SHARE IND. SECURITIES LTD

Operates a diversified capital markets platform with stock broking and trading accounting for 93.2% of FY26 segment revenue at Rs 1,387.84 cr, supported by NBFC lending (3.7%), merchant banking (1.6%), technology services (0.9%) and insurance distribution (0.6%). The broking franchise serves retail investors through 48,061 clients generating average daily turnover of Rs 90 Bn, with an MTF (margin trade financing) book of Rs 4,655 Mn as of Q1 FY27, targeted to reach Rs 1,000 cr over two years. The NBFC arm runs a loan book of Rs 2,682 Mn with GNPA at 4.05% and NNPA at 2.26%. Merchant banking handles capital market advisory and underwriting work, while technology services and a newly launched PMS (AUM Rs 150 cr in launch quarter) extend the platform beyond execution. Distribution is being widened through Tier-3 retail branches (7 opened, 25-30 targeted) and an insurance and wealth distribution build-out. Employee costs are the largest operating expense at 24.5% of revenue, followed by other opex at 24.2%, with negligible materials cost. Funding is being diversified through a CRISIL A1+ commercial paper program, NCD issuances (CARE A+ rated, Rs 250 cr program), and a Rs 150 cr NCD allotment at 10.50% coupon.