Khandwala Securities Ltd.

•

kslindia.comBSE: 531892NSE: KHANDSE

Market Cap₹ 28 Cr.

Current Price

High / Low₹ 27 / 12

Stock P/E0.0

Book Value₹ 19

Price to Book0.71

Dividend Yield0.00 %

ROCE-3.4 %

ROE-4.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Feebased Operations: 95.6% • Investment / Stock Operations: 4.4%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good sales growth of 17.0% CAGR over last 5 years

CONS

Company is loss-making at the operating / net level
Company has a low return on capital employed of -0.3%
Company has a low return on equity of -2.2% over last 3 years
Operating margins have contracted to -28.3% from 18.0%
Company's return on assets is weak at -3.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MCX	3185.00	52.68	81214.90	0.25	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1016.00	30.90	61196.04	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1155.00	37.30	47073.70	1.04	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1838.70	31.28	33872.21	1.52	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	285.95	25.33	26136.87	1.42	231.40	102.15	1429.69	25.35	14.87	33.92
6.	CHOICEIN	767.40	71.93	17095.87	0.00	60.61	26.37	309.79	32.46	23.09	33.83
7.	IIFLCAPS	338.00	18.69	10653.05	0.89	1841.63	949.18	6314.82	922.86	23.27	35.76
8.	SHAREINDIA	169.35	10.20	3705.81	0.94	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	515.15	25.03	3248.87	0.97	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	383.35	16.79	3040.29	0.26	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	82.68	31.82	2307.78	1.81	19.83	-30.83	160.40	7.46	9.35	20.55
12.	KHANDSE	18.24	0.00	27.82	0.00	0.08	114.33	2.27	98.86	-3.44	-3.66

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2	2	2	3	3	3	3	1	1	3	1	2	2
	2	1	2	3	2	8	2	2	2	3	2	3	3
Operating Profit	0	0	0	-0	1	-4	0	-1	-1	0	-1	-1	-0
OPM %	10.36%	14.37%	16.67%	-7.77%	22.22%	-143.31%	9.63%	-104.24%	-55.26%	5.00%	-94.34%	-33.04%	-10.54%
	0	0	0	0	0	5	0	0	0	0	1	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	0	0	0	-0	0	0	1	-1	-1	0	-0	-0	0
Tax %	0.00%	0.00%	-3.85%	-0.00%	-2.13%	-4.35%	-1.89%	-105.00%	-0.00%	0.00%	-0.00%	2.22%	-2.41%
Net Profit	0	0	0	-0	0	0	1	-2	-1	0	-0	-0	0
	0.09	0.07	0.18	-0.22	0.31	0.15	0.35	-1.35	-0.38	0.16	-0.32	-0.29	0.06

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4	4	3	3	4	6	6	9	10	8	9
	5	4	5	6	4	5	5	8	14	10	11
Operating Profit	-1	-1	-2	-3	-1	1	1	1	-5	-2	-2
OPM %	-32.63%	-14.50%	-61.78%	-127.11%	-24.65%	13.18%	14.49%	6.63%	-51.50%	-28.31%	-20.26%
	1	0	3	1	0	0	0	0	6	1	2
Interest	0	0	0	1	1	1	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	-1	-1	0	-4	-2	0	0	0	0	-1	-1
Tax %	-1.69%	1.70%	-23.03%	1.05%	2.76%	-89.56%	10.76%	-6.17%	453.90%	1.10%	1.94%
Net Profit	-1	-1	0	-4	-2	0	0	0	-1	-1	-1
EPS	0.00	0.00	0.00	-3.00	-1.38	0.10	0.29	0.11	-0.52	-0.83	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 17%
3 Years:: 8%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 0%
5 Years:: -1%
3 Years:: -11%
1 Year:: -24%

RETURN ON EQUITY

10 Years:: -3%
5 Years:: -1%
3 Years:: -2%
Last Year:: -4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	12	12	12	12	12	15	15	15	15
	15	14	14	10	9	9	15	15	14	13
	4	3	5	6	7	7	3	2	1	3
Trade Payables	6	10	15	10	12	20	11	16	11	9
	2	2	2	2	2	0	0	0	1	1
Total Liabilities	39	41	47	40	42	48	44	48	44	41
	7	7	6	6	5	5	5	6	2	2
	3	3	4	5	4	4	5	6	5	5
	0	0	0	0	0	0	0	7	4	4
Cash & Bank	4	4	11	8	6	9	5	1	1	0
	25	26	26	22	26	29	28	29	33	30
Total Assets	39	41	47	40	42	48	44	48	44	41

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	0	4	-4	-0	3	-7	-2	4	-2
Cash from Investing	0	0	2	-0	0	1	-2	-1	-4	1
Cash from Financing	-0	-0	1	1	-2	-1	8	-0	0	-1
	-2	0	7	-3	-2	3	-0	-3	0	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-0.51	-0.63	0.16	-3.00	-1.38	0.10	0.29	0.11	-0.52	-0.83
Book Value (₹)	22.17	21.55	21.65	18.64	17.23	17.36	19.75	19.87	19.35	18.60
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-0.26	-0.39	0.39	-2.77	-1.15	0.34	0.48	0.32	-0.30	-0.64
PROFITABILITY
Operating Margin %	1.16%	-5.55%	19.81%	-92.43%	-18.89%	17.38%	18.03%	6.63%	-51.50%	-28.31%
Net Margin %	-16.44%	-21.21%	5.69%	-131.13%	-45.88%	1.98%	7.09%	2.04%	-8.38%	-16.09%
ROE %	-2.28%	-2.88%	0.74%	-14.92%	-7.71%	0.58%	1.75%	0.58%	-2.67%	-4.39%
ROCE %	-0.80%	-1.57%	1.23%	-9.03%	-3.33%	2.83%	2.78%	1.35%	1.06%	-3.37%
	-1.53%	-1.88%	0.43%	-8.18%	-4.02%	0.27%	0.97%	0.38%	-1.75%	-3.01%
EFFICIENCY
Debtor Days	965	977	981	1221	823	345	365	310	201	182
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	965	977	981	1221	823	345	365	310	201	182
FINANCIAL HEALTH
Debt to Equity (x)	0.10x	0.10x	0.18x	0.26x	0.34x	0.31x	0.09x	0.05x	0.05x	0.11x
Interest Coverage (x)	-0.73x	-1.75x	1.67x	-3.44x	-1.29x	1.09x	2.48x	1.60x	3.08x	-4.56x
	2.27x	1.66x	1.38x	1.71x	0.96x	0.94x	1.86x	1.00x	0.57x	0.77x
GROWTH
Revenue Growth %	23.08%	-4.51%	-5.14%	-18.55%	31.47%	69.57%	2.72%	35.96%	12.00%	-17.24%
Operating Profit Growth %	141.17%	-557.51%	438.45%	-479.97%	73.13%	256.04%	6.54%	-33.69%	-9.53%	-212.94%
Net Profit Growth %	13.06%	-23.21%	125.45%	-1976.77%	54.00%	107.30%	268.58%	-60.81%	-559.14%	-58.94%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-60.82%	-559.16%	-58.96%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	264.68x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.52x	1.15x	0.71x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	62.70x	51.26x	-29.86x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.97	47.98	48.15	48.25	48.27	48.27	48.30	48.73	48.78
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	52.03	52.02	51.85	51.75	51.73	51.73	51.70	51.27	51.22

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Shareholders meeting

2026-08-26 - Khandwala Securities Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-10

Outcome of Board Meeting

2026-08-10 - Khandwala Securities Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-06-24

Trading Window

2026-06-24 - Khandwala Securities Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-06-11

General Updates

2026-06-11 - Khandwala Securities Limited has informed the Exchange about receipt of SEBI Letter

2026-06-02

Disclosure under SEBI Takeover Regulations

2026-06-02 - Khandwala Securities Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-05-21

Outcome of Board Meeting

2026-05-21 - Khandwala Securities Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.

News

Recent coverage and analyst commentary for KHANDSE

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Khandwala Securities Ltd.

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Free 5nance Account

Name

MCX

3185.00

52.68

81214.90

0.25

413.44

103.47

702.00

88.10

48.10

70.40

MOTILALOFS

1016.00

30.90

61196.04

0.59

1273.71

9.53

3425.76

25.49

12.68

57.49

360ONE

1155.00

37.30

47073.70

1.04

330.53

16.11

1226.09

26.85

12.28

63.01

NUVAMA

1838.70

31.28

33872.21

1.52

305.64

15.83

1376.22

22.59

17.52

52.80

ANGELONE

285.95

25.33

26136.87

1.42

231.40

102.15

1429.69

25.35

14.87

33.92

CHOICEIN

767.40

71.93

17095.87

0.00

60.61

26.37

309.79

32.46

23.09

33.83

IIFLCAPS

338.00

18.69

10653.05

0.89

1841.63

949.18

6314.82

922.86

23.27

35.76

SHAREINDIA

169.35

10.20

3705.81

0.94

124.41

47.45

448.09

31.25

21.00

44.76

ARSSBL

515.15

25.03

3248.87

0.97

23.35

2.35

246.10

22.37

19.72

39.54

MONARCH

383.35

16.79

3040.29

0.26

45.18

-0.15

90.89

-7.25

33.26

66.00

GEOJITFSL

82.68

31.82

2307.78

1.81

19.83

-30.83

160.40

7.46

9.35

20.55

KHANDSE

18.24

0.00

27.82

0.00

0.08

114.33

2.27

98.86

-3.44

-3.66

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-0

-4

-1

-0

OPM %

10.36%

14.37%

16.67%

-7.77%

22.22%

-143.31%

9.63%

-104.24%

-55.26%

5.00%

-94.34%

-33.04%

-10.54%

Interest

Depreciation

Profit before Tax

-0

-1

-0

Tax %

0.00%

-3.85%

-0.00%

-2.13%

-4.35%

-1.89%

-105.00%

-0.00%

0.00%

-0.00%

2.22%

-2.41%

Net Profit

-0

-2

-1

-0

0.09

0.07

0.18

-0.22

0.31

0.15

0.35

-1.35

-0.38

0.16

-0.32

-0.29

0.06

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Operating Profit

-1

-2

-3

-1

-5

-2

OPM %

-32.63%

-14.50%

-61.78%

-127.11%

-24.65%

13.18%

14.49%

6.63%

-51.50%

-28.31%

-20.26%

Interest

Depreciation

Profit before Tax

-1

-4

-2

-1

Tax %

-1.69%

1.70%

-23.03%

1.05%

2.76%

-89.56%

10.76%

-6.17%

453.90%

1.10%

1.94%

Net Profit

-1

-4

-2

-1

EPS

0.00

-3.00

-1.38

0.10

0.29

0.11

-0.52

-0.83

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Trade Payables

Total Liabilities

Cash & Bank

Total Assets

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-4

-0

-7

-2

Cash from Investing

-0

-2

-1

-4

Cash from Financing

-0

-2

-1

-0

-1

-2

-3

-2

-0

-3

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

-0.51

-0.63

0.16

-3.00

-1.38

0.10

0.29

0.11

-0.52

-0.83

Book Value (₹)

22.17

21.55

21.65

18.64

17.23

17.36

19.75

19.87

19.35

18.60

Dividend per Share (₹)

0.00

Cash EPS (₹)

-0.26

-0.39

0.39

-2.77

-1.15

0.34

0.48

0.32

-0.30

-0.64

PROFITABILITY

Operating Margin %

1.16%

-5.55%

19.81%

-92.43%

-18.89%

17.38%

18.03%

6.63%

-51.50%

-28.31%

Net Margin %

-16.44%

-21.21%

5.69%

-131.13%

-45.88%

1.98%

7.09%

2.04%

-8.38%

-16.09%

ROE %

-2.28%

-2.88%

0.74%

-14.92%

-7.71%

0.58%

1.75%

0.58%

-2.67%

-4.39%

ROCE %

-0.80%

-1.57%

1.23%

-9.03%

-3.33%

2.83%

2.78%

1.35%

1.06%

-3.37%

-1.53%

-1.88%

0.43%

-8.18%

-4.02%

0.27%

0.97%

0.38%

-1.75%

-3.01%

EFFICIENCY

Debtor Days

965

977

981

1221

823

345

365

310

201

182

Inventory Days

Payable Days

965

977

981

1221

823

345

365

310

201

182

FINANCIAL HEALTH

Debt to Equity (x)

0.10x

0.18x

0.26x

0.34x

0.31x

0.09x

0.05x

0.11x

Interest Coverage (x)

-0.73x

-1.75x

1.67x

-3.44x

-1.29x

1.09x

2.48x

1.60x

3.08x

-4.56x

2.27x

1.66x

1.38x

1.71x

0.96x

0.94x

1.86x

1.00x

0.57x

0.77x

GROWTH

Revenue Growth %

23.08%

-4.51%

-5.14%

-18.55%

31.47%

69.57%

2.72%

35.96%

12.00%

-17.24%

Operating Profit Growth %

141.17%

-557.51%

438.45%

-479.97%

73.13%

256.04%

6.54%

-33.69%

-9.53%

-212.94%

Net Profit Growth %

13.06%

-23.21%

125.45%

-1976.77%

54.00%

107.30%

268.58%

-60.81%

-559.14%

-58.94%

0.00%

-60.82%

-559.16%

-58.96%

VALUATION

P/E (x)

0.00x

264.68x

0.00x

P/B (x)

0.00x

1.52x

1.15x

0.71x

Dividend Yield %

0.00%

0.00x

62.70x

51.26x

-29.86x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

47.97

47.98

48.15

48.25

48.27

48.30

48.73

48.78

FIIs

0.00

DIIs

0.00

Government

0.00

52.03

52.02

51.85

51.75

51.73

51.70

51.27

51.22

Khandwala Securities Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

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Khandwala Securities Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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