BSE: 511535
NDA SECURITIES LTD.
Operates a stock broking and securities business out of Delhi, earning revenue across three segments: broking (45.4% of segment revenue), securities trading (34.1%), and securities investments (20.5%). Broking is the largest revenue line at Rs 3.85 crore and the most profitable with EBIT of Rs 2.23 crore. Securities trading contributed Rs 2.89 crore in revenue but EBIT of just Rs 0.17 crore, while securities investments earned Rs 1.74 crore in revenue with Rs 1.73 crore in EBIT. The company acquired NDA Research and Technology Private Limited effective July 4, 2025, expanding a group that includes NDA Capital Advisors and Alternative Securities Marketplace. During FY26 it obtained MSEI membership and filed applications for MCX and NSE commodity segments, and is seeking shareholder approval for a preferential equity issue of up to Rs 62.90 crore. LIC removed it from its approved broker panel following a change in management control, and re-empanelment is being pursued. Employee costs at 25.9% of revenue and other operating expenses at 50.2% make up the bulk of the cost base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking segment (45%), Securities trading (34%), Securities investments (21%). Small, cyclical, capital-market-linked financial services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 6 | 7 | 8 | 8 |
| EBITDA (ex other income) | 1 | 0 | 1 | 2 | (1) |
| margin % | 12.5 | 7.1 | 18.4 | 26.4 | (8.2) |
| Owners' profit | 0 | 0 | 1 | 2 | 0 |
| EPS, as reported (₹) | 1.60 | 1.55 | 1.06 | 2.61 | (0.47) |
| ROE % · ROCE % | 9.3 · — | 9.1 · — | 5.8 · — | 12.5 · — | (2.3) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1) | 2 | (2) | (0) | 2 |
| Capex | (0) | (0) | (0) | (0) | (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 | 2 | 2 | 2 | 1 | 1 | 1 | 5 | 1 |
| Profit before tax | 0 | 0 | 1 | 0 | (0) | (0) | 0 | (0) |
| Net profit | 0 | 0 | 1 | 0 | (0) | (1) | 0 | (1) |
| EPS (₹) | 0.59 | 0.20 | 1.59 | 0.18 | (0.60) | (0.88) | 0.84 | (1.11) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broking segment | 1 | 12.8 |
| securities trading | 3 | 55.0 |
| securities investments | 2 | 32.2 |
| Total, before eliminations | 5 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 34,420 | 38.9 | 10.52 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,203 | 18.4 | 3.87 | 8.9 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,251 | — | 2.58 | 38.5 | 4.5 | 5.3 | 32.8 | 4.3 |
| PRIME SECURITIES LIMITED | 947 | 169.1 | 3.69 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 945 | 28.6 | 5.56 | 18.1 | 22.5 | 30.3 | — | 97.5 |
| CENTRUM CAPITAL LIMITED | 903 | — | 0.69 | 9.6 | (21.4) | (2.5) | 49.7 | 29.7 |
| REGENCY FINCORP LIMITED | 564 | 51.6 | 3.52 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 509 | — | 1623.78 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.0 | 1.1 | 51 of 105 | 52% |
| ROE | (2.3) | 1.3 | 89 of 111 | 20% |
| EBITDA margin | (21.4) | 25.6 | 79 of 91 | 13% |
| Revenue growth | (23.1) | (4.1) | 55 of 85 | 36% |
| Profit growth | (727.3) | (0.2) | 105 of 109 | 4% |
| Market cap | 12 | 26 | 82 of 113 | 28% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Compliance certificate for dematerialised securities for Sep 2026 quarter | compliance | minimal | — | — |
| 15 Oct 2026 · Appointment of Compliance Officer for Broking and Depository Operations | management changes | medium | — | — |
| 30 Sept 2026 · CEO Mr. Ankit Gupta resigns from NDA Securities effective Oct 1, 2026 | management changes | critical | — | — |
| 30 Sept 2026 · CEO Ankit Gupta resigns from NDA Securities effective Oct 1, 2026 | management changes | critical | — | — |
| 30 Sept 2026 · Trading Window Closed for Insiders Ahead of Q2 Results | compliance | minimal | — | — |
| 30 Sept 2026 · NDA Securities appoints Gaurav Jindal as Head of Business Development | management changes | medium | — | — |
| 22 Sept 2026 · Withdrawal of 1.70 Crore Preferential Share Issue Plan | fund raising | high | — | — |
| 14 Sept 2026 · Clarification on AGM Proceedings - Independent Director Resignation | management changes | medium | — | — |
| 18 Aug 2026 · NDA Securities submits Q1 FY27 results newspaper publication to BSE | compliance | minimal | — | — |
| 18 Aug 2026 · NDA Securities 34th AGM: all 6 resolutions passed with near-unanimous approval | 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.