NSE: STEELCITY
STEEL CITY SECURITIES LTD
Operates a stock broking and depository participant business with trading memberships across NSE, BSE, MSEI, MCX, and NCDEX, alongside an E-Governance services line, earning ₹62.27 cr of revenue in FY26. Stock Broking & DP Operations is the larger segment, contributing 67.3% of segment revenue at ₹44.50 cr with segment EBIT of ₹14.53 cr, where brokerage is earned on equity, derivatives, and commodity trades and depository participant services are provided for demat accounts. E-Governance Operations contributed 32.7% of segment revenue at ₹21.60 cr in FY26 with segment EBIT of ₹5.29 cr. Total net profit was ₹14.29 cr on an EBITDA margin of 34.03% in FY26, with total assets of ₹237.38 cr. Employee costs were 23.4% of revenue and other operating expenses 49.7% of revenue, while capex ran at 4.5% of revenue and depreciation at 1.5%. In March 2026, the Visakhapatnam-based firm inaugurated 'Steel City Towers', a roughly 19,000 sq ft five-storey building built at around ₹13 cr for subsidiary Steel City Commodities, and enhanced its ICICI Bank credit facility from ₹10 cr to ₹11 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stock Broking & DP Operations (67%), E-Governance Operations (33%). Cyclical stock broking franchise combined with a separate E-Governance services line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 64 | 55 | 59 | 65 | 62 |
| EBITDA (ex other income) | 16 | 12 | 14 | 20 | 17 |
| margin % | 25.3 | 21.9 | 23.2 | 30.1 | 26.8 |
| Owners' profit | 0 | 11 | 23 | 17 | 14 |
| EPS, as reported (₹) | 9.15 | 7.45 | 7.80 | 11.32 | 9.57 |
| ROE % · ROCE % | — · — | 10.0 · 13.8 | 10.0 · 13.5 | 13.2 · 17.9 | 10.4 · 14.4 |
| Debt / equity (x) | — | 0.01 | 0.04 | 0.03 | 0.07 |
| Cash from operations | 28 | 16 | (19) | 3 | 0 |
| Capex | (6) | (14) | (0) | (3) | (3) |
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 | 19 | 16 | 14 | 15 | 15 | 15 | 17 | 19 |
| Profit before tax | 6 | 6 | 4 | 5 | 5 | 5 | 5 | 9 |
| Net profit | 5 | 5 | 3 | 4 | 3 | 4 | 3 | 7 |
| EPS (₹) | 3.40 | 3.21 | 1.90 | 2.70 | 2.07 | 2.46 | 2.33 | 4.50 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Stock Broking & DP Operations | 23 | 34.2 |
| E- Governance Operations | 11 | 16.8 |
| Stock Broking & DP operations | 11 | 16.5 |
| E - Governance Operations | 6 | 8.5 |
| STOCK BROKING & DP OPERATIONS | 11 | 17.0 |
| E- GOVERNANCE OPERATIONS | 5 | 7.1 |
| Total, before eliminations | 67 | 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) | 6.9 | 15.0 | 7 of 33 | 81% |
| P/B | 0.9 | 1.6 | 6 of 40 | 85% |
| ROCE | 13.8 | 12.6 | 7 of 16 | 60% |
| ROE | 10.3 | 9.6 | 17 of 40 | 59% |
| Debt / Equity | 0.1 | 0.1 | 7 of 14 | 54% |
| EBITDA margin | 48.2 | 31.2 | 13 of 39 | 68% |
| Revenue growth | 28.5 | 22.4 | 10 of 35 | 74% |
| Profit growth | 66.7 | 13.4 | 10 of 38 | 76% |
| Market cap | 118 | 413 | 27 of 42 | 37% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Compliance certificate for Q2 FY26 under SEBI Depositories Regulation | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Board Meeting Outcome: Independent Director Tenure Ends, NRC Reconstituted | management changes | medium | — | — |
| 18 Sept 2026 · Steel City Securities Independent Director completes tenure and ceases office | management changes | medium | — | — |
| 15 Sept 2026 · Subsidiary Steel City Commodities settles SEBI case under NSEL scheme | regulatory legal | high | — | — |
| 29 Aug 2026 · Record date fixed for interim dividend on 11 Sep 2026 | corporate actions | high | — | — |
| 29 Aug 2026 · Board declares Re. 1 interim dividend, new director appointed | corporate actions | high | — | — |
| 24 Aug 2026 · Trading window closed ahead of interim dividend board meeting | compliance | minimal | — | — |
| 5 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 4 Aug 2026 · Steel City Securities gets Market Maker approval from NSE and BSE | business updates | 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.