BSE: 530723
ASIT C.MEHTA FINANCIAL SERVICE
Provides stock broking, depository, portfolio management, and allied capital markets services through its listed parent and its material subsidiary Asit C. Mehta Investment Intermediates Limited (ACMIIL). Stock broking and allied services is the dominant revenue segment at the parent level, generating ₹13.73 crore in FY26 with EBIT of ₹5.03 crore. The other parent-level segments — investment activities (₹0.61 crore), IT-enabled services (₹0.11 crore), and wealth management (₹0.28 crore) — are small and unprofitable. The bulk of consolidated revenue flows through ACMIIL's segment (₹57.62 crore FY26, EBIT ₹8.99 crore), which holds registrations for stock broking, depository participant, portfolio management and research analyst activities. ACMIIL is divesting its mutual fund distribution business — which contributed ₹2.42 crore (3.39%) of its ₹71.45 crore FY25 turnover — via slump sale to Wealth Company Private Limited for ₹6.59 crore, targeted to complete by July 31, 2026. The standalone parent is highly leveraged, with finance costs of ₹737.46 lakhs against standalone revenue of ₹482.50 lakhs and total borrowings of ₹10,611 lakhs against equity of ₹2,477 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Stock broking and allied services, Investment activities, IT-Enabled Services, Wealth Management, Subsidiary capital markets operations. Cyclical, leverage-heavy capital markets intermediary with a small retail and HNI client base.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 35 | 29 | 42 | 73 | 61 |
| EBITDA (ex other income) | 4 | (3) | (3) | 4 | 6 |
| margin % | 12.1 | (11.1) | (7.2) | 5.7 | 9.4 |
| Owners' profit | 1 | (9) | (11) | (3) | (2) |
| EPS, as reported (₹) | 3.03 | (19.06) | (19.48) | (3.35) | (1.94) |
| ROE % · ROCE % | 14.6 · 14.7 | 793.0 · (0.3) | (36.0) · 0.0 | (10.1) · 10.5 | (6.5) · 16.3 |
| Debt / equity (x) | 10.67 | (99.00) | 3.00 | 4.31 | 4.28 |
| Cash from operations | 2 | (6) | (0) | (6) | 0 |
| Capex | — | (1) | (5) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 15 | 15 | 30 | 11 | 22 | 14 | 15 |
| Profit before tax | (2) | (0) | (3) | 2 | (2) | 2 | (2) | 1 |
| Net profit | (2) | (0) | (3) | 2 | (2) | 2 | (2) | 1 |
| EPS (₹) | (2.32) | (0.40) | (3.07) | 2.44 | (2.91) | 1.90 | (2.33) | 1.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Stock broking and allied services | 24 | 39.5 |
| Investment activities | 1 | 1.8 |
| Information Technology Enabled Services | 0 | 0.7 |
| Wealth Management | 1 | 1.7 |
| Stock Broking and Allied Services | 33 | 54.6 |
| Investment Activities | 1 | 1.7 |
| Total, before eliminations | 61 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.7 | 1.6 | 32 of 40 | 21% |
| ROCE | (3.1) | 12.6 | 13 of 16 | 20% |
| ROE | (6.5) | 9.6 | 37 of 40 | 8% |
| Debt / Equity | 4.3 | 0.1 | 13 of 14 | 8% |
| EBITDA margin | 28.7 | 31.2 | 23 of 39 | 42% |
| Revenue growth | (50.1) | 22.4 | 33 of 35 | 6% |
| Profit growth | (42.8) | 13.4 | 35 of 38 | 8% |
| Market cap | 91 | 413 | 33 of 42 | 22% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 8 Oct 2026 · Compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 FY26-27 results announcement | compliance | minimal | — | — |
| 25 Sept 2026 · 42nd AGM results: all 4 resolutions passed including financials and related party deals | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · 42nd AGM notice and annual report link sent to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · 42nd AGM notice and annual report for FY2025-26 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper ad filed for 42nd AGM notice and e-voting details | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 42nd AGM on Sept 24, 2026 along with FY26 Annual Report | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 42nd AGM Notice and Annual Report FY 2025-26 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Newspaper advertisement for 42nd Annual General Meeting | 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.