NSE: DOLATALGO · BSE: 505526
DOLAT ALGOTECH LIMITED
Operates as a proprietary trading firm focused on shares and securities, running its trading activity through subsidiary Dolat Tradecorp. The single material revenue stream reported is 'Shares and Securities', with no contribution from the 'Commodities' line. Filings show active participation in the equity and derivatives (F&O) segments of NSE, including proprietary positions that have drawn F&O position-limit penalties from NSE Clearing. For FY26, consolidated revenue stood at Rs 403.577 crore against net profit of Rs 129.328 crore, with total assets of Rs 1,536.007 crore and a consolidated EBITDA margin of 56.41%. The cost base is light: no materials, employee cost at 3.5% of revenue, depreciation at 0.6%, capex at 0.9%, and the remaining 40.1% booked as other operating expenses. Borrowings rose to Rs 2,837.12 million in FY26 from Rs 658.03 million in FY25, lifting the debt-equity ratio from 0.07 to 0.25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Shares and Securities (100%), Commodities (0%). Asset-light, capital-markets proprietary trading, derivatives-active
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 293 | 241 | 331 | 530 | 404 |
| EBITDA (ex other income) | 227 | 152 | 204 | 348 | 228 |
| margin % | 77.4 | 63.0 | 61.5 | 65.6 | 56.4 |
| Owners' profit | 167 | 116 | 157 | 215 | 129 |
| EPS, as reported (₹) | 9.53 | 6.59 | 8.94 | 12.24 | 7.32 |
| ROE % · ROCE % | 31.8 · 48.4 | 18.2 · 29.5 | 19.9 · 31.2 | 21.5 · 34.3 | 11.4 · 19.8 |
| Debt / equity (x) | 0.33 | 0.22 | 0.11 | 0.07 | 0.25 |
| Cash from operations | 141 | 79 | (12) | (27) | 56 |
| Capex | (1) | (1) | (3) | (4) | (4) |
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 | 146 | 119 | 114 | 111 | 59 | 108 | 126 | 140 |
| Profit before tax | 93 | 52 | 56 | 55 | 8 | 54 | 65 | 73 |
| Net profit | 67 | 38 | 40 | 39 | 5 | 39 | 47 | 54 |
| EPS (₹) | 3.79 | 2.12 | 2.25 | 2.20 | 0.26 | 2.21 | 2.65 | 3.06 |
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) | 7.4 | 15.0 | 8 of 33 | 78% |
| P/B | 0.9 | 1.6 | 8 of 40 | 82% |
| ROCE | 16.0 | 12.6 | 4 of 16 | 80% |
| ROE | 11.4 | 9.6 | 16 of 40 | 62% |
| Debt / Equity | 0.3 | 0.1 | 10 of 14 | 31% |
| EBITDA margin | 60.3 | 31.2 | 8 of 39 | 82% |
| Revenue growth | 26.9 | 22.4 | 11 of 35 | 71% |
| Profit growth | 38.4 | 13.4 | 13 of 38 | 68% |
| Market cap | 1064 | 413 | 14 of 42 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Dolat Algotech redeems ₹5 crore commercial paper at maturity | credit debt | medium | — | — |
| 24 Oct 2026 · Record dates set for redemption of two commercial papers | credit debt | low | — | — |
| 19 Oct 2026 · Record date set for commercial paper redemption | credit debt | low | — | — |
| 13 Oct 2026 · Newspaper publication for EGM notice | compliance | minimal | — | — |
| 13 Oct 2026 · EGM on 4 Nov 2026: new auditor and independent director appointment | board shareholder meetings | low | — | — |
| 10 Oct 2026 · CFO Certificate on Commercial Paper for Q2 FY27 | compliance | minimal | — | — |
| 10 Oct 2026 · Reg 74(5) dematerialisation certificate for Q2 FY26 | compliance | minimal | — | — |
| 8 Oct 2026 · Board approves new Independent Director and Statutory Auditor, pending approvals | management changes | medium | — | — |
| 8 Oct 2026 · Board appoints statutory auditor and independent director | management changes | medium | — | — |
| 8 Oct 2026 · Board appoints new statutory auditor and independent director | management changes | medium | — | — |
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.