Swastika Investmart Ltd Q3 FY26 – ₹28 Cr Revenue, EPS Volatility, ROCE 32%… But Stock Down 62% in a Year. Genius Undervalued or Peak Broking Hangover?

1. At a Glance – Blink and You’ll Miss the Drama

Swastika Investmart Ltd is trading at ₹69, a price that screams “I’ve seen things”. Market cap sits at ₹139 Cr, ROCE at a jaw-dropping 32.6%, ROE 20.7%, and yet the stock has casually deleted 61.6% of shareholder wealth in one year.

Latest Q3 FY26 revenue came in at ₹28.08 Cr, while PAT fell to ₹3.69 Cr, down 39.6% YoY. EPS for the quarter was ₹1.84, and investors reacted like someone cancelled free brokerage forever.

P/E is 13.2×, lower than industry average 19.8×, Price-to-Book at 1.07×, dividend yield 0.87%, and debt-to-equity a sleepy 0.18. On paper, this looks like a CFA Level 1 textbook example of “cheap but traumatised”.

But markets don’t pay for spreadsheets. They pay for confidence. And right now, Swastika looks like it’s been through a SEBI audit, a bear market, and a mid-life crisis — all at once.

So what’s going on here? Overreaction, cyclical pain, or something structurally broken? Let’s investigate. 🕵️‍♂️

2. Introduction – From Broking Boom to Broking Bruises

Swastika Investmart has been around since 1992, which means it has survived Harshad Mehta, Ketan Parekh, the Global Financial Crisis, COVID, meme stocks, and retail investors discovering options at 10:30 AM. Respect.

The company operates in stock broking, depository services, merchant banking, insurance distribution, mutual funds, loans against shares, algo trading, and even startup funding. Basically, if money moves, Swastika wants a cut.

But here’s the problem: capital markets are cyclical, and Swastika’s numbers are behaving exactly like that annoying relative who only shows up when markets are hot.

FY25 looked strong. FY26 so far? Meh.
Q3 FY26 revenue fell 17.8% YoY, profit fell 39.6%, and the stock