Overview

Detailed Summary

Khandwala Securities Limited is a specialized financial services company with a strong presence in institutional dealing and investment banking.
The company offers a diversified suite of financial services including investment banking, corporate advisory, institutional broking, private client broking, and investment advisory.
Khandwala Securities is undertaking an internal restructuring to consolidate operations across different entities for greater synergy and efficiency.
The firm is recognized as a Category I Merchant Banker by SEBI since 1993, showcasing its established credibility in the market.
It caters to a diverse clientele ranging from institutional investors and corporations to high net worth individuals and retail investors.

Sector: Stock/ Commodity Brokers
Industry: Securities/Commodities Trading Services
Market Cap: 26 Cr
Volatility: High Risk
P/E Ratio: -9.0
Industry P/E: 38.5
PEG Ratio: —
P/B Ratio: 0.9
52W High: 29.89
52W Low: 14.32

Sales CAGR

1Y: 18.28%
3Y: 16.08%
5Y: 28.38%
10Y: 13.66%

Profit CAGR

1Y: -570.59%
3Y: —
5Y: —
10Y: —

ROE

TTM: -6.51%
3Y: -0.20%
5Y: -1.30%
10Y: -2.68%

ROCE

TTM: -2.14%
3Y: 1.67%
5Y: 0.94%
10Y: -0.69%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WALCHPF	104.85	30 Cr	7.80	1.04	0.96	9.46	12.27	10.79
VERTEX	3.58	26 Cr	-17.05	3.16	0.00	-17.94	-6.82	-4.50
KHANDSE	17.00	26 Cr	-8.99	0.91	0.00	-6.51	-2.14	-5.60
NDASEC	34.25	22 Cr	131.73	1.86	0.00	1.27	2.14	0.86
ACFSL	20.04	20 Cr	16.98	0.23	0.00	1.74	2.27	1.09
CILSEC	36.90	18 Cr	9.29	0.57	0.00	6.01	8.23	3.77
DJSSS	2.20	17 Cr	220.00	2.52	0.00	8.57	9.40	1.75

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	1.60	2.16	2.83	2.52	3.14	2.70	1.18	1.14	3.40	1.06
Expenses	1.36	1.80	3.05	1.96	7.64	2.44	2.41	1.77	3.22	2.07
Interest	0.10	0.06	0.05	0.05	0.02	0.01	0.03	0.04	0.06	0.06
Financing Profit	0.14	0.30	-0.27	0.51	-4.52	0.25	-1.26	-0.67	0.12	-1.07
Financing Margin %	8.75	13.89	-9.54	20.24	-143.95	9.26	-106.78	-58.77	3.53	-100.94
Other Income	0.04	0.04	0.05	0.06	4.81	0.35	0.37	0.16	0.21	0.66
Depreciation	0.07	0.08	0.12	0.10	0.07	0.07	0.11	0.07	0.08	0.08
Profit Before Tax	0.11	0.26	-0.35	0.47	0.23	0.53	-1.00	-0.59	0.24	-0.49
Tax %	0.00	-3.85	0.00	-2.13	-4.35	-1.89	-105.00	0.00	0.00	0.00
Net Profit	0.11	0.27	-0.34	0.48	0.24	0.54	-2.05	-0.59	0.24	-0.49
EPS in Rs	0.07	0.18	-0.22	0.31	0.15	0.35	-1.35	-0.38	0.16	-0.32
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	3.71	3.54	3.36	2.74	3.60	6.10	6.26	8.52	9.54	8.16
Expenses	4.91	4.04	5.43	6.15	4.45	5.29	5.36	7.95	14	14
Interest	0.35	0.28	0.23	0.82	0.74	0.71	0.34	0.27	0.11	0.10
Financing Profit	-1.55	-0.78	-2.31	-4.23	-1.60	0.09	0.57	0.29	-5.02	-6.20
Financing Margin %	-41.85	-22.08	-68.74	-154.68	-44.43	1.55	9.10	3.44	-52.65	-75.98
Other Income	1.25	0.30	2.74	0.88	0.18	0.25	0.22	0.18	5.59	5.69
Depreciation	0.30	0.29	0.28	0.28	0.28	0.29	0.29	0.31	0.34	0.32
Profit Before Tax	-0.60	-0.77	0.15	-3.63	-1.70	0.06	0.50	0.16	0.22	-0.83
Tax %	-1.69	1.67	-23.23	1.05	2.76	-91.80	10.78	-6.17	456.36	-124.10
Net Profit	-0.61	-0.76	0.19	-3.59	-1.65	0.12	0.44	0.17	-0.80	-1.86
EPS in Rs	—	—	—	-2.35	-1.07	0.09	0.29	0.12	-0.54	-1.89
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	12	12	12	15	15	15
Reserves	15	14	13	13	9.69	8.01	8.16	14	14	14
Borrowings	3.07	2.92	2.84	4.89	6.24	6.94	6.46	2.61	1.47	1.42
Other Liabilities	11	9.83	12	17	12	14	21	11	16	13
Total Liabilities	40	39	40	47	40	41	47	44	48	43
Fixed Assets	9.78	9.55	9.30	8.41	8.20	8.05	7.79	8.09	8.14	4.25
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.62	1.12	0.97	0.55	0.52	0.20	0.55
Other Assets	30	29	31	38	31	32	39	35	39	39
Total Assets	40	39	40	47	40	41	47	44	48	43

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.87	-1.35	0.40	3.59	-3.55	-0.21	3.30	-7.24	-1.74	4.02
Cash from Investing Activity	-0.12	0.28	0.21	2.00	-0.40	0.18	0.50	-1.51	-1.17	-3.94
Cash from Financing Activity	0.04	-0.50	-0.36	1.32	0.53	-1.54	-1.19	8.40	-0.09	0.29
Net Cash Flow	3.79	-1.57	0.26	6.90	-3.42	-1.57	2.62	-0.34	-3.01	0.37

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	47.67%	47.69%	47.75%	47.76%	47.76%	47.97%	47.98%	48.15%	48.25%	48.27%	48.27%	48.30%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	52.33%	52.31%	52.25%	52.24%	52.24%	52.03%	52.02%	51.85%	51.75%	51.73%	51.73%	51.70%
Total Shareholders	3,471	3,607	3,626	4,128	4,081	3,944	4,549	4,577	4,647	4,614	4,561	4,604

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