Share India Securities Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Share India Securities Ltd filed with BSE on 23 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Share India Securities reported standalone Q4 FY26 revenue of INR 383 crore, up 103% year-on-year, with profit after tax at INR 75 crore against INR 16 crore a year earlier. Consolidated FY26 revenue was roughly flat at INR 1,470 crore versus INR 1,445 crore, while consolidated profit after tax declined slightly to INR 324 crore from INR 328 crore, which management attributed to fair value adjustments on group company investments. Management discussed new initiatives including PMS, Wealth Management, Share India Cred, uTrade, retail branch expansion, and the potential impact of RBI regulations on prop trading funding.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone revenue: INR 383 crore (Q4 FY26)
p. 4
“For the quarterended March 2026, revenues stood at INR 383 crore compared with INR 188 crore in the corresponding quarter of last year.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Standalone profit after tax: INR 75 crore (Q4 FY26)
p. 4
“Profit after tax increased significantly to INR 75 crore as against INR 16 crore for the quarter ended March 2025.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Standalone EPS: INR 17.6 (Q4 FY26)
p. 4
“Earnings per share improved to INR 17.6 compared with INR 11.7 last year.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Standalone revenue: INR 395 crore (FY26)
p. 4
“For the financial year-ended March 2026, revenue increased from INR 320 crore to INR 395 crore, a 23% increase in revenue.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Standalone profit after tax: INR 298 crore (FY26)
p. 4
“Profit after tax rose to INR 298 crore compared with INR 247 crore in the Financial Year 2025.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Consolidated revenue: INR 416 crore (Q4 FY26)
p. 4
“For the quarter-ended March 2026, total revenue increased to INR 416 crore compared with INR 239 crore last year.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Consolidated profit after tax: INR 58 crore (Q4 FY26)
p. 4
“Profit after tax stood at INR 58 crore versus INR 18 crore in the corresponding quarter.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Consolidated profit after tax: INR 324 crore (FY26)
p. 5
“For the financial year ended March 2026, profit after tax on a consolidated basis stood at INR 324 crore compared with INR 328 crore in the Financial Year 2025.”
Kamlesh Shah, page 5 of the filed PDF · View the filing
Consolidated revenue: INR 1,470 crore (FY26)
p. 5
“Total revenue marginally increased to INR 1,470 crore compared with INR 1,445 crore in the previous year.”
Kamlesh Shah, page 5 of the filed PDF · View the filing
Net worth: INR 2,655 crore (as of 31 March 2026)
p. 5
“With strong net worth of INR 2,655 crore as of 31st March 2026, we are well capitalized and competitively positioned to navigate these challenges effectively.”
Kamlesh Shah, page 5 of the filed PDF · View the filing
PMS AUM: more than INR 100 crore (FY26)
p. 7
“already PMS has grossed assets of more than INR 100 crore rupees and PMS is led by Mr. Vikas Singh”
Sachin Gupta, page 7 of the filed PDF · View the filing
uTrade clients: 5,231 clients (FY26)
p. 7
“Right now, we have 5,231 clients in uTrade.”
Sachin Gupta, page 7 of the filed PDF · View the filing
MTF book: INR 424 crore (FY26)
p. 8
“MTF book was INR 239 crores by FY25 which has grown to INR 424 crores in FY26.”
Sachin Gupta, page 8 of the filed PDF · View the filing
Institutional empanelments: 186, up from 137 (FY26)
p. 8
“in institutional side total empanelment of different institutions have gone up from 137 to 186. It is a 35% growth overall.”
Sachin Gupta, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — around 38% (+/-2%)
stated firmly by Abhinav Gupta
p. 10
“we have maintained an EBITDA of around 38%, (+/-2%) and a PAT margin of around 22%, (+/-2%) which I think has been the broader guideline from the Management from the very beginning essentially.”
Abhinav Gupta, page 10 of the filed PDF · View the filing
PMS AUM — INR 200 crores · FY27
stated firmly by Sachin Gupta
p. 7
“target of FY27 is INR 200 crores”
Sachin Gupta, page 7 of the filed PDF · View the filing
Share India Cred debt issuance — at least INR 500 crore worth of issues · FY27
stated as an aspiration by Sachin Gupta
p. 7
“the target is to do at least INR 500 crore worth of issues by FY27.”
Sachin Gupta, page 7 of the filed PDF · View the filing
MTF book — INR 650 odd crores · FY27
stated conditionally by Sachin Gupta
p. 8
“So, target for MTF book is INR 650 odd crores by FY27.”
Sachin Gupta, page 8 of the filed PDF · View the filing
New retail branches — at least 30 branches · next 2 to 3 years
stated firmly by Sachin Gupta
p. 8
“In next 2 to 3 years, we will be opening at least 30 branches on ground.”
Sachin Gupta, page 8 of the filed PDF · View the filing
Client vs prop turnover mix — client turnover to 60% · end of this financial year
stated as an aspiration by Sachin Gupta
p. 13
“This should go to 60% by end of the financial year.”
Sachin Gupta, page 13 of the filed PDF · View the filing
Client vs prop profitability mix — 70% business is from client · next three years
stated as an aspiration by Sachin Gupta
p. 17
“we believe going for the next three years, Share India, our wish, our goal is 70% business is from client in next three years, and 30% from prop.”
Sachin Gupta, page 17 of the filed PDF · View the filing
MTF AUM growth — another INR 200 crore AUM in MTF
stated conditionally by Sachin Gupta
p. 17
“we believe another INR 200 crore AUM in MTF is not tough. But we cannot assure that, as there is a caveat that it depends on the market performance overall.”
Sachin Gupta, page 17 of the filed PDF · View the filing
AIF operations launch — start operations of AIF · this financial year
stated conditionally by Sachin Gupta
p. 7
“We are expecting the approval by end of Q2 and by this financial year our goal is to start the operations of AIF.”
Sachin Gupta, page 7 of the filed PDF · View the filing
MSCI derivative segment launch — launch derivative segment · FY27
stated conditionally by Sachin Gupta
p. 22
“if they clear all the regulatory approvals they are planning to launch their derivative segment in FY27 only.”
Sachin Gupta, page 22 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q4 volatility in the last two years was due to geopolitical reasons rather than a structural seasonal pattern, and pointed to the full-year EBITDA and PAT margin guidance as the better reference.
Answered by Abhinav Gupta
Asked by Rohan (Eternal Capital): Why have margins fallen in Q4 and is this a recurring seasonal pattern?
p. 10
“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 around 38%, (+/-2%) and a PAT margin of around 22%, (+/-2%)”
Abhinav Gupta, page 10 of the filed PDF · View the filing
Management said a new SEBI circular requires third-party vendors to set up separately with each broker, making multi-broker expansion costly and currently challenging.
Answered by Sachin Gupta
Asked by Murtaza (PinpointX Capital): Has uTrade signed multi-broker partnerships and what is the monetization model?
p. 11
“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 costly for uTrade at this juncture.”
Sachin Gupta, page 11 of the filed PDF · View the filing
Management explained the strategy is to lower borrowing costs via new NBFC and NCD-based funding sources and to open direct Tier-3 branches to remove sub-broker mediators and improve margin.
Answered by Sachin Gupta
Asked by Murtaza (PinpointX Capital): At what MTF AUM level does the interest spread become meaningfully profitable?
p. 12
“If you open a direct branch in Tier-3 cities, there you can directly contact the client, remove the mediator and you can charge better interest than in the metros.”
Sachin Gupta, page 12 of the filed PDF · View the filing
Management said prop income contributes around 70% of revenue but only about 49-52% of profitability, with client turnover now exceeding prop turnover for the first time.
Answered by Abhinav Gupta
Asked by Abhijit Sakhare (Kotak Securities): What is the split between pure brokerage and prop trading income?
p. 13
“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%.”
Abhinav Gupta, page 13 of the filed PDF · View the filing
Management said the company is engaging RBI and SEBI to seek liquidity-provider status, expects roughly 20% impact on deposits/limits, and does not expect material impact on the bottom line.
Answered by Sachin Gupta
Asked by Abhijit Sakhare (Kotak Securities): What are the views on the impact of RBI regulations on the prop side of the business?
p. 14
“there will be around 20% impact on the overall deposit and limits used by us. But at the bottom-line level, we believe impact will not be much”
Sachin Gupta, page 14 of the filed PDF · View the filing
Management said there is no such circular restricting prop desk size, and clarified the RBI issue relates to intraday bank limits, not a SEBI cap.
Answered by Sachin Gupta
Asked by Sanjeev Pandya (Lancers Impacts Pvt. Ltd.): Is there an emerging SEBI cap on prop book sizes after the Jane Street scandal?
p. 15
“there is no such circular from the SEBI side to limit the prop business.”
Sachin Gupta, page 15 of the filed PDF · View the filing
Management said most diversification revenue gets folded into the broking business line, with NBFC, merchant banking, insurance and technology together contributing about 7% of FY26 bottom line.
Answered by Abhinav Gupta
Asked by Urmesh Shah (Money Wiser): What revenue split can be expected as new initiatives like Wealth Management and MTF mature?
p. 16
“which together, in Fiscal Year 2026, combined around 7% of the bottom line.”
Abhinav Gupta, page 16 of the filed PDF · View the filing
Management said MTF growth depends entirely on market performance and the target assumes a normal external environment, with no guarantee if volatility recurs.
Answered by Sachin Gupta
Asked by Urmesh Shah (Money Wiser): Has the FY27 MTF target of INR 650 crore factored in market volatility?
p. 17
“MTF growth is entirely dependent on market performance.”
Sachin Gupta, page 17 of the filed PDF · View the filing
Management said NIM is not the key metric they track since lending is funded mostly via internal net worth, and NIMs may decline further as the book grows and moves to more secured lending.
Answered by Abhinav Gupta
Asked by Urmesh Shah (Money Wiser): Why haven't NBFC NIMs recovered to FY23/FY24 levels?
p. 18
“I only believe that the NIMs will go down while we grow the book essentially in that sense.”
Abhinav Gupta, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions, trade uncertainty and FII selling creating market volatility
p. 3
“The global economic environment during the year remained volatile, impacted by geopolitical tensions, global trade uncertainties, fluctuating energy prices, and inflationary pressure.”
Kamlesh Shah, page 3 of the filed PDF · View the filing
High transaction and compliance costs impacting margins
p. 5
“High transaction costs and compliance costs impacting overall margins, frequent regulatory changes requiring continuous operational and system adoption and RBI restrictions and tighter norms impacting funding availability for proprietary business activities.”
Kamlesh Shah, page 5 of the filed PDF · View the filing
RBI restrictions on intraday bank limits for proprietary trading
p. 15
“RBI has disallowed the banks to provide any intraday limits.”
Sachin Gupta, page 15 of the filed PDF · View the filing
SEBI circular making multi-broker vendor setup costly for uTrade
p. 11
“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.”
Sachin Gupta, page 11 of the filed PDF · View the filing
MTF book growth dependent on volatile market performance
p. 17
“MTF definitely depends on the market performance, and whatever the external reasons are, if market is performing good, demand for MTF goes up.”
Sachin Gupta, page 17 of the filed PDF · View the filing
Consolidated profitability impacted by fair value adjustments on investments
p. 4
“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.”
Kamlesh Shah, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.