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Company Overview
Parag Parikh Financial Advisory Services Ltd. (PPFAS) traces its origin to 1992, founded by the late Mr. Parag Parikh, a respected figure in Indian financial advisory circles. The asset management arm, PPFAS Asset Management Pvt. Ltd., manages the PPFAS Mutual Fund and was formally established in 2012–2013. Over the years, PPFAS has evolved into a trusted platform for long-term wealth creation, driven by its investment philosophy of value-oriented, long-term investing.
Leadership & Governance
Founder: Late Mr. Parag Parikh
Current Leadership: Neil Parikh, Chairman & CEO
The firm continues to leverage the founder’s vision while combining it with contemporary fund management practices under Neil Parikh’s leadership. The focus remains on disciplined investment processes and investor trust.
Assets Under Management (AUM) & Growth Trajectory
Total AUM (March 2024): ₹64,300 crore across six mutual fund schemes.
Flagship Fund: Parag Parikh Flexi Cap Fund crossed ₹1 lakh crore AUM in May 2025, becoming the largest actively managed equity flexi-cap fund in India.
Scheme-Specific AUM: Approximately ₹22,485 crore (indicative of specific fund reporting).
The rapid growth of flagship funds highlights the firm’s ability to scale while maintaining investment discipline.
Business Model & Revenue Streams
PPFAS operates a multi-stream revenue model, primarily deriving income from:
Mutual Fund Management Fees – Calculated as a percentage of AUM.
Advisory & Distribution Income – Portfolio advisory, wealth management, and commission-based earnings.
Interest Income – Returns from fixed-income securities, bonds, and deposits.
This diversified revenue base ensures stability and reduces reliance on a single income source.
Scalability & Operating Leverage
PPFAS exhibits a highly scalable and asset-light operating model:
Revenue Expansion: Incremental AUM directly increases fee income with minimal additional costs.
Operational Efficiency: Core fixed costs remain stable even as fund size grows, driving strong operating leverage.
Flagship Fund Scale: The Flexi Cap Fund’s growth to ₹1 lakh crore+ demonstrates the firm’s capability to scale operations efficiently.
Diversified Monetization: Advisory services and interest income complement fund management fees, enhancing profitability.
Brand Trust: Legacy, consistent performance, and investor confidence drive sustainable inflows.
Operating Leverage in Practice
Every incremental increase in AUM contributes directly to topline growth.
High-margin fee structures from large-scale AUM significantly enhance bottom-line impact.
Non-core income streams such as advisory fees and interest income scale alongside core operations, supporting overall profitability.
Strategic Summary
PPFAS stands out as a fundamentally strong, scalable, and profitable asset management company:
Built on a trusted brand with disciplined leadership.
Proven AUM growth trajectory from ₹64,300 crore to over ₹1 lakh crore.
Diversified revenue model ensures stability and multiple monetization levers.
High operating leverage facilitates long-term margin expansion.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price per Equity Share | Contact us to know share price | 52-Week High | ₹14,400 |
| Lot Size | 50 Shares | 52-Week Low | ₹8,200 |
| Depository | NSDL & CDSL | PAN Number | AABCP9117F |
| ISIN Number | INE0FGC01012 | CIN | U67190MH1992PLC068970 |
| RTA | Link Intime | Market Cap (₹ Cr.) | ₹11,082 |
| P/E Ratio | 44.87 | P/B Ratio | 16.82 |
| Debt to Equity | 0 | ROE (%) | 38.08 |
| Book Value | ₹855.9 | Face Value | ₹10 |
| Total Shares | 7,695,874 | – | – |
Promoters & Managements
| Name | Designation | Experience (Years) |
|---|---|---|
| Rajeev Thakkar | Chief Investment Officer (CIO) | 20+ |
P&L Statement (₹ Crore)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 89 | 144.8 | 212 | 429 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins (%) | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 22 | 28.68 | 49.24 | 63 |
| Other Expenses | 11 | 12.23 | 16.76 | 24 |
| EBITDA | 56 | 103.89 | 146 | 342 |
| EBITDA Margin (%) | 62.92 | 71.75 | 68.87 | 79.72 |
| Other Income | 1 | 1.58 | 3.16 | 0.25 |
| Finance Cost | 0 | 0 | 0 | 0.7 |
| Depreciation & Amortization | 2 | 1.89 | 1.89 | 5.3 |
| EBIT | 54 | 102 | 144.11 | 336.7 |
| EBIT Margin (%) | 60.67 | 70.44 | 67.98 | 78.48 |
| PBT | 55 | 103 | 146.32 | 336 |
| PBT Margin (%) | 61.8 | 71.13 | 69.02 | 78.32 |
| Tax | 16 | 26.53 | 37.21 | 89 |
| PAT | 39 | 76.47 | 109.11 | 247 |
| Net Profit Margin (%) | 43.82 | 52.81 | 51.47 | 57.58 |
| EPS (₹) | 50.98 | 99.72 | 142.29 | 321.2 |
Financial Ratios (%)
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 62.92 | 71.75 | 68.87 | 79.72 |
| Net Profit Margin | 43.82 | 52.81 | 51.47 | 57.58 |
| Earnings Per Share (Diluted) | 50.98 | 99.72 | 142.29 | 321.2 |
Balance Sheet (₹ Crore)
Assets
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 19 | 19.72 | 23 | 35 |
| Capital Work-in-Progress (CWIP) | 0 | 0 | 0 | 0.1 |
| Investments | 96 | 168 | 263 | 605 |
| Trade Receivables | 12 | 15.95 | 24 | 44 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 4 | 5.33 | 7 | 17.9 |
| Total Assets | 131 | 209 | 317 | 702 |
Liabilities & Equity
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 7.65 | 7.6681 | 7.6681 | 7.69 |
| Face Value | 10 | 10 | 10 | 10 |
| Reserves & Surplus | 117 | 193 | 298 | 641 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 0 | 1.1 | 1.1 | 1.5 |
| Other Liabilities | 6.35 | 7.23 | 10.23 | 51.81 |
| Total Liabilities & Equity | 131 | 209 | 317 | 702 |
Cash Flow Statement (₹ Crore)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 56 | 103.05 | 146.32 | 336 |
| Operating Profit before Working Capital Changes (OPBWC) | 56 | 103.43 | 145.44 | 291 |
| Change in Receivables | -7 | -3.78 | -8.27 | -19 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | 3 | 1.62 | 3.09 | 0.5 |
| Other Changes | 2.3 | 0.5 | -1 | 3.5 |
| Working Capital Change | -1.7 | -1.66 | -6.18 | -15 |
| Cash Generated from Operations | 54.3 | 101.77 | 139.26 | 276 |
| Tax Paid | -16.14 | -27.57 | -37.63 | -78 |
| Cash Flow from Operations (CFO) | 38.16 | 74.2 | 101.63 | 198 |
| Purchase of PPE | -1.5 | -3.09 | -5.63 | -14 |
| Sale of PPE | 0 | 0 | 0 | 0.06 |
| Cash Flow from Investments (CFI) | -40.68 | -74.63 | -96.68 | -190 |
| Borrowings | 0 | 0 | 0 | 0 |
| Dividend Paid | 0 | 0 | -4.21 | -6.7 |
| Equity Raised | 3.99 | 0.29 | 0 | 0.46 |
| Other Financing Activities | -1.51 | 0 | 0 | -2.76 |
| Cash Flow from Financing (CFF) | 2.48 | 0.29 | -4.21 | -9 |
| Net Cash Generated | -0.04 | -0.14 | 0.74 | -1 |
| Cash at Start of Year | 0.72 | 0.664 | 0.49 | 1.24 |
| Cash at End of Year | 0.68 | 0.52 | 1.23 | 0.24 |
Share Holding Pattern
| Year | Geeta P Parikh | Neil P Parikh | Sahil Parikh | Rajeev Thakkar | Others |
|---|---|---|---|---|---|
| 2022 | 18.77 | 43.15 | 14.81 | 5.87 | 17.4 |
| 2023 | 75.35 | – | – | 5.66 | 18.99 |
| 2024 | 75.35 | – | – | 5.88 | 18.77 |
| 2025 | 18.77 | 43.15 | 14.81 | 5.87 | 17.4 |
Frequently Asked Questions (FAQ)
Find answers to common questions, providing clarity and insights to address any queries on your mind.
Contact Us: Reach out to Unlistify to confirm availability and agree on a price.
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DIS (Delivery Instruction Slip): A DIS is a form used to authorize the transfer of shares from your Demat account.
Methods:
Offline DIS: Fill out a physical DIS form with details like the ISIN number, quantity, price of your shares, and our account information. Submit this to your broker.
Online DIS: Some brokers offer online DIS systems for easier transfers.
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