Orbis Financial Corporation Ltd

₹540 - ₹540

Platform	Last Traded Price	Min Quantity
★★★★★	₹540	30

★★★★★

LTP:₹540

Min Qty:30

Strengths & Weaknesses

Strengths

High Number of Institutional Clients: As of Sep’23, the company catered to 310 FPIs, 312 FDIs, 321 PMS, 112 AIFs, and 2,121 HNI/NRIs and corporates.

Health Net-Worth: Orbis’ net worth increased to ~₹429 Cr, as of Mar’23, from ₹79 Cr in Mar’20.

Fund Raise: Orbis raised ₹102 Cr in 2023 from seasoned investor Ashish Kacholia. In a previous funding round, they successfully secured ₹111 Cr.

Healthy Profitability: As on Mar’23, Profit After Tax (PAT) increased ~87% to ~₹121 Cr.

High Clearing Volume: In the clearing business particularly in equity derivatives, the overall volumes cleared by Orbis increased at 58% CAGR in the past two years to ~₹32 Lakh Cr in FY23

Weaknesses

Concentrated Income: the revenue profile remains characterized by limited diversification, with treasury/interest income accounting for 65% of Net Operating Income (NOI) in FY23, followed by the custodial fee at 29% of NOI.

Volatility: Orbis' operations are tied to the inherently volatile capital markets, making its revenue and profitability susceptible to market fluctuations.

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	121.7	113.6	94.3	87.6	65.5	65.5
Reserves	566.5	315.4	128.7	67.44	13.95	2.03
Total Equity	688.2	429.0	223.0	155.1	79.45	67.53
Total NC Liabilities	11.0	14.0	2.0	1.77	2.87	1.53
Total Current Liabilities	4285.5	4597.2	3699.3	2144.6	410.8	261.2
Equity + Liabilities	4984.7	5040.2	3924.4	2301.4	493.1	330.3
Fixed Assets (incl. WIP)	12.8	26.2	14.5	13.64	14.01	12.61
Other Non Current Assets	91.9	356.0	695.6	678.2	21.5	21.3
Total NC Assets	104.7	382.1	710.1	691.81	35.46	33.88
Trade Receivables	49.5	29.8	8.8	12.54	9.49	3.89
Cash & Cash Equivalents	599.8	4143.4	3178.2	883.77	195.09	108.19
Other Current Assets	4230.8	484.8	27.3	713.3	253.1	184.3
Total Current Assets	4880.0	4658.1	3214.3	1609.64	457.65	296.37
Total Assets	4984.7	5040.2	3924.4	2301.5	493.1	330.3

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	424.2	296.7	154.2	66.6	33.7	15.9
Growth %	43.0%	92%	132%	97%	112%	0
Operating Expenses	175.8	133.6	94.2	56.0	20.2	11.6
Growth %	31.6%	42%	68%	178%	74%	0
Operating Profit	248.5	163.1	60.0	10.6	13.6	4.4
Op. Profit Margin %	58.6%	55.0%	38.9%	15.9%	40.2%	27.4%
Other Income	7.2	3.1	36.9	20.0	10.2	6.5
Finance Costs	64.8	42.3	30.3	9.9	6.5	1.3
Depreciation	3.6	2.0	1.3	1.2	0.9	0.6
Profit Before Tax	187.2	121.9	65.2	19.5	16.3	9.0
Tax	45.9	32.3	17.4	3.6	4.8	1.8
Tax %	24.5%	27%	27%	18%	29%	20%
Profit After Tax	141.3	89.6	47.8	15.9	11.6	7.2
Growth %	57.7%	87.3%	200.6%	37.6%	60.3%	0
PAT %	33.3%	30%	31%	24%	34%	45%
Diluted EPS	11.3	8.34	5.03	1.8	1.7	0

Shareholding Pattern

Color	Shareholder	Holding
	Atul Gupta	23.30%
	Arpit Khandelwal	19.80%
	Multi-Act Private Equity Investment Trust	8.10%
	Plutus Wealth Management LLP	8.10%
	Orbis Foundation	6.10%
	Others	34.60%

Fundamentals

Quick Insights

The company serves as a capital market intermediary, offering custodial, fund accounting, professional clearing, depository services, share transfer, FPI registration, and trustee services to a diverse range of clients, including FPI, PMS, FDI, DII, and AIFs.

Market Cap₹6,736.71 Cr

PE Ratio47.7

EPS₹11.32

Dividend Yield-

Book Value₹60.6 Cr

Debt/Equity-

Price/Book8.91

Price/Sales-

Industry PE-

Sales₹424.2 Cr

Profit After Tax₹141.3 Cr

Share Capital₹113.6 Cr

Shares Outstanding-

ISININE155K01013

SectorFinancial Services

SymbolORBIS

About Company

Orbis, incorporated in 2005, promoted by Mr. Atul Gupta, who held approximately a 23% stake as of March 31, 2023. The company serves as a capital market intermediary, offering custodial, fund accounting, professional clearing, depository services, share transfer, FPI registration, and trustee services to a diverse range of clients, including FPI, PMS, FDI, DII, and AIFs.

Quick Insights

The company serves as a capital market intermediary, offering custodial, fund accounting, professional clearing, depository services, share transfer, FPI registration, and trustee services to a diverse range of clients, including FPI, PMS, FDI, DII, and AIFs.

Market Cap₹6,736.71 Cr

PE Ratio47.7

EPS₹11.32

Dividend Yield-

Book Value₹60.6 Cr

Debt/Equity-

Price/Book8.91

Price/Sales-

Industry PE-

Sales₹424.2 Cr

Profit After Tax₹141.3 Cr

Share Capital₹113.6 Cr

Shares Outstanding-

ISININE155K01013

SectorFinancial Services

SymbolORBIS

About Company

Strengths

High Number of Institutional Clients: As of Sep’23, the company catered to 310 FPIs, 312 FDIs, 321 PMS, 112 AIFs, and 2,121 HNI/NRIs and corporates.

Health Net-Worth: Orbis’ net worth increased to ~₹429 Cr, as of Mar’23, from ₹79 Cr in Mar’20.

Fund Raise: Orbis raised ₹102 Cr in 2023 from seasoned investor Ashish Kacholia. In a previous funding round, they successfully secured ₹111 Cr.

Healthy Profitability: As on Mar’23, Profit After Tax (PAT) increased ~87% to ~₹121 Cr.

High Clearing Volume: In the clearing business particularly in equity derivatives, the overall volumes cleared by Orbis increased at 58% CAGR in the past two years to ~₹32 Lakh Cr in FY23

Weaknesses

Volatility: Orbis' operations are tied to the inherently volatile capital markets, making its revenue and profitability susceptible to market fluctuations.

Annual Reports

FY 21 FY 22 FY 23

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	121.7	113.6	94.3	87.6	65.5	65.5
Reserves	566.5	315.4	128.7	67.44	13.95	2.03
Total Equity	688.2	429.0	223.0	155.1	79.45	67.53
Total NC Liabilities	11.0	14.0	2.0	1.77	2.87	1.53
Total Current Liabilities	4285.5	4597.2	3699.3	2144.6	410.8	261.2
Equity + Liabilities	4984.7	5040.2	3924.4	2301.4	493.1	330.3
Fixed Assets (incl. WIP)	12.8	26.2	14.5	13.64	14.01	12.61
Other Non Current Assets	91.9	356.0	695.6	678.2	21.5	21.3
Total NC Assets	104.7	382.1	710.1	691.81	35.46	33.88
Trade Receivables	49.5	29.8	8.8	12.54	9.49	3.89
Cash & Cash Equivalents	599.8	4143.4	3178.2	883.77	195.09	108.19
Other Current Assets	4230.8	484.8	27.3	713.3	253.1	184.3
Total Current Assets	4880.0	4658.1	3214.3	1609.64	457.65	296.37
Total Assets	4984.7	5040.2	3924.4	2301.5	493.1	330.3

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	424.2	296.7	154.2	66.6	33.7	15.9
Growth %	43.0%	92%	132%	97%	112%	0
Operating Expenses	175.8	133.6	94.2	56.0	20.2	11.6
Growth %	31.6%	42%	68%	178%	74%	0
Operating Profit	248.5	163.1	60.0	10.6	13.6	4.4
Op. Profit Margin %	58.6%	55.0%	38.9%	15.9%	40.2%	27.4%
Other Income	7.2	3.1	36.9	20.0	10.2	6.5
Finance Costs	64.8	42.3	30.3	9.9	6.5	1.3
Depreciation	3.6	2.0	1.3	1.2	0.9	0.6
Profit Before Tax	187.2	121.9	65.2	19.5	16.3	9.0
Tax	45.9	32.3	17.4	3.6	4.8	1.8
Tax %	24.5%	27%	27%	18%	29%	20%
Profit After Tax	141.3	89.6	47.8	15.9	11.6	7.2
Growth %	57.7%	87.3%	200.6%	37.6%	60.3%	0
PAT %	33.3%	30%	31%	24%	34%	45%
Diluted EPS	11.3	8.34	5.03	1.8	1.7	0

Shareholding Pattern

Color	Shareholder	Holding
	Atul Gupta	23.30%
	Arpit Khandelwal	19.80%
	Multi-Act Private Equity Investment Trust	8.10%
	Plutus Wealth Management LLP	8.10%
	Orbis Foundation	6.10%
	Others	34.60%

Board of Directors

ATUL GUPTAChairman and WTD

SHYAM AGARWALMD & CEO

PRANAY KOTHARIIndependent Director

S.A.R. ACHARYAIndependent Director

RUP CHAND JAINDirector

MANASI GUPTADirector

Senior Management

Atul GuptaChairman

Shyam AgarwalMD & CEO

Ashu AgarwalCFO

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