1. Opening Hook
SEBI fined them ₹15 lakh, SME IPOs are allegedly “fatigued,” and midcaps are throwing tantrums.
Naturally, Gretex responded by promising 45% PAT margins next quarter. Because why not?
While the market debates whether SME IPOs are overcooked, Gretex is busy listing companies, launching an AIF, prepping its broking arm for listing, and telling analysts that volatility is… seasonal. Apparently, Q1 and Q3 are for patience, Q2 and Q4 are for money.
Management sounds confident, almost aggressively so. No bans, no slowdown fears, no fee pressure, no tech capex drama. Just pipelines, pipelines, and more pipelines.
If you think this is another boring merchant banker concall, read on.
Things get very interesting once margins, market-making risk, and that bold 45% PAT claim enter the chat.
2. At a Glance
- Revenue ₹54.8 Cr – Capital markets still paying the bills, fatigue rumors politely ignored.
- EBITDA ₹12.3 Cr – Operating leverage finally showed up, well-dressed.
- EBITDA Margin 22.4% – Seasonal volatility, according to management’s calendar.
- PAT ₹6.9 Cr – Bottom line woke up this quarter.
- PAT Margin 12.5% – Apparently just the warm-up lap.
- 9M Revenue ₹144.8 Cr – Consistency with occasional drama.
- 9M PAT ₹20.7 Cr – Merchant banking still minting money.
3. Management’s Key Commentary
“This is the final SEBI order. Nothing is pending.”
(₹15 lakh fine paid, compliance chapter closed. Move along.) 😏
“There is no ban, and no ban will come later.”
(Relax, operations are business as usual.)
“We are expecting 40%–45% PAT margin
in Q4 FY26.”
(Casual flex. Market gasps.) 😮
“We have 20 active IPOs under execution.”
(Pipeline so crowded it needs traffic police.)
“We are not reducing merchant banking fees.”
(Market weak? Your problem, not ours.)
“Main Board focus will reduce market-making risk.”
(Translation: SME inventory risk gave us heartburn.)
“AIF investment is only ₹2.5 crore.”
(Dividend lovers, breathe easy.)
4. Numbers Decoded
Metric | Q3 FY26 | What It Really Means
---------------------------|---------------|-----------------------
Total Income | ₹54.8 Cr | Deal flow intact
EBITDA | ₹12.3 Cr | Operating leverage kicked in
EBITDA Margin | 22.4% | Seasonality still blamed
PAT | ₹6.9 Cr | Conversion improving
PAT Margin | 12.5% | “Not our final form”
9M EBITDA Margin | 23.6% | Business model validated
9M PAT Margin | 14.3% | Q4 expected to do heavy lifting
One listing-heavy quarter can flip margins fast — welcome to merchant banking math.
5. Analyst Questions (Decoded)
- SEBI order impact?
Analyst: Is this serious?
Mgmt: It’s over. Next question. - 45% PAT
