Rating consolidation, record Q1: what Share India Securities’ filings show (NSE: SHAREINDIA)
On 22 October 2026, Share India Securities (NSE: SHAREINDIA, BSE: 540725) disclosed that Acuité Ratings & Research had upgraded and then withdrawn certain credit ratings for the company’s bank loans and NCDs, while withdrawing others without assigning a rating. The filing attributed the move to “the company’s decision to transition all its credit rating arrangements to CRISIL” (BSE filing, 22 October 2026). Acuité’s exit is the final step in a quiet, months‑long consolidation of the rating agencies that cover the firm’s growing liabilities.
Credit rating clean‑up: from Infomerics IVR A4 to CRISIL A+/Stable
The credit‑rating trail began to shift earlier in the quarter. On 8 July 2026, CARE Ratings assigned a ‘CARE A+; Stable’ rating to the company’s proposed non‑convertible debentures of ₹250 crore (BSE filing, 8 July 2026). On 18 September 2026, Infomerics Valuation and Rating revised its ratings on the company’s bank facilities (₹1,600 crore) and proposed commercial paper programme (₹200 crore) to IVR A4. However, the same filing noted that the company had previously “transitioned its primary rating arrangements to CRISIL Ratings and CARE Ratings” and “no longer seeks ratings from Infomerics” (BSE filing, 18 September 2026).
CRISIL provided the clean successor rating on 29 September 2026, assigning an ‘A+/Stable’ rating to the proposed ₹250 crore non‑convertible debenture issue (BSE filing, 29 September 2026). The Acuité announcement on 22 October completes the transition. The filings do not state why the company is consolidating agencies, but the sequence shows a deliberate move to a single primary rater, likely to reduce complexity as the debt stack grows.
Record Q1 profit and margin expansion
The rating actions framed a period in which the company posted its highest‑ever quarterly profit. In the unaudited consolidated results for Q1 FY27, filed on 24 July 2026, Share India reported revenue of ₹448.09 crore, up 31.2% year‑on‑year, and net profit of ₹124.15 crore, up 47.5% year‑on‑year (BSE filing, 24 July 2026 – results document). EBITDA margin stood at 45.5%. A separate filing on the same date noted that operating profit margin reached 40%, expanding for the fifth consecutive quarter, with a 500‑basis‑point improvement over the prior‑year period, attributing the recovery to “brokerage income & fair value gains” after a trough in earlier quarters (BSE filing, 24 July 2026 – summary document).
The board, meeting on 24 July 2026, also declared a first interim dividend of ₹0.50 per share (BSE filing, 24 July 2026).
Debt and equity raising spree
Alongside the results, the 24 July board slate included approval to raise up to ₹200 crore through NCDs or commercial paper on a private‑placement basis. That followed an earlier finance‑committee decision, on 20 July 2026, to issue up to 1,50,000 secured, rated NCDs (face value ₹10,000 each) aggregating ₹150 crore at a 10.5% coupon, part of an already‑disclosed ₹300 crore debt programme (BSE filing, 20 July 2026). On 12 August 2026, the finance committee approved a further issuance of up to 75,000 NCDs (same face value and coupon) with a greenshoe of 25,000, taking the aggregate to ₹75 crore (BSE filing, 12 August 2026).
The company then turned to equity‑linked instruments. On 21 September 2026, the board approved raising up to ₹200 crore through a preferential issuance of convertible warrants, subject to shareholder and regulatory approvals (BSE filing, 21 September 2026). The filings do not specify the conversion price or allottees.
Acquisitions and wealth management push
The board meeting of 24 July also approved the acquisition of 100% of Enshrine Leasing and Infotech Private Limited — which holds an IT Zone property in Mumbai — for up to ₹45 crore in cash, expected to close within six months (BSE filing, 24 July 2026). The deal closed faster: on 17 September 2026, the company confirmed completion of the acquisition for a final cash consideration of ₹39.71 crore, making Enshrine a wholly owned subsidiary (BSE filing, 17 September 2026).
Wealth‑management ambitions became explicit the same week. On 21 September 2026, the board approved incorporating a new wholly‑owned subsidiary for wealth management services, with an investment of up to ₹120 crore. A few weeks later, on 12 October 2026, the company appointed Kalpesh Dave as President–Wealth Management, designating him Senior Management Personnel (BSE filing, 12 October 2026).
Other structural changes proceeded in parallel. On 20 August 2026, the National Company Law Tribunal, Ahmedabad Bench, pronounced an order approving the scheme of amalgamation of Silverleaf Capital Services Private Limited into Share India Securities, with an appointed date of 1 October 2023 (BSE filing, 21 August 2026). The certified copy of the order was received on 8 September 2026.
What the filings show next
Several disclosed steps await approval or execution:
- The preferential warrant issue of up to ₹200 crore remains subject to shareholder and regulatory approvals (21 September 2026 filing).
- The new wealth‑management subsidiary has been approved but not yet incorporated, with the investment envelope set at up to ₹120 crore.
- The company has shifted its primary credit‑rating relationship to CRISIL, with the Acuité withdrawal closing that chapter. CRISIL’s A+/Stable rating on the proposed ₹250 crore NCD issue is in place, but the issuance itself is subject to market conditions.
- The amalgamation of Silverleaf Capital, now effective, will reflect in future reporting periods.
The filings do not contain forward‑looking financial estimates or timelines beyond what the board and committee resolutions have approved. The Q1 FY27 concall on 31 July 2026 highlighted record performance but provided no quantitative guidance.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 20 Jul 2026 | Share India Securities approves issuance of up to ₹150 crore in secured NCDs via private placement at 10.5% coupon as part of its broader ₹300 crore debt programme. | The Finance Committee of Share India Securities approved the issuance of up to 1,50,000 secured, rated, listed NCDs of face value ₹10,000 each, aggregating ₹150 crore, on a private placement basis. The NCDs carry a coupon of 10.5% per annum payable monthly, and will be redeemed in half-yearly instalments over up to 25 months. The issue is part of the company's previously announced plan to raise up to ₹300 crore through debt securities. | filing |
| 24 Jul 2026 | Share India Securities approves Q1 results, declares interim dividend, raises up to ₹200 crore via debt, and acquires 100% of Enshrine Leasing and Infotech for up to ₹45 crore. | The Board of Share India Securities approved: (a) unaudited Q1 FY27 financial results; (b) a first interim dividend of ₹0.50 per share; (c) raising up to ₹200 crore via NCDs/CPs on a private placement basis; and (d) the acquisition of 100% equity of Enshrine Leasing and Infotech Private Limited (which owns an IT Zone property in Mumbai) for up to ₹45 crore in cash, expected to close within six months. | filing |
| 12 Aug 2026 | Share India Securities approves issuance of up to ₹75 crore in secured NCDs at 10.5% coupon on a private placement basis. | The Finance Committee of Share India Securities approved the issuance of up to 75,000 secured NCDs (face value ₹10,000 each) including a green shoe option of 25,000 NCDs, aggregating ₹75 crore, at 10.5% per annum coupon, with a tenure of up to 18 months and 18 days, listed on BSE WDM. | filing |
| 21 Aug 2026 | Share India Securities receives NCLT approval for the scheme of amalgamation of Silverleaf Capital Services Private Limited with itself. | The National Company Law Tribunal, Ahmedabad Bench, has approved the scheme of amalgamation of Silverleaf Capital Services Private Limited (transferor company) into Share India Securities Limited (transferee company), with an appointed date of 1 October 2023. The order was pronounced on 20 August 2026. | filing |
| 8 Sept 2026 | Share India Securities receives certified copy of NCLT order approving amalgamation of Silverleaf Capital Services. | The company received a certified true copy of the National Company Law Tribunal (NCLT) order approving the scheme of amalgamation of Silverleaf Capital Services Private Limited (transferor company) with Share India Securities Limited (transferee company). | filing |
| 15 Sept 2026 | Share India Securities to consider raising funds via equity shares, warrants, or convertible securities on September 18, 2026 | The company informed exchanges that its Board will meet on September 18, 2026 to consider a proposal for raising funds through issuance of equity shares, warrants and/or other convertible securities, via private placement/preferential issue or other permissible modes, subject to shareholder and regulatory approvals. | filing |
| 17 Sept 2026 | Share India Securities completes 100% acquisition of Enshrine Leasing and Infotech Private Limited for ₹39.71 crore, making it a wholly owned subsidiary. | Share India Securities has completed the acquisition of all 1,25,463 equity shares (100% stake) of Enshrine Leasing and Infotech Private Limited for an aggregate consideration of ₹39.71 crore, effective September 17, 2026, making Enshrine a wholly owned subsidiary. | filing |
| 21 Sept 2026 | Share India Securities to raise up to ₹200 crore via preferential issue of convertible warrants and incorporate a new subsidiary with up to ₹120 crore investment in wealth management. | Share India Securities' board approved raising up to ₹200 crore through preferential issuance of convertible warrants, and also approved incorporating a new wholly-owned subsidiary for wealth management services with an investment of up to ₹120 crore. | filing |
| 22 Oct 2026 | Share India Securities says Acuité has upgraded and withdrawn its credit ratings after the company transitioned to CRISIL. | Acuité Ratings & Research, after receiving information from Share India Securities, upgraded and then withdrew certain credit ratings for the company's bank loans and NCDs, while withdrawing others without assigning a rating, following the company's decision to transition all its credit rating arrangements to CRISIL. | filing |
| 16 Jun 2026 | Share India Securities announces resignation of Ms. Kesha Ankit Choksi, Compliance Officer - PIT and Senior Management Personnel, effective June 16, 2026. | Ms. Kesha Ankit Choksi resigned from her role as Compliance Officer for Prohibition of Insider Trading (PIT) and Senior Management Personnel at Share India Securities Limited, effective immediately, due to increased professional commitments elsewhere. | filing |
| 8 Jul 2026 | Share India Securities receives CARE A+; Stable credit rating for proposed Rs 250 crore NCD issue. | CARE Ratings assigned a 'CARE A+; Stable' rating to Share India Securities' proposed Non-Convertible Debentures of up to Rs 250 crore, indicating adequate safety for timely debt servicing. | filing |
| 24 Jul 2026 | Q1FY27 consolidated revenue ₹448 Cr, +31% YoY, PAT ₹124 Cr, +48% YoY; OPM expands for 5th consecutive quarter to 40% (+500bps YoY) as brokerage income & fair value gains drive recovery from deep trough in prior year quarters | filing | |
| 24 Jul 2026 | Q1FY27 consolidated net profit of ₹124.15 Cr (+47.5% YoY) is the highest-ever quarterly PAT, with EBITDA margin at 45.5% and revenue at ₹448.09 Cr (+31.2% YoY). | filing | |
| 31 Jul 2026 | 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. | filing | |
| 18 Sept 2026 | Infomerics revises Share India Securities' credit ratings to IVR A4 on bank facilities and commercial paper, though company has transitioned to CRISIL and CARE. | Infomerics Valuation and Rating Pvt. Ltd. revised the credit ratings for Share India Securities' bank loan facilities (Rs 1,600 crore) and proposed commercial paper programme (Rs 200 crore) to IVR A4. However, the company has previously transitioned its primary rating arrangements to CRISIL Ratings and CARE Ratings, which have reaffirmed or assigned stable ratings; the company no longer seeks ratings from Infomerics. | filing |
| 25 Sept 2026 | Share India Securities appoints Rajesh Arora as non-executive independent director for five years after securing exchange and clearing corporation approvals. | Share India Securities received approvals from NSE, BSE, MCX, MSEI, NCDEX and NSE Clearing to appoint Rajesh Arora as an Additional Non-Executive Independent Director. His appointment is effective from September 24, 2026 for five years, subject to shareholder approval at the next general meeting. | filing |
| 29 Sept 2026 | NSE Clearing levies ₹1.00 lakh penalty on Share India Securities for MWPL violation in ordinary course of broking operations. | Share India Securities received a penalty invoice of ₹1,00,000 plus ₹18,000 GST from NSE Clearing for violation of Market Wide Position Limit in its stock broking operations; the company says there is no impact on financials, operations or other activities. | filing |
| 29 Sept 2026 | CRISIL assigns 'A+/Stable' rating to Share India Securities' proposed Rs 250 crore non-convertible debentures. | CRISIL Ratings assigned its 'A+/Stable' rating to Share India Securities' proposed Rs 250 crore non-convertible debenture issue, with the rating action received by the company on September 28, 2026. | filing |
| 12 Oct 2026 | Share India Securities appoints Kalpesh Dave as President-Wealth Management, classifying him as Senior Management Personnel. | The Board of Directors approved the appointment of Mr. Kalpesh Dave as President-Wealth Management and classified him as Senior Management Personnel, effective October 12, 2026. | filing |
Quick answers
- What did Share India Sec. disclose?
- On 22 October 2026, Share India Securities (NSE: SHAREINDIA, BSE: 540725) disclosed that Acuité Ratings & Research had upgraded and then withdrawn certain credit ratings for the company’s bank loans and NCDs, while withdrawing others without assigning a rating.
- What are the key numbers?
- The credit‑rating trail began to shift earlier in the quarter. On 8 July 2026, CARE Ratings assigned a ‘CARE A+; Stable’ rating to the company’s proposed non‑convertible debentures of ₹250 crore (BSE filing, 8 July 2026).
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