1. At a Glance – Blink and You’ll Miss the Drama
Share India Securities Ltd is what happens when a traditional broking house wakes up one morning and decides it wants to be a fintech, a prop trader, a lender, a merchant banker, and maybe a hedge fund when nobody is watching. As of the latest close, the stock is hovering around ₹141, translating into a market cap of roughly ₹3,091 Cr. Sounds respectable, right? Until you realise the stock is down ~41% over the last year while the company is still posting chunky profits and paying interim dividends like a proud Indian uncle at a wedding.
Q3 FY26 numbers just dropped and they’re loud. Revenue came in at ₹3,720 mn (₹372 Cr), PAT at ₹888 mn (₹88.8 Cr), and operating margins stayed north of 40%. On valuation screens, the stock looks “cheap” with a P/E of ~12.9 versus an industry average closer to 19–20. ROCE sits at ~19%, ROE at ~14.3%, and debt-to-equity is a manageable 0.17.
So why is the market behaving like it’s seen something suspicious? Promoter pledge at ~44.8%. Contingent liabilities of ₹4,169 Cr staring at you like a horror movie poster. And a business model where 90%+ of revenue comes from trading/broking, which works beautifully… until volumes sneeze.
Is this a misunderstood compounder, or a high-octane trading machine that the market refuses to trust? Let’s open the ledger and roast gently.
2. Introduction – From Old-School Broker to Algo Bro
Founded in 1994, Share India Securities started life like many Indian brokerage houses: phones, terminals, and lots of shouting on trading floors. Equity broking came in 2000, derivatives in 2007, currencies in 2008, commodities by 2012. So far, so vanilla.
Then things got interesting.
By 2016, the company registered as a Mutual Fund Advisor. In 2018, it went full SEBI-approved power mode with Category I Merchant Banking and Portfolio Management licenses. In 2020, it graduated from the SME platform to the BSE Main Board – a rite of passage that usually comes with ambition and a slightly inflated ego.
Fast forward to FY21–FY24, and Share India is no longer just a broker. It’s acquiring algo trading firms, market-making specialists, and high-frequency trading outfits. It bought Total Commodities, uTrade Solutions, Algowire Trading Technologies, and in March 2024, Silverleaf Capital Services – a tech-driven HFT firm specialising in low-latency statistical arbitrage and market making.
Translation for lazy investors: this is not a “client brokerage” story alone anymore. This is a proprietary trading + technology + distribution hybrid. High margins, high returns, and equally high risk.
Question for you: do you trust trading-heavy businesses to behave nicely across cycles?
3. Business Model – WTF Do They
Even Do?
Explaining Share India’s business model to a newbie is like explaining Indian tax slabs to a foreigner. Possible, but messy.
Let’s break it down without too much bloodshed:
1. Broking & Depository (The Cash Cow)
This includes equity, derivatives, currency, commodities, and algo trading. This is where most of the revenue comes from – about 92% in FY24. High operating leverage, fat margins, and volume-driven income. When markets are buzzing, Share India prints money. When markets go silent, things get awkward.
Market share numbers are genuinely impressive for a mid-sized player:
- NSE Options: ~3.7%
- NSE Futures: ~2.5%
- NSE Currency Options: ~10.6%
- Commodities (MCX/NCDEX): 10%+
This is not a mom-and-pop broker. This is a serious liquidity participant.
2. Merchant Banking & Advisory
IPO advisory, valuations, M&A, portfolio management. Not the biggest contributor today, but strategically important. This is the “respectable suit” the company wears when it wants to look less like a trader and more like a banker.
3. NBFC (Small but Growing)
Loan book stood at ₹259 Cr in FY24, up from ₹125 Cr in FY23. Disbursements during FY24 were ₹455 Cr. Asset quality looks clean on paper with GNPA at 1.77% and NNPA at 0.93%. Still small, but clearly being scaled.
4. Technology Platforms
Retail platform IBT (launched FY23) and uTrade Algos (FY24) are attempts to monetise tech and clients beyond pure trading. Whether this becomes meaningful or remains marketing fluff is still an open question.
So yes, they do many things. But let’s be honest – this is a trading-led business wearing multiple costumes.
4. Financials Overview – Numbers That Flex
Quarterly Comparison (Standalone, ₹ Crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 372 | 284 | 265 | 31.0% | 40.4% |
| EBITDA | 133 | 136 | 123 | -2.2% | 8.1% |
| PAT | 81 | 83 | 73 | -2.4% | 11.0% |
| EPS (₹) | 3.69 | 5.08 | 3.35 | -27.4% | 10.1% |
Annualised EPS (Q3 rule)
Average of Q1, Q2, Q3 EPS × 4
(Q1: ₹3.14, Q2:
