NSE: SHAREINDIA · BSE: 540725
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Share Broking/Trading Business (93%), NBFC Business (4%), Merchant Banking Business (2%), Technology Services (1%), Insurance Business (1%), Wealth Management Business (0%). Cyclical, market-linked capital markets platform with a broking-heavy revenue mix
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 856 | 1,088 | 1,483 | 1,449 | 1,470 |
| EBITDA (ex other income) | 292 | 494 | 656 | 517 | 570 |
| margin % | 34.1 | 45.4 | 44.2 | 35.7 | 38.8 |
| Owners' profit | 201 | 329 | 425 | 328 | 323 |
| EPS, as reported (₹) | 63.26 | 102.68 | 127.03 | 15.58 | 14.79 |
| ROE % · ROCE % | 44.1 · 61.3 | 32.5 · — | 24.2 · — | 14.0 · — | 12.2 · — |
| Debt / equity (x) | 0.43 | — | — | — | — |
| Cash from operations | 344 | (263) | (310) | 6 | (182) |
| Capex | (23) | (10) | (15) | (13) | (5) |
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 | 453 | 342 | 239 | 341 | 341 | 372 | 416 | 448 |
| Profit before tax | 164 | 112 | 23 | 111 | 126 | 122 | 81 | 164 |
| Net profit | 124 | 82 | 19 | 84 | 93 | 89 | 58 | 124 |
| EPS (₹) | 6.03 | 3.66 | 0.71 | 3.86 | 4.25 | 4.06 | 2.61 | 5.67 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Share Broking/Trading Business | 1,388 | 93.2 |
| Insurance Business | 9 | 0.6 |
| Merchant Banking Business | 24 | 1.6 |
| NBFC Business | 56 | 3.7 |
| Technology Services | 13 | 0.9 |
| Total, before eliminations | 1,489 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.6 | 15.0 | 12 of 33 | 66% |
| P/B | 1.5 | 1.6 | 20 of 40 | 51% |
| ROE | 12.2 | 9.6 | 15 of 40 | 64% |
| EBITDA margin | 45.5 | 31.2 | 16 of 39 | 61% |
| Revenue growth | 31.3 | 22.4 | 9 of 35 | 77% |
| Profit growth | 47.5 | 13.4 | 12 of 38 | 70% |
| Market cap | 3863 | 413 | 7 of 42 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Tenure of non-convertible debentures extended by one day | fund raising | medium | — | — |
| 27 Oct 2026 · Board to consider restructuring and ₹100 crore fund raise | strategic transactions | medium | — | — |
| 27 Oct 2026 · Tribunal approves revised start date for Silverleaf merger | strategic transactions | medium | — | — |
| 27 Oct 2026 · NSE Clearing levies Rs 1 lakh penalty for MWPL violation | regulatory legal | high | — | — |
| 26 Oct 2026 · Share India approves up to Rs 125 crore NCD private placement | fund raising | medium | — | — |
| 23 Oct 2026 · Board to review September results and consider second interim dividend | results | low | — | — |
| 22 Oct 2026 · Acuite upgrades and withdraws ratings; company now rated by CRISIL | credit debt | medium | — | — |
| 13 Oct 2026 · NCLT rectifies Appointed Date for Share India and Silverleaf amalgamation | regulatory legal | high | — | — |
| 12 Oct 2026 · Kalpesh Dave appointed as President-Wealth Management at Share India | management changes | medium | — | — |
| 1 Oct 2026 · Share India AGM approves director re-appointments and final dividend of Re 0.50 per share | board shareholder meetings | medium | — | — |
How to read this document
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|---|---|---|
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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.