@harshmadhusudan If this is the case, shouldnโt INR have appreciated over the last 10 years, as we have been closing gap albeit slowly with American income?
@compoundingaiin@NDTVProfitIndia I agree it is unfair to ROEs of an established player vs. new one. I checked the transcript again. Vishal says long term ROE for WM would be 15-18%. Isnโt that low for an asset light business? Anand Rathi is 40%+. What am I missing?
@SamarthNagpal26 I still hold as i find it difficult to move in and out. But i wish the management acted a little less like they are trying to sell on their calls. Sitting in Feb canโt believe they werenโt aware of the challenges with the land. A frank disclosure with a planB would have helped.
@compoundingaiin@NDTVProfitIndia In the con call yesterday, when someone pointedly asked the target ROE for wealth management, management said mid teens. When standalone wealth managers like Anand Rathi deliver 50%+ ROE, why is JM settling for 15%? Strange.
@compoundingaiin@NDTVProfitIndia IPO pipeline is very strong at Rs. 1.4 lakh Cr. However in the con call Vishal said he expects growth in this IB in H2, which means next two quarters are washout. Markets seem to have priced this slowdown well.
@SamarthNagpal26 Market seems really upset with the promoter for repeatedly missed target for acquiring the land. The other reason could be concerns about raw material inflation eating up margins. Let us see how this plays out. Disc - invested.
@SamarthNagpal26 If they are able to deliver 28-30% as guided, it will still be excellent growth. In Q3 call land seemed like done deal. I guess that is what the market did not like. I really like how the promoter has figured out a plan B.
@compoundingaiin Delivery on wealth and asset management would change my view. They are already leaders in IB. Home loans is chugging along nicely. Seem to have implemented lessons learnt in private credit.
@MithunSarkari EPC inherently is not a superior business with extended working capital. Management promised 50% back to back growth in the past. Right now it is external challenges rather than company issues, but given slow down, derating seems to be on cards.
@MithunSarkari They talked talked about competitive intensity in DC space in the call. Lowered revenue guidance from DC in FY27. EBITDA profile also lowered. Not sure if they will win big in DC, but DC should not be a reason to invest. What they own in DC is commodity.