LKP Securities Ltd.

•

lkpsec.comBSE: -NSE: LKPSEC

Market Cap₹ 128 Cr.

Current Price

High / Low₹ 18 / 14

Stock P/E22.8

Book Value₹ 12

Price to Book0.95

Dividend Yield1.29 %

ROCE13.7 %

ROE9.8 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Asset quality is healthy - gross NPA of just 0.0%
Solid return on assets for a lender - ROA of 2.8%
Company has a healthy return on capital (ROCE) of 20.0%
Operating margins have improved to 24.0% from 12.9%
Attractively priced for its growth - PEG of 0.5
Company has a consistent dividend-paying track record

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Recent results are weak - TTM profit is down 59.8% versus prior year
Free cash flow has been persistently negative
Valuation is stretched - P/E of 22.8 is well above its own 5-year median (12.9)
Company has delivered a poor sales growth of 4.7% over past five years
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MCX	3285.00	54.33	83764.82	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1020.95	31.05	61494.19	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1190.00	38.43	48500.18	1.01	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1840.70	31.31	33909.05	1.52	305.64	15.83	1376.22	22.59	20.45	52.80
5.	ANGELONE	279.00	24.71	25501.62	1.45	231.40	102.15	1429.69	25.35	14.87	33.92
6.	CHOICEIN	762.65	71.48	16990.05	0.00	60.61	26.37	309.79	32.46	23.09	33.83
7.	IIFLCAPS	338.80	18.73	10678.26	0.89	1841.63	949.18	6314.82	922.86	23.27	35.76
8.	SHAREINDIA	168.40	10.14	3685.02	0.95	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	508.25	24.69	3205.35	0.98	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	373.60	16.36	2962.96	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	82.99	31.94	2316.43	1.81	19.83	-30.83	160.40	7.46	9.35	20.55
12.	LKPSEC	15.46	17.45	127.91	1.29	1.46	-66.89	26.56	-4.65	14.47	22.01

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	18	21	24	32	30	34	25	22	28	27	24	26	24
	16	18	19	21	22	25	19	18	19	20	20	22	23
Operating Profit	2	3	5	11	8	9	6	4	9	7	5	5	4
OPM %	12.33%	13.84%	20.73%	34.07%	27.24%	25.89%	22.06%	16.49%	31.57%	24.80%	20.11%	18.73%	18.27%
Other Income	1	0	0	0	0	0	0	5	0	0	0	0	0
Interest	1	1	2	2	2	2	2	2	2	2	2	2	2
Depreciation	1	1	1	1	1	1	1	3	1	1	1	1	1
	1	1	2	9	6	6	3	4	6	4	1	2	1
Tax %	-26.79%	28.26%	29.72%	34.90%	27.05%	25.16%	28.57%	28.11%	25.56%	28.53%	21.77%	19.02%	39.92%
Net Profit	1	1	2	6	4	5	2	3	4	3	1	1	1
	0	0	0	1	0	1	0	0	1	0	0	0	0
Equity Capital	16	16	16	16	16	16	16	16	16	16	16	16	17
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	63	86	95	73	84	93	76	96	111	105	102
	61	67	86	66	77	72	68	75	85	80	84
Operating Profit	5	21	9	8	8	23	10	22	31	26	—
OPM %	8	24	10	11	10	24	13	23	28	25	—
Other Income	2	1	0	1	2	2	1	1	5	1	1
Interest	4	7	8	5	1	2	3	5	8	8	9
Depreciation	1	1	1	1	2	2	3	4	6	5	5
	-0	13	1	2	6	18	4	13	18	12	8
Tax %	669	40	-142	29	29	26	29	28	27	25	27
Net Profit	1	8	2	2	4	13	3	9	13	9	6
EPS	0	0	0	0	1	2	0	1	2	1	—
Dividend Payout %	0	9	0	0	38	17	25	13	19	18	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	0	1	0	0	1	2	0	1	2	1	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 5%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 19%
3 Years:: 43%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 14%
3 Years:: 13%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	15	15	15	15	15	15	16	16	16	16
	13	21	22	23	28	42	48	62	74	82
	65	63	25	15	10	9	7	8	30	57
Trade Payables	71	56	52	52	92	100	60	127	207	97
	1	7	25	35	46	43	34	39	50	35
Total Liabilities	165	161	139	140	191	209	165	253	378	288
ASSETS	-	-	-	-	-	-	-	-	-	-
	5	5	6	6	15	15	24	21	19	20
	3	4	6	7	4	5	6	5	13	14
	0	0	0	0	0	0	0	16	14	16
Cash & Bank	31	49	52	49	97	125	56	109	151	137
	127	104	75	78	75	64	79	101	182	101
Total Assets	165	161	139	140	191	209	165	253	378	288
Total Debt	66	64	25	15	10	9	7	8	45	64
Net Working Capital	-6	4	29	30	28	35	44	57	51	17
Contingent Liabilities	37	56	55	11	1	24	42	32	27	37
Book Value per Share	3.76	4.81	4.93	5.13	5.80	7.55	8.09	9.61	11.07	11.99
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	9	44	1	47	28	-73	-13	-23	-4
Cash from Investing	-14	5	4	25	-10	0	13	3	-1	-4
Cash from Financing	-13	-8	-45	-14	-7	-5	-1	-2	25	7
	5	6	3	12	31	23	-61	-12	1	-2
Free Cash Flow	31	8	42	-0	37	26	-84	-14	-23	-9
OCF / Net Profit	62.22	1.10	23.37	0.73	11.99	2.07	-23.01	-1.32	-1.77	-0.43
Cumulative 5-Year FCF	0	0	0	0	118	113	21	-35	-58	-104

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.07	1.09	0.26	0.21	0.53	1.78	0.40	1.16	1.61	1.13
Book Value (₹)	3.76	4.81	4.93	5.13	5.80	7.55	8.09	9.61	11.07	11.99
Dividend per Share (₹)	0.00	0.10	0.00	0.00	0.20	0.30	0.10	0.15	0.30	0.20
Cash EPS (₹)	0.22	1.22	0.38	0.37	0.75	2.06	0.76	1.63	2.31	1.77
PROFITABILITY
Operating Margin %	8.24%	24.13%	9.76%	10.97%	9.98%	24.32%	12.92%	22.10%	23.52%	23.97%
Net Margin %	0.80%	9.22%	2.00%	2.15%	4.68%	14.36%	4.14%	9.88%	11.87%	8.85%
ROE %	3.61%	25.39%	5.29%	4.21%	9.70%	26.79%	5.28%	13.39%	15.61%	9.82%
ROCE %	4.18%	20.61%	10.25%	11.60%	12.39%	34.11%	10.23%	23.24%	23.07%	13.74%
	0.32%	4.88%	1.27%	1.13%	2.37%	6.66%	1.69%	4.55%	4.18%	2.79%
EFFICIENCY
Debtor Days	475	263	225	186	91	78	99	69	50	53
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	475	263	225	186	91	78	99	69	50	53
FINANCIAL HEALTH
Debt to Equity (x)	2.39x	1.80x	0.70x	0.40x	0.24x	0.16x	0.11x	0.10x	0.50x	0.65x
Interest Coverage (x)	0.98x	2.96x	1.10x	1.47x	5.66x	8.52x	2.69x	3.52x	3.34x	2.51x
	0.96x	1.03x	1.28x	1.30x	1.19x	1.23x	1.50x	1.35x	1.19x	1.10x
GROWTH
Revenue Growth %	12.48%	36.29%	9.67%	-22.93%	14.65%	10.63%	-17.51%	25.85%	15.70%	-5.55%
Operating Profit Growth %	42.63%	299.08%	-55.65%	-13.38%	4.36%	169.47%	-56.16%	126.30%	40.78%	-17.80%
Net Profit Growth %	135.22%	1480.56%	-76.20%	-17.37%	149.89%	239.74%	-76.22%	200.19%	39.01%	-29.55%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	188.11%	38.54%	-29.87%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.45x	12.88x	10.08x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.87x	1.87x	0.95x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	1.45%	1.76%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.04x	2.05x	0.84x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.60	71.36	71.36	71.36	71.04	71.04	71.04	71.04	72.07
	3.93	4.15	4.18	4.18	4.16	4.16	4.16	3.94	3.92
	0.03	0.03	0.03	0.03	0.03	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.45	24.47	24.44	24.44	24.78	24.80	24.80	25.02	24.01

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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