Variant Perception

Figures converted from INR at historical FX rates — see data/company.json.fx_rates. Ratios, margins, and multiples are unitless and unchanged.

Where We Disagree With the Market

The market treats ABML as a small-cap stockbroker. The evidence says it is a leveraged NBFC with a brokerage license. This changes the valuation framework, risk assessment, and comparable set. Retail investors using broking P/E multiples are using the wrong denominator.

Variant Perception Scorecard

The Disagreement Ledger

What Would Make Us Wrong

The margin funding book's daily mark-to-market and automated liquidation could structurally prevent credit losses, making the broking classification correct. The AB Group backstop could neutralize leverage risk. SEBI could explicitly validate the hybrid model. First thing to watch: credit loss line in FY27 Q1 statements.