Share India Securities Ltd Q2 FY26 – The ₹4,373-Crore Fintech Broking Machine That Trades Faster Than Its Promoters Unpledge Shares
1. At a Glance
If Dalal Street had a Formula One pit crew, it’d look suspiciously like Share India Securities Ltd — a tech-obsessed brokerage that does algorithmic trading, runs an NBFC on the side, dabbles in merchant banking, and still finds time to pay ₹0.40 interim dividends between trades.
In Q2 FY26, the company reported ₹265 crore in revenue (–27.6 % YoY) and ₹73 crore in PAT (–24.9 % YoY). Yet, the margins held an enviable 47 % OPM, meaning their software trades with more discipline than half the market’s human traders.
At ₹200 per share, it carries a P/E of 20, ROE of 14 %, and market cap of ₹4,373 crore — a not-so-small fintech that refuses to act like a sleepy brokerage. But here’s the twist: 52 % of promoter holding is pledged, so even if the algo never sleeps, the lenders probably don’t either.
2. Introduction
Once upon a margin call, back in 1994, a modest Delhi-based firm called Share India began its journey as an old-school broker. Then, as NSE servers got faster and traders got greedier, it evolved — first into derivatives, then currency, then commodities.
Fast forward to 2025, and it’s a full-blown fintech empire that doesn’t just trade stocks — it trades time. The company now owns uTrade Algos, Algowire, and Silverleaf Capital, all high-frequency trading (HFT) engines that make nanosecond decisions while you’re still typing your OTP.
But like any true Indian brokerage, it also sells mutual funds, gives SME loans, runs a merchant bank, and occasionally launches subsidiaries like Diwali crackers — the latest being a ₹6 crore tech outfit approved alongside USD 50 million FCCBs this quarter.
So yes, it’s part trader, part banker, part software company — basically, if Zerodha and Motilal Oswal had a caffeinated child who couldn’t stop coding.
3. Business Model – WTF Do They Even Do?
Share India runs multiple businesses stitched together by one common thread — data moving faster than your emotions.
a) Broking & Depository Services The core money-spinner — 92 % of FY24 revenue — offering trading in equity, commodity, derivatives, and currencies. It also runs algo-based automated systems through uTrade and Algowire.
b) NBFC Division Provides SME and personal loans. Loan book: ₹259 crore FY24 (vs ₹125 crore FY23), GNPA 1.77 %, NNPA 0.93 %. Not bad for a lender whose clients think stop-loss means “hope”.
c) Merchant Banking & Portfolio Management SEBI-registered Category I Merchant Banker — assists in IPOs, valuations, and M&A. You could say they manage both people’s portfolios and their expectations.
d) Insurance & Wealth Management Minor contributors but useful for cross-selling — because every trader needs insurance after trying weekly options.
e) Technology & HFT Through Silverleaf Capital (acquired March 2024) and uTrade Algos, they offer low-latency quant platforms, market making, and arbitrage systems. Basically, robots doing what retail traders dream of.
4. Financials Overview
Metric (₹ Cr)
Q2 FY26
Q2 FY25
Q1 FY26
YoY %
QoQ %
Revenue
265
366
273
–27.6 %
–2.9 %
EBITDA
123
144
110
–14.6 %
11.8 %
PAT
73
98
69
–25.5 %
5.8 %
EPS (₹)**
3.35
4.47
3.14
–25.1 %
6.7 %
💬 Commentary: A rare sight — profits down, margins up. Broking income dipped due to market volume volatility, but the algo desk and NBFC loan book kept the EPS alive.
5. Valuation Discussion – Fair Value Range Only
a) P/E Method: EPS ₹ 9.98 × industry PE 17–25 → ₹ 170 – ₹ 250 range.
