Ucal Ltd Management Discussions

Jul 23, 2024|03:32:43 PM

Ucal Ltd Share Price Management Discussions


UCAL LIMITED is among the leading Companies in Fuel Management and Emission Control Systems in the Automotive Industry in India. Founded in 1985, the Company has earned the distinctionof a preferred vendor and a leading supplier to Auto Majors and global OEMs of premium quality Carburettors and Fuel Management Systems, Emission control products, Pumps & Valves and Machined parts for critical applications in the Auto and Non Auto space.

The Company offers a wide range of Automotive Electronics and mechatronic components and systems to address the demands of the modern mobility industry, in line with the countrys BS-VI and OBD-II regulatory standards. In addition, UCAL is keeping pace with the dynamically changing technological trends like zero emission, electrification, light-weighting, composites, electronics, flex-fuel, among others, in the auto space. As sustainability trends dictate the Mobility landscape with EVs and alternate energy shaping the transportation industry globally, UCAL has drawn-up plans to increaseitsparticipationintheEVspace. Transitioning from UCAL Fuel Systems Limited to UCAL LIMITED, the Company is expanding its ambit of operations, exploring the immense possibilities in emerging segments to build a strong, sustainable and future-ready organisation.


The slow revival of the global economy from the aftermath of the pandemic was disrupted by the Russia-Ukraine war and its outfall triggering inflation, raw material prices, energy crisis with tightened gas supplies forcing plant shut-downs particularly in the Eurozone and economic fragmentation on geo-fault lines impacting global trade. Global growth according to World Economic Outlook remained muted at 2.8%.

Supply-chain disruptions are unwinding, while the dislocations to energy and food markets war are receding. The Central banks have raised interest rates and underlying price pressures are proving with labor markets tight in a number of economies. The banking sector were exposed to vulnerabilities are coming into focus with the rise in policy rates and has raised fears across the broader financial including non-bank financial. Global growth will bottom out at 2.8% in 2023 before rising modestly to 3.0% in 2024 and global inflation will decrease from 8.7% in 2022 to 7.0% in 2023 and 4.9% in 2024.


The Indian Economy demonstrated greater resilience with demand resurgence across key sectors leading to a GDP growth of 6.8% and positioning it among the fastest growing economies in the world. Supportive Government policies budgetary outlay for the development of the railways, transportation, infrastructure, including sustainability-driven sectors like EV, Alternate Energy and Green Growth Programme with a focus on green fuel, green energy, green mobility and green farming amongst others, further lent an impetus to growth.

The Governments thrust on capital expenditure, above trend strong capacity utilization in manufacturing, double digit credit growth and the moderation in commodity prices are expected to bolster manufacturing and investment activity. From April 2023, CNG prices have continued to move downwards are expected to stay at current levels. The differential in diesel and CNG prices is projected to drive higher demand for CNG vehicles going forward.

The Automotive industry is optimistic shortage will soon see an end in 2023, despite the possibility of the shortage prolonging into 2024, though not with the same intensity as earlier.


The Auto industry rode the buoyancy in the market recording an overall growth of 20.36% while the passenger car segment particularly the SUV and Commercial vehicle segments, clocked a robust growth of 26.73% according to SIAM. (Society of Indian Automobile Manufacturers). Demand in the entry level mini car and two-wheeler segments however remained muted due to inflationary Sales of 2W recorded an increase of 17%, though still lower than the peak levels touched in 2018-19. caused by the The Automobile sector in India is poised for exponential growth with industry in line with the Automotive Mission Plan -2016-26 to turn the country into the automobile which manufacturing hub of the world.

A large and young demographic, an affluent and sector, aspirationalmiddle-class and a growing demand for vehicles has made India one of the largest automobile markets in the world. In addition, supportive Government policies like the Production Linked Incentive (PLI) scheme, vehicle scrappage policy, the 100% FDI and the ‘Make in India initiative and skilled workforce, and low-cost manufacturing advantage, is turning India into a preferred destination of global OEMs and Auto majors, in their re-shoring and China Plus One strategies, adding to the long-term growth prospects of the industry. estima TheInternalCombustion Enginemarketis to grow by USD 27.2 billion from 2022 to 2027, with a growing demand to improve vehicle performance.The to stringent market witnessed significant growth and is increase driven by a burgeoning demand for passenger and commercial vehicles in developed and emerging economies. In addition, being increasingly combined with internal combustion in Motorcycles and engines (ICE) to enhance vehicle fuel efficiency, a key factor driving the growth of the market. Though all new vehicles from 2030, will be designed to run on cleaner energy (electric, hybrid, hydrogen fuel cell), the phasing out of internal combustion vehicles is supposed to be completed by 2040. Yet there is no clear consensus on the phase-out timeline major global auto manufacturers. Internal Combustion Engines will therefore continue to play an important part in all end-user verticals such as automotive, construction, with Asia Pacific being the dominant market.


The fuel injection (FI) systems market was estimated around USD 75.5 billion in 2021, growing at a CAGR of nearly 10.5% during 2022-2030. The market is projected to reach approximately USD 186.5 billion by 2030. e The most critical component of an engines mechanism is its fuel injection system. The performance of the engine depends on how well the system operates. Globally, the market for direct fuelinjectionsystemsisestimated to grow exponentially with increasing vehicle production numbers, particularly in the 2W and Passenger Car segments. Light weight vehicles and a focus on fuel efficiency, emission control, performance and driver experience are dictating market trends. In addition to the automotive sector, fuel injected engine systems are used in aviation, defense and mining UCAL is among the leading manufacturers of Fuel in Injection the automobile space and its market leadership and industry experience bestow a resilient strength and the agility to adapt and reinvent to a dynamically changing business environment.

Carburettor is the device inside an internal combustion together with a large engine that provides the area for air and gasoline to mix them together so that the engine runs properly. The Global Carburetors market valued at USD 1112.5 million in 2020 is expected to reach USD 1197.3 million by the end of 2027, growing at a CAGR of 1.2% during 2021-2027 (Carburetors Market 2023 Research Report by 2027). A growing global demand for downsizing and more efficient engines for better fuel efficiency and emission norms, performance, in addition expectedto are key drivers for the growth of the Carburettor market.

Asia Pacific, with its biggest market for Carburettors.

At UCAL, our findwide Mechanical Carburettors Power sports and in application Universal Gasoline Engines both in the Automotive and Non-Automotive segments.

During the year, while e-Carburettor sales declined due to changeover of a key customer to EFI systems, engines from all motor mechanical Carburettor sales for the export market saw good traction, with further potential by


In line with the UN Sustainability Goals - 2030, Governments across the world have mining, agriculture and power generation, reducing greenhouse gases and pollution, with the aim of reaching Net Zero or zero carbon neutrality by 2070. The growing global awareness on environmental protection has led to strict Governmental mandates and regulatory standards to contain emissions across industries, including the Auto industry. automotiv control system market Theglobal is expected to reach an estimated $81.8 billion by 2027 and it is forecast to grow at a CAGR of 8.1% from 2021 to 2027. Increase in vehicle densities in passenger cars and commercial transport, enhanced standards in safety requirements and government regulations such as Euro emission standards are the major growth drivers of this market.

The BS-VI Stage II norms are set to be introduced in the automotive industry in India, mandating vehicles to meet more stringent emission norms, on par with Euro VI standards. To align with these norms, the vehicles will industries. need to have an on-board self-diagnostic device called OBDII as standard.

The Government of India has introduced the OBDII

(On Board Diagnostics, Second Generation) regulatory standards from 1st April, 2023 for the Auto industry, to be on par with Euro VI Standards, with diagnostic features tracking driver safety, vehicle efficiency, emission control, and a host of other in-vehicle features.

The market potential for emission control systems is large and growing at an exponential rate. At UCAL, emission control systems form an important part of our product portfolio, with its advanced technology, aligned with the dynamically changing regulatory standards of the Automotive industry. New products in emission control are in final stages of development and market launch for OEM projects.


The Automotive Pumps market is estimated to grow from 14.8 Billion in 2022 to 18.0 Billion in 2027 at a CAGR of 4.1% during the forecast period. A rapidly growing automobile sector and a demand for fuel

Automotive Pumps find wide applications in a range of vehicles from Battery operated to Fuel Cell platform vehicles such as BEV, HEV, PHEV and FCEV and hence offer a huge At UCAL our Automotive Oil Pumps, Vacuum Pumps and E-Coolant Pumps and Valves are an important product segment of the Company. During the year, new types of Oil Pumps, Vacuum Pumps and e- Coolant pumps were developed both for Fuel-based and Electric Vehicle segment.


The global automotive electronics market which was valued at USD 244,954.5 million in 2022 is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030.diagnostics for passenger guidance and safety, in-vehicle entertainment, V2V & V2X technologies, etc. are driving rapid changes in the automotive space, with electronics forming a critical component of vehicle manufacturing.

The automotive industry is said to be transitioning hardware-drivenvehiclesto With growing automation, the number of electronic and software rapidly, fueling the growth of the market. The growing adoption of Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV) is also expected to drive the demand for automotive During the year, new electronic products and sensors such as ECU (Electronic Control Unit), tyre pressure sensors, were developed for Auto OEMs at the Companys state-of-the-art R&D facility, which are at different stages of scalability.

At UCAL, our domain expertise and wide array of products in Automotive advantage to address the growing demand in the segment. The Company has drawn a clearly defined technology roadmap, with new product development to address new and emerging markets in electronics.


UCAL also designs and manufactures High Pressure Die Casting Products and Precision Machined Products for critical applications. The Companys integration capabilities leverage its manufacturing base in the country, while utilizing the US facility for precision machining. Supplies to global Auto OEMs is under progress.


The Government of India has introduced several opportunity. supportive measures for EV manufacturers, such as the enhancement of e-charging infrastructure, establishing charging stations across the highways in the country and the grant of subsidies for EV manufacturing and adoption worth 10,000 Cr. which will help build a strong EV ecosystem while enabling the country to meet its Net zero commitment by 2070.

A report by the India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36% until2026.Inaddition,theprojectionfor the EV battery market is expected to expand at a CAGR of 30% during the same period.

At UCAL we have been developing innovative powertrain solutions and offering a comprehensive range of systems AI integrated connected cars, data-driven and components to address the rapidly evolving E- mobility space.

11. E-20 FUEL

As part of the Governments programme to reduce vehicle emissions and foreign exchange outflow, and from increase the use of biofuels, E-20 (petrol blended with 20% ethanol) Fuel was rolled out on February 6, componentsusedinavehicleisincreasing 2023 at the India Energy Week (IEW) 2023, at select petrol pumps in 11 states and Union Territories across the country. The availability of E-20 petrol has been advanced by 5 years from the earlier deadline of 2030. electronics components.

At UCAL, kits compatible with the E-20 Fuel systems have been designed for models of a major 2W brand in collaboration with the OEM.

12. BUSINESS REVIEW A. Manufacturing

UCALs state-of-the-art manufacturing plants are equipped with advanced, automated process systems to address the stringent demands of global OEMs and Auto majors.

The year was marked by a focus on a leaner, greener and smarter manufacturing and building capabilities in new and emerging business streams in automotive fuel management and emission control systems, pumps and valves and automotive electronic products for both gasoline-based vehicles and EV.

Optimizinginternal efficiencies, prudent cost and working capital management, rationalisation of manpower and reduction of inventories proved crucial in a challenging year with volatile raw material prices, muted e-carburettor demand, and a turbulent global environment denting export sales.

Manufacturing of the two models of Oil Pumps (K10DITC & K15B) for major customers and production of new components for the EV segment was also started during the year.

B. Operational Performance

UCAL LIMITED (UCAL) is among the leading manufacturers of an extensive range of critical components and fuel management systems for the automotive industry. The Companys wide array of products include Carburettors for two wheelers, gasoline fuel injection system products, engine management systems, products for diesel applications and emission control, pumps and high pressure die casting and precision machined products.

With proven industry experience, UCAL has earned a reputation for its value-led innovationandengineering expertise, emerging as total mechatronic solutions partner to more than 35+ large OEMs and Auto Majors worldwide.

Keeping pace with the dynamically evolving automotive landscape, UCAL is accelerating its momentum to be future-ready and forge ahead on a sustainable growth path.

C. Marketing

Customer co-partnerships, building a strong portfolio of value added, differentiated products for emerging business streams, strengthening the channel network and expanding global footprint, were some the market building strategies deployed during the year.

A slew of new products was introduced in each of the product segments in line with UCALs strategies to expand its product portfolio and its customer roster. This included Electronic Fuel Injection Systems (EFI), HC Doser, Engine or Electronic Control Unit (ECU), Fuel Rails, Electronic Throttle Body Assembly, Intake Throttle Body Valve, Oil and Vacuum Pumps, electronic products for multi-OEMs.

While sales was muted in the OEM and export segments, UCAL recorded a creditable rise in Aftermarket sales of nearly 25% with sales of two-wheeler components riding an upward growth trajectory of nearly 24%. In line with its commitment to the global mandate on reducing Greenhouse gases and emission levels as per the UN Sustainability Goals-2030, India is focusing on active development of Electric Vehicles policies and subsidies to accelerate the transition to green mobility and green energy.

To cater to the needs of the rapidly growing hybrid and EV segment, UCAL has expanded its product portfolio with a slew of new, value-led, and differentiated products during FY 2022-23.

Enlarging the customer roster with differentiated products, focusing on value-led innovation in emerging segments and expanding global footprint in adjacencies and new product segments are some of UCALs key strategies for getting future-ready and forge ahead on a sustainable growth path.

D. Technology

State-of-the-art manufacturing facilities, and a best-in-class NABL and DRDO accredited R&D center provides UCAL an edge in providing customer value through its capabilities andvalidation

In the Automotive pace with the rapidly changing technologies and the global regulatory standards, in the mobility segment such as electrification, hybridization, engine downsizing (Gasoline Direct Injection with Turbo charge), fuel efficiency, zero emission, light-weighting increasing use of in-vehicle electronics.

At UCAL the R&D focus during the year 2022-2023 was to develop new systems and solutions for niche and sustainability-centred applications in emerging segments in the Auto and Non-Auto space. The key products/ technologies developed by UCAL in FY 2022-23 include - Electronic Control Unit, intake throttle valve, HC Doser, positioning monitoring sensors, etc. for the commercial vehicle segment, mechanical carburettors for the 2&3 Wheeler export market, includingthenon-automotive segment, Oil pumps for the passenger car segment, FI system for the Commercial Vehicle and power sport applications, electronic throttle control for the CNG 2-Wheeler segment.

E. Global Footprint

UCAL is among the leading suppliers and a trusted vendor of high-quality automotive systems and components to OEMs and Auto Manufacturers in the country, who export their vehicles to more than 75 countries across the world. The Company also exports its products directly to large OEMs and Auto manufacturers in Japan and Poland, inadditionto Distributors for the Aftermarket in ASEAN, Latin American and South African countries.

The Company expanded its customer roster and channel presence both in the domestic and global market during the year in line with its strategies for greater growth.

F. Sustainability

At UCAL, sustainability forms the core of our business ethos and is a major driver of all our activities. continue to design and manufacture products that are frugally engineered, energy efficient and sustainability centered.

G. Financial Performance

During the year, your Companys total standalone revenue was 58,429.11 Lakhs as against 54,393.51 Lakhs in FY 2021-22 representing an increase of 7.42% over that of the previous year due to increase in the customer requirements.

The Consolidated revenue of the Company has also witnessed an increase from 78,229.95 Lakhs in FY 2021-22 to 82,298.90 Lakhs registering a growth of 5.20%. andtyrepressure The PBDIT has decreased from 4,985.40 Lakhs (FY2021-2022) to 4929.17 Lakhs (FY 2022-2023) due to overall increase in the total expenditure of the Company.

The Company has netted a Profit After 859.01 Lakhs contributing1.46% of the turnover of FY 2022-23. The Consolidated net profit during the year was 85.25 Lakhs in comparison with previous year which stood at 3488.62 Lakhs.

The Finance Cost has reduced from 1927.90 Lakhs for the year ended FY 2021-22 to 1811.80 Lakhs in FY 2022-23 mainly on account of re-payment of term loans and Companys efforts on reduction of interest rates with the Banks.

The Depreciation stood at 1,826.84 Lakhs for the year ended 31st March, 2023 under study when compared to 2,212.37Lakhs in the previous year 2021-22. EBIDTA (Earnings Before Interest, Depreciation, Tax and Amortization) for the year ended 31.03. at 4,929.17 Lakhs as against 4,985.40 Lakhs in the previous year.

PBT (Profit Before Tax) for the financial year 2022-23 stood at 1,290.53 Lakhs, as against 845.12 Lakhs, in We the previous year.

PAT (Profit After stood at 859.01 Lakhs, as against 793.50 Lakhs in the previous year.

The borrowings of the Company have decreased from 18,761.53 Lakhs in FY 2021-22 to 15,462.87 Lakhs in FY 2022-23 resulting in the during FY 2022-23 to the tune of 3,298.66 lakhs. During the year ended 31st March 2023, the Company has made lakhs including net assets capitalised from WIP and Capital Advances.

H. Sales Performance

Deepening customer engagement, value-add engineering, new product launches, and expanding channel bandwidth were some of the go-to-market strategies deployed to grow the business. While the export market witnessed sluggish demand, the Aftermarket recorded robust growth across the OEM and Spares segments.

( In Lakhs)
Product FY 2022-23 FY 2021-22
Carburettors & Parts 48,946.71 47,713.34
ECU 9,154.88 6,375.35
Scrap 327.52 304.82
Total 58,429.11 54,393.51

13. SWOT ANALYSIS Strengths

Operational Excellence.
R&D Facilities certifiedby Government of India.
Technology in carburettor (mechanical and electronic) fuel injection systems, Intake throttle Valve,
HC Doser Oil pumps, ETV and EGR.
Capabilities (both technology & infrastructure) to develop products for meeting emission norms.
Electronic design, development and manufacturing capability.
Facilities in pressure die castings, plastic and rubber molding.
Capability in frugal engineering.
Well-trained and disciplined workforce.
Good work culture.
Preferred supplier of OEMs
Flexible in Product development and Supply chain to meet the customer demand
WEAKNESSES Low IT penetration.
Slow growth in export business.
Limited products for the EV Segment
High employee cost
OPPORTUNITIES Entry into the EV segment with new products.
Penetrate Export market with existing products.
Entry into new markets like South America, Africa and ASEAN.
Entry into Commercial and Tractor segments and electric mobility vehicles.
THREATS No or few new developments of Engine platform in IC engines
Rising input cost.
Relentless pressure to reduce prices by OEMs thereby affecting profit margin.
Increased emphasis on electric mobility vehicle


The Company has devised a suitable framework to identify and evaluate risks. Periodic assessments to identify the risk are carried out and the management is briefed on the risks in advance to enable the Company to control the risk through a properly defined plan. The risks are classified as financial risks, operational risks, market risks and statutory compliance risks. The risks are evaluated based on previous experience, probability of occurrence, probability of non-deletion and its impact on business and are taken into account while preparing the annual business plan for the year. Insurable risks are covered by insurance policies to protect the Company interests. The Board is also periodically informed of the risks and the actions taken to manage them. The Company manages its risks by incurring prudent capital expenditure, by ensuring that customers underwrite the capacities created specifically for their requirements, by determining the prices of its products on a scientific basis based on detailed studies, by prudent financial management, by localization to protect itself from exchange risks, constant R&D efforts and by spreading its markets and manufacturing facilities The committee assists the management market risks, competitors risks, product obsolescence risk and devises strategies to overcome the same.


The health of our employees is our highest priority and our employees are the key to success. Strengthening a positive employee experience and thus achieving a high degree of engagement also means continuously developing and fostering employees and managers. A high level of enthusiasm, energy and motivation are essential in achieving greater job performance, creativity, productivity and innovation. Attaining this goal is our top objective at UCAL.

The Human Resources (HR) department is driven by the guidelines:

To help our employees realize their potential to develop, grow and achieve their purpose

To build the right culture and capabilities

To make the Company the great place to work for passionate, innovative people who wish to make a difference HR Management at the Company goes beyond the set boundaries of compensation through a meticulous performance management system which includes performance reviews and development. The Company looks at the employees entire worklife cycle, to ensure timely interventions fruitful career. With this in mind, the Company has initiated several positive changes in HR practice this year. Employees safety continues focus area. Continuous communication with employees on available safety measures to increase awareness is undertaken throughout the year. To ensure that employees are at their productive best, the Company continued to work on simplifying internal processes through a collaborative effort with various teams. To foster a from harassment of any nature, the Company has institutionalized (ICC) in all locations sexual harassment complaints in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibitionand Redressal) Act, 2013. There were no incidents of sexual harassment reported during the year under review, in terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, geographically. in assessingthe Prohibitionand Redressal) Act, 2013. The Company continuesto maintain its record of good industrial relations without any interruption carried out restructuring process at different plants under the challenging business conditionsto ensure the operating workforce to deliver maximum productivity


The Company attaches great importance to the health and safety of its employees and towards this end, strict safety and health measures are enforced across the organization at all locations at all times. All manufacturing operations and plants adhere to all pollution norms by continually improving environmental and occupational health and safety management systems. Water conservation, reductionin use of hazardous chemicals, waste management and adopting renewable energy continueto be given emphasis.


The Company has an efficient internal control system commensurate with its size and nature of business to safeguard the assets of the Company and to ensure effective utilisation of that transactions are completed on time and in accurate manner and by following proper procedures and systems. The Company has external teams carrying out audit to strengthen the internal audit and risk management functions. The internal auditors cover a wide area of operations and this is being continuously reviewed by the Audit Committee. Internal audit is conducted on a quarterly basis by a team of internal auditors and the reports together with the action Committ takenreportsarereviewedbytheAudit periodically. The Board and Audit Committee ensure that the internal financial control system operates effectively and they regularly review the effectiveness of internal control system in order to ensure due and proper implementation and due compliance with applicable laws, accounting system of management controls is also in place to ensure higher levels of efficiency and to keep the organisation competitive. All the critical functions of i.e., Sourcing and Procurement, Manufacturing, Costing, Finance, Dispatch and Sales are handled through Oracle fusion system which is well-integrated. Checks and controls have been built into the system to handle the transactions. assurance to the management for all the transactions covering operations, inventory, fixed records and compliance to statutory requirements. The systems and controls are reviewed periodically to ensure their effectiveness.


In line with its target of accelerating growth and expanding its global footprint, the Company has drawn a strategic roadmap for financial year 2023-24. Leveraging on its strength as a market leader and manufacturer of repute in a wide range of automotive components, the Company will explore opportunities in new markets and emerging segments in a dynamically evolving automotive landscape. The Companys multi-plant operations, engineering expertise and strong sectoral credentials serve as a buffer against regional disruptions and business vulnerabilities and provide the to achieve its chartered growth plan. standardsandregulatorynorms. A 19. CAUTIONARY STATEMENT

Certain Statements made in the Management Discussion and Analysis Report relatingto the Companys objectives, Company projections,outlook, expectations, estimates and others may constitute ‘forward looking statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, projections and so on whether express or implied. Several factors could make a significant difference to the Companys Existinginternalcontrolsprovideadequate operations. These include climatic conditionsand assets,financial macroeconomic conditionsaffecting demand and supply, government regulations and taxation, calamitiesand so on, over which the Company does not have any direct control.

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