BSE: 530585
SWASTIKA INVESTMART LIMITED
Runs a stockbroking-led capital markets business that earned Rs 109.66 crore in FY26 against a total asset base of Rs 502.94 crore. Broking and related activities — facilitating equity and securities transactions on the exchanges — accounted for 93.3% of segment revenue at Rs 102.88 crore, with segment EBIT of Rs 16.64 crore. Merchant banking contributed Rs 5.85 crore (5.3%) from mandates such as IPO advisory and underwriting, generating Rs 3.18 crore in segment EBIT. The 'Others' segment (Rs 1.51 crore, 1.4% share) covers newer lines including a wealth management vertical and a Category II AIF; this segment ran at a loss. Registered with SEBI as a stock broker, merchant banker, investment adviser, research analyst and portfolio manager, and listed on BSE. Employee cost is the largest expense at 28.6% of revenue, followed by other operating expenses at 13.2%; capex is light at 1.1% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking and Related Activities (93%), Merchant Banking Activities (5%), Others (1%). Fee-based, asset-light capital markets intermediary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 83 | 88 | 114 | 141 | 110 |
| EBITDA (ex other income) | 17 | 12 | 23 | 35 | 28 |
| margin % | 20.1 | 13.3 | 20.3 | 25.2 | 25.4 |
| Owners' profit | 10 | 6 | 12 | 20 | 13 |
| EPS, as reported (₹) | 34.02 | 20.77 | 41.51 | 13.31 | 6.65 |
| ROE % · ROCE % | 19.8 · — | 10.8 · — | 15.4 · — | 17.7 · — | 9.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | (20) | (22) | (20) | (14) |
| Capex | (1) | (1) | (1) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39 | 40 | 34 | 27 | 26 | 28 | 28 | 27 |
| Profit before tax | 9 | 10 | 8 | (0) | 5 | 5 | 5 | 4 |
| Net profit | 6 | 7 | 6 | 0 | 3 | 3 | 4 | 3 |
| EPS (₹) | 21.20 | 4.89 | 4.13 | 0.18 | 1.82 | 1.64 | 1.84 | 1.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broking and Related Activities | 103 | 93.3 |
| Merchant Banking Activities | 6 | 5.3 |
| Others | 1 | 0.6 |
| Other | 1 | 0.8 |
| Total, before eliminations | 110 | 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) | 18.0 | 15.0 | 20 of 33 | 41% |
| P/B | 1.8 | 1.6 | 21 of 40 | 49% |
| ROE | 9.6 | 9.6 | 20 of 40 | 51% |
| EBITDA margin | 26.8 | 31.2 | 24 of 39 | 40% |
| Revenue growth | (0.6) | 22.4 | 27 of 35 | 24% |
| Profit growth | 962.2 | 13.4 | 1 of 38 | 100% |
| Market cap | 246 | 413 | 25 of 42 | 42% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper publication of H1 FY27 unaudited financial results | compliance | minimal | — | — |
| 21 Oct 2026 · Sep 2026 half-year net profit rises 36.9%; operating cash flow negative | results | high | — | — |
| 21 Oct 2026 · Board approves September 2026 results; group profit rises 59% | results | high | — | — |
| 21 Oct 2026 · ESOP Grant: 5,000 Stock Options at Rs 52.50 under Swastika ESOS 2025 | capital market events | medium | — | — |
| 13 Oct 2026 · Board meet on 21 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · New ISIN for 90.5 lakh convertible warrants | fund raising | medium | — | — |
| 6 Oct 2026 · Routine compliance filing for Q2 FY27 - no demat remat activity | compliance | minimal | — | — |
| 6 Oct 2026 · Auditor certifies 14.4 crore upfront received for 90.5 lakh preferential warrants | compliance | minimal | — | — |
| 30 Sept 2026 · Swastika Investmart allots 90.5 lakh convertible warrants at Rs 63.64 | fund raising | high | — | — |
| 30 Sept 2026 · Swastika Investmart allots 90.5 lakh convertible warrants at Rs 63.64 | 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.