Almondz Global Securities Limited (ALMONDZ) AI Stock Analysis

• Market Cap: ₹2.47B
• Dividend Yield: N/A
• Average Volume (3M): 19.74K
• Price to Earnings (P/E): 6.1
• Beta (1Y): 1.21
• Revenue Growth: 7.76%
• EPS Growth: -48.14%
• Country: IN
• Employees: 297
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.71
• Shares Outstanding: 173,646,760
• 10 Day Avg. Volume: 8,313
• 30 Day Avg. Volume: 19,742
• PEG Ratio: -0.39
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 2.35
• P/FCF Ratio: -25.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹14.50 ▼(-21.92% Downside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is driven primarily by solid financial statement strength (revenue growth and a stable balance sheet), tempered by cash-flow weakness. Technicals are a key drag with the stock trading below major moving averages and negative MACD, while valuation appears reasonable based on the P/E.

Positive Factors

Sustained Revenue Growth

Consistent multi-year revenue growth (~19% reported) signals durable demand expansion and successful client acquisition in core capital-markets services. This growth supports scale economies, funds reinvestment in capabilities, and underpins longer-term earnings resilience if maintained.

Strong Balance Sheet

A healthy equity ratio and manageable debt-to-equity provide financial flexibility to absorb shocks, fund strategic investments, and support regulatory capital needs. Durable balance-sheet strength reduces default and refinancing risk and preserves optionality through cycles.

Improving Profitability Margins

Upward trends in gross and net margins point to better pricing, cost control, or higher-margin revenue mix. Sustained margin expansion strengthens free cash generation potential and return on capital, improving long-term shareholder value if operational gains persist.

Negative Factors

Cash-Flow Volatility

Volatile operating cash flow and a negative FCF in 2025 create durable liquidity and funding concerns. Inconsistent cash conversion can force reliance on external financing, constrain capex or working-capital flexibility, and raise vulnerability to rate or market stress.

Compression in Core Margins

A decline in EBIT/EBITDA margins suggests rising operating costs or margin pressure in key services. If structural, it can erode profitability despite revenue growth, weaken cash flows, and reduce the firm's ability to invest in competitive capabilities over the medium term.

Limited Forward Visibility

Absence of guidance and few disclosed corporate events reduce transparency on strategy and capital allocation. Limited forward visibility hampers assessment of management priorities, execution risk, and the sustainability of growth initiatives across multi-quarter horizons.

Almondz Global Securities Limited Business Overview & Revenue Model

Company Description

Almondz Global Securities Limited operates as an investment bank in India. The company operates through Debt and Equity Market Operations, Consultancy and Advisory Fees, Wealth Advisory/Broking Activities, Finance Activities, Infrastructure Advisory, and Healthcare Services segments. It offers corporate finance advisory services, including initial public offerings (IPOs), follow-on public offerings, rights issues, takeovers, delisting, buy backs, and equity valuations; private equity, merger and acquisition, and corporate restructuring services; debt private placement, loan syndication, and debt restructuring services, as well as issues bonds; and infrastructure advisory, joint venture, and project advisory services, as well as merchant banking and underwriting services. The company also provides equity broking services, such as institutional equity, retail equity, equity research, and portfolio management; debt portfolio management services comprising money market operation and debt trading; and wealth management services, which include mutual funds, equity and debt IPOs, derivative strategies, insurance, and other financial products. In addition, it offers mutual funds, fixed income products, loan and mortgages, derivatives, commodities, currencies, PMS, insurance, and real estate services; and operates eye care centers. The company was incorporated in 1994 and is based in Mumbai, India. Almondz Global Securities Limited is a subsidiary of Avonmore Capital & Management Services Limited.

How the Company Makes Money

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Almondz Global Securities Limited Financial Statement Overview

Summary

Strong multi-year revenue growth and improving profitability support the score, and the balance sheet is stable with a healthy equity position and manageable leverage. The main offset is weaker cash-flow quality, including negative free cash flow in 2025 and volatile operating cash flow versus net income.

Income Statement

The company shows strong revenue growth over recent years, with a significant increase from 2020 to 2025. Gross profit and net profit margins have been improving, indicating enhanced efficiency and profitability. However, there was a notable drop in EBIT and EBITDA margins in 2025 compared to 2024, which could suggest rising operational costs or other challenges impacting earnings.

Balance Sheet

The balance sheet reflects a strong equity position with a consistent increase in stockholders' equity over the years. The debt-to-equity ratio remains at a manageable level, suggesting prudent leverage. The equity ratio shows a healthy proportion of equity financing compared to total assets. Overall, the balance sheet is stable, with good financial health.

Cash Flow

Cash flow from operations has fluctuated significantly, with a negative free cash flow in 2025, indicating potential liquidity challenges. The operating cash flow to net income ratio shows inconsistencies, which could point to volatility in cash generation relative to earnings. While the company has managed to maintain positive free cash flow previously, recent negative trends warrant attention.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.48B	1.48B	1.12B	749.22M	651.62M	522.88M
Gross Profit	1.16B	1.08B	803.32M	497.04M	411.86M	113.89M
EBITDA	281.07M	267.87M	419.11M	219.80M	263.31M	242.95M
Net Income	191.25M	173.25M	340.69M	157.77M	185.42M	184.72M
Balance Sheet
Total Assets	3.67B	3.51B	3.17B	2.71B	2.52B	2.14B
Cash, Cash Equivalents and Short-Term Investments	96.10M	624.92M	446.31M	189.14M	243.41M	141.35M
Total Debt	506.00M	531.09M	234.24M	205.22M	243.07M	183.90M
Total Liabilities	981.50M	1.10B	970.94M	609.62M	683.97M	498.57M
Stockholders Equity	2.57B	2.41B	2.20B	2.10B	1.83B	1.64B
Cash Flow
Free Cash Flow	-11.10M	-138.00M	134.11M	-158.30M	47.45M	3.71M
Operating Cash Flow	-4.60M	-89.00M	350.63M	-137.40M	100.37M	5.47M
Investing Cash Flow	-254.20M	-128.20M	-331.91M	19.40M	-38.57M	-19.88M
Financing Cash Flow	122.60M	356.00M	-57.68M	66.20M	8.84M	-29.63M

Almondz Global Securities Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ALMONDZ, the sentiment is Negative. The current price of 18.57 is above the 20-day moving average (MA) of 14.84, above the 50-day MA of 15.25, and above the 200-day MA of 18.35, indicating a bearish trend. The MACD of -0.40 indicates Positive momentum. The RSI at 43.76 is Neutral, neither overbought nor oversold. The STOCH value of 48.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ALMONDZ.

Almondz Global Securities Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SMCGLOBAL	66 Neutral	₹13.57B	15.62	―	0.70%	-5.03%	-54.73%
AVONMORE	65 Neutral	₹3.39B	14.75	―	―	-3.87%	-56.35%
BIRLAMONEY	63 Neutral	₹6.30B	14.15	―	―	-6.37%	-24.10%
IVC	61 Neutral	₹2.16B	-33.32	―	9.62%	―	―
ALMONDZ	60 Neutral	₹2.47B	6.06	―	―	7.76%	-48.14%

Almondz Global Securities Limited Corporate Events

Almondz Global Issues Corrigendum Notice Ahead of March 27 EGM

Almondz Global Securities Limited has notified stock exchanges that it has published corrigenda in Financial Express and Pratahkal Marathi to correct inadvertent errors in the notice of its Extra-Ordinary General Meeting dated February 25, 2026. The EGM will proceed as scheduled on March 27, 2026, with the newspaper advertisements issued on March 14, 2026 to formally inform shareholders and demonstrate compliance with SEBI’s disclosure norms and other applicable laws.

By promptly issuing and publicizing the corrigendum, the company aims to ensure shareholders have accurate information ahead of the meeting and to reinforce its governance standards in line with regulatory requirements, limiting potential confusion or disputes over the original notice. The disclosure underscores Almondz Global Securities’ focus on regulatory transparency and proper communication with investors regarding key corporate events.

Almondz Global Securities Calls Extraordinary General Meeting for March 27, 2026

Almondz Global Securities Limited has informed stock exchanges that it has published newspaper notices convening an Extraordinary General Meeting of shareholders. The meeting is scheduled for Friday, 27 March 2026, and the company has requested the exchanges to take this intimation on record, signaling routine compliance with listing and disclosure requirements.

While the specific agenda of the Extraordinary General Meeting has not been disclosed in the intimation, the move indicates that the company will seek shareholder approval on matters considered significant enough to require a meeting outside the normal annual schedule. Stakeholders will look to the formal EGM notice and subsequent disclosures for clarity on any potential impact on governance, capital structure, or strategic direction.

Almondz Opens Fresh Window for Re-Lodgement of Physical Share Transfers

Almondz Global Securities Limited has informed stock exchanges that it has published newspaper advertisements announcing another special window for shareholders to re-lodge transfer and dematerialisation requests for physical share certificates. The move, undertaken in line with a recent Securities and Exchange Board of India circular, aims to give remaining holders of physical shares an additional opportunity to regularise ownership records, potentially improving liquidity, compliance, and transparency for investors and the company’s share registry.

By coordinating with national dailies in English and Marathi, the company is seeking to reach a broad base of investors who may still hold physical securities and need to convert or correct their holdings. This step underscores Almondz Global Securities’ effort to align with evolving market norms that favour dematerialised securities and may reduce operational risks associated with paper-based share transfers over time.

Almondz Global Securities Files SEBI Dematerialization Compliance Certificate for Q3 FY2025-26

Almondz Global Securities Limited has submitted a compliance certificate from its registrar and share transfer agent, Beetal Financial and Computer Services Pvt. Ltd, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The certificate states that all securities received for dematerialization during the quarter were properly processed, listed on the appropriate stock exchanges, and that corresponding physical certificates were mutilated, cancelled, and replaced in the company’s records with the depositories as registered owners within the prescribed timeframe, underscoring the company’s ongoing compliance with regulatory and depository requirements for its shareholders.