Finance - Stock Broking · Founded 1994 · www.amrapali.com · BSE 536737 · · ISIN INE218P01018
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Business
Amrapali Capital & Finance Services Ltd. operates in the financial services sector in India, primarily as a stock broking firm. Its core business model involves facilitating trading for clients in various capital market instruments, which typically include equities, equity derivatives (futures & options), and potentially commodities. The company earns revenue primarily through brokerage commissions charged on trades executed by its clients, as well as transaction charges, and potentially annual maintenance charges for demat accounts. It also likely offers depository participant services.
Revenue Mix
The company's primary revenue segment is Broking Services, encompassing commissions from equity, derivatives, and potentially commodity trading. Other potential revenue streams could include Depository Participant (DP) services fees, and potentially interest income from margin funding or treasury operations, although the specific breakdown and contribution percentages are not publicly available in this context.
Industry
The Indian stock broking industry is highly competitive and fragmented, characterized by the presence of large bank-backed brokers, established full-service independent brokers, discount brokers, and emerging fintech platforms. Amrapali Capital & Finance Services Ltd. likely positions itself as a regional or mid-tier player, potentially focusing on a specific client segment (e.g., retail investors, High Net Worth Individuals in certain geographies) or offering a balance of service and competitive pricing. It competes directly with numerous other brokers on service quality, technology, and brokerage rates.
MOAT
For a company of its likely scale in a commoditized industry like stock broking, a strong, durable competitive advantage (moat) is challenging to establish. Amrapali Capital & Finance Services Ltd. may possess localized client relationships, a reputation for personalized service, or cost-efficiency in specific market segments. However, broader moats like strong brand recognition, significant scale advantages, proprietary technology that creates high switching costs, or extensive network effects are unlikely to be dominant factors against larger, more diversified competitors.
Growth Drivers
Key growth drivers for Amrapali Capital & Finance Services Ltd. include:
Increasing Retail Participation: Growing financial literacy and a shift from traditional savings to capital market investments in India.
Financialization of Savings: The broader trend of Indian households investing more in financial assets over physical assets.
Digitization: Continued adoption of online trading platforms and mobile apps, making market access easier for new investors.
Market Volatility & Trading Volumes: Periods of increased market activity and volatility tend to drive higher trading volumes and brokerage income.
Economic Growth: A growing Indian economy generally correlates with higher corporate earnings and investor confidence, boosting market participation.
Risks
Regulatory Changes: Stricter regulations by SEBI (Securities and Exchange Board of India) regarding brokerage caps, margin requirements, or new compliance norms can impact profitability.
Market Volatility & Downturns: Prolonged bear markets or periods of low investor confidence can significantly reduce trading volumes and brokerage income.
Intense Competition & Fee Compression: The highly competitive landscape can lead to continuous pressure on brokerage rates, eroding margins.
Technological Obsolescence & Cybersecurity: Failure to keep pace with technological advancements or experiencing cybersecurity breaches could lead to client attrition and reputational damage.
Operational Risks: Risks associated with system failures, human error, fraud, or non-compliance with operational procedures.
Management & Ownership
Amrapali Capital & Finance Services Ltd. is an Indian-origin company, likely promoted and controlled by a promoter group. The management typically focuses on navigating the competitive broking landscape, ensuring regulatory compliance, and client acquisition/retention. As a listed entity in India, there would be a public shareholding alongside the promoter holdings, subject to SEBI norms. Specific details about management quality and ownership structure would require a review of their annual reports and corporate governance filings.
Outlook
Amrapali Capital & Finance Services Ltd. operates in a structurally growing Indian capital market, benefiting from increasing investor participation and digitization. The company's future performance will largely depend on its ability to effectively compete in a crowded market, manage operating costs, adapt to technological changes, and navigate regulatory dynamics. While the overall industry tailwinds are favorable, intense competition and potential fee compression pose significant challenges for smaller-to-mid-sized players. Success will hinge on carving out a sustainable niche, whether through competitive pricing, superior service, or a targeted client acquisition strategy, while maintaining strict regulatory compliance.
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 1 | 58 | 4 | 3964 | 82 | 193 | 20 | 11 | 67 | 44 | |
| Other Income | 6 | 7 | 7 | 6 | 4 | 7 | 5 | 4 | 5 | 5 | 4 | |
| Total Income | 17 | 8 | 65 | 10 | 3968 | 88 | 199 | 25 | 16 | 72 | 48 | |
| Total Expenditure | 15 | 5 | 62 | 4 | 3966 | 84 | 197 | 22 | 15 | 69 | 44 | |
| Operating Profit | 1 | 3 | 3 | 6 | 2 | 5 | 2 | 2 | 0 | 3 | 4 | |
| Interest | 1 | 1 | 2 | 5 | 1 | 4 | 2 | 2 | 0 | 2 | 2 | |
| Depreciation | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 1 | 0 | 1 | 1 | 1 | -1 | 0 | -0 | 1 | 1 | |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 1 | 0 | -0 | |
| Profit After Tax | 0 | 1 | 0 | 0 | 1 | 1 | -1 | 0 | -1 | 1 | 1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 1 | 0 | 0 | 1 | 1 | -1 | 0 | -1 | 1 | 1 | |
| Adjusted Earnings Per Share | 0.2 | 0.7 | 0.3 | 0.5 | 0.6 | 0.6 | -0.9 | 0.3 | -0.8 | 1 | 1.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -34% | 30% | -12% | 15% |
| Operating Profit CAGR | 33% | 26% | -4% | 15% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 335% | 77% | 66% | 9% |
| ROE Average | 1% | 1% | 0% | 0% |
| ROCE Average | 3% | 2% | 2% | 2% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 82 | 81 | 81 | 82 | 83 | 83 | 82 | 83 | 82 | 83 | 84 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 1 | 1 | 2 | 1 |
| Total Current Liabilities | 10 | 48 | 66 | 64 | 54 | 88 | 12 | 15 | 13 | 27 | 24 |
| Total Liabilities | 92 | 129 | 147 | 146 | 137 | 172 | 94 | 99 | 96 | 112 | 109 |
| Fixed Assets | 1 | 4 | 4 | 5 | 4 | 4 | 4 | 3 | 5 | 4 | 4 |
| Other Non-Current Assets | 10 | 48 | 8 | 10 | 13 | 9 | 15 | 39 | 32 | 39 | 48 |
| Total Current Assets | 81 | 77 | 135 | 132 | 120 | 159 | 76 | 57 | 60 | 69 | 56 |
| Total Assets | 92 | 129 | 147 | 146 | 137 | 172 | 94 | 99 | 96 | 112 | 109 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 33 | 37 | 45 | 60 | 62 | 77 | 79 | 54 | 20 | 7 | 7 |
| Cash Flow from Operating Activities | -1 | -31 | 9 | 8 | 16 | -5 | -21 | -26 | -18 | 5 | 10 |
| Cash Flow from Investing Activities | 6 | 3 | 5 | 4 | 1 | 11 | 4 | -22 | 9 | -3 | -6 |
| Cash Flow from Financing Activities | -1 | 37 | 1 | -10 | -1 | -4 | -9 | 13 | -5 | -1 | -3 |
| Net Cash Inflow / Outflow | 4 | 9 | 15 | 1 | 15 | 2 | -26 | -35 | -13 | -0 | 0 |
| Closing Cash & Cash Equivalent | 37 | 45 | 60 | 62 | 77 | 79 | 54 | 19 | 7 | 7 | 8 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.23 | 0.66 | 0.29 | 0.47 | 0.59 | 0.57 | -0.92 | 0.28 | -0.83 | 0.96 | 1.18 |
| CEPS(Rs) | 0.7 | 1.02 | 0.88 | 1.09 | 1.1 | 1.06 | -0.48 | 0.69 | -0.37 | 1.54 | 1.6 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 83.45 | 83.01 | 83.3 | 83.78 | 84.53 | 85.09 | 84.17 | 84.46 | 83.62 | 84.58 | 85.76 |
| Core EBITDA Margin(%) | -45.14 | -299.06 | -6.17 | 7.45 | -0.05 | -2.39 | -1.95 | -8.49 | -42.61 | -1.59 | -0.07 |
| EBIT Margin(%) | 9.84 | 185.11 | 4.51 | 137.11 | 0.05 | 5.29 | 0.63 | 9.56 | -0.41 | 4.26 | 8.14 |
| Pre Tax Margin(%) | 1.61 | 77.82 | 0.71 | 14.93 | 0.02 | 0.84 | -0.63 | 2.21 | -2.13 | 1.67 | 2.55 |
| PAT Margin (%) | 2.14 | 49.65 | 0.49 | 11.19 | 0.01 | 0.68 | -0.47 | 1.34 | -7.66 | 1.39 | 2.6 |
| Cash Profit Margin (%) | 6.46 | 76.53 | 1.48 | 25.75 | 0.03 | 1.27 | -0.24 | 3.3 | -3.4 | 2.24 | 3.53 |
| ROA(%) | 0.26 | 0.58 | 0.21 | 0.32 | 0.41 | 0.36 | -0.67 | 0.28 | -0.83 | 0.9 | 1.04 |
| ROE(%) | 0.28 | 0.79 | 0.35 | 0.57 | 0.7 | 0.67 | -1.09 | 0.33 | -0.99 | 1.14 | 1.38 |
| ROCE(%) | 1.3 | 2.4 | 2.17 | 4.73 | 1.78 | 4.31 | 1.3 | 2.2 | -0.05 | 2.87 | 3.34 |
| Receivable days | 4.17 | 2.34 | 0.35 | 249.62 | 0.68 | 56.84 | 19.49 | 40.73 | 7.26 | -8.98 | -13.96 |
| Inventory Days | 411.67 | 3760.57 | 109.18 | 3172.67 | 3.57 | 68.11 | 17.82 | 403.78 | 1357.4 | 271.28 | 400.47 |
| Payable days | 6.88 | -6.37 | 0.66 | -0.34 | 0.02 | 3.52 | 1.78 | 12.42 | 65.72 | 5.84 | 8.4 |
| PER(x) | 159.55 | 39.52 | 77.19 | 0 | 20.28 | 10.05 | 0 | 0 | 0 | 19.03 | 0 |
| Price/Book(x) | 0.44 | 0.31 | 0.27 | 0 | 0.14 | 0.07 | 0 | 0 | 0 | 0.22 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -0.06 | 14.02 | 0.05 | -3.9 | -0.01 | -0.64 | -0.23 | 0.11 | 1.04 | 0.55 | 0.55 |
| EV/Core EBITDA(x) | -0.52 | 6.61 | 0.84 | -2.57 | -21.62 | -10.9 | -26.66 | 0.98 | 27.15 | 10.83 | 6.06 |
| Net Sales Growth(%) | 902.84 | -87.7 | 4361.09 | -92.86 | 0 | -97.94 | 136.29 | -89.41 | -48.18 | 536.43 | -34.46 |
| EBIT Growth(%) | -1.77 | 131.24 | 8.77 | 117.04 | -66.56 | 127.49 | -71.86 | 60.63 | -102.24 | 6675.06 | 25.16 |
| PAT Growth(%) | -9.63 | 184.79 | -55.86 | 62.83 | 24.7 | -4.37 | -262.27 | 130.6 | -395.56 | 215.08 | 23.18 |
| EPS Growth(%) | -9.63 | 184.78 | -55.86 | 62.83 | 24.69 | -4.37 | -262.26 | 130.6 | -395.59 | 215.09 | 23.18 |
| Debt/Equity(x) | 0 | 0.47 | 0.5 | 0.44 | 0.16 | 0.26 | 0 | 0.15 | 0.11 | 0.32 | 0.26 |
| Current Ratio(x) | 7.81 | 1.61 | 2.05 | 2.07 | 2.23 | 1.81 | 6.22 | 3.77 | 4.53 | 2.53 | 2.32 |
| Quick Ratio(x) | 6.79 | 1.27 | 1.77 | 1.23 | 1.78 | 1.73 | 5.21 | 1.58 | 1.05 | 0.52 | 0.57 |
| Interest Cover(x) | 1.2 | 1.73 | 1.19 | 1.12 | 1.7 | 1.19 | 0.5 | 1.3 | -0.24 | 1.64 | 1.46 |
| Total Debt/Mcap(x) | 0 | 1.49 | 1.86 | 0 | 1.16 | 3.83 | 0 | 0 | 0 | 1.51 | 0 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.69 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.31 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -34% | +30% | -12% | +15% |
| Operating Profit CAGR | +33% | +26% | -4% | +15% |
| PAT CAGR | 0% | — | 0% | — |
| Share Price CAGR | +335% | +77% | +66% | +9% |
| ROE Average | +1% | +1% | 0% | 0% |
| ROCE Average | +3% | +2% | +2% | +2% |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.69 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 | 64.66 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.31 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 | 35.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
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