NSE: DBSTOCKBRO · BSE: 530393
DB (INT) STOCK BROKERS
Operates as a SEBI-registered stock broker, depository participant and mutual fund distributor, with offices in GIFT City (Gandhinagar), Delhi and Noida, and is listed on both NSE and BSE. Revenue is earned from brokerage and trading commissions on equity, derivative and other securities transactions executed on the Indian exchanges for clients, fees from depository (demat) services for holding securities, and distribution commissions earned on third-party mutual fund products sold to clients. For FY26 the standalone revenue base was ₹27.65 crore against total assets of ₹115.98 crore, generating a standalone net profit of ₹3.11 crore at an EBITDA margin of 24.5%. Costs are dominated by other operating expenses at 51.3% of revenue and employee costs at 23.7%, with no materials cost line, consistent with a service-led capital markets intermediary rather than a manufacturing or commodities business. Depreciation runs at 4.4% of revenue and capex at 3.6%, indicating a relatively light asset base outside financial assets held on the balance sheet. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stock broking, Depository participant services, Mutual fund distribution. Cyclical, fee-based capital markets intermediary spanning broking, depository and mutual fund distribution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29 | 29 | 48 | 42 | 28 |
| EBITDA (ex other income) | 12 | 10 | 16 | 11 | 7 |
| margin % | 41.4 | 35.2 | 33.3 | 25.1 | 24.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.47 | 1.82 | 2.59 | 1.65 | 0.89 |
| ROE % · ROCE % | 17.0 · 22.0 | 11.1 · 16.9 | 13.6 · — | 7.9 · — | 4.1 · — |
| Debt / equity (x) | 0.03 | 0.02 | — | — | — |
| Cash from operations | 23 | 14 | (5) | 3 | 5 |
| Capex | (1) | (3) | (0) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 9 | 8 | 7 | 8 | 7 | 6 | 10 |
| Profit before tax | 2 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| EPS (₹) | 0.41 | 0.30 | 0.38 | 0.29 | 0.28 | 0.25 | 0.07 | 0.25 |
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) | 34.1 | 15.0 | 29 of 33 | 13% |
| P/B | 1.3 | 1.6 | 16 of 40 | 62% |
| ROE | 4.1 | 9.6 | 30 of 40 | 26% |
| EBITDA margin | 15.8 | 31.2 | 32 of 39 | 18% |
| Revenue growth | 48.5 | 22.4 | 3 of 35 | 94% |
| Profit growth | (14.3) | 13.4 | 31 of 38 | 19% |
| Market cap | 102 | 413 | 31 of 42 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Newspaper notice issued for first extraordinary general meeting | compliance | minimal | — | — |
| 23 Oct 2026 · EGM to approve retail client business transfer for Rs 5 crore | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Newspaper publication of September 2026 financial results | compliance | minimal | — | — |
| 21 Oct 2026 · Board approves sale of major retail brokerage businesses | strategic transactions | high | — | — |
| 21 Oct 2026 · DB Stockbrokers Q2 results, sells retail broking arm to Choice for Rs 5 Cr | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Q2 Results: Revenue Up 22.5%, PAT Down 45.5%; Sells Retail Business for Rs 5 Cr | results | high | — | — |
| 15 Oct 2026 · Board meet on Oct 21 to consider Q2 results and sale of retail client business | results | low | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26 dematerialization | compliance | minimal | — | — |
| 30 Sept 2026 · 34th AGM voting results: both resolutions passed unanimously | compliance | minimal | — | — |
| 29 Sept 2026 · 34th AGM concluded; financial statements adopted, MD re-appointed | board shareholder meetings | low | — | — |
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.