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Revenue
₹4,400 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Edelweiss reported steady growth across its operating businesses, with underlying PAT growing at 22% CAGR. Key highlights include the Carlile investment in housing finance subsidiary Nidato (₹2,100 crore deal), strong fundraising in alternative asset management (67% YoY growth to ₹7,500 crore in 9 months), and mutual fund equity AUM reaching ₹83,000 crore with SIP book up 55% to ₹558 crore. The company is on track to reduce corporate debt from ₹6,500 crore to below ₹3,000 crore in 18 months via stake sales and dividends. Risks include continued foreign investor skepticism towards India and cyclicality in the ARC business.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its goal to grow underlying business profit after tax at 20% annually, supported by platform strength and scale.
- Target to bring corporate debt from ₹6,500 crore to under ₹3,000 crore within 18 months, with ₹1,500 crore earmarked against property.
- DRHP filed; IPO process expected to take 4-6 months, with approximately 15% dilution to unlock value and reduce corporate debt.
- Break-even plans unchanged; GST impact to be mitigated over two years via product mix, incentive changes, and insourcing.
Risks flagged
- Continued FII selling due to rupee, earnings growth, and valuation concerns could impact market sentiment and fundraising.
- ARC industry in a recovery phase; new NPA acquisition may take 12-18 months to pick up, pressuring growth.
- One-time GST credit extinguishment and ongoing cost impact from GST on outsourcing; mitigation may take two years.
- Management indicated they lost a bid for PGIM India AMC due to conservative pricing; risk of overpaying for growth.
Key quotes
- We are not a one operating company; we are an investment company with multiple businesses at various stages of business.
- The business PAT is where the heart of the value creation is. That has been growing and we would like to grow it at 20% a year.
- We could have sold the whole thing but we didn't want to sell because we wanted to sell a little bit to reduce our corporate debt... we do think the stake we are holding the 26% could be valued a lot more in the future.
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