1. At a Glance
Almondz Global Securities (AGSL) posted Q1 FY26 revenue ₹31.6 Cr (+6.7% YoY) and PAT ₹6.9 Cr (+13% YoY). Margins expanded to 17.9% thanks to other income. But with ROE stuck at 7.5% and promoter stake sliding, this is more of a “slow burn” than a growth rocket.
2. Introduction
Imagine a financial advisor who gives great advice to others but forgets to fix their own finances. That’s Almondz. Despite a 29% CAGR in sales over 3 years, profits are stuck in the single digits. The stock at ₹21.9 (P/E 21) is cheap-looking, but is it value or value trap?
3. Business Model (WTF Do They Even Do?)
AGSL is an advisory + broking hybrid:
- Infra Consultancy – highways, power, urban projects.
- Financial Services – wealth management, investment banking, equity trading.
- Other Plays – ethanol plant JVs, strategic investments.
Basically, they are everywhere and nowhere at the same time.
4. Financials Overview
Q1 FY26 Snapshot:
- Revenue: ₹31.6 Cr (+7% YoY)
- Operating Profit: ₹5.7 Cr (OPM 17.9%)
- PAT: ₹6.9 Cr (+13% YoY)
- EPS: ₹0.40
Verdict: Revenue stable, profit flat, growth premium missing.
5. Valuation – What’s This Stock Worth?
At P/E 21, P/B 1.56, AGSL trades in line with mid-tier brokers. Using FY26E EPS ₹1.2, a fair value range is ₹18–₹25. Investors expecting Motilal-type returns might be disappointed.
6. What-If Scenarios
- If infra consultancy orders surge: Margins rise, EPS crosses ₹2, stock can hit ₹30+.
- If ethanol JV pays off: Diversification may excite the market.
- If order wins dry up: Margins shrink, stock slides back to ₹15.
- If promoter selling continues: Valuation multiples compress.
7. What’s Cooking (SWOT Analysis)
Strengths: Order wins (₹14.2 Cr expressway consultancy), diversified revenue.
Weaknesses: Low ROE, reliance on other income.
Opportunities: Demerger + infra push by government.
Threats: Promoter stake falling, broking competition, SEBI fines.
8. Balance Sheet 💰
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Assets | 271 | 317 | 351 |
| Net Worth | 211 | 220 | 241 |
| Debt | 21 | 23 | 53 |
| Liabilities | 40 | 74 | 57 |
Debt doubled in FY25, but equity cushion remains.
9. Cash Flow (FY23–FY25)
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Ops | -14 | 19 | — |
| Investing | 2 | -17 | — |
| Financing | 7 | -6 | — |
| Net Cash | -5 | -4 | — |
Operating cash is improving, but consistency is lacking.
10. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE (%) | 10 | 8 | 7.5 |
| ROCE (%) | 10 | 10 | 8.7 |
| PAT Margin (%) | 12 | 11 | 12 |
| D/E | 0.1 | 0.1 | 0.2 |
Numbers are lukewarm – not bad, not exciting.
11. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 76 | 117 | 150 |
| EBITDA | 9 | 16 | 17 |
| PAT | 16 | 34 | 17 |
FY24 was a one-time high (other income), FY25 back to normal.
12. Peer Comparison
| Company | P/E | ROE% | OPM% | PAT Qtr Cr |
|---|---|---|---|---|
| Almondz Global | 20.9 | 7.5 | 17.9 | 6.9 |
| Monarch Networth | 18.6 | 26.1 | 65.3 | 45.2 |
| Share India Sec. | 11.5 | 16.0 | 35.7 | 18.6 |
| Angel One | 23.7 | 27.1 | 35.9 | 114.4 |
Peers deliver better returns at similar or lower valuations.
13. EduInvesting Verdict™
Almondz is trying to be a mini Motilal, but the numbers scream “mid-cap advisory with modest margins.” Infra orders and ethanol JVs may provide triggers, but without profit growth, this is a patient investor’s play.
Currently, it’s a consultant stock: gives advice, needs to take some.
Written by EduInvesting Team | 28 July 2025
Tags: Almondz Global Securities, Q1 FY26, Financial Advisory, EduInvesting Premium
