Khandwala Securities Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Fee-based Operations: 95.6% • Investment / Stock Operations: 4.4%
AI Sector View
AI GENERATEDFinancial Services
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.
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 -3.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3341.05 | 55.26 | 85194.05 | 0.24 | 4134.40 | 1934.75 | 7020.00 | 1780.98 | 48.10 | 70.40 |
| MOTILALOFS | 1051.90 | 32.00 | 63358.38 | 0.57 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1105.10 | 35.69 | 45039.95 | 1.09 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1836.00 | 31.27 | 33864.86 | 1.51 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 298.40 | 26.43 | 27274.85 | 1.36 | 231.40 | 102.15 | 1429.69 | 25.35 | 14.87 | 33.92 |
| CHOICEIN | 753.15 | 70.59 | 16778.41 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 339.60 | 18.77 | 10703.47 | 0.88 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 170.45 | 10.26 | 3729.88 | 0.94 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 513.75 | 24.96 | 3240.04 | 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 | 81.03 | 31.18 | 2261.73 | 1.85 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| KHANDSE | 17.31 | 0.00 | 26.40 | 0.00 | 0.08 | 114.33 | 2.27 | 98.86 | -3.44 | -3.66 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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% | -105.08% | -56.14% | 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 % | -32.70% | -14.81% | -61.82% | -127.14% | -24.68% | 13.15% | 14.47% | 6.63% | -51.51% | -28.32% | -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% | 1.67% | -23.23% | 1.05% | 2.76% | -91.80% | 10.78% | -6.17% | 456.36% | 1.10% | 1.94% |
| Net Profit | -1 | -1 | 0 | -4 | -2 | 0 | 0 | 0 | -1 | -1 | -1 |
| EPS | 0.00 | 0.00 | 0.00 | -3.01 | -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:
- -1%
- 5 Years:
- -2%
- 3 Years:
- -13%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- -3%
- 5 Years:
- -1%
- 3 Years:
- -2%
- Last Year:
- -4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
| 14 | 13 | 13 | 10 | 8 | 8 | 14 | 14 | 14 | 12 | |
| 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 | 40 | 47 | 40 | 41 | 47 | 43 | 47 | 43 | 40 |
| 10 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 4 | 4 | |
| 0 | 0 | 1 | 1 | 1 | 1 | 2 | 3 | 1 | 1 | |
| 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 | 30 | 28 | 29 | 33 | 30 | |
| Total Assets | 39 | 40 | 47 | 40 | 41 | 47 | 43 | 47 | 43 | 40 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Khandwala Securities Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
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 - Khandwala Securities Limited has informed the Exchange about receipt of SEBI Letter
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 - 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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