Khandwala Securities Ltd
NSE: KHANDSE · Stockbroking & Allied · sector
₹14.75NSE close 2026-10-26
Key numbers
Market cap₹22 cr
Price₹14.75
52w high / low₹26 / ₹12
P/E–Sector median 19.5x
P/B0.8xSector median 1.7x
Book value₹18.2
Dividend yield–Sector median 0.77%
ROE-2.1%Sector median 10.7%
ROCE-1.1%Sector median 14.1%
OPM-18.6%Sector median 37.5%
Debt / equity0.10xSector median 0.24x
EV/EBITDA–Sector median 12.3x
Interest cover-1.3x
Current ratio0.78x
Sales growth 3y+8.0%Sector median +18.4%
Profit growth 3y–Sector median +8.3%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 39 companies in Stockbroking & Allied (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹1 cr vs borrowings ₹3 cr (FY26): borrowings are higher by ₹2 cr.
- Operating profit covered interest -1.3x in the last 12 months.
- 23.26% of the promoters' shares are pledged (11.4% of all shares).
- Promoter holding rose by 0.57 percentage points in a year, to 48.84% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY24, FY23).
- Net loss in 4 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Debtor days went from 285 (FY24) to 185 (FY26).
- No dividend in the last 5 financial years.
- Price ₹14.75 on 2026-10-26: -42.2% from the 52-week high, +20.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹31.22 · low ₹13.74
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 3 | 1 | 1 | 3 | 1 | 2 | 2 |
| EBITDA | -4 | 0 | -1 | -1 | 0 | -1 | -1 | -0 |
| OPM % | -143.3% | 9.6% | -104.2% | -55.3% | 5.0% | -95.3% | -33.0% | -3.5% |
| Other income | 5 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Net profit | 0 | 1 | -2 | -1 | 0 | -0 | -0 | 0 |
| EPS (₹) | 0.15 | 0.35 | -1.35 | -0.38 | 0.16 | -0.32 | -0.29 | 0.06 |
| Revenue YoY | +8.3% | -60.7% | +94.9% | +99.1% | ||||
| Profit YoY | 0.0% | -190.7% | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 6 | 6 | 9 | 10 | 8 | 9 |
| EBITDA | 1 | 1 | 1 | -5 | -2 | -2 |
| Net profit | 0 | 0 | 0 | -1 | -1 | -1 |
| EPS (₹) | 0.10 | 0.29 | 0.11 | 0.52 | -0.83 | -0.39 |
| Revenue growth | +2.6% | +36.1% | +12.0% | -17.3% | +10.5% | |
| Profit growth | +266.7% | -61.4% | -570.6% | – | – | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +8.0% | +17.0% | +10.5% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -23.6% (2y) | -29.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 29 | 30 | 29 | 28 |
| Borrowings | – | 3 | 1 | 1 | 3 |
| Cash & equivalents | – | 7 | 4 | 12 | 1 |
| Total assets | – | 44 | 48 | 43 | 41 |
| Fixed assets | – | 5 | 5 | 1 | 1 |
| Capital work in progress | – | 0 | 0 | 0 | 0 |
| Investments | – | 1 | 0 | 1 | 0 |
| Receivables | – | 8 | 7 | 4 | 4 |
| Inventory | – | 0 | 0 | 0 | 0 |
| Payables | – | 11 | 16 | 11 | 9 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 3 | -7 | -2 | 4 | -2 |
| Cash from investing | 0 | -0 | -1 | -4 | 1 |
| Cash from financing | -1 | 5 | -0 | 0 | -0 |
| Capex | 0 | 1 | 0 | 0 | 0 |
| Free cash flow | 3 | -8 | -2 | 4 | -2 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 1.5% | 0.6% | -2.8% | -4.6% |
| ROCE % | – | 2.6% | 1.4% | 1.1% | -3.4% |
| Debtor days | – | 457 | 285 | 148 | 185 |
| Inventory days | – | 0 | 0 | 0 | 0 |
| Payable days | – | 52,572 | 1,71,618 | 30,018 | 19,065 |
| Cash conversion cycle (days) | – | -52,115 | -1,71,333 | -29,870 | -18,880 |
| Working capital days | – | 567 | 8 | 234 | -97 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 48.84% |
| Public (non-institutions) | 51.16% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 48.15% | 48.25% | 48.27% | 48.27% | 48.30% | 48.73% | 48.78% | 48.84% |
| Promoter group | % |
|---|---|
| Jayantilal Khandwala & Sons PVT. Ltd. | 11.36% |
| Bentley Investments PVT Ltd | 9.45% |
| Daxa Paresh Khandwala | 8.62% |
| Pratik Paresh Khandwala | 5.22% |
| Pranav Paresh Khandwala | 4.65% |
| Piggero Investments Private Limited | 2.14% |
| Tulsi Paresh Khandwala | 2.02% |
| Paresh Jayantilal Khandwala | 1.85% |
| Paresh Jayantilal Khandwala (HUF) | 1.74% |
| Khandwala Commodity and Derivatives PVT. Ltd. | 0.89% |
| Leena Mayank Khandwala | 0.36% |
| Bhagyashree P Khandwala | 0.33% |
| Jatin Ashok Khandwala | 0.11% |
| Mayank Ashok Khandwala | 0.09% |
| Ramila Ashok Khandwala | 0.01% |
| Public holders above 1% | % |
|---|---|
| Poonam Balram Bharwani | 5.08% |
| Aumit Capital Advisors Limited | 3.69% |
| Shuchi Darwin Patel | 2.57% |
| Darwin Parshottam Patel | 2.50% |
| Heta Chiraag Patel | 2.44% |
| Nipa RAJ | 1.99% |
| Brinda Partik Khandwala | 1.58% |
| Rahul Rudolph Dsouza | 1.46% |
| Bridget Noel Ferrao | 1.35% |
| Roma Rudolph Dsouza | 1.09% |
| Rose Rudolph Dsouza | 1.09% |
4,580 shareholders. Pledged: 23.26% of promoter shares.
Peers in Stockbroking & Allied
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| GROWW | ₹1,15,154 cr | 42.3x | 9.9x | 28.5% | – | 62.9% | – | – |
| MOTILALOFS | ₹56,201 cr | 53.1x | 7.1x | 14.0% | – | – | +21.3% | 0.64% |
| 360ONE | ₹39,770 cr | 79.4x | 5.2x | 6.7% | – | – | +22.9% | 1.20% |
| NUVAMA | ₹30,285 cr | 50.1x | 14.5x | 29.9% | – | – | – | 1.66% |
| ANGELONE | ₹25,846 cr | 19.9x | 3.8x | 20.4% | – | – | +19.2% | 1.72% |
| IIFLCAPS | ₹10,681 cr | 18.8x | 3.9x | 22.6% | – | – | +19.4% | 0.87% |
| SHAREINDIA | ₹3,873 cr | 12.1x | 1.7x | 15.2% | – | – | +14.4% | 0.76% |
| ARSSBL | ₹2,818 cr | 17.4x | 2.0x | 10.7% | 13.1% | 37.9% | – | – |
| MONARCH | ₹2,572 cr | 14.2x | 2.6x | 20.5% | 24.8% | 69.9% | +33.6% | 0.31% |
| KHANDSE | ₹22 cr | – | 0.8x | -2.1% | -1.1% | -18.6% | +8.0% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Feebased Operations | ₹8 cr | 80.7% | ₹0 cr | 4.3% |
| Other Unallocated Revenue | ₹2 cr | 15.6% | ₹0 cr | 0.0% |
| Investment / Stock Operations | ₹0 cr | 3.7% | ₹0 cr | -4.5% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-19 | Other | Annual General Meeting |
| 2023-09-21 | Other | Annual General Meeting |
| 2022-09-20 | Other | Annual General Meeting |
| 2021-09-21 | Other | Annual General Meeting |
| 2020-11-12 | Other | Annual General Meeting |
| 2019-08-21 | Other | Annual General Meeting |
| 2018-09-11 | Other | Annual General Meeting (Date Revised) |
| 2017-09-12 | Other | Annual General Meeting |
| 2016-09-08 | Other | Annual General Meeting |
| 2015-09-10 | Other | Annual General Meeting |
| 2014-09-11 | Other | Annual General Meeting |
| 2013-09-11 | Other | Annual General Meeting |
| 2012-09-20 | Other | Annual General Meeting |
| 2011-07-15 | Other | Annual General Meeting (Bc Dates Revised) |
| 2010-09-17 | Other | Annual General Meeting |
| 2009-09-23 | Other | Annual General Meeting |
| 2008-09-11 | Other | Annual General Meeting |
| 2007-08-27 | Other | Agm |
| 2006-08-21 | Other | Agm |
| 2005-08-29 | Other | Agm |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Financial Services |
| Industry | Stockbroking & Allied |
| Sub-industry | Stockbroking & Allied |
| Symbol | KHANDSE |
| BSE code | 531892 |
| ISIN | INE060B01014 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.