Gretex Corporate Services Limited (GCSL)

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Gretex Corporate Services Limited (GCSL) · mywealthgrid

About

Gretex operates in ancillary capital market services within India's financial sector. ₹1,253 Cr market cap positions it as boutique player. 75% 1-year return and price near 52-week high reflect market optimism, though underlying business shows extreme quarterly volatility.

Face value: ₹10

Market cap

₹1,645 Cr

P/E

55.6×

P/B

6.7×

Dividend yield

0.1%

ROE

12.7%

ROCE

14.1%

Debt / equity

0.04

OPM

24%

EPS (TTM)

₹12.2

Book value

₹102.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 42.36 is 2× typical market multiple; stock trades 4% below 52-week high, leaving negligible upside buffer
Operating margin wildly volatile (−0.81% to 76.99% Q-to-Q); Dec 2025 posted negative OPM, signaling either project cyclicality or undisclosed charges
Minimal institutional ownership (FII 1.99%, DII 0%); verify whether low coverage masks poor disclosure or client/project concentration that drives margin swings
Opaque business structure: dual quarterly figures suggest multiple lines or consolidation method—verify which drives revenue spikes and sustainability

Generated analysis · source review pending

Growth drivers

Sep 2025 ₹79.56 Cr revenue (vs ₹6–42 Cr other quarters) shows cyclical upside during active capital markets; verify if structural market-share gain or one-time spike
D/E 0.04 with consistent profitability leaves balance-sheet room for acquisitions in fragmented sector; verify management's M&A appetite
Regular dividends plus Apr 2025 bonus signal cash generation; verify if retained earnings also fund new service lines or capabilities
Current 23.99% OPM trails best quarters (62–76%); verify whether higher-margin contract mix can scale or sustain

Generated analysis · source review pending

977 historical price candles were omitted because the exchange source has not been verified.

₹679.9+2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 24%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 21.2×
+High promoter holding of 61.6% with no pledge

Cons

−Low dividend payout of 8.2% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

43/100

Business quality: 64
Valuation: 22

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	109	259	179
COGS	51	225	90
Gross profit	58	33	89
	18	32	46
	40	1	43
OPM %	36.3%	0.5%	24.2%
Depreciation	2	3	2
Interest	0	1	2
	8	7	1
Profit before tax	47	5	40
Tax	11	3	12
Tax %	22.3%	63.9%	29.7%
	37	2	28
PAT margin %	33.6%	0.7%	15.7%
EPS (₹)	12.8	0.6	11.9
EPS adjusted (₹)	12.4	0.6	11.6
	4.7%	103.4%	5.9%
Annual report	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	12	12	24
Reserves	—	97	181	223
Minority interest	—	41	58	72
	—	0	5	10
	—	27	14	15
Total equity & liabilities	—	177	270	344
	20	31	31	30
CWIP	—	—	—	0
Investments	—	60	139	159
	—	86	100	155
Total assets	—	177	270	344

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	20	-19	-31	-28
	-4	-17	-37	2	-31
	3	-2	67	28	49
Net cash flow	0	1	12	-2	-11
Free cash flow	2	19	—	—	-29
CFO / Operating profit %	—	—	-47%	—	-65.5%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: -31%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 1,435%

Return on equity

7 years: —
5 years: —
3 years: 11%
Last year: 9%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.9%	12.9%	49.8%
EBITDA margin %	36.3%	0.5%	24%
EBIT margin %	34.9%	-0.5%	22.8%
PAT margin %	33.6%	0.7%	15.7%
Working capital
Receivable days	7	3	21
Inventory days	363	112	545
Payable days	0	1	7
NWC days	369	115	559
Leverage
Current ratio	4.99	12.74	7.09
Debt to EBITDA	0	3.73	0.24
Debt to equity	0	0.03	0.04
Interest coverage	260	10	21.2
Asset turnover	0.62	0.96	0.52
Return ratios
Return on assets %	20.7%	0.7%	8.1%
Return on capital employed %	29.3%	2.7%	14.1%
Return on equity %	33.7%	0.9%	11.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.61%	65.87%	66.24%	66.24%	64.02%	66.24%	64.02%	63.27%	63.27%	63.27%	61.64%	61.64%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	1.23%	1.1%	1.99%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.27%	0.41%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.39%	34.13%	33.76%	33.76%	35.98%	33.76%	35.98%	36.73%	36.73%	35.23%	36.85%	36.37%
No. of shareholders	—	—	—	—	—	—	—	—	1,012	1,152	1,507	2,842

Promoter holding down 7.97 percentage points since Mar 2023.

256 deals · 9 Aug 2021 – 23 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Buy	1,22,891	₹644.11	₹7.92 Cr
23 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Sell	88,268	₹645.31	₹5.70 Cr
22 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Buy	1,91,597	₹625.53	₹11.98 Cr
22 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Sell	1,57,351	₹627.95	₹9.88 Cr
22 Sept 2026	NISHANT PITTI	Bulk	NSE	Sell	1,35,020	₹626.07	₹8.45 Cr
21 Sept 2026	KURJIBHAI PREMJIBHAI RUPARELIYA	Bulk	NSE	Buy	8,25,000	₹636.58	₹52.52 Cr
21 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Sell	3,49,641	₹635.94	₹22.24 Cr
21 Sept 2026	SUMAN KUMAR SARAF	Bulk	NSE	Sell	3,32,001	₹637.14	₹21.15 Cr
21 Sept 2026	MANSUKH SECURITIES & FINANCE LIMITED	Bulk	NSE	Buy	2,23,425	₹634.08	₹14.17 Cr
21 Sept 2026	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Sell	1,97,700	₹635.77	₹12.57 Cr

1–10 of 256

1 / 26

Mr. Alok HarlalkaExecutive Director-Chairperson-MD
Mr. Arvind HarlalkaExecutive Director
Mr. Sumeet HarlalkaExecutive Director
Mr. Rajiv Kumar AgarwalNon-Executive - Independent Director
Ms. Khusbu AgrawalNon-Executive - Independent Director
Ms. Dimple Laxminarayan KhetanNon-Executive - Independent Director
Mrs. Bhavna Nishant DesaiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Gretex Corporate Services Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend17 Jul 2026 · ex-date₹0.7
Final dividend1 Aug 2025 · ex-date₹0.3
Interim dividend14 Nov 2024 · ex-date₹0.3
Final dividend22 Aug 2024 · ex-date₹0.3
Interim dividend23 Feb 2024 · ex-date₹0.3
Final dividend21 Jul 2023 · ex-date₹0.5

1

Board meeting to consider results31 Jul 2026

2

Bonus 9:109 Apr 2025 · ex-date
Bonus 8:113 Oct 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

24 announcementsExport CSV

1 Oct 2026, 11:46 amCompany Update

General Updates

General PDF

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Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.9%	12.9%	49.8%
EBITDA margin %	36.3%	0.5%	24%
EBIT margin %	34.9%	-0.5%	22.8%
PAT margin %	33.6%	0.7%	15.7%
Working capital
Receivable days	7	3	21
Inventory days	363	112	545
Payable days	0	1	7
NWC days	369	115	559
Leverage
Current ratio	4.99	12.74	7.09
Debt to EBITDA	0	3.73	0.24
Debt to equity	0	0.03	0.04
Interest coverage	260	10	21.2
Asset turnover	0.62	0.96	0.52
Return ratios
Return on assets %	20.7%	0.7%	8.1%
Return on capital employed %	29.3%	2.7%	14.1%
Return on equity %	33.7%	0.9%	11.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gretex Corporate Services LimitedGCSLGCSL	₹1,645 Cr	₹1,655 Cr	₹194 Cr	₹58 Cr	24%	₹30 Cr	15.7%	14.1%	12.7%	559
Quest Capital Markets LtdQUESTCAPQUESTCAP	₹230 Cr	—	₹6 Cr	₹2 Cr	97.7%	₹14 Cr	75.1%	—	2%	—
Mefcom Capital Markets LtdMEFCOMCAPMEFCOMCAP	₹51 Cr	₹71 Cr	₹114 Cr	₹-2 Cr	-1.4%	₹-2 Cr	-2%	-4.1%	-11.5%	104
21st Century Management Services Limited21STCENMGM21STCENMGM	₹40 Cr	₹40 Cr	₹-11 Cr	₹-17 Cr	—	₹-17 Cr	—	-56.8%	-57.2%	—
Interactive Financial Services LtdIFINSERIFINSER	₹8 Cr	₹9 Cr	₹1 Cr	₹0 Cr	55.4%	₹0 Cr	47.4%	16.7%	11.7%	-54

Date	Category	Subject	Filing
1 Oct 2026, 11:46 am	Company Update General	General Updates	PDF
30 Sept 2026, 1:12 pm	Company Update General	General Updates	PDF
19 Sept 2026, 2:28 pm	Company Update General	Intimation Regarding Classification Of Equity Shares Of The Company Under MTF Category	PDF
9 Sept 2026, 11:44 am	Corp. Action Conversion of Securities	Announcement under Regulation 30 (LODR)-Conversion of Securities	PDF
8 Sept 2026, 7:39 pm	Company Update General	General Update	PDF
8 Sept 2026, 7:24 pm	Company Update General	Intimation Regarding Opening Of Branch Office By Material Subsidiary	PDF
19 Aug 2026, 6:20 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
14 Aug 2026, 5:27 pm	Company Update General	General Update	PDF

Gretex Corporate Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends6

Board meetings1

Bonus issues2

Announcements

Dividends6

Board meetings1

Bonus issues2

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

No fund holdings on record

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

6

1

2

6

1

2