So, Gretex just graduated from SME to Main Board and decided the best way to celebrate was by dropping a 13x PAT jump. Because why not? Q1 was a sleepy Sunday afternoon, Q2 looked like a Bollywood climax with fireworks, confetti, and bankers popping champagne. Management called it “seasonality.” Markets called it “Wait, what just happened?” Somewhere between IPO mandates, market-making money, and a very forgiving cost structure, Gretex discovered operating leverage in beast mode.
This was their first mainboard earnings call, and they came armed with swagger, spreadsheets, and a pipeline that sounds suspiciously like a banker’s fantasy novel. Revenue exploded, margins flexed, and guidance casually threw around ₹20,000 crore fundraising targets like it’s loose change.
Read on. It starts sensible. It ends… ambitious.
2. At a Glance
Revenue up 197% QoQ – Turns out IPOs prefer Q2, not summer vacations.
EBITDA up 8x – Operating leverage finally woke up and chose violence.
EBITDA margin at 29% – Fixed costs watching helplessly from the sidelines.
PAT up 13x – Profits didn’t grow, they teleported.
21 IPO mandates in hand – Management counting listings like trading cards.
Stock broking losses hit “other income” – MTM reminding everyone markets have moods.
3. Management’s Key Commentary
“Today marks our first earnings call as a main board–listed company.” (Translation: Please clap, we’ve waited years for this 🎉)
“Total income stood at ₹67.4 crore in Q2 FY26.” (Translation: Q1 was practice. This was the real exam.)
“EBITDA margin expanded to 29%.” (Translation: Fixed costs are now decorative.)
“PAT grew to ₹12.9 crore from ₹1 crore.” (Translation: Yes, that’s a 13x jump. No, it’s not a typo.)
“We have executed 59 public issues till date.” (Translation: We’ve seen more DRHPs than Netflix episodes.)
“We currently have around 21 IPO mandates under execution.” (Translation: Pipeline so full, Excel sheets are sweating.)
“We are targeting ₹20,000 crore fundraising over the next three years.” *(Translation: Go big or go back to SME.) 😏
“Our broking subsidiary will be listed soon.” (Translation: Unlocking value is the new buzzword.)
4. Numbers Decoded
Metric
Q1 FY26
Q2 FY26
What It Really Means
Total Income
₹22.7 cr
₹67.4 cr
IPO season > monsoon season
EBITDA
₹2.4 cr
₹19.6 cr
Costs stayed home, revenues partied
EBITDA Margin
10.6%
29%
Operating leverage said hello
PAT
₹1.0 cr
₹12.9 cr
Exponential curves feel nice
PAT Margin
4.2%
19.2%
Scale finally kicking in
One bad quarter looks ugly. One good quarter looks legendary. Sustainability decides which it really is.
