SHAREINDIANSEQ4 FY2026May 23, 2026

Share India Securities Limited

9,539words
92turns
7analyst exchanges
0executives
Key numbers — 40 extracted
rs,
h: Thank you, Madam. Good evening, everyone. On behalf of the entire team, I welcome all investors, analysts, and stakeholders to this Investor Meet. As a Managing Director of the Company, I would l
INR 383 crore
strong growth in our standalone performance. For the quarter- ended March 2026, revenues stood at INR 383 crore compared with INR 188 crore in the corresponding quarter of last year. That shows a 103% increase
INR 188 crore
lone performance. For the quarter- ended March 2026, revenues stood at INR 383 crore compared with INR 188 crore in the corresponding quarter of last year. That shows a 103% increase in the revenue. Profit af
103%
INR 383 crore compared with INR 188 crore in the corresponding quarter of last year. That shows a 103% increase in the revenue. Profit after tax increased significantly to INR 75 crore as against INR
INR 75 crore
last year. That shows a 103% increase in the revenue. Profit after tax increased significantly to INR 75 crore as against INR 16 crore for the quarter ended March 2025. That shows an increase of 368%. Earni
INR 16 crore
103% increase in the revenue. Profit after tax increased significantly to INR 75 crore as against INR 16 crore for the quarter ended March 2025. That shows an increase of 368%. Earnings per share improved t
368%
INR 75 crore as against INR 16 crore for the quarter ended March 2025. That shows an increase of 368%. Earnings per share improved to INR 17.6 compared with INR 11.7 last year. For the financial ye
INR 17.6
or the quarter ended March 2025. That shows an increase of 368%. Earnings per share improved to INR 17.6 compared with INR 11.7 last year. For the financial year-ended March 2026, revenue increased from
INR 11.7
March 2025. That shows an increase of 368%. Earnings per share improved to INR 17.6 compared with INR 11.7 last year. For the financial year-ended March 2026, revenue increased from INR 320 crore to INR
INR 320 crore
compared with INR 11.7 last year. For the financial year-ended March 2026, revenue increased from INR 320 crore to INR 395 crore, a 23% increase in revenue. Profit after tax rose to INR 298 crore compared wi
INR 395 crore
1.7 last year. For the financial year-ended March 2026, revenue increased from INR 320 crore to INR 395 crore, a 23% increase in revenue. Profit after tax rose to INR 298 crore compared with INR 247 crore in
23%
For the financial year-ended March 2026, revenue increased from INR 320 crore to INR 395 crore, a 23% increase in revenue. Profit after tax rose to INR 298 crore compared with INR 247 crore in the Fi
Guidance — 20 items
New initiative and future plan
opening
“Going forward, our strategic priorities remain clearly defined.”
Sachin Gupta
opening
“She will be leading the third party product selling and she has already started hiring the team and the operations will start in first month of Q3.”
Sachin Gupta
opening
“Vikas Singh, who is the fund manager and the target of FY27 is INR 200 crores.”
Sachin Gupta
opening
“And the retail network is helping us in a great manner to get the AUM, and the target is INR 200 crores by the end of this financial year.”
Sachin Gupta
opening
“PMS already started and AIF target is start the operations in this financial year.”
Sachin Gupta
opening
“So, this company has also started the operations in Q1 FY27.”
Sachin Gupta
opening
“And the target is to do at least INR 500 crore worth of issues by FY27.”
Sachin Gupta
opening
“And in FY26 we have crossed more than 5,000 clients for uTrade.”
Sachin Gupta
opening
“And going further we believe as the awareness about the algo trading is spreading and Share India is a leader in providing the algo trading platform for the retailers, we believe that going further uTrade will be very strong and good product.”
Sachin Gupta
opening
“So, MTF book, I just want to explain that MTF book was INR 239 crores by FY25 which has grown to INR 424 crores in FY26.”
Risks & concerns — 15 flagged
First, we shall discuss global environment and market context: The global economic environment during the year remained volatile, impacted by geopolitical tensions, global trade uncertainties, fluctuating energy prices, and inflationary pressure.
— Kamlesh Shah
We also witnessed continued selling by foreign institutional investors due to global risk reallocations, higher interest rates in the developed market, and currency movement, which created intermittent pressure on the emerging market, including India.
— Kamlesh Shah
Amidst these global and domestic challenges, the company remained resilient due to its diversified business model, disciplined risk Management practice, and strong operational framework.
— Kamlesh Shah
The Management remains optimistic about the future opportunities while continuing to maintain a balanced and risk-aware approach.
— Outlook on the Indian capital markets
Now coming to the consolidated financial performance: Our consolidated results were relatively subdued compared to the standalone performance, primarily due to weak market conditions and fair value adjustments relating to the investment held by group companies.
— Coming to the financial performance
Continued emphasis on operational efficiency, risk Management and digital transformation to support sustainable long-term growth and create value for the stakeholders.
— Strengthening Wealth Management
Despite these challenges, the Company continues to remain focused on maintaining operational resilience, prudent risk management and identifying growth opportunities in evolving market conditions.
— Key challenges
and as we saw that lot of geopolitical stress and regulatory reasons that industry is still into consolidation mode.
— Sachin Gupta
Last year and this year because of geopolitical reasons markets were very volatile and because of which we were seeing certain pressure on the margin and the revenues.
— Sachin Gupta
There is nothing like Q4 type of pressure on us.
— Sachin Gupta
But yes, there is a challenge of interest rate.
— Sachin Gupta
And then finally, any thoughts on what are your views on the impact of RBI regulations for the prop side of the business?
— Abhijit Sakhare
So, we will convert some intraday limits into the bank guarantees, so that will minimize the impact of the RBI circular.
— Sachin Gupta
And the target of this financial year is at least bottom-line side, because on revenue side, it's very difficult to go.
— Sachin Gupta
But we take a lot of pride in the fact that within the Q4, while the market was extremely volatile, we closed December number at INR 457 crores, kind of an MTF, which only reduced to INR 424 crores.
— Abhinav Gupta
Q&A — 7 exchanges
Q
Yes. Hi. Thank you so much for the opportunity, Sir and congratulations on the good set of revenue. So, just first question is on the margin front. So, I see that the margins have fallen quite a lot and I also understand that this might be a seasonal effect. So, every March I have seen that the margins have taken a dip. We just wanted to understand what this is exactly and how is it going to be sustainable like this in every March quarter or how is it and what are your thoughts on this?
Abhinav Gupta
Sachin Sir, you want to take it? Should I start? Abhinav you start, I will join. Sure. So, thanks a lot for your query. I think what you are looking at it from purely from a margin perspective is only from a Q4 perspective. It somehow happens in that both the last two years both Fiscal Year ‘25 and Fiscal Year ‘26 the Q4 has been little rough. Prior to that we usually used to have a better market scenario in Q4 earlier. So, I think it is more prudent to look at it from an annual perspective. If you look at it from an annual perspective as guided by us earlier we have maintained an EBITDA of ar
Q
Hi Sir, Good evening. I just have two short questions. Firstly, regarding uTrade as we are planning to go multi-broker with uTrade. Have you signed any broker partnerships yet? What is the current monetization model as in the subscription per user or revenue share or some metric just to understand better?
Sachin Gupta
So, first part I will answer. So, as we said in last call that uTrade is planning to go multi-broker. So, we were in close touch with Motilal and Dhan and some other brokers. But one circular came from SEBI that earlier what used to happen the software company was able to use the infrastructure of the broker to offer their product. So, like their service, their co-location and other things. So, recently SEBI came up with a circular where if you want to give any kind of services from a third-party vendor, then the vendor has to set up separately for every broker. So, that's kind of extremely co
Q
Hi, good evening, everyone. Sir, my first question is that when I look at the brokering and trading revenues for the 4th Quarter close to INR 400 crores, if you can break it up between what would be pure brokerage versus let's say prop trading income?
Abhinav Gupta
Sure. So, I will start with it. Sachin sir, you can add on to it. So, currently the prop income for full year contributes. So, I will answer this question in two ways. One is looking at it from a revenue perspective and one from a profitability perspective. From a revenue perspective, prop income contributes around 70% of the revenue. But from a profitability purpose, the usual number what it currently is around 50%. So, in Fiscal Year ‘26, the entire contribution from prop business was 49% and that is on a consolidated basis. On a standalone basis, that number was around 52%. I also want to a
Q
Sir, you talked about some funding constraints from the RBI for prop books, some emerging constraints that are coming up for prop books. Could you give us some color on that? Because SEBI also, I thought, has mentioned, I don't know whether there is a circular, on putting a cap on prop book sizes after the Jane Street scandal.
Sachin Gupta
Kamlesh sir, you want to start? Yes, there is nothing like that. You know, there is no such cap. In fact, SEBI is with us on this particular issue that the liquidity has to be maintained, and for that as I mentioned earlier, they are trying to come up with a framework for liquidity provider. So, I don't think there is any such circular which restricts prop desk. And I think we are well positioned in the market compared to our competition for achieving goals on both these sides, on clientele front as well as on prop desk front. So, as I said, there is no such circular from the SEBI side to limi
Q
Sir, my first question is on the revenue split. When we are saying that we will diversify into new initiatives, so what change in the revenue split can we expect in the next three years, once the new initiatives kick in and do well for us?
Sachin Gupta
Abhinav, can you please start? So, essentially, how we do classify it is that the entire broking piece is calculated together. So, even if, let's say, for all the diversification, whether that be Wealth Management or Distribution business, or whether that, for that matter, be that MTF, all of it would combine into the share broking business. So, whatever drop we see in prop business, essentially a majority of that chunk will get into the share broking business. Internally, share broking business diversification is a number that we don't share. Of course, as we go along, there would be other di
Q
Thanks for the follow-up. Sir, I just wanted to double-check the number that you mentioned earlier. Because of this RBI regulation, if it goes through, I think the date when it becomes effective is July 1st. You are anticipating around 20%, 30% sort of an impact on the prop side of the business.
Abhinav Gupta
No. I think I will be very clear. So, number one, the number that has been stated in this call is around 20%. And that is the number that is we are seeing a drop in margin essentially because of that and not the business. As we said, because the margin impact will impact the entire industry, we believe the margin per trade would have a better revenue. So, it's like the unit economics will take a different curve. And hence the impact would be, remains to be seen, but we anticipate it to be much lower than that. Yes, you mentioned the spread will widen so the revenue impact could be lower than t
Q
Sachin, would you like to elaborate something on the Metropolitan Stock Exchange?
Sachin Gupta
So, we have a sizable investment in MSCI as we have invested in the two rounds. So, MSCI has launched their cash market recently and it is already up and running. So, they are consistently doing more than INR 300 crores to INR 400 crore volume on cash market side on a daily basis. So, that's the one big thing from the chain perspective and from our investment perspective. Going further, MSCI has planned to launch their IPO side where all the companies who are getting listed, they will be listed parallelly to MSCI. That will give them one more push in the turnover. Also, they are planning to st
Speaking time
Sachin Gupta
26
Abhinav Gupta
16
Urmesh Shah
11
Moderator
9
Kamlesh Shah
9
Abhijit Sakhare
7
Murtaza
3
Sanjeev Pandya
2
Purvangi Jain
1
Outlook on the Indian capital markets
1
Opening remarks
Purvangi Jain
Thank you. Good evening, everyone, and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the Investor Relations of Share India Securities Limited. On behalf of the company, I would like to thank you all for participating in the Company's Earnings Call for the 4th Quarter and Financial Year 2026. Before we begin, let me mention a quick cautionary statement: Some of the statements made in today's Earnings Call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on Management's belief as well as assumptions made by and information currently available to the Management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decision. The purpose of today's Earnings Conference Call is purely to educate and bring awareness about the Company's fu
Kamlesh Shah
Thank you, Madam. Good evening, everyone. On behalf of the entire team, I welcome all investors, analysts, and stakeholders to this Investor Meet. As a Managing Director of the Company, I would like to thank you for your continued trust and confidence in us. I would like to briefly present the financial results of the Company for the period under review. Despite a challenging business environment, the Company has continued to focus on operational stability, financial discipline, and growth opportunities. The Management has taken necessary steps to maintain efficiency and strengthen overall performance. First, we shall discuss global environment and market context: The global economic environment during the year remained volatile, impacted by geopolitical tensions, global trade uncertainties, fluctuating energy prices, and inflationary pressure. We also witnessed continued selling by foreign institutional investors due to global risk reallocations, higher interest rates in the developed
Outlook on the Indian capital markets
Looking ahead, I remain optimistic about the Indian capital markets. India continues to stand out as one of the fastest-growing major economies globally. Increasing financialization of savings, rapid expansion of retail participation, digital adoption, and sustained economic reforms provide strong structural support to the capital markets. Despite short-term global uncertainty and market volatility, India remains one of the fastest-growing major economies which is expected to support long-term growth in the financial and capital markets sectors. The Management remains optimistic about the future opportunities while continuing to maintain a balanced and risk-aware approach. Domestic institutional inflows and retail participation are increasingly balancing the external capital movements. We believe the coming years will offer significant opportunities for well-capitalized, diversified financial services organizations such as ours.
Coming to the financial performance
First, we shall discuss standalone financial performance: I am pleased to report strong growth in our standalone performance. For the quarter- ended March 2026, revenues stood at INR 383 crore compared with INR 188 crore in the corresponding quarter of last year. That shows a 103% increase in the revenue. Profit after tax increased significantly to INR 75 crore as against INR 16 crore for the quarter ended March 2025. That shows an increase of 368%. Earnings per share improved to INR 17.6 compared with INR 11.7 last year. For the financial year-ended March 2026, revenue increased from INR 320 crore to INR 395 crore, a 23% increase in revenue. Profit after tax rose to INR 298 crore compared with INR 247 crore in the Financial Year 2025. That shows an increase of 20%. These numbers reflect improved operational efficiency, expansion across business verticals, and disciplined execution of our strategies. Now coming to the consolidated financial performance: Our consolidated results were re
New initiative and future plan
Going forward, our strategic priorities remain clearly defined. Continued expansion of our retail business, leveraging technology and wider market penetration across regions.
Strengthening Wealth Management
Vertical following successful launch of PMS business along with plans to introduce Alternative Investment Fund to broaden investment offerings. Development of commodity business, which the Management believes will emerge as a significant growth driver in coming years. Continued emphasis on operational efficiency, risk Management and digital transformation to support sustainable long-term growth and create value for the stakeholders.
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