NSE: BIRLAMONEY · BSE: 532974
ADITYA BIRLA MONEY LTD
Operates a stockbroking and wholesale debt market business under the Capital Markets classification. In FY26, total revenue from operations was Rs 468.591 crore, with Broking accounting for Rs 355.3242 crore (75.8% of segment revenue) and Wholesale Debt Market for Rs 110.3861 crore (23.6%); an 'Others' line made up the remaining Rs 2.8807 crore (0.6%). The Broking segment covers trading in equities and derivatives for retail and institutional clients and generated an EBIT of Rs 24.802 crore. The Wholesale Debt Market segment deals in debt securities and posted an EBIT of Rs 49.6734 crore on a smaller revenue base, making it the most profitable segment in the pack. The business is highly geared, with a debt-equity ratio of 7.36 times reported in Q1 FY27, and finance costs of Rs 43.67 crore in that single quarter, making interest on borrowed funds the dominant cost. Employee costs ran at 23.1% of revenue in FY26 and capex was 1.6%. Crisil reaffirmed an A1+ short-term rating on the commercial paper programme, with the rated issue size enhanced from Rs 2,350 crore to Rs 2,500 crore. Q1 FY27 results showed total revenue from operations of Rs 130.77 crore (interest income Rs 70.75 crore) and PAT of Rs 11.13 crore, with Broking segment revenue up 21% YoY but segment profit falling sharply. The board approved a 10x increase in authorised share capital to Rs 333 crore to provide room for future fund-raising. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking (76%), Wholesale debt market (24%), Others (1%). Capital markets intermediary with high financial leverage, combining cyclical broking with proprietary debt market trading.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q1 FY19 | Q2 FY19 |
|---|---|---|
| Revenue | 42 | 43 |
| Profit before tax | 3 | 3 |
| Net profit | 2 | 2 |
| EPS (₹) | 0.36 | 0.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,18,587 | 47.7 | 12.29 | 40.3 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,414 | 29.5 | 4.51 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 40,426 | 31.9 | 4.11 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 31,818 | 15.0 | 7.72 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,734 | 5.0 | 4.35 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,845 | 18.9 | 3.53 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,863 | 10.6 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,970 | 18.6 | 2.20 | 9.8 | 9.6 | 11.5 | — | 31.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 136.0 | 15.0 | 33 of 33 | 0% |
| P/B | 36.4 | 1.6 | 40 of 40 | 0% |
| ROCE | 19.3 | 12.6 | 3 of 16 | 87% |
| ROE | 26.6 | 9.6 | 1 of 40 | 100% |
| Debt / Equity | 16.4 | 0.1 | 14 of 14 | 0% |
| EBITDA margin | 26.6 | 31.2 | 25 of 39 | 37% |
| Market cap | 599 | 413 | 20 of 42 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Special window opens for physical share transfer and dematerialisation | compliance | minimal | — | — |
| 27 Oct 2026 · Special window announced for transfers and converting physical shares | compliance | minimal | — | — |
| 15 Oct 2026 · Aditya Birla Money publishes Q2 FY27 un-audited results in newspapers | compliance | minimal | — | — |
| 14 Oct 2026 · Q2 FY27 Results: Revenue up 29% YoY but margins shrink | results | high | — | — |
| 14 Oct 2026 · Q2 FY27 Results: Revenue up 29% YoY, PAT flat, margins shrink | results | high | — | — |
| 13 Oct 2026 · Routine quarterly RTA certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Board meeting on Oct 14 to consider Q2 and H1 FY26 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of September quarter results | compliance | minimal | — | — |
| 24 Sept 2026 · Aditya Birla Money appoints Rajesh Palviya as Head of Technical and Derivative Research | management changes | medium | — | — |
| 25 Aug 2026 · Intimation of newspaper ad on special window for physical securities transfer and demat | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.