Orbis Financial Corporation

Revenue increasing from INR 294.2 Cr in FY23 to INR 551.4 Cr in FY25, representing a 2-year CAGR of 36.9%. FY25 revenue increased by 31.2%, from INR 420.1 Cr in FY24. Both measures indicate very strong growth

EBITDA increased from INR 246.1 Cr in FY24 to INR 372.7 Cr in FY25, representing growth of approximately 51.4%. EBITDA margin improved from 58.6% to 67.6%, demonstrating substantial operating leverage in the technology-led custody and securities-services platform

PAT increased from INR 138.9 Cr in FY24 to INR 202.0 Cr in FY25, representing growth of approximately 45.5%. PAT margin improved from 33.1% to 36.6%, indicating that profitability continued to grow faster than revenue

Operating cash flow was positive at INR 22.7 Cr in FY24, but turned negative at INR 109.7 Cr in FY25. The deterioration occurred despite strong PAT growth and was accompanied by an increase in debtor days from 28.2 days to 60.4 days

ROE improved from 20.3% in FY24 to 22.7% in FY25, while ROCE increased from 35.9% to approximately 41.0%

The capital-markets infrastructure and securities-services industry CAGR at 17.5%. Growth is supported by increasing institutional participation, AIF and mutual-fund assets, foreign investment, transaction volumes and expansion of the GIFT City ecosystem

Orbis operates as a SEBI-regulated non-bank custodian and also provides DP, DDP, clearing, fund-accounting, RTA and trusteeship services. Regulation creates material compliance, cybersecurity and operational requirements, but it also creates high entry barriers and supports established compliant operators

Founder and Executive Chairman Atul Gupta has more than 40 years of experience across banking, financial services, consulting and manufacturing. He identified the market opportunity that led to the creation of Orbis and has direct experience in custody and capital-market infrastructure

The reviewed document identifies Siddartha Acharya and Pranay Kothari as independent directors, although Pranay Kothari ceased to be an independent director on March 25, 2025. The independent representation is of approximately 33.0%

The Company is valued at a P/E multiple of 24.1x. The peer table in the financial document reports P/E multiples of 54.7x for CDSL, 43.4x for NSDL and 39.7x for CAMS, producing a median of 43.4x. Orbis therefore trades at a discount of approximately 44.4% to the selected peer median

EV/EBITDA is approximately 11.1x. The selected current peer median is approximately 31.3x, resulting in a discount of approximately 64.6%

The unlisted share price declined from approximately INR 390.0 in early July 2026 to INR 378.0 by July 20–21, 2026, representing an observed price range of approximately 3.1%