Shah Investor’s Home Limited digital share reaches 42.62%

Shah Investor’s Home Limited generated 42.62% of FY26 brokerage income through digital platforms, compared with 17.61% in FY24. Digital brokerage income increased to Rs 19.74 crore from Rs 9.81 crore over two fiscal years, while non-digital execution remained the larger FY26 channel at Rs 26.57 crore, or 57.38% of brokerage income.

How large is SIHL’s digital brokerage income share?

SIHL’s digital brokerage income share reached 42.62% in FY26, increasing by 25.01 percentage points from 17.61% in FY24. The share was 22.37% in FY25, so the FY26 proportion rose by 20.25 percentage points in one year. Digital-platform brokerage income rose in each reported fiscal, reaching Rs 19.74 crore in FY26 from Rs 14.52 crore in FY25 and Rs 9.81 crore in FY24.

The change is more pronounced because total brokerage income declined in FY26. Total brokerage income increased from Rs 55.70 crore in FY24 to Rs 64.91 crore in FY25, then decreased to Rs 46.30 crore in FY26. Non-digital brokerage income fell from Rs 50.39 crore in FY25 to Rs 26.57 crore in FY26, while digital income increased, lifting digital platforms’ proportion of the smaller FY26 brokerage pool.

The reported digital share measures brokerage income by execution channel, not all revenue from operations. SIHL reported total revenue from operations of Rs 71.48 crore in FY26, which included brokerage and other services. The company’s FY26 brokerage income of Rs 46.30 crore therefore represented one component of its operating revenue rather than its complete revenue base.

What is driving SIHL’s digital brokerage income shift?

SIHL’s digital brokerage income shift follows the 2024 launch of two app-based platforms. SIHL Moneymaker enables trading in equities, derivatives, currencies and commodities, while SIHL Fundpro was launched to simplify and digitise mutual-fund investments. As of March 31, 2026, SIHL Moneymaker had 12,452 trading clients and 33,287 downloads.

SIHL states that its proprietary enterprise resource planning system supports its operations and is developed and maintained by its in-house software development team. An enterprise resource planning system is software used to coordinate business processes and information across functions. The FY26 digital figure reflects trades executed through SIHL’s digital app-based platforms, rather than being a separately reported asset class or client category.

SIHL also started providing application programming interface, or API, trading services in FY2025-26. An API allows software systems to exchange data and instructions, which can enable trading workflows through connected applications. National Stock Exchange of India Limited approved SIHL’s in-house algorithmic trading platform on August 17, 2026; SIHL stated that its application for similar approval from BSE Limited was under process.

Does SIHL still rely on non-digital and assisted execution?

SIHL still derived the larger part of FY26 brokerage income from non-digital platforms, at Rs 26.57 crore or 57.38%. This was down from 77.63%, or Rs 50.39 crore, in FY25, but it confirms that assisted execution remained the largest individual channel in FY26. SIHL had partnerships with more than 181 authorised persons and operated through 11 branches in India as of March 31, 2026.

SIHL defines non-digital platforms as traditional order placement and execution in addition to its digital applications. Clients can place purchase or sale orders by contacting authorised dealers or relationship managers on recorded telephone lines. The dealer or broker validates client credentials and order particulars, including the security, quantity, order type and price limits, before executing the trade through SIHL’s front-office trading terminal.

After execution, SIHL sends trade confirmations and contract notes through short message service, email or portal access in line with applicable Securities and Exchange Board of India and stock-exchange regulations. This mechanism provides an assisted route for clients who prefer human support. Digital share expansion must therefore occur alongside the continuing operation of the authorised-person and relationship-manager network that produces 57.38% of FY26 brokerage income.

How does the digital shift compare with SIHL’s clients and trading segments?

SIHL’s client base increased through FY26, while brokerage income per active client declined. Total clients rose to 85,422 in FY26 from 80,391 in FY25 and 76,337 in FY24. Active clients increased to 38,189 in FY26 from 37,814 in FY25 and 35,535 in FY24, but average brokerage revenue per active client decreased to Rs 12,124.43 from Rs 17,165.95 in FY25.

SIHL’s active-client base was geographically concentrated in Gujarat as of March 31, 2026. Gujarat accounted for 36,720 of 38,189 active clients, or 96.15%, while Maharashtra accounted for 907, or 2.38%, and other locations accounted for 562, or 1.47%. SIHL’s disclosed plan to use its physical network to enrol mobile-app users means digital adoption remains linked to a predominantly Gujarat-based client network.

The shift in execution channels was larger than the reported change in the mix of equity cash and derivatives brokerage. Equity-cash income was Rs 27.94 crore, or 60.34% of FY26 brokerage income, compared with 60.61% in FY24. Derivatives income was Rs 18.36 crore, or 39.66%, compared with 39.39% in FY24, indicating that the reported change was principally in how trades were executed.

What must happen for SIHL’s digital brokerage share to continue rising?

SIHL has disclosed plans to promote its mobile application in tier 2 and tier 3 cities through marketing campaigns, seminars and round-table conferences. The company also plans to expand its client base through branches, authorised persons and marketing outside Gujarat. Its Ezee Partner referral scheme had onboarded 50 clients within five months, with incentive sharing intended at a later stage.

Technology deployment and regulatory permissions are also relevant to the disclosed plan. SIHL intends to offer more technology-based products and services and improve processes for customers using its digital platforms. The National Stock Exchange approval dated August 17, 2026 permits SIHL’s in-house algorithmic trading platform under applicable requirements, but the BSE approval application remained unresolved in the disclosed information.

SIHL is also pursuing digital engagement outside trade execution. SIHL Fundpro addresses mutual-fund investing, while SIHL AIF Investment Trust received Securities and Exchange Board of India registration on February 11, 2026 as a Category III alternative investment fund named SIHL Dynamic Growth Fund. These initiatives may broaden platform use, but the 42.62% FY26 measure remains specific to brokerage income and does not include fees, commissions, interest or other operating income.

Conclusion

SIHL’s FY26 results show a clear change in brokerage execution: digital platforms generated Rs 19.74 crore and 42.62% of brokerage income, compared with Rs 9.81 crore and 17.61% in FY24. The higher digital proportion resulted from rising digital brokerage income alongside a decline in non-digital income, even as total brokerage income fell to Rs 46.30 crore in FY26.

The next disclosed developments to watch are SIHL’s mobile-app promotion in tier 2 and tier 3 cities, client onboarding through its physical network and the rollout of API-based services. The National Stock Exchange algorithmic-platform approval provides one identified technology step, while SIHL’s pending BSE application remains an unresolved part of that plan.