Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Share India Securities:
₹81 Cr Profit, 47% Stock Crash, But They’re Building Algo-Land. Anyway.
A 30-year-old broker that decided to become a fintech startup, merged with a HFT company, got dinged with a ₹1 lakh penalty from SEBI, and is now betting everything on algorithmic trading. The market yawned and sold the stock 27% in a year. But somehow, earnings are up 35% YoY. Welcome to the beautiful chaos of capital markets.
Market Cap₹2,736 Cr
CMP₹125
P/E Ratio11.4x
Div Yield1.08%
ROE14.3%
01 — At a Glance
A 30-Year-Old Broker Trying to Act Like a 5-Year-Old Fintech Startup
- 52-Week High / Low₹211 / ₹122
- Q3 FY26 Revenue (Standalone)₹305 Cr
- Q3 FY26 PAT (Standalone)₹81 Cr
- EPS (Q3 FY26)₹3.69
- Annualised EPS (Est.)₹14.76
- Book Value / Share₹96
- Price to Book1.30x
- Current ROCE19.0%
- Operating Margin (OPM)39.1%
- Total Debt₹359 Cr
Flash Summary: Share India posted Q3 PAT of ₹81 crore (standalone), up 35% YoY. Revenue grew 18% YoY to ₹305 crore. But somehow the stock is down 27% in a year and trading at 11.4x P/E. The NBFC vertical is imploding (NPA rose), the algo play hasn’t paid off, and they just got fined ₹1 lakh by SEBI for some algo platform issue. Yet earnings are accelerating. This is the kind of stock that makes you question whether the market knows what it’s doing.
02 — Introduction
The Broker Who Wanted to Become Steve Jobs (But Kept Selling Stocks Instead)
Share India was born in 1994. Not a startup. A 30-year-old company. Think about that. They’ve been around longer than most of the founders who funded the fintech revolution. Yet here they are in 2026, trying to convince you that their “uTrade Algos” platform is the future of retail investing in India. Meanwhile, their core broking business is doing all the heavy lifting. It’s like your grandfather who started a textile mill in 1980 suddenly telling you he’s pivoting to cryptocurrency.
The company has a ₹2,736 crore market cap, 46,977 clients in broking, an NBFC subsidiary drowning in NPAs, a merchant banking arm that goes quiet when markets go down, and three tech subsidiaries (uTrade, Algowire, Silverleaf) that are still loss-making or waiting to merge. They operate 262 branches and franchises across 18 states. Roughly 92.8% of revenue comes from broking & trading. Everything else is rounding error mixed with aspiration.
Q3 FY26 was actually good for the core business. Revenue from operations was ₹305 crore, up 18% YoY. PAT was ₹81 crore, up 35% YoY. The stock immediately dropped 27% year-over-year. Such is the life of a capital markets services company: even when you execute, the market doesn’t care. But the numbers are there. And that’s what we’re here to understand.
The Concall Confession (Jan 2026): Management admitted the NBFC book is being “repositioned from unsecured to secured lending.” Translation: they got burned by defaults and are now doing mortgages and car loans at much lower returns. They’ve also accepted that consolidated numbers will look worse than standalone for a while because the subsidiaries are still bleeding cash or merging (Silverleaf).
03 — Business Model: The Batter’s Box
We Buy, We Sell, We Take 0.001% of Everything. Also Here’s Our Algo Platform.
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