Shardul Securities Ltd.

•

shardulsecurities.comBSE: 512393NSE: SHARDUL

Market Cap₹ 464 Cr.

Current Price

High / Low₹ 60 / 23

Stock P/E39.3

Book Value₹ 74

Price to Book0.63

Dividend Yield0.00 %

ROCE5.4 %

ROE3.8 %

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 116.4% YoY, showing strong momentum
Company has delivered good sales growth of 61.9% CAGR over last 5 years
Attractively priced for its growth - PEG of 1.0

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Company has a low return on equity of 8.3% over last 3 years
Operating margins have contracted to 75.0% from 90.7%
Thin net interest margin of 0.0%

* 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	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	SHARDUL	53.09	20.06	464.50	0.00	142.67	102.73	189.26	102.27	6.53	97.74

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
	10	8	25	46	115	36	-29	-81	80	-40	-21	1	173
	1	2	1	3	3	3	3	2	3	4	3	74	10
Operating Profit	28	25	56	43	113	33	-32	-82	78	-44	-23	-72	171
OPM %	272.40%	318.56%	226.28%	93.81%	98.08%	92.14%	108.79%	101.43%	96.87%	108.82%	111.02%	-8313.79%	98.67%
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
	28	25	56	44	112	33	-32	-83	76	-48	-28	-78	163
Tax %	20.79%	35.98%	28.25%	62.45%	16.41%	21.61%	-3.89%	21.75%	20.23%	20.55%	21.52%	22.92%	19.39%
Net Profit	22	16	40	17	94	26	-33	-65	61	-38	-22	-60	132
	13	9	23	2	11	3	-4	-7	7	-4	-2	-7	2
Equity Capital	18	18	18	18	18	18	18	18	18	18	18	18	17
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1	8	4	5	4	21	11	3	160	42	113
	2	8	2	4	12	2	1	1	8	11	90
Operating Profit	6	1	4	1	-9	19	10	2	153	32	—
OPM %	538	17	88	25	-223	90	91	59	95	75	—
Other Income	6	1	1	0	0	0	0	0	1	0	0
Interest	0	1	1	1	0	0	0	0	0	1	22
Depreciation	0	0	0	0	0	0	0	0	0	0	0
	5	0	3	0	-9	18	10	2	152	30	10
Tax %	4	38	12	89	26	25	22	33	38	29	-20
Net Profit	5	0	3	0	-6	14	8	1	94	22	12
EPS	0	0	0	0	-4	8	4	1	54	2	—
Dividend Payout %	22	480	41	2,282	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	0	0	0	-1	2	1	0	11	2	—

COMPOUNDED SALES GROWTH

10 Years:: 17%
5 Years:: 62%
3 Years:: 55%

COMPOUNDED PROFIT GROWTH

10 Years:: 9%
5 Years:: —
3 Years:: 40%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 6%
3 Years:: 8%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	17	17	17	17	17	17	17	17	17	17
	93	92	94	231	192	295	370	344	535	557
	0	0	0	0	0	0	0	0	1	15
	3	3	2	7	2	17	25	22	20	18
Total Liabilities	113	112	114	256	211	329	413	384	574	607
ASSETS	-	-	-	-	-	-	-	-	-	-
	14	13	13	13	13	8	4	3	3	3
	45	44	68	234	192	306	398	366	558	591
	35	20	27	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	2
Cash & Bank	6	19	1	3	6	11	2	3	4	0
	14	17	5	6	1	5	9	11	9	9
Total Assets	113	112	114	256	211	329	413	384	574	607
Total Debt	0	0	0	0	0	0	0	0	10	23
Net Working Capital	53	53	33	47	20	27	24	25	547	559
Contingent Liabilities	10	10	4	14	0	0	0	9	63	88
Book Value per Share	62.97	62.38	63.82	142.11	119.52	178.47	221.52	206.80	315.83	65.62
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	17	5	4	1	5	-1	-1	-9	22	-23
Cash from Investing	-10	8	-20	2	-1	6	-7	10	-31	5
Cash from Financing	-3	-0	-1	-1	-1	-0	-0	-0	10	13
	5	12	-17	2	3	5	-9	1	2	-4
Free Cash Flow	17	5	4	1	5	-1	-1	-9	22	-23
OCF / Net Profit	3.56	21.08	1.74	17.03	-0.80	-0.06	-0.19	-7.76	0.24	-1.04
Cumulative 5-Year FCF	0	0	0	0	32	14	8	-6	16	-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	2.77	0.12	1.45	0.03	-3.70	7.87	4.49	0.69	53.83	2.47
Book Value (₹)	62.97	62.38	63.82	142.11	119.52	178.47	221.52	206.80	315.83	65.62
Dividend per Share (₹)	0.60	0.60	0.60	0.60	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.60	0.06	0.33	0.04	-0.71	1.61	0.93	0.17	10.80	2.50
PROFITABILITY
Operating Margin %	537.99%	16.60%	88.34%	25.44%	-222.88%	89.65%	90.72%	59.33%	94.90%	74.99%
Net Margin %	463.37%	2.61%	59.65%	0.88%	-169.50%	66.54%	68.54%	34.46%	58.85%	50.81%
ROE %	4.47%	0.20%	2.29%	0.03%	-2.83%	5.28%	2.25%	0.32%	20.60%	3.83%
ROCE %	4.81%	0.98%	3.11%	0.56%	-3.84%	7.01%	2.89%	0.48%	32.97%	5.44%
	4.32%	0.19%	2.23%	0.02%	-2.77%	5.10%	2.12%	0.30%	19.67%	3.66%
EFFICIENCY
Debtor Days	3113	376	0	0	0	0	4	0	0	21
Inventory Days	0	1190	1996	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	3113	1566	1996	0	0	0	4	0	0	21
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.02x	0.04x
Interest Coverage (x)	30.79x	1.50x	6.24x	1.72x	0.00x	9136.65x	0.00x	2993.83x	404.14x	26.72x
	35.54x	33.18x	80.76x	140.05x	60.58x	84.00x	71.22x	107.23x	340.31x	33.10x
GROWTH
Revenue Growth %	-88.50%	701.47%	-49.38%	23.48%	-27.09%	441.44%	-44.59%	-69.58%	4489.74%	-73.45%
Operating Profit Growth %	-52.94%	-75.26%	169.33%	-64.44%	-738.85%	317.79%	-43.93%	-80.11%	7279.72%	-79.12%
Net Profit Growth %	-47.17%	-95.49%	1057.57%	-98.18%	0.00%	312.55%	-42.93%	-84.71%	7738.92%	-77.08%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7738.82%	-95.42%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.63x	16.66x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.54x	0.63x
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	0.00x	1.99x	11.99x

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

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Shardul Securities Ltd.

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Name

BAJAJFINSV

1990.00

31.43

318810.21

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

510.20

20.65

43327.49

0.00

11082.20

1075.19

14695.40

1109.37

30.27

88.91

CHOLAHLDNG

1487.10

10.46

27924.39

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13055.20

13.41

26413.42

0.66

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

256.20

21.86

24650.38

0.08

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13572.20

55.69

15511.08

1.62

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11458.70

92.58

12718.73

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

129.45

11.91

12387.85

2.51

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

403.15

18.39

8954.12

2.77

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

247.65

155.41

8537.33

0.00

-46.98

-674.86

2353.40

1051.76

-1.28

-2.08

KAMAHOLD

2341.45

8.07

7513.85

1.77

584.02

10.80

4657.56

7.07

20.86

22.01

SHARDUL

53.09

20.06

464.50

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

115

-29

-81

-40

-21

173

Operating Profit

113

-32

-82

-44

-23

-72

171

OPM %

272.40%

318.56%

226.28%

93.81%

98.08%

92.14%

108.79%

101.43%

96.87%

108.82%

111.02%

-8313.79%

98.67%

Other Income

Interest

Depreciation

112

-32

-83

-48

-28

-78

163

Tax %

20.79%

35.98%

28.25%

62.45%

16.41%

21.61%

-3.89%

21.75%

20.23%

20.55%

21.52%

22.92%

19.39%

Net Profit

-33

-65

-38

-22

-60

132

-4

-7

-4

-2

-7

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

160

113

Operating Profit

-9

153

—

OPM %

538

-223

—

Other Income

Interest

Depreciation

-9

152

Tax %

-20

Net Profit

-6

EPS

-4

—

Dividend Payout %

480

2,282

—

Minority Interest

Share of Associates

Adjusted EPS

-1

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

231

192

295

370

344

535

557

Total Liabilities

113

112

114

256

211

329

413

384

574

607

ASSETS

234

192

306

398

366

558

591

Cash & Bank

Total Assets

113

112

114

256

211

329

413

384

574

607

Total Debt

Net Working Capital

547

559

Contingent Liabilities

Book Value per Share

62.97

62.38

63.82

142.11

119.52

178.47

221.52

206.80

315.83

65.62

Face Value

10.00

2.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-1

-9

-23

Cash from Investing

-10

-20

-1

-7

-31

Cash from Financing

-3

-0

-1

-0

-17

-9

-4

Free Cash Flow

-1

-9

-23

OCF / Net Profit

3.56

21.08

1.74

17.03

-0.80

-0.06

-0.19

-7.76

0.24

-1.04

Cumulative 5-Year FCF

-6

-12

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

2.77

0.12

1.45

0.03

-3.70

7.87

4.49

0.69

53.83

2.47

Book Value (₹)

62.97

62.38

63.82

142.11

119.52

178.47

221.52

206.80

315.83

65.62

Dividend per Share (₹)

0.60

0.00

Cash EPS (₹)

0.60

0.06

0.33

0.04

-0.71

1.61

0.93

0.17

10.80

2.50

PROFITABILITY

Operating Margin %

537.99%

16.60%

88.34%

25.44%

-222.88%

89.65%

90.72%

59.33%

94.90%

74.99%

Net Margin %

463.37%

2.61%

59.65%

0.88%

-169.50%

66.54%

68.54%

34.46%

58.85%

50.81%

ROE %

4.47%

0.20%

2.29%

0.03%

-2.83%

5.28%

2.25%

0.32%

20.60%

3.83%

ROCE %

4.81%

0.98%

3.11%

0.56%

-3.84%

7.01%

2.89%

0.48%

32.97%

5.44%

4.32%

0.19%

2.23%

0.02%

-2.77%

5.10%

2.12%

0.30%

19.67%

3.66%

EFFICIENCY

Debtor Days

3113

376

Inventory Days

1190

1996

Payable Days

3113

1566

1996

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.02x

0.04x

Interest Coverage (x)

30.79x

1.50x

6.24x

1.72x

0.00x

9136.65x

0.00x

2993.83x

404.14x

26.72x

35.54x

33.18x

80.76x

140.05x

60.58x

84.00x

71.22x

107.23x

340.31x

33.10x

GROWTH

Revenue Growth %

-88.50%

701.47%

-49.38%

23.48%

-27.09%

441.44%

-44.59%

-69.58%

4489.74%

-73.45%

Operating Profit Growth %

-52.94%

-75.26%

169.33%

-64.44%

-738.85%

317.79%

-43.93%

-80.11%

7279.72%

-79.12%

Net Profit Growth %

-47.17%

-95.49%

1057.57%

-98.18%

0.00%

312.55%

-42.93%

-84.71%

7738.92%

-77.08%

0.00%

7738.82%

-95.42%

VALUATION

P/E (x)

0.00x

0.63x

16.66x

P/B (x)

0.00x

0.54x

0.63x

Dividend Yield %

0.00%

0.00x

1.99x

11.99x

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.

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Quarterly Results

Profit & Loss

Balance Sheet

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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

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