Shardul Securities Ltd.

•

shardulsecurities.comBSE: 512393NSE: SHARDUL

Market Cap₹ 480 Cr.

Current Price

High / Low₹ 60 / 23

Stock P/E20.7

Book Value₹ 91

Price to Book0.51

Dividend Yield0.00 %

ROCE6.5 %

ROE4.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Investment with Related Activities: 85.8% • Others: 14.2%

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

Solid return on assets for a lender - ROA of 3.7%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 102.7% YoY, showing strong momentum
Company has delivered good sales growth of 62.7% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Company has a low return on equity of 7.6% over last 3 years
Operating margins have contracted to 74.1% from 83.6%
Thin net interest margin of 0.0%
Free cash flow has been persistently negative

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

Peer comparison

Financial ServicesFinanceFinance - Investment

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

S.No.	Name
1.	BAJAJFINSV	1924.00	30.39	308236.60	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	512.35	20.74	43510.07	0.00	11082.20	1075.19	14695.40	1109.37	13.85	88.91
3.	CHOLAHLDNG	1525.85	10.74	28652.02	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13146.60	13.50	26598.34	0.65	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	272.25	23.23	26194.64	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13098.50	53.75	14969.71	1.68	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11436.55	92.41	12694.14	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	127.35	11.72	12186.88	2.55	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	441.15	20.13	9798.11	2.53	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	258.30	162.10	8904.47	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2288.70	7.89	7344.57	1.81	584.02	10.80	4657.56	7.07	20.86	22.01
12.	SHARDUL	54.88	20.73	480.16	0.00	142.67	102.73	189.26	102.27	6.53	97.74

Detailed Comparison with:

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
	12	11	26	53	140	40	-33	-85	94	-40	-13	4	189
	1	3	2	4	3	4	5	4	5	5	4	81	12
Operating Profit	29	27	57	49	137	36	-38	-89	89	-44	-17	-76	185
OPM %	247.40%	258.08%	217.73%	92.89%	97.93%	90.67%	112.22%	103.81%	95.60%	111.21%	125.78%	-1800.00%	97.74%
Other Income	0	0	0	1	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	1	1	4	5	5	8
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	29	27	57	50	136	36	-38	-89	88	-48	-22	-82	177
Tax %	20.70%	34.42%	28.12%	67.58%	16.51%	19.06%	-5.41%	21.89%	20.00%	20.24%	21.30%	22.11%	19.49%
Net Profit	0	0	0	0	114	29	-40	-70	70	-39	-17	-64	143
	13	10	23	2	13	3	-5	-8	8	-4	-2	-7	2

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2	10	6	7	5	25	15	7	173	63	140
	4	8	3	5	14	3	3	3	11	16	102
Operating Profit	-2	2	3	2	-9	21	13	3	163	46	38
OPM %	-78.76%	17.21%	54.61%	27.10%	-156.53%	85.83%	82.85%	48.70%	93.90%	74.10%	27.21%
	8	1	2	0	0	0	0	0	1	0	0
Interest	0	1	1	1	0	0	0	0	0	1	22
Depreciation	1	0	0	0	0	0	0	0	0	0	1
Profit before Tax	5	1	4	1	-9	21	12	3	163	45	25
Tax %	3.21%	38.78%	7.27%	50.97%	28.65%	24.99%	22.62%	22.84%	39.90%	26.35%	7.91%
Net Profit	5	1	3	0	-6	16	10	2	98	33	23
EPS	0.00	0.00	0.00	0.00	-3.62	8.88	5.50	1.26	55.90	3.77	—
Dividend Payout %	21.28%	153.41%	30.27%	271.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 19%
5 Years:: 63%
3 Years:: 60%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: —
3 Years:: 51%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 3%
5 Years:: 6%
3 Years:: 8%
Last Year:: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	17	17	17	17	17
	125	124	128	286	238	371	459	428	654	686
	0	11	0	0	0	0	1	0	11	24
Trade Payables	3	20	2	2	1	0	1	0	1	0
	4	4	2	8	2	23	47	24	14	10
Total Liabilities	149	177	150	314	259	412	525	471	697	738
	20	20	20	18	17	12	4	4	4	4
	56	70	86	276	223	353	473	427	649	682
	44	21	27	0	0	13	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	10	30	9	11	15	27	12	19	28	22
	18	35	10	9	4	8	35	21	16	31
Total Assets	149	177	150	314	259	412	525	471	697	738

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	32	-14	2	5	-9	9	-17	21	-36
Cash from Investing	5	-22	5	2	-0	22	-23	18	-24	12
Cash from Financing	-3	11	-12	-1	-1	-0	-0	-0	10	13
	7	20	-22	2	4	12	-14	-1	7	-11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.84	74.84	74.84	74.84	74.85	74.85	74.85	74.85	74.85
	0.00	0.00	0.00	0.00	0.00	0.24	0.30	0.30	0.30
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
	25.16	25.16	25.16	25.16	25.15	24.90	24.85	24.85	24.85

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for SHARDUL

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AI Stock Analyst

Shardul Securities Ltd.

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Name

BAJAJFINSV

1924.00

30.39

308236.60

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

512.35

20.74

43510.07

0.00

11082.20

1075.19

14695.40

1109.37

13.85

88.91

CHOLAHLDNG

1525.85

10.74

28652.02

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13146.60

13.50

26598.34

0.65

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

272.25

23.23

26194.64

0.07

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13098.50

53.75

14969.71

1.68

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11436.55

92.41

12694.14

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

127.35

11.72

12186.88

2.55

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

441.15

20.13

9798.11

2.53

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

258.30

162.10

8904.47

0.00

-46.98

-674.86

2353.40

1051.76

4.71

-2.08

KAMAHOLD

2288.70

7.89

7344.57

1.81

584.02

10.80

4657.56

7.07

20.86

22.01

SHARDUL

54.88

20.73

480.16

0.00

142.67

102.73

189.26

102.27

6.53

97.74

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

140

-33

-85

-40

-13

189

Operating Profit

137

-38

-89

-44

-17

-76

185

OPM %

247.40%

258.08%

217.73%

92.89%

97.93%

90.67%

112.22%

103.81%

95.60%

111.21%

125.78%

-1800.00%

97.74%

Other Income

Interest

Depreciation

136

-38

-89

-48

-22

-82

177

Tax %

20.70%

34.42%

28.12%

67.58%

16.51%

19.06%

-5.41%

21.89%

20.00%

20.24%

21.30%

22.11%

19.49%

Net Profit

114

-40

-70

-39

-17

-64

143

-5

-8

-4

-2

-7

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

173

140

102

Operating Profit

-2

-9

163

OPM %

-78.76%

17.21%

54.61%

27.10%

-156.53%

85.83%

82.85%

48.70%

93.90%

74.10%

27.21%

Interest

Depreciation

Profit before Tax

-9

163

Tax %

3.21%

38.78%

7.27%

50.97%

28.65%

24.99%

22.62%

22.84%

39.90%

26.35%

7.91%

Net Profit

-6

EPS

0.00

-3.62

8.88

5.50

1.26

55.90

3.77

—

Dividend Payout %

21.28%

153.41%

30.27%

271.64%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

125

124

128

286

238

371

459

428

654

686

Trade Payables

Total Liabilities

149

177

150

314

259

412

525

471

697

738

276

223

353

473

427

649

682

Cash & Bank

Total Assets

149

177

150

314

259

412

525

471

697

738

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-14

-9

-17

-36

Cash from Investing

-22

-0

-23

-24

Cash from Financing

-3

-12

-1

-0

-22

-14

-1

-11

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.84

74.85

0.00

0.24

0.30

DIIs

0.00

Government

0.00

25.16

25.15

24.90

24.85

Shardul 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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Shardul Securities Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI