Systematix Corporate Services Q1 FY27: Revenue Up 43.6% to ₹56.26 Cr, a ₹29.51 Cr Line Called “Sale of Shares,” and a ₹4.89 Cr Loss

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1. At a Glance

Consolidated revenue for the June 2026 quarter came in at ₹56.26 Cr, against ₹39.17 Cr a year earlier — a rise of 43.6%. Net profit came in at negative ₹4.89 Cr, against ₹10.46 Cr in the year-ago quarter, a swing Screener records as a 147% change and which the arithmetic records as a company managing to grow its top line and lose money in the same three months. Operating Profit was negative ₹2.27 Cr, the second consecutive quarter below zero after March 2026’s negative ₹9.53 Cr.

Inside the revenue line sits a first: ₹29.51 Cr booked under “Sale of shares,” a heading that did not exist in the comparative columns and now accounts for more than half of what the quarter called income. The company’s own press release of 7 August separates this out, reporting revenue of ₹56.26 Cr and adjusted revenue of ₹26.75 Cr — a company issuing two versions of its own top line in the same sentence, both correct.

Elsewhere in the quarter: employee benefits expense of ₹20.57 Cr, the largest single expense line; a ₹35 Cr rights-issue infusion into the broking subsidiary on 13 April; a subsidiary LLP struck off the register on 21 July; and an AGM scheduled for 22 September. The merchant banking segment reported a pre-tax segment loss of ₹6.52 Cr.

Market capitalisation stands at ₹785 Cr. Trailing PAT is negative ₹1.32 Cr, which is why the Stock P/E field on Screener is simply empty.

2. Introduction

Systematix Corporate Services Ltd was established in 1985 and provides investment management and advisory services in the financial markets, along with investment solutions for FIIs, DFIs, insurance companies and other financial institutions. Forty-one years on, the registered office is still at Bansi Trade Centre on M.G. Road, Indore, while the corporate office occupies four consecutive suite numbers on the sixth floor of a tower in Bandra Kurla Complex — a company that grew up in Indore and now works in the postcode where its clients raise money.

The group was founded by Mr. CP Khandelwal and today runs with more than 300 professionals across investment banking, equity brokerage, private wealth and asset management. Nikhil Khandelwal is Managing Director; on 7 August 2026 the board, on the Nomination and Remuneration Committee’s recommendation, re-appointed him for a further three years with effect from 1 September 2026, subject to members’ approval at the AGM.

The last twenty-four months have been dense with corporate machinery. In August 2024 one equity share of ₹10 was split into ten of ₹1. In September 2024 a fund raise of ₹103.12 Cr was announced; in November 2024, 67,35,430 equity shares were allotted to non-promoters. In October 2025 the company listed 13,65,38,010 shares on the NSE as SYSTMTXC, adding a second exchange to a BSE listing that had been running since the previous century. In November 2025 Bhaskar Hazra and Partha Sengupta were appointed Joint MD & CEO of the private wealth arm; in May 2026, Rupam Lal Das was appointed Joint Managing Director and Ratnadeep Acharyya was appointed Managing Director & CEO – Investment Banking.

FY26 itself closed with revenue of ₹146.17 Cr against ₹139.39 Cr in FY25, a rise of 5%, and profit before tax of ₹22.71 Cr against ₹57.09 Cr — described by the company as a year impacted by lower deal activity in Indian capital markets owing to global uncertainties, alongside spending on the private wealth build-out, ESOPs and a mark-to-market hit on listed investments. A 10% dividend was declared for the year, on a face value of ₹1, which is the sort of arithmetic that fits comfortably inside a rounding error.

3. Business Model: WTF Do They Even Do?

Four verticals, one holding company, and a great many entities whose names begin with the same word.

Broking was 63% of revenue in Q1 FY25 versus 61% in FY22. The institutional desk covers cash and derivatives for domestic and foreign institutions, with an active clientele of over 240 institutional clients including HDFC Mutual Fund, UTI Mutual Fund and IDFC Mutual Fund, and it recorded an overall cash market share of 0.57% at the end of Q1 FY25. Research coverage has climbed from 185 companies in FY24 to 328 — a coverage universe that grew by 143 companies while the wealth management client count sat at exactly 1,600 for three straight reporting years, a number so stationary it deserves a plaque. Distribution reaches 40,000 clients through a franchisee network of 62, down from 204 in FY24 and 70 in FY25. Institutional strength is described as 145 DII funds and 95 FII funds, across Singapore, Hong Kong, UAE, UK and US.

Merchant and investment banking was 33% of revenue in Q1 FY25, same as FY22 — the one segment that has been mathematically loyal. It assists medium-sized companies with capital raising, M&A, financing and deal structuring, plus IPOs, QIPs, rights issues, buybacks, open offers and delisting. FY26 deal value transacted was around ₹4,600 Cr, spread across QIPs (Ratnaveer Precision ₹186 Cr, Veranda Learning ₹357 Cr, GHCL ₹300 Cr), IPOs (Indogulf Cropsciences ₹200 Cr, Mangal Electricals ₹400 Cr, Jaro Education ₹450 Cr, Vikran Engineering ₹772 Cr), rights issues (JTEKT ₹250 Cr, Krishival Foods ₹100 Cr), block deals, open offers, and one buyback at Tracxn Technologies for ₹8 Cr — a transaction list where the smallest deal is smaller than the quarterly employee cost.

Financing and other activities was 4% of revenue in Q1 FY25 against 6% in FY22, and covers wealth management distribution, portfolio management, and financing against shares and margin funding.

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