AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 18 Sep - 33rd AGM held on September 18, 2026; audited FY26 statements adopted and Mrs. Bhagyashree Khandwala reappointed.
Source: Bse
Khandwala Securities Limited (KHANDSE)
Small CapFinancial Services stocks · Small cap · NSE
Khandwala Securities Limited operates in Broking, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹16.55
+0.45 · +2.80%
Market cap ₹25.8 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:11 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -2.5% / mo · MACD −
Stock trend: 21
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KHANDSED candles · FIT view+0.5%Latest close ₹16.55 on 2026-10-19
Bar
+1.8%
RSI
44
MACD hist
-0.09
52W pos
33%
2026-10-19O ₹16.26H ₹16.65L ₹15.61C ₹16.55Vol 108 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KHANDSENifty Financial ServicesNifty 500
- KHANDSE
- -4.9%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +0.6 pp
Chart stats
19 Oct 2026- From 52W high
- -35.1%
- 52W range position
- 33%
- ATR (14)
- 6.5%
- Volume vs 20D
- 0.04x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹15.3 - ₹18.5
₹25.5
₹12.2 - ₹25.5
₹1.1
Latest completed session
20-session average
38.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED15
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +99.1% · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +99% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2.3 Cr | +99.1% | -1.3% |
| EBITDA | ₹-0.1 Cr | +87.5% | +89.5% |
| Operating margin | -3.5% | +5262 bps | +2952 bps |
| PAT | ₹0.1 Cr | NDF | NDF |
| PAT margin | 3.5% | +5527 bps | +2265 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.93
- EV/EBITDA
- —
- Market Cap
- 25.80Cr
Profitability
- ROE
- -4.49%
- ROCE
- -3.46%
- ROA
- -1.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- -6.22×
- Altman Z
- 1.97
- Book Value
- 18.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -2.05 Cr
- EPS TTM
- -0.40
Shareholding
- Promoter Hold
- 48.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2.3-1.3% vs prev
Net Profit
₹ CrLatest: 0.1+118.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 35% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 1 Base / Transition
1M return
-8.5%
3M return
-4.9%
6M return
+4.5%
1Y return
-29.6%
RS 1D
+7
RS 20D
-7
Sector rank
#10
Industry rank
#16
Stage evidence
- Price is within 3.1% of the 30-week proxy.
- The 30-week proxy changed -0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 74.49+3.86%
RS vs Nifty 50074
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth8/25
Quality0/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
-8
Raw sum
15
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
15/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Growth contributes 8/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
—
PB
0.9
EV/EBITDA
—
ROE
-4.5%
ROCE
-3.5%
FCF Yield
—
Debt/Equity
0.1
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
15
Previous: 15
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
15
15
15
15
15
15
15
15
15
15
15
15
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
10.9
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
21STCENMGM
Small
21st Century Management Services Limited
Financial Services
match 57
15
—
-57.2%
—
OVERVALUED
HBSL
Small
HB Stockholdings Limited
Financial Services
match 56
16
—
-12.8%
—
OVERVALUED
HEADSUP
Small
Heads UP Ventures Limited
Financial Services
match 56
4
—
-0.2%
—
OVERVALUED
BLUECHIP
Small
Blue Chip India Limited
Financial Services
match 55
5
—
—
—
OVERVALUED
ICDSLTD
Small
ICDS Limited
Financial Services
match 49
26
87.2
5.5%
-290%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Khandwala Securities Limited operates in Broking, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 12th percentile within Financial Services. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
0 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Financial Services: 12th pctile, median 62 · Small: 10th pctile, median 66
Evidence depth
Financial-only
0 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
18
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -3.5%.
- ▸ROE is low at -4.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Khandwala Securities Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Reg. 34 (1) Annual Report. 26 Aug
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.