Pioneer Investcorp Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Income From Securities/Investments: 73.8% • Advisory and Merchant Banking Fees: 22.1% • Equity Brokerage and Related Income: 4.1%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 1.4%
- Company has consistently been profitable over the last 5 years
- Attractively priced for its growth - PEG of 0.3
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- A large part of profit comes from other income (98.4% of PBT)
- Recent results are weak - TTM profit is down 58.5% versus prior year
- Company has a low return on equity of 3.2% over last 3 years
- Company has a low return on capital employed of 6.9%
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PIONRINV | 85.40 | 7.36 | 105.02 | 0.00 | 1.98 | -94.53 | 6.70 | -54.03 | 8.61 | 47.55 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 7 | 8 | 11 | 7 | 3 | 5 | 2 | 15 | 10 | 8 | 1 | 7 | |
| 5 | 5 | 5 | 9 | 5 | 6 | 6 | 8 | 8 | 8 | 5 | 7 | 8 | |
| Operating Profit | 3 | 2 | 3 | 3 | 4 | 2 | 4 | 2 | 7 | 8 | 7 | -3 | 3 |
| OPM % | 37.01% | 30.93% | 35.23% | 24.72% | 48.16% | 83.66% | 77.86% | 81.93% | 47.22% | 78.58% | 88.34% | -257.14% | 47.55% |
| Other Income | 0 | 0 | 0 | 5 | 1 | 4 | 1 | 5 | 0 | 0 | 0 | 8 | 2 |
| Interest | 2 | 2 | 2 | 4 | 2 | 4 | 3 | 4 | 4 | 2 | 2 | 4 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 0 | 0 | 4 | 2 | 2 | 2 | 3 | 3 | 6 | 5 | 1 | 2 | |
| Tax % | 49.21% | 47.62% | 26.83% | 56.99% | 24.42% | 11.90% | 13.64% | 64.69% | 26.58% | 22.92% | 11.20% | 92.39% | 14.82% |
| Net Profit | 0 | 0 | 0 | 0 | 33 | 3 | 1 | 28 | 36 | 5 | 6 | 17 | 2 |
| 0 | 0 | 0 | 3 | 3 | 0 | 1 | 2 | 3 | 4 | 5 | 1 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 19,066 | 46,382 | 25,957 | 39 | 46 | 31 | 36 | 32 | 36 | 36 | 26 | |
| 19,061 | 46,344 | 25,955 | 31 | 30 | 19 | 21 | 21 | 24 | 24 | 27 | |
| Operating Profit | 6 | 38 | 3 | 8 | 16 | 12 | 15 | 11 | 11 | 12 | -1 |
| OPM % | 0.03% | 0.08% | 0.01% | 21.45% | 35.10% | 38.05% | 42.66% | 33.34% | 31.34% | 32.38% | -2.96% |
| 2 | 1 | 6 | 1 | 1 | 1 | 0 | 0 | 5 | 11 | 10 | |
| Interest | 8 | 13 | 7 | 8 | 11 | 8 | 10 | 7 | 11 | 13 | 11 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -1 | 25 | 1 | 0 | 5 | 3 | 5 | 4 | 7 | 11 | 14 |
| Tax % | 35.92% | 29.66% | 74.24% | -424.93% | 37.60% | 68.55% | 25.25% | 42.79% | 38.90% | 26.15% | 21.74% |
| Net Profit | -1 | 18 | 0 | 0 | 3 | 1 | 4 | 2 | 4 | 8 | 11 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.53 | 0.72 | 3.04 | 1.67 | 3.31 | 6.42 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -46%
- 5 Years:
- -5%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- 20%
- 3 Years:
- 28%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 3%
- 3 Years:
- 3%
- Last Year:
- 5%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 96 | 113 | 110 | 114 | 117 | 119 | 124 | 126 | 135 | 143 | |
| 38 | 54 | 49 | 75 | 42 | 103 | 51 | 84 | 108 | 144 | |
| Trade Payables | 0 | 3 | 2 | 2 | 3 | 2 | 6 | 10 | 139 | 132 |
| 1 | 8 | 0 | 3 | 3 | 3 | 8 | 13 | 10 | 17 | |
| Total Liabilities | 147 | 191 | 174 | 206 | 178 | 240 | 202 | 246 | 405 | 448 |
| 2 | 3 | 4 | 6 | 6 | 5 | 5 | 4 | 5 | 5 | |
| 4 | 15 | 16 | 19 | 16 | 16 | 18 | 18 | 119 | 122 | |
| 22 | 59 | 31 | 49 | 1 | 79 | 20 | 29 | 64 | 93 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 139 | 133 | |
| Cash & Bank | 5 | 6 | 10 | 18 | 13 | 11 | 16 | 12 | 6 | 8 |
| 114 | 108 | 112 | 114 | 142 | 129 | 143 | 183 | 71 | 88 | |
| Total Assets | 147 | 191 | 174 | 206 | 178 | 240 | 202 | 246 | 405 | 448 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 19 | 17 | -10 | 33 | -54 | 69 | -29 | -23 | -25 | |
| Cash from Investing | 5 | -11 | -1 | -1 | 6 | 1 | -2 | 1 | 6 | 5 |
| Cash from Financing | -40 | 3 | -12 | 19 | -43 | 52 | -62 | 26 | 11 | 21 |
| -6 | 1 | 4 | 7 | -5 | -2 | 5 | -3 | -6 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for PIONRINV
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