Holdings Limited with a score of 80.

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. JSW's stock is now priced above its 5-day, 50-day, and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is strengthening. Historically, this is a positive setup in the near, medium, and long-term. In particular, many institutional investors keep close watch of the 200-day moving average. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), JSW's stock doesn't strongly signal being overbought or oversold. Overall, these technical indicators signal positive upward momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 78.

Bullish 78
Close Price 4279.35
52W Low 2902.15
52W High 4775.55
5D MA 4191.53
50D MA 4219.63
200D MA 3840.4
MACD 7.75
RSI 66.11
STOCH 68.04

Balance Sheet Analysis

JSW appears likely to maintain its strong balance sheet metrics and momentum going forward. JSW is doing a good job of keeping its liabilities under control and growing intelligently. At filing, their liabilities were 28.0B, representing 94.2% change from the previous period. These liabilities changes appear balanced compared to their peers and project the message that management is capable and focused on balancing asset growth, resource allocation, and growing liabilities. Therefore, we rated their liabilities movement with a score of 95. Also, JSW publishes impressive results related to book value factors in this report. Specifically, price to book ratio (P/B) now sits at 0.2 and represents a -32.5% change from the previous report. These book value factor numbers show that management has been prudent in focusing on efficient growth. We believe the stock price has room to grow to reflect its intrinsic value accurately. Therefore, its book value factors earned a score of 90. That said, one metric, Assets, stood out as strongly negative. JSW assets metrics were reported as 227.6B, representing a 62.0% change from the last filing. JSW's unremarkable asset growth results, specifically compared to their industry peers' performance, should present negative pressure on JSW's stock price. Its asset component, therefore, received a grade of 44. Therefore, the company's balance sheet earned a grade of 87.

Parameter Value Change Score
Assets 227.6B 62.0% 44
Liabilities 28.0B 94.2% 95
Price to Book 0.2 -32.5% 90
Cash & Equivalents 3.2M -70.8% 48
Equity 199.5B 58.3% 65
* All values are TTM

The below chart describes JSW's performance as reflected on its balance sheet with respect to its peers. While JSW received a balance sheet score of 87, the average of its peers stands on 73.

  •  532642
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
Angel One Limited 133.3B 93.0 48.0 39.0 69.0 96.0 88 0 1
Indian Energy Exchange Limited 132.4B 95.0 40.0 88.0 81.0 89.0 94 1 1
IDFC Limited 131.1B 82.0 62.0 64.0 65.0 69.0 74 2 1
Tata Investment Corporation Limited 118.8B 93.0 44.0 66.0 79.0 88.0 90 3 1
UTI Asset Management Company Limited 99.2B 39.0 86.0 78.0 50.0 73.0 67 4 1
JM Financial Limited 71.1B 76.0 58.0 52.0 79.0 79.0 77 5 1
Bengal & Assam Company Limited 42.6B 55.0 56.0 68.0 53.0 90.0 81 6 1
ICRA Limited 42.4B 62.0 69.0 81.0 67.0 68.0 73 7 1
Authum Investment & Infrastructure Limited 40.9B 57.0 78.0 64.0 61.0 57.0 57 8 1
Share India Securities Limited 38.9B 52.0 46.0 83.0 89.0 90.0 82 9 1
Dhani Services Limited 29.2B 67.0 65.0 76.0 66.0 60.0 65 10 1
Choice International Limited 26.6B 58.0 74.0 71.0 68.0 65.0 66 11 1
HDFC Asset Management Company Limited 466.5B 75.0 53.0 51.0 74.0 83.0 79 12 1
CRISIL Limited 213.7B 65.0 55.0 49.0 71.0 86.0 76 13 1
ICICI Securities Limited 170.3B 93.0 43.0 49.0 95.0 88.0 90 14 1
Nippon Life India Asset Management Limited 169.0B 74.0 56.0 47.0 86.0 79.0 77 15 1
IIFL Wealth Management Limited 162.6B 45.0 88.0 63.0 41.0 68.0 59 16 1
Central Depository Services (India) Limited 129.4B 78.0 52.0 73.0 83.0 78.0 79 17 1
Aditya Birla Sun Life AMC Limited 125.0B 43.0 51.0 94.0 91.0 91.0 86 18 1
Motilal Oswal Financial Services Limited 98.0B 85.0 53.0 48.0 80.0 88.0 86 19 1
Multi Commodity Exchange of India Limited 79.7B 85.0 75.0 73.0 41.0 61.0 70 20 1
BSE Limited 78.2B 87.0 56.0 90.0 76.0 70.0 79 21 1
Edelweiss Financial Services Limited 60.0B 49.0 59.0 73.0 59.0 79.0 81 22 1
Prudent Corporate Advisory Services Limited 36.8B 86.0 52.0 82.0 75.0 88.0 89 23 1
IIFL Securities Limited 21.1B 91.0 41.0 48.0 89.0 83.0 84 24 1
CARE Ratings Limited 16.3B 44.0 58.0 50.0 63.0 84.0 71 25 1

Income Statement Analysis

All in all, the most important metrics within JSW's income statement looked encouraging. JSW's management was effective in improving its EBIDTA, which now sits at 1.8B and represents a 105.5% change from the last reporting period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 6.6%. The company is headed in the right direction regarding EBITDA, exhibiting efficient capital controls and strong overall financial performance. Consequently, their EBITDA movement received a grade of 75. That said, one metric, Revenue Efficiency, stood out as strongly negative. JSW reported discouraging numbers for its revenue efficiency. As of the current filing, they were reported as 1.9B and represented 100.6% change from the previous period. This metric might have a 2.9 percent impact on companies in the same industry and with the same market capitalization. Its uninspiring revenue efficiency is even more concerning relative to its peers and competitors in the current market. Its revenue efficiency, therefore, received a grade of 47. Consequently, their income statement earned a rank of 64.

Parameter Value Change Score
EBITDA 1.8B 105.5% 75
Total Revenues 1.9B 100.6% 47
Return on Equity 0.9 22.1% 53
* All values are TTM

The below chart describes JSW's performance as reflected on its income statement with respect to its peers. While JSW received a income statement score of 64 , the average of its peers stands on 71.

  •  532642
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
Angel One Limited 133.3B 46.0 73.0 70.0 69 0 1
Indian Energy Exchange Limited 132.4B 50.0 87.0 66.0 77 1 1
IDFC Limited 131.1B 49.0 68.0 47.0 48 2 1
Tata Investment Corporation Limited 118.8B 41.0 69.0 58.0 61 3 1
UTI Asset Management Company Limited 99.2B 81.0 50.0 58.0 60 4 1
JM Financial Limited 71.1B 48.0 68.0 77.0 69 5 1
Bengal & Assam Company Limited 42.6B 69.0 61.0 78.0 69 6 1
ICRA Limited 42.4B 87.0 57.0 50.0 51 7 1
Authum Investment & Infrastructure Limited 40.9B 81.0 77.0 66.0 72 8 1
Share India Securities Limited 38.9B 45.0 68.0 83.0 76 9 1
Dhani Services Limited 29.2B 58.0 61.0 63.0 62 10 1
Choice International Limited 26.6B 73.0 68.0 70.0 74 11 1
HDFC Asset Management Company Limited 466.5B 57.0 75.0 57.0 66 12 1
CRISIL Limited 213.7B 58.0 86.0 77.0 82 13 1
ICICI Securities Limited 170.3B 50.0 63.0 56.0 59 14 1
Nippon Life India Asset Management Limited 169.0B 59.0 75.0 59.0 68 15 1
IIFL Wealth Management Limited 162.6B 68.0 87.0 83.0 89 16 1
Central Depository Services (India) Limited 129.4B 47.0 86.0 79.0 81 17 1
Aditya Birla Sun Life AMC Limited 125.0B 81.0 52.0 57.0 60 18 1
Motilal Oswal Financial Services Limited 98.0B 43.0 68.0 93.0 75 19 1
Multi Commodity Exchange of India Limited 79.7B 45.0 65.0 50.0 48 20 1
BSE Limited 78.2B 59.0 69.0 78.0 71 21 1
Edelweiss Financial Services Limited 60.0B 83.0 70.0 62.0 65 22 1
Prudent Corporate Advisory Services Limited 36.8B 48.0 68.0 70.0 69 23 1
IIFL Securities Limited 21.1B 41.0 67.0 81.0 70 24 1
CARE Ratings Limited 16.3B 61.0 71.0 62.0 67 25 1

Cash Flow Analysis

While overall, JSW's cash flow metrics were good, two metrics jumped up as significant positive drivers of the cash flow's strength in JSW's recent report: Net Cash Flow and Free Cash flow. JSW's strong net cash flow numbers, which were -7.8M in this filing, showed a 83.9% change from the last period. This industry-leading net cash flow momentum should reinforce broader positive momentum for its's stock price going forward. Consequently, their net cash flow movement received a grade of 72. Also, JSW's published free cash flow numbers were substantial and reflected management's focus on a healthy change strategy. JSW recorded free cash flow of 117.4, which represents a 93.3% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 5.2%. The company's free cash flow metrics are especially strong compared to its peers. Management seems to balance cash flow management, asset growth, and resource allocations in general. Consequently, their free cash flow movement received a grade of 62. On the other hand, Asset Turnover, jumped out as looking rather underwhelming. JSW's asset turnover metrics were concerning and highlighted potential issues management is having effectively turning assets into sales efficiently. At filing, their asset turnover metrics were 0.0, representing a 18.6% change from the previous period. Companies in the same sector and market capitalization will usually be affected by up to 3.4 percent by this parameter. Their lackluster asset turnover metrics, specifically in contrast to leading industry peers' performance, could present significant headwinds. Therefore, their asset turnover movement earned a score of 46. their cash flow, therefore, earned a score of 61.

Parameter Value Change Score
Net Cashflow -7.8M 83.9% 72
Capital Expenditure 363.0K 226.5% 59
Asset Turnover 0.0 18.6% 46
Free Cashflow Per Share 117.4 93.3% 62
* All values are TTM

The below chart describes JSW's performance as reflected on its cash flow with respect to its peers. While JSW received a cash flow score of 61, the average of its peers stands on 61.

  •  532642
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
Angel One Limited 133.3B 62.0 74.0 72.0 88.0 76 0 1
Indian Energy Exchange Limited 132.4B 75.0 46.0 93.0 88.0 80 1 1
IDFC Limited 131.1B 59.0 76.0 82.0 43.0 68 2 1
Tata Investment Corporation Limited 118.8B 78.0 58.0 84.0 88.0 86 3 1
UTI Asset Management Company Limited 99.2B 87.0 52.0 49.0 80.0 71 4 1
JM Financial Limited 71.1B 69.0 68.0 69.0 88.0 78 5 1
Bengal & Assam Company Limited 42.6B 61.0 77.0 59.0 85.0 80 6 1
ICRA Limited 42.4B 65.0 71.0 64.0 49.0 66 7 1
Authum Investment & Infrastructure Limited 40.9B 63.0 71.0 69.0 65.0 66 8 1
Share India Securities Limited 38.9B 61.0 91.0 71.0 59.0 66 9 1
Dhani Services Limited 29.2B 65.0 72.0 72.0 70.0 74 10 1
Choice International Limited 26.6B 69.0 67.0 71.0 64.0 66 11 1
HDFC Asset Management Company Limited 466.5B 74.0 61.0 81.0 49.0 71 12 1
CRISIL Limited 213.7B 61.0 78.0 92.0 55.0 72 13 1
ICICI Securities Limited 170.3B 52.0 84.0 48.0 46.0 49 14 1
Nippon Life India Asset Management Limited 169.0B 78.0 59.0 89.0 50.0 76 15 1
IIFL Wealth Management Limited 162.6B 64.0 67.0 43.0 47.0 50 16 1
Central Depository Services (India) Limited 129.4B 72.0 50.0 43.0 45.0 55 17 1
Aditya Birla Sun Life AMC Limited 125.0B 73.0 83.0 53.0 89.0 73 18 1
Motilal Oswal Financial Services Limited 98.0B 68.0 63.0 81.0 93.0 81 19 1
Multi Commodity Exchange of India Limited 79.7B 88.0 47.0 72.0 46.0 76 20 1
BSE Limited 78.2B 77.0 54.0 81.0 89.0 83 21 1
Edelweiss Financial Services Limited 60.0B 81.0 53.0 71.0 87.0 86 22 1
Prudent Corporate Advisory Services Limited 36.8B 49.0 85.0 58.0 60.0 52 23 1
IIFL Securities Limited 21.1B 82.0 38.0 92.0 52.0 74 24 1
CARE Ratings Limited 16.3B 68.0 66.0 82.0 87.0 76 25 1

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