Shalibhadra Finance - microcap NBFC, growing steadily

(Sunday) #103

  1. Quarterly results are out.
  2. PAT has increased over last period.
  3. EPS figures over last few quarters in the scan copy looks …
  4. BSE site has a CARE report on Shalibhadra but not in depth.
  5. Market cap is only 25 crore with free float of 12 Promoters have their skin in the game. Looks like they purchased recently.
  6. Considering the net PAT and current single digit PE, there is considerable scope for PE expansion.

Really would appreciate your views and observations.

Disclosure : i am invested, considering the low base of 25 crore m cap. Have belief that it will grow to 500 m cap in few years or will be acquired by MFI to accelerate their customer base and reach.

(enigmaak) #104

This company came through a few automated filters, so I decided to take a look. A simple reading of the 2016 Annual report, and I see this : The first name listed in the “non promoter shareholding” is a company called “Amidhara Agencies Private Limited”. It turns out, the Directors of this company are also listed in the promoters section for Shalibhadra. How is that OK?

(stockpicker123) #105

Link to Q4 results. Steady growth.

(TT) #106

Good going, but the increase in administrative expenses is mystifying. They did 60 lakh of additional top line, but have increased administrative expenses by almost 70 lakh. Any clue? If you are invested, you can ask. It’s a small company, maybe even calling them would work.


Q2 Results out

(nitin.verma) #108

Decent results, with 26 % topline growth. The finance costs have played a dampener ,else the bottom-line would have been bigger. The AR was a good read, and they are doing things in the right direction with centralised database, expanding into MP with their first branch and planning to further open 4-5 branches this year.
Disc: bought at 70 and rebought around 95-100 levels.

(SecretInvestor) #109

The feedback from some of their employees is that they are growing quite well. Demonetization did not affect them too much unlike their peers who are still reeling.
Shalibhadra should have very good growth in FY19 and FY20 as per the employees.


(nitin.verma) #110

Shalibhadra has posted another set of decent results . Revenue up 26% , PAT up 26%. AUM up 34% . Finance costs seem to have gone up a bit. Make 34% of revenue as compared 29%a year before.

Has started giving investor presentations too
The only negative seems to be pledging of shares which was zero before. Is the company finding it difficult to raise money?
Dis: invested since 70 levels. Added during recent correction.

(spvk1) #111

(SecretInvestor) #112

I understand that the company has been able to lend all available money with them. The demand for loans is incredibly high.

I wont be surprised if their AUM growth is more than 50% in FY19.

Disc - Invested.

(SecretInvestor) #113

Shalibhadra has finally launched their website. Its good corp governance and perception building.

The son has also joined the business. He is ranked 18th in all india CA rankings. Next gen is very smart.


(SOHAN) #114

They are giving loan to is decent and profitable business.please if one can share the market size of this industry it will be very helpful.i heard of mannapuram joining yhis segment.also as a customer i have taken bike loan from capital first

(SecretInvestor) #115

Well Shalibhadra does not operate in main cities. They operate in Rural areas, mainly tier 4 & 5.

(nitin.verma) #116

shalibhadra has posted a steady set of numbers
sales up 21%, NP up 20%.

(rakeshkumar01) #117

Do shalibhadra finance also provide business loan, because every where there is two or three wheeler loan.

(Anshul Bahl) #118

Can see things changing for good in Shalibhadra. They have set up website, doing investor presentation. In the market there is a perception about promoters being very laid back. It’s too small a company so there’s a question mark about their ability to get adequate capital and their ability to collect. But good thing is that they do secured lending.