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Shardul Securities Limited (SHARDUL) · mywealthgrid

About

Shardul Securities Limited operates in stockbroking and allied capital markets services, with a market capitalisation of ₹480.38 Crore and quarterly revenues typically between ₹0.46–₹2.4 Crore. The company has maintained profitability and paid dividends over multiple years, positioning it as a small participant in Indian stockbroking whose earnings depend directly on equity trading volumes and market activity.

Face value: ₹2

Market cap

₹507 Cr

P/E

191.4×

P/B

3.5×

Dividend yield

ROE

1.8%

ROCE

2.5%

Debt / equity

—

OPM

40.8%

EPS (TTM)

₹0.3

Book value

₹16.8

52-week high

₹59.4

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue is highly volatile, ranging from ₹0.46–₹2.4 Crore quarterly, making earnings forecasts difficult and exposing the business to market downturns.
Operating margins fluctuate wildly from 8.82% to 76.67%, indicating profitability swings driven by revenue volatility rather than stable operations.
PE ratio of 181.27 is elevated; verify whether this reflects genuine earnings growth expectations or valuation risk if profits revert to historical levels.
ROE of 1.82% is very low, signalling that capital in the business is generating minimal returns; determine whether this is temporary or structural.

Generated analysis · source review pending

Growth drivers

Operating margin of 40.77% means each rupee of revenue yields 41 paise of profit; if quarterly revenues sustain above ₹2 Crore without rising costs, operating profit would expand from recent lows of ₹0.05 Crore.
Company has generated positive net profit and paid dividends across multiple years; higher trading volumes or client account growth would expand these earnings and sustain dividend distributions.
Equity trading volumes and retail investor participation are primary drivers of stockbroking revenues; verify whether market trading activity and account openings are trending upward in the company's markets.
Market cap of ₹480 Crore is small relative to larger brokers, leaving room for revenue expansion through customer acquisition, product diversification, or geographic reach; verify the company's growth strategy and competitive positioning.

Generated analysis · source review pending

₹58.0+13.7%1Y

Beta

0.84

Moves with the index

Volatility (1y)

59.2%

Annualised, daily returns

RSI (14)

67.3

Neither overbought nor oversold

Rel. strength (1y)

5.6%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Healthy operating margin of 40.8%
+High promoter holding of 74.9% with no pledge

Cons

−Low return on equity of 2.1% (3-yr avg)
−Expensive at 191.4× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 35
Valuation: 26
Momentum: 77

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

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

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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 2018	Mar 2019
	6	5
	3	3
Operating profit (EBITDA)	3	2
OPM %	52.8%	40.8%
Depreciation	0	0
Interest	1	1
	2	2
Profit before tax	4	3
Tax	0	0
Tax %	7.2%	15.6%
	3	3
PAT margin %	57.5%	56.9%
EPS (₹)	2	1.5
EPS adjusted (₹)	0.4	0.3
	30.3%	39.5%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019

₹ Cr	Mar 2017	Mar 2018	Mar 2019
Equity capital	18	18	18
Reserves	124	128	129
	11	—	—
	24	5	5
Total equity & liabilities	177	150	151
	20	20	19
CWIP	—	—	—
Investments	70	86	78
	87	45	54
Total assets	177	150	151

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	31	-14	1	5	-10	-1	-9	21	-36
	5	-22	5	2	-1	22	-7	10	-24	12
Cash from financing	-3	11	-12	-1	-1	-0	-0	-0	10	13
Net cash flow	7	20	-22	2	3	12	-9	1	7	-11
Free cash flow	5	31	-14	1	—	-10	-2	-10	21	-37
CFO / Operating profit %	—	—	-450.8%	65.3%	—	—	—	—	—	—

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: -23%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -24%

Stock price CAGR

10 years: —
5 years: —
3 years: —
1 year: 14%

Return on equity

7 years: —

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019
Margins
Gross margin %	—	—
EBITDA margin %	52.8%	40.8%
EBIT margin %	46%	32%
PAT margin %	57.5%	56.9%
Working capital
Receivable days	68	18
Inventory days	3,396	4,487
Payable days	—	—
NWC days	—	—
Leverage
Current ratio	14.98	23.08
Debt to EBITDA	—	—
Debt to equity	—	—
Interest coverage	7	6.3
Asset turnover	0.04	0.03
Return ratios
Return on assets %	2.3%	1.8%
Return on capital employed %	2.9%	2.5%
Return on equity %	2.4%	1.8%

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
	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.84%	74.85%	74.85%	74.85%	74.85%	74.85%
	0%	0%	0%	0%	0%	0%	0%	0%	0.24%	0.3%	0.3%	0.3%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.16%	25.16%	25.16%	25.16%	25.16%	25.16%	25.16%	25.15%	24.91%	24.85%	24.85%	24.85%
No. of shareholders	—	—	—	—	—	—	—	—	7,405	7,245	6,813	6,805

Promoter holding up 0.01 percentage points since Sep 2023.

1 deal · 6 Aug 2026 – 6 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Aug 2026	RECKON TRADING PRIVATE LIMITED	Bulk	BSE	Buy	10,25,000	₹41.52	₹4.26 Cr

1–1 of 1

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. DEVESH CHATURVEDINon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. RAMAMOORTHY SUNDARESANExecutive Director
Mr. YOGENDRA CHATURVEDIExecutive Director
Mr. LALIT SHAHNon-Executive - Independent Director
Mr. VISHNU DUTTNon-Executive - Independent Director
Mr. SESHAGIRI RANGANATHANNon-Executive - Independent Director
Ms. ANSHU AGARWALNon-Executive - Independent Director
Mr. Tarun ChaturvediChief Financial Officer
Mr. Viraf KatrakChief Executive Officer
Mrs. DAYA BHALIACompany 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 Shardul Securities 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

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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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

10 announcementsExport CSV

1 Oct 2026, 6:53 pmAGM/EGM

Special Resolution For Buyback Of Equity Shares

AGM PDF

1 Oct 2026, 6:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Oct 2026, 3:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares

Public Announcement-Buyback of Shares PDF

30 Sept 2026, 6:31 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

30 Sept 2026, 5:40 pmCorp. Action

Intimation Of Record Date For The Purpose Of Buyback

Record Date PDF

29 Sept 2026, 3:22 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

3 Sept 2026, 1:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 6:14 pmCorp. Action

Intimation Of Book Closure For The Purpose Of 41St AGM Of The Company

Book Closure PDF

Date	Category	Subject	Filing
1 Oct 2026, 6:53 pm	AGM/EGM AGM	Special Resolution For Buyback Of Equity Shares	PDF
1 Oct 2026, 6:50 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Shardul Securities Limited

Shardul Securities Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

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

Stock price CAGR

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

Annual reports

Events

Announcements

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Dividends12

Board meetings1

Stock splits1

Ratio timeline

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

12

1

1