SHAREINDIANSENovember 04, 2025

Share India Securities Limited

7,570words

83turns

6analyst exchanges

0executives

Key numbers — 40 extracted

INR 265.20 Crore

st, we shall discuss stand-alone results for Q2 25-26. The total revenue from operations stood at INR 265.20 Crores, reflecting 2.9% decline quarter-on-quarter basis. Profit before tax stands at INR 98.73 Crores

2.9%

ne results for Q2 25-26. The total revenue from operations stood at INR 265.20 Crores, reflecting 2.9% decline quarter-on-quarter basis. Profit before tax stands at INR 98.73 Crores and Profit after t

INR 98.73 Crore

INR 265.20 Crores, reflecting 2.9% decline quarter-on-quarter basis. Profit before tax stands at INR 98.73 Crores and Profit after tax is INR 73.34 Crores, marking a significant increase of about 11% and 7%, re

INR 73.34 Crore

ne quarter-on-quarter basis. Profit before tax stands at INR 98.73 Crores and Profit after tax is INR 73.34 Crores, marking a significant increase of about 11% and 7%, respectively. Earnings per share for quarte

11%

NR 98.73 Crores and Profit after tax is INR 73.34 Crores, marking a significant increase of about 11% and 7%, respectively. Earnings per share for quarter stood at INR 0.35 based on face value of INR

Crores and Profit after tax is INR 73.34 Crores, marking a significant increase of about 11% and 7%, respectively. Earnings per share for quarter stood at INR 0.35 based on face value of INR 2 per

INR 0.35

a significant increase of about 11% and 7%, respectively. Earnings per share for quarter stood at INR 0.35 based on face value of INR 2 per share. Coming to half yearly performance for financial year 25-

INR 2

11% and 7%, respectively. Earnings per share for quarter stood at INR 0.35 based on face value of INR 2 per share. Coming to half yearly performance for financial year 25-26, the revenue from operations

INR 538 Crore

Coming to half yearly performance for financial year 25-26, the revenue from operations reached INR 538 Crores, representing 22% decline on a year-on-year basis. Profit before tax and profit after tax came i

22%

rmance for financial year 25-26, the revenue from operations reached INR 538 Crores, representing 22% decline on a year-on-year basis. Profit before tax and profit after tax came in at INR 187.81 Cro

INR 187.81 Crore

presenting 22% decline on a year-on-year basis. Profit before tax and profit after tax came in at INR 187.81 Crores and INR 142.07 Crores with year-on-year decline of about 15.8% and

INR 142.07 Crore

on a year-on-year basis. Profit before tax and profit after tax came in at INR 187.81 Crores and INR 142.07 Crores with year-on-year decline of about 15.8% and INR 16.65 Crores. Ear

Guidance — 20 items

Kamlesh Shah

opening

“Our strategic initiatives are progressing well, and we expect them to start delivering incremental gain in the coming quarters.”

Sachin Gupta

opening

“And we believe in coming quarters, more participation will come in and things will be much better what they were earlier.”

Sachin Gupta

opening

“And the broking and the third-party wealth products will be the core goal.”

Sachin Gupta

opening

“So future projections, as last investor call, we talked about Project Drone, Prabhakar joined us for the new WealthTech so we believe that the development on that side is tech team has been hired, product team has been hired.”

Sachin Gupta

opening

“And from next financial year, Project Drone will be up and running, and we'll see the complete online focus on broking and wealth products also via Project Drone and leading by the Prabhakar Tiwari.”

Sachin Gupta

opening

“But yes, once the PMS will be launched, the next step is AIF, our own products will also be launched.”

Sachin Gupta

opening

“So these are the forthcoming projects, Project Drone, Silverleaf, AIF, Wealth and MTF.”

Sachin Gupta

opening

“So FCCB will primarily help us in working capital and managing our fund requirement and also the cost of FCCB will be much lower than what we are doing now.”

Sachin Gupta

opening

“So we see that on and off, we are trying to venture into the new projects like Project Drone, PMS, MTF, so many things we are doing since last 1.5 years.”

Sachin Gupta

opening

“This Company will be primarily working for the debt products.”

Risks & concerns — 14 flagged

These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict.

— Amit Sharma

The total revenue from operations stood at INR 265.20 Crores, reflecting 2.9% decline quarter-on-quarter basis.

— Kamlesh Shah

Coming to half yearly performance for financial year 25-26, the revenue from operations reached INR 538 Crores, representing 22% decline on a year-on-year basis.

— Kamlesh Shah

Profit before tax and profit after tax came in at INR 187.81 Crores and INR 142.07 Crores with year-on-year decline of about 15.8% and INR 16.65 Crores.

— Kamlesh Shah

Coming to consolidated results, Quarter 2 year 2025-26, total revenue from operations was INR 340.96 Crores, registering just 0.13% decline over the previous quarter.

— Kamlesh Shah

Coming to half yearly result for financial year 25-26, revenue from the operation reached INR 682.37 Crores, representing 21.29% decline year-on-year basis.

— Kamlesh Shah

Consolidated profit before tax and profit after tax were INR 237.16 Crores and INR 177.6 Crores, respectively, with decline of approximately 19.76% and 21.84% year-on-year basis.

— Kamlesh Shah

We had earlier indicated that last 2 quarters of financial year 24-25, we will see decline in revenue and profit mainly because of regulatory changes, but we shall recover again in financial year 2026.

— Kamlesh Shah

On the risk side, we are being proactive by setting up internal committees, building a secondary desk to improve turnaround time and keeping our governance standards aligned with Share India.

— Keshav Goyal

And so just wanted to know, does this put pressure on our yields in any way?

— Satvik

So definitely, there will be pressure from the larger brokers, like they have started offering MTF at a better price.

— Sachin Gupta

Satvik, you're absolutely right that given that the industry is moving towards the lending side, there can be some sort of pressure in terms of the yield that comes across to the broker.

— Abhinav Gupta

I just want to know how are we leveraging the AI and automation within the trading and other operations related to the risk management scenario?

— Prisha Shah

In short, the AI and algo will be used for -- not only for trading but for compliance and for risk management and everything.

— Kamlesh Shah

Q&A — 6 exchanges

Hi, Good evening! I just wanted to ask -- some color if you could give on how the volatility has been in the market and the share of retail participation in terms of our broking volumes, if you could give some color on that, please?

Kamlesh Shah

Yes, Sachin Ji. Yes. So you're asking about the overall retail participation in the industry or specifically? Overall, how the volatility has impacted us and in terms of our broking volumes, how the retail participation has been? So I tell you, we are seeing the low falling volume market scenario. So derivative bets have gone down, dependence on the derivative revenues have gone down. So people have shifted their focus more on the investment side, maybe short-term investments using some leveraged facilities. And also, traction is more on the third-party wealth products also, especially on stru

So I heard your presentation regarding FCCBs. Could you explain it a bit further in a broad manner like what are we using it for?

Sachin Gupta

So, we are seeing a lot of growth on the client services side. For that, you need funds like we are spending money on branches. We need more working capital to fund the clients. We need funds for maybe MTF, maybe for derivative trading for the clients or so many things for bank guarantees and all. So FCCBs will help us with the low-cost funding from the foreign institutions. And also, that kind of money, once it will come in, it will -- like it might be 10 years bond. So long-term fund at low cost will fuel -- will help us in taking our growth forward and especially on MTF and the retail proje

Congratulations on a good set of sequential results. Just starting on the MTF side, we are seeing discount brokers turning aggressive recently. And so just wanted to know, does this put pressure on our yields in any way? For instance, a couple of days back, one of our peers, they dropped their yields substantially, and they have a similar book size to ours, and they have a similar target as well. So just wanted to know your thoughts on this?

Abhinav Gupta

Sachin Sir, you want to start or... So definitely, there will be pressure from the larger brokers, like they have started offering MTF at a better price. So that's why we moved for FCCB, and we are constantly looking to reduce our cost of funds. And we want to be cooperative in the market. We just don't want to sit idle and looking for the local options only. And that's why we presented to the Board yesterday to give us the approval and our Board just approved up to $50 million kind of fund raise from FCCB. So that's the primarily reason that, as I already said in one question that the partial

Congratulations on the good set of numbers. So I do have a couple of questions. So specifically on the AI. I just want to know how are we leveraging the AI and automation within the trading and other operations related to the risk management scenario?

Sachin Gupta

Abhinav? Yes, so I'll start on it, and then Sachin Sir and Kamlesh Sir can add on to it. So both these AI matter are in terms of trading and in terms of operational efficiencies are being led internally as we have very clearly said that we have 3 tech companies led by professionals graduated from reputed institutes in India. They are leading this initiative for us. In terms of trading -- AI being used in trading, we have already initiated in uTrade Algos, a lot of AI-related products. And the pipeline in terms of AI-related strategies for the retail clientele is very strong, and you will see c

I would like to thank all the participants. The questions asked were very relevant. This does help us also thinking about improvement in the functioning as well as thinking about new product and new ways of offering product to the clients. And we also would like to thank all the investors for the trust and support and we will make all the efforts to see that we come true to your expectation. And with this, I would like to thank again all the participants. Thank you very much.

Management

Thank you very much. Thank you, everyone.

Abhinav Gupta

Thank you. Thank you.

Speaking time

Sachin Gupta

Abhinav Gupta

Satvik

Moderator

Kamlesh Shah

Rohan Mehta

Mayank Saraf

Prisha Shah

Amit Sharma

Keshav Goyal

Opening remarks

Amit Sharma

Thank you. Good evening, everyone. On behalf of the entire management, I thank all the participants present on the call and wish you a very warm welcome to our Q2 and H1 FY26 Earnings Conference Call. To guide us through the results today, we have with us the Senior Management team of Share India Securities Limited, represented by Mr. Kamlesh Shah, Managing Director; Mr. Sachin Gupta, CEO and Whole-Time Director; Mr. Abhinav Gupta, President, Capital Markets; Mr. Prabhakar Tiwari, who has joined us as the Head of the WealthTech Division and Mr. Keshav Goyal. Before we begin, please note that this conference may contain forward-looking statements about the Company, which are based on the beliefs, opinions and expectations of the Company as on the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will commence the call with the opening brief by Mr. Kamlesh Shah, Managing Director, followed b

Kamlesh Shah

Thank you, Amit Ji. Good evening, dear investors and friends. It is my privilege to present the financial performance of our Company for second quarter and first half of the financial year 2025-26. We began this financial year with focused strategy to drive disciplined growth, strengthen operational resilience and deepen customer engagement across our business. I am pleased to report that the results for Q2 and half yearly reflect solid progress on each of these fronts. Let me now walk through the detailed financial performance. First, we shall discuss stand-alone results for Q2 25-26. The total revenue from operations stood at INR 265.20 Crores, reflecting 2.9% decline quarter-on-quarter basis. Profit before tax stands at INR 98.73 Crores and Profit after tax is INR 73.34 Crores, marking a significant increase of about 11% and 7%, respectively. Earnings per share for quarter stood at INR 0.35 based on face value of INR 2 per share. Coming to half yearly performance for financial year

Sachin Gupta

Thank you, Kamlesh Sir, for the detailed presentation of the Q2 numbers. Good evening, everyone. As we all know, entire broking industry started this financial year on a very challenging note due to the lot of regulatory changes we observed and saw in the Q3 of the last financial year. But nevertheless, we are extremely glad to see that first half of this financial year shown us consistent growth and the numbers are coming back and industry is overall stabilizing and adapting the new environment. What we have observed in 2 quarters that the kind of volumes which have gone down are now stabilizing. We are not seeing any reason that volumes should go further down from here. So volumes have stabilized. And we believe in coming quarters, more participation will come in and things will be much better what they were earlier. But with this new environment, as Kamlesh Sir said, we see new opportunities, and will try to establish ourselves to grab those opportunities in the current environment.

Keshav Goyal

Everyone. [I'm Keshav Goyal from GreyHill Capital. I'd like to share what we are building together with Share India and why we are so excited about it. The idea is to expand Share India's footprint into the fast-growing fixed income space by building a scalable platform for credit products. Over the last decade, investor demand for high-yield investments have exploded, and we see a big opportunity to capture this in a structured way. The timing couldn't be better. Over the last decade, the market has tripled to over INR 226 Lakh Crores. Corporate bonds hit a new record of INR 9.9 Lakh Crores in the financial year 2025. But even with this growth, we are at only 20% of global averages, which leaves us with massive room for expansion. For us, debt capital market isn't just another vertical. We see this as the next logical step in Share India's financial ecosystem. We will be combining origination, trading and distribution under one platform to offer a complete fixed income capability. Sin

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