NSE: GCSL · BSE: 543324
GRETEX CORPORATE SERVICES
Provides capital market services to companies seeking to list on Indian stock exchanges and to securities market participants. The core business is SME merchant banking — it ranks among the Top 5 SME merchant bankers in India with over 60 successful SME IPOs to its credit, and as merchant banker files DRHPs and manages the IPO process on behalf of issuing companies (a recent mandate was the DRHP of Sky Alloys and Power Limited on the NSE and BSE main boards). Securities broking is run through subsidiary Gretex Share Broking, which contributed Rs 14,582 lakhs in revenue in FY26. Costs are dominated by employee costs (6% of revenue) and other operating expenses (19.8% of revenue), with no material input costs, consistent with a services-based model. FY26 consolidated revenue was Rs 178.516 cr with an EBITDA margin of 24.3%. The company migrated from the BSE SME platform to the main boards of BSE and NSE in September 2025 and reported itself as 100% debt free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. SME merchant banking, Securities broking. Asset-light, services-based capital market intermediary with merchant banking and broking subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 13 | 109 | 259 | 179 |
| EBITDA (ex other income) | — | — | 43 | 1 | 43 |
| margin % | — | — | 39.9 | 0.5 | 24.0 |
| Owners' profit | — | — | 27 | 1 | 28 |
| EPS, as reported (₹) | 14.41 | 17.26 | 24.84 | 0.58 | 11.89 |
| ROE % · ROCE % | — · 9.6 | — · 25.1 | 24.5 · 29.7 | 0.7 · 2.1 | 8.8 · 12.8 |
| Debt / equity (x) | — | — | 0.00 | 0.02 | 0.03 |
| Cash from operations | 2 | 20 | (19) | (31) | (28) |
| Capex | — | — | 0 | (4) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 94 | 126 | 22 | 80 | 42 | 35 | 38 |
| Profit before tax | 9 | 19 | (23) | 2 | 19 | 11 | 8 | 17 |
| Net profit | 7 | 15 | (20) | 1 | 13 | 7 | 7 | 13 |
| EPS (₹) | 4.36 | 8.49 | 6.06 | 0.42 | 5.71 | 3.03 | 2.73 | 3.97 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GRETEX CORPORATE SERVICES ◆ | 1,816 | 48.7 | 5.70 | 42.1 | 8.8 | 12.2 | — | 47.1 |
| QUEST CAPITAL MARKETS LIMITED | 220 | 13.3 | 0.46 | — | 3.3 | — | — | 57.0 |
| 21ST CENTURY MGMT SERVICE | 55 | — | 1.67 | — | (72.7) | (72.2) | — | 94.6 |
| MEFCOM CAPITAL MARKETS LTD. | 51 | 24.8 | 2.81 | — | (12.3) | (5.9) | — | 15.1 |
| INTERACTIVE FINANCIAL SERVICES | 8 | 2.2 | 0.24 | — | 11.0 | 15.1 | — | 66.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.7 | 19.6 | 52 of 58 | 11% |
| P/B | 5.7 | 2.8 | 47 of 65 | 28% |
| ROCE | 12.2 | 16.0 | 23 of 33 | 31% |
| ROE | 8.8 | 11.4 | 41 of 65 | 38% |
| Debt / Equity | 0.0 | 0.0 | 18 of 30 | 41% |
| EBITDA margin | 47.1 | 45.7 | 31 of 64 | 52% |
| Revenue growth | 70.7 | 23.1 | 7 of 58 | 90% |
| Profit growth | 1240.3 | 17.6 | 1 of 61 | 100% |
| Market cap | 1816 | 940 | 30 of 69 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SEBI imposes Rs 8 lakh penalty over Taurian MPS IPO disclosure | regulatory legal | high | — | — |
| 9 Oct 2026 · RTA Certificate under SEBI Depositories Regulations for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Filed DRHP for two client companies on NSE Emerge platform | capital market events | medium | — | — |
| 30 Sept 2026 · Gretex files DRHP for Tenty Limited IPO on NSE and BSE main board | capital market events | medium | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 till Q2 FY27 results announcement | compliance | minimal | — | — |
| 19 Sept 2026 · Shares classified under Margin Trading Facility by exchanges | business updates | low | — | — |
| 9 Sept 2026 · Gretex Corporate Services allots 8.46 lakh shares on warrant conversion | fund raising | medium | — | — |
| 8 Sept 2026 · Gretex files RHP for Vama Wovenfab SME IPO on BSE | capital market events | medium | — | — |
| 8 Sept 2026 · Subsidiary Gretex Share Broking opens new branch in Ahmedabad | business updates | low | — | — |
| 19 Aug 2026 · Gretex allots 7.5 lakh warrants at Rs 358 each to non-promoters | fund raising | high | — | — |
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.