Monarch Networth Capital Limited (MONARCH)

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Monarch Networth Capital Limited (MONARCH) · mywealthgrid

About

Monarch Networth Capital operates in stockbroking and allied capital-markets services. With a market cap of ₹3,097 crore and quarterly revenues of ₹80–100 crore, it is a mid-sized participant in India's brokerage sector. The promoter-held majority (53.83%) controls the business, while public shareholders (43.2%) retain significant exposure.

Face value: ₹10

Market cap

₹2,718 Cr

P/E

15.0×

P/B

2.8×

Dividend yield

0.6%

ROE

20.5%

ROCE

28.3%

Debt / equity

0.03

OPM

69.3%

EPS (TTM)

₹22.8

Book value

₹122.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression at higher volumes: OPM fell from 76.5% (Sep 2025, ₹79.8 Cr) to 66% (Jun 2026, ₹86.1 Cr), indicating variable cost scaling or pricing pressure limits upside
Investor activity dependency: quarterly revenue swings ₹79–100 Cr reflect trading-volume and market-sentiment cyclicality; verify forward investor participation and IPO/secondary market momentum
Small competitive scale (₹3,097 Cr market cap, ₹80–100 Cr quarterly revenue) limits R&D, product diversification, and geographic reach vs. tier-1 brokers
Minimal institutional participation: FII 2.77% and DII 0.15% suggest low institutional confidence and may constrain future capital raises

Generated analysis · source review pending

Growth drivers

Earnings resilience at higher volumes: net profit ₹42–47 Cr across ₹79–100 Cr quarterly revenue range shows stable profitability base; expansion back to Mar 2026 peak (₹99 Cr) would compound EPS from current ₹5.3–5.9 level
Capital-structure flexibility: D/E 0.03 provides room for M&A, platform investment, or balance-sheet leverage to fund growth; verify management's capital allocation priorities
Sector-level retail growth in Indian equities: verify household equity adoption, retail trader account openings, trading-volume trends, and wealth-creation indicators that would expand addressable investor base

Generated analysis · source review pending

2,174 historical price candles were omitted because the exchange source has not been verified.

₹342.7-0.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 29.9% (3-yr avg)
+High return on capital employed of 42%
+Healthy operating margin of 69.3%
+Profit CAGR of 49.4% over the last 5 years
+Revenue CAGR of 29.5% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 36.8×

Cons

−Low dividend payout of 8.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

73/100

Business quality: 88
Growth

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.

Screen this industry Compare top 5 side-by-side

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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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	65	102	144	156	260	327	372
	58	60	79	97	100	110	114
	7	42	65	59	160	217	258
OPM %	10.4%	41.2%	45.3%	37.7%	61.5%	66.3%	69.3%
Depreciation	1	1	1	1	2	8	8
Interest	8	2	2	6	13	18	7
	6	-4	10	6	19	1	1
Profit before tax	4	35	72	58	164	193	244
Tax	1	10	18	15	41	43	63
Tax %	36.1%	30.1%	25.1%	25.8%	25%	22.5%	25.8%
	2	24	54	43	123	149	181
PAT margin %	3.5%	23.8%	37.4%	27.6%	47.4%	45.7%	48.7%
EPS (₹)	0.6	8.3	18.6	12.6	36.4	20.2	22.9
EPS adjusted (₹)	0.4	3.9	8.7	6.3	18.2	19	22.9
	0%	12.1%	5.4%	7.9%	2.8%	5%	4.4%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	31	31	31	31	34	34	78	79
Reserves	—	51	77	137	192	312	718	892
	—	12	4	17	3	113	9	27
	66	372	298	462	383	349	430	574
Total equity & liabilities	97	465	410	647	612	808	1,236	1,572
	3	4	5	5	8	13	21	21
CWIP	—	0	0	0	—	0	0	0
Investments	—	1	8	11	24	18	120	218
	94	460	397	631	580	778	1,094	1,333
Total assets	97	465	410	647	612	808	1,236	1,572

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Fees and Commission Income	155.31	250.88	1,515.75	600.25	915.5	27.4
Interest Income	111.53	0

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	10.4%	41.2%	45.3%	37.7%	61.5%	66.3%	69.3%
EBIT margin %	9.1%	40.3%	44.6%	36.9%	60.8%	64%	67.2%
PAT margin %	3.5%	23.8%	37.4%	27.6%	47.4%	45.7%	48.7%
Working capital
Receivable days	385	112	107	107	117	102	210
Inventory days	17	16	67	65	35	0	0
Payable days	2,215	1,682	1,906	1,221	1,069	1,114	1,610
NWC days	-1,813	-1,554	-1,732	-1,048	-917	-1,012	-1,399
Leverage
Current ratio	0.8	1.27	1.29	1.47	1.7	2.76	2.6
Debt to EBITDA	1.72	0.08	0.26	0.05	0.71	0.04	0.1
Debt to equity	0.14	0.03	0.1	0.01	0.33	0.01	0.03
Interest coverage	1.5	17.9	36.3	11.1	13.6	11.9	36.8
Asset turnover	0.14	0.25	0.22	0.25	0.32	0.26	0.24
Return ratios
Return on assets %	0.5%	5.9%	8.3%	7%	15.2%	12.1%	11.5%
Return on capital employed %	13.3%	42.3%	52.3%	31.6%	61%	36.7%	28.3%
Return on equity %	2.7%	22.6%	32.2%	19%	35.6%	18.7%	18.7%

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 (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.37%	52.61%	55.92%	55.92%	52.79%	52.79%	52.79%	52.88%	52.86%	53.41%	53.86%	53.83%
	1.67%	0.93%	0.52%	0.13%	1.66%	1.55%	1.36%	1.74%	1.78%	1.44%	1.47%	2.77%
	0%	0%	0.15%	0%	0.84%	0.8%	0.83%	0.82%	0.26%	0.15%	0.15%	0.15%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.96%	46.46%	43.41%	43.95%	44.71%	44.86%	45.02%	43.58%	45.09%	45%	44.52%	43.2%
No. of shareholders	—	—	—	—	—	—	—	—	20,531	19,564	19,072	18,430

Promoter holding up 1.46 percentage points since Sep 2023.

46 deals · 5 Jan 2022 – 11 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Buy	1,70,008	₹474.36	₹8.06 Cr
11 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Sell	1,70,008	₹474.58	₹8.07 Cr
8 Dec 2023	HJS SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	1,79,677	₹486.03	₹8.73 Cr
8 Dec 2023	HJS SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	1,79,677	₹485.62	₹8.73 Cr
5 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Sell	2,16,799	₹495.19	₹10.74 Cr
5 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Buy	2,16,799	₹495.28	₹10.74 Cr
4 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Sell	3,11,718	₹489.83	₹15.27 Cr
4 Dec 2023	SKSE SECURITIES LTD	Bulk	NSE	Buy	2,89,115	₹490.02	₹14.17 Cr
17 Nov 2023	SKSE SECURITIES LTD	Bulk	NSE	Sell	2,24,760	₹486.85	₹10.94 Cr
17 Nov 2023	SKSE SECURITIES LTD	Bulk	NSE	Buy	2,24,760	₹486.95	₹10.94 Cr

1–10 of 46

1 / 5

Mrs. MANJU SURESH BAFNAExecutive Director-Chairperson related to Promoter
Mr. VAIBHAV JAYANTILAL SHAHExecutive Director-MD
Mr. ASHOK DAULATRAJ BAFNAExecutive Director
Mr. SATHISH KUMAR PAZHAMALAINon-Executive - Independent Director
Gaurav BhandariChief Executive Officer
Ms. AVNI CHOUHANNon-Executive - Independent Director
Mr. ANISH SUGATHANNon-Executive - Independent Director
Mr. Govinda MeghaniChief Financial Officer
Mr. Nitesh TanwarCompany 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 Monarch Networth Capital 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

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

28 Sept 2026, 4:20 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	10.4%	41.2%	45.3%	37.7%	61.5%	66.3%	69.3%
EBIT margin %	9.1%	40.3%	44.6%	36.9%	60.8%	64%	67.2%
PAT margin %	3.5%	23.8%	37.4%	27.6%	47.4%	45.7%	48.7%
Working capital
Receivable days	385	112	107	107	117	102	210
Inventory days	17	16	67	65	35	0	0
Payable days	2,215	1,682	1,906	1,221	1,069	1,114	1,610
NWC days	-1,813	-1,554	-1,732	-1,048	-917	-1,012	-1,399
Leverage
Current ratio	0.8	1.27	1.29	1.47	1.7	2.76	2.6
Debt to EBITDA	1.72	0.08	0.26	0.05	0.71	0.04	0.1
Debt to equity	0.14	0.03	0.1	0.01	0.33	0.01	0.03
Interest coverage	1.5	17.9	36.3	11.1	13.6	11.9	36.8
Asset turnover	0.14	0.25	0.22	0.25	0.32	0.26	0.24
Return ratios
Return on assets %	0.5%	5.9%	8.3%	7%	15.2%	12.1%	11.5%
Return on capital employed %	13.3%	42.3%	52.3%	31.6%	61%	36.7%	28.3%
Return on equity %	2.7%	22.6%	32.2%	19%	35.6%	18.7%	18.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
IIFL Capital Services LimitedIIFLCAPSIIFLCAPS	₹10,762 Cr	₹12,583 Cr	₹2,434 Cr	₹853 Cr	35%	₹572 Cr	23.3%	—	20.1%	—
Share India Securities LimitedSHAREINDIASHAREINDIA	₹4,487 Cr	₹5,158 Cr	₹1,577 Cr	₹633 Cr	38.8%	₹363 Cr	22.1%	—	13%	—
Anand Rathi Share And Stock Brokers LimitedARSSBLARSSBL	₹3,283 Cr	₹4,114 Cr	₹977 Cr	₹401 Cr	40.7%	₹130 Cr	13.9%	23.9%	14%	-3,037
Monarch Networth Capital LimitedMONARCHMONARCH	₹2,718 Cr	₹2,744 Cr	₹365 Cr	₹255 Cr	69.3%	₹181 Cr	48.7%	28.3%	20.5%	-1,399
Geojit Financial Services LimitedGEOJITFSLGEOJITFSL	₹2,113 Cr	₹2,177 Cr	₹678 Cr	₹145 Cr	24%	₹73 Cr	12.5%	—	6.8%	—
Smc Global Securities LimitedSMCGLOBALSMCGLOBAL	₹2,074 Cr	₹4,072 Cr	₹1,967 Cr	₹383 Cr	20.1%	₹109 Cr	5.5%	—	8.1%	—
Algoquant Fintech LimitedALGOQUANTALGOQUANT	₹1,898 Cr	₹1,929 Cr	₹235 Cr	₹53 Cr	22.4%	₹33 Cr	14.2%	17.6%	24.8%	2

Date	Category	Subject	Filing
28 Sept 2026, 4:20 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 12:49 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
3 Sept 2026, 1:32 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 11:10 am	Company Update General	Web-Link To Notice Of 33Rd Annual General Meeting ("AGM") Of Monarch Networth Capital Limited And Annual Report For The Financial Year 2025-26.	PDF
2 Sept 2026, 9:22 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
2 Sept 2026, 9:16 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
2 Sept 2026, 9:07 pm	AGM/EGM AGM	Notice Of 33Rd Annual General Meeting	PDF
11 Aug 2026, 4:03 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	264	-235	45	-21	-145	30	114
	-121	126	-0	-18	12	-87	-2
	-23	-10	14	-5	94	171	-2
Net cash flow	121	-119	58	-43	-39	114	110
Free cash flow	263	-238	43	-25	-151	14	106
CFO / Operating profit %	—	-557.2%	68.9%	-35.4%	-90.7%	13.7%	44.3%

Monarch Networth Capital Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

7

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

ASSET MANAGEMENT SERVICES · revenue

Monarch Networth Capital Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

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

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends7

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

ASSET MANAGEMENT SERVICES · revenue

7

1

1