Khandwala Securities Limited

NSE: KHANDSE · Stockbroking & Allied

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52W Range₹12 – ₹26

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Snapshot

Unlock Khandwala Securities Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Khandwala Securities Ltd is a Mumbai-based financial services firm incorporated in 1993. The company provides a range of capital market products, including share broking, investment banking, and investment advisory services.

Business Model

The company generates revenue through brokerage commissions, investment banking fees, and advisory service charges. It operates as a SEBI-registered Category I merchant banker, leveraging multiple regulatory licenses to serve its client base.

Growth Outlook

Growth is primarily driven by the expansion of capital market activities and the scaling of its investment banking division. The company continues to leverage its independent business teams to capture opportunities within the Indian financial services sector.

Key Risks

  • Market Volatility. The company's brokerage and advisory revenues are highly sensitive to fluctuations in Indian stock market volumes and investor sentiment.
  • Regulatory Risk. As a SEBI-registered entity, the company faces risks associated with changes in capital market regulations and compliance requirements.
  • Competitive Pressure. The stockbroking sector in India is highly fragmented and competitive, which may exert pressure on commission margins.
  • Economic Downturn. A slowdown in the broader economy could reduce corporate deal-making activity, negatively impacting the investment banking segment.

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Key Metrics

REVENUE

₹8 Cr

TTM · consolidated

-17.2%YoY

NET PROFIT

₹-1 Cr

TTM · consolidated

-62.0%YoY

EPS

₹-0.83

TTM · consolidated

-53.7%YoY

RETURN ON EQUITY

-4.5%

TTM · consolidated

-1.8 ppYoY

RETURN ON CAPITAL EMPLOYED

-3.5%

TTM · consolidated

-4.6 ppYoY

P/E

-20.2x

Q4 FY26 · consolidated

-20.2 vs -66.8x5Y avg

EV/EBITDA

-39.4x

Q4 FY26 · consolidated

-39.4 vs -5.7x5Y avg

EBITDA MARGIN

-9.7%

TTM · consolidated

-16.9 ppYoY

NET PROFIT MARGIN

-19.1%

Q4 FY26 · consolidated

+154.6 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

+0.05xYoY

Peers · Stockbroking & Allied

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Khandwala Securities LimitedKHANDSE
₹27 Cr-20.19-39.38-17.2%-9.7%-4.5%-3.5%-27.6%
Emkay Global Financial Services LimitedEMKAY
₹734 Cr38.50—21.6%13.3%5.7%-1.2%-10.0%
Adit.Birla MoneyBIRLAMONEY
₹680 Cr11.75—9.6%49.0%20.2%52.7%-35.1%
Shardul Securities LimitedSHARDUL
₹479 Cr21.88—752.0%33.6%3.4%—+16.8%
Pune E - Stock Broking LimitedPESB
₹413 Cr———50.0%——+28.2%
Indo Thai Securities LimitedINDOTHAI
₹396 Cr6.43—217.6%83.5%29.6%1.1%-88.0%

As of Q4 FY26

Financials