Share India Sec. Q1 FY27 Earnings Call — Analysis (NSE: SHAREINDIA)
Share India Securities delivers record Q1 FY27 performance; consolidated PAT surges 48% YoY to ₹124.41 Cr, driven by diversified business model and retail expansion.
The take
Q1FY27 Consolidated Revenue from Operations ₹448 Cr ( +31% YoY ) . New guidance — FY28 mtf book ₹1,000 Cr . New story: Diversification away from proprietary trading .
Results
Consolidated revenue up 31% YoY to ₹448 Cr; consolidated PAT up 48% YoY to ₹124.41 Cr; standalone revenue up 28% YoY to ₹349 Cr, PAT up 32% YoY to ₹90.85 Cr with 21% QoQ growth.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Consolidated Revenue from Operations | ₹448 Cr | +31% | yoy · Q1FY27 |
| Consolidated PAT | ₹124.41 Cr | +48% | yoy · Q1FY27 |
| Standalone Revenue from Operations | ₹349 Cr | +28% | yoy · Q1FY27 |
| Standalone PAT | ₹90.85 Cr | +32% | yoy · Q1FY27 |
| Consolidated PAT (QoQ) | ₹124.41 Cr | +114% | qoq · Q1FY27 · vs Q4FY26 |
| Standalone PAT (QoQ) | ₹90.85 Cr | +21% | qoq · Q1FY27 |
| Net Worth (Consolidated) | ₹2,760 Cr | point_in_time · point_in_time · as of 30 Jun 2026 | |
| MTF Book | ₹470 Cr | point_in_time · Q1FY27 · quarter-end | |
| PMS AUM | ₹150 Cr | point_in_time · Q1FY27 · quarter-end |
Guidance
Management expects ~20% growth in FY27, subject to market conditions.
What management committed to
- Share India expects around 20% growth in [the current financial year FY27], subject to overall market conditions. — around 20%, FY27
- [MTF book] is targeted to reach ₹1,000 Cr in the next two years. — ₹1,000 Cr, FY28
- [PMS AUM] is expected to reach around ₹250 Cr by the end of FY27. — ₹250 odd crores, FY27
- [AIF] launch is planned in Q3 FY27. — Q3FY27
- [Wealth distribution operations] will commence by Q3 FY27. — Q3FY27
- [Branch expansion] will open 25-30 new branches over the next 24 months. — 25-30 branches, FY28
Key themes
Resilience through diversification and retail focus
How the narrative shifted
- Regulatory headwinds and industry consolidation: Management acknowledges SEBI derivative norms and RBI prop-desk funding restrictions as near-term challenges but positions Share India as a survivor with strong capital to capture market share.
- Diversification away from proprietary trading: Company is shifting from prop-dependent revenue to a lending-led, client-driven model, reducing risk and improving sustainability.
- Retail expansion through tier-3 branches: Opening 25-30 branches in tier-3 cities with strict unit economics will deepen retail footprint and cross-sell wealth products.
- MTF book as sustainable interest income driver: Margin trading facility book (~₹470 Cr) is positioned as a sticky, interest-earning asset that anchors client relationships and supports other products.
- Technology and algo trading edge: Proprietary algo platforms (uTrade, Techyon) and Silverleaf HFT acquisition differentiate Share India and attract high-value retail and institutional traders.
- Full-service wealth and institutional build-out: Launching PMS, AIF, wealth distribution, and growing institutional business (212 clients) to create a comprehensive financial services portfolio.
Operational commentary
- MTF book reached ₹470 Cr; target ₹1,000 Cr in next two years, positioning lending income as a sustainable revenue driver.
- PMS launched in Q1, garnered ₹150 Cr AUM; targeting ₹250 Cr by FY27 end.
- Opened 7 new branches in tier-3 cities (Banaras, Indore, Bhopal, Raipur, Agra, Nagpur, Hyderabad); plan 25-30 branches over next 24 months with 8-month breakeven per branch.
- Institutional active clients grew 15% QoQ to 212; uTrade subscriptions up 20% QoQ.
- Share India Cred (debt trading subsidiary) started operations, underwriting ₹74 Cr with EBITDA of ₹1.08 Cr and PAT of ₹0.40 Cr in first quarter.
- GIFT City operations turned profitable, contributing ~₹2 Cr in Q1.
- Merchant banking completed an SME IPO (~₹200 Cr) and a main-board IPO (₹167 Cr, oversubscribed 12x); pipeline expected to deliver strong results in coming quarters.
- Acquiring Enshrine to obtain prime Mumbai office space (~18,000 sq ft carpet) for consolidated operations.
- Silverleaf acquisition (HFT technology) to strengthen tech stack and enable global expansion.
Analyst Q&A
Q. What is the expected payback period for new tier-3 branches?
Each branch targets ₹15 Cr MTF book within 8 months to break even; if not profitable after 12 months, the branch will be closed.
Q. Why is the stock not performing despite low PE and high growth?
Stock price is influenced by many factors beyond the company's control, including regulatory headwinds; we remain focused on business strength.
Q. What were the key drivers for broking and trading performance, and the prop vs broking split?
Shift from transaction-based to lending-based business via MTF, diversification into multiple products; prop contributed ~52% of PAT and ~60% of revenue.
Research and educational content only. Not investment advice.