Share India Securities Limited (SHAREINDIA)
Micro CapFinancial Services stocks · Micro cap · NSE
Share India Securities is a 30-year-old, technology-driven financial services firm offering broking, algorithmic trading, NBFC, wealth management, and insurance. It has evolved into a Fintech-focused organization with proprietary AI/ML platforms like uTrade Algos, serving retail, HNI, and institutional clients across 17 states via 223 branches/franchises.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +31% YoY · PAT +48% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹448 Cr | +31.4% | +7.7% |
| EBITDA | ₹201 Cr | +45.7% | +71.8% |
| Operating margin | 45.0% | +500 bps | +1700 bps |
| PAT | ₹124 Cr | +47.6% | +113.8% |
| PAT margin | 27.7% | +305 bps | +1374 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4-FY26 consolidated revenue grew 73.7% YoY to INR 4,159 Mn, with net profit surging 211.3% YoY to INR 580 Mn, though QoQ profit declined 34.7%. For FY26, revenue rose 1.5% YoY to INR 14,703 Mn, while net profit saw a marginal 1.1% YoY decline to INR 3,244 Mn.
The company's Q4-FY26 performance shows strong YoY growth in revenue and profit, but a notable sequential decline in profitability. Annual FY26 results indicate muted revenue growth and a slight profit dip. While the strategic shift to a tech-driven platform and diversification efforts are positive, the quarterly volatility and annual stagnation in core financials suggest the thesis is UNDER_STRESS, requiring closer monitoring of execution on growth strategies and asset quality.
Revenue by vertical
Latest issuer-disclosed distribution across 5 reported categories.
Algo Trading Penetration
Scale algorithmic trading adoption through uTrade by enabling open API based algo trading for retail investors.
Diversification
Providing Portfolio Management Services and strengthening presence in Wealth Management; diversification across merchant banking, secured NBFC lending and insurance broking.
Retail Expansion
Establish flagship retail branches in high-visibility locations to strengthen physical presence and client acquisition.
MTF Book Growth
Scale the MTF book to deepen client engagement, improve retention and support sustained trading activity.
New Subsidiary for Fixed-Income/Investment Distribution
Share India Cred Capital Private Limited incorporated to develop a technology-driven fixed-income and investment product distribution platform.
New Subsidiary for AIF/PMS
Share India Wealth Multiplier Solutions Private Limited incorporated to undertake Cat III AIF, Portfolio Management Services, and allied activities.
Structural Shift to Fintech Platform
Transition from manual/dealer-driven to algorithmic & API-driven, leading to platform/subscription/interest-led revenue and higher recurring income.
Algorithmic Trading Ecosystem
Proprietary platforms uTrade Algos and Algowire Trading Technologies deliver AI/ML driven strategies for enhanced decision making and execution efficiency.
Diversification of Revenue Streams
Diversifying revenues beyond stock market linked income through NBFC, insurance broking, and wealth management.
NBFC Asset Quality
While GNPA and NNPA improved QoQ, GNPA at 4.30% and NNPA at 2.66% for the NBFC segment remain significant.
MTF AUM Decline
Margin Trading Facility AUM declined 7.3% QoQ in Q4-FY26, indicating potential pressure on a key broking revenue stream.
Profitability Volatility
Significant QoQ decline in EBITDA (-25.1%) and PAT (-34.7%) in Q4-FY26 suggests potential earnings instability.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial services, especially broking and lending, can have seasonal elements (YoY) but also require monitoring sequential momentum (QoQ) for business activity, asset quality, and operational efficiency. The document provides both.
NBFC AUM
INR 2,653 Mn in FY26; Q4-FY26 AUM INR 2,653 Mn vs Q3-FY26 INR 2,470 Mn (7.4% QoQ growth).
NBFC Disbursements
Q4-FY26 Disbursements INR 995 Mn vs Q3-FY26 INR 599 Mn (66.1% QoQ growth).
NBFC NIM
FY26 NIM 17.64% vs FY25 17.40%; Q4-FY26 NII INR 113 Mn vs Q3-FY26 INR 113 Mn (flat QoQ).
NBFC GNPA/NNPA
Q4-FY26 GNPA 4.30% vs Q3-FY26 4.87% (improved QoQ); Q4-FY26 NNPA 2.66% vs Q3-FY26 2.98% (improved QoQ).
Focus on Algo Trading
Scale algorithmic trading adoption through uTrade by enabling open API based algo trading for retail investors.
Diversification Strategy
Providing Portfolio Management Services and strengthening presence in Wealth Management, and diversification across merchant banking, secured NBFC lending and insurance broking.
International Presence
Leverage the International Presence and GIFT City IFSC to pursue cross-border trading opportunities.
Retail Client Engagement
Integrate advanced analytics and automation to improve trading discipline and outcomes for retail clients.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NBFC Asset Quality (GNPA/NNPA) | GNPA 4.30%, NNPA 2.66% (Q4-FY26) | Sustained improvement in asset quality metrics and controlled slippages. |
| MTF AUM Growth | INR 4,239 Mn (Q4-FY26), -7.3% QoQ | Reversal of QoQ decline and consistent growth in Margin Trading Facility AUM. |
| Algo Platform Adoption (Paid Subscriptions) | 5,231 paid plan subscriptions (FY26) | Growth in paid subscriptions and active users of API-based algo trading platforms. |
| Overall Profitability (PAT Margin) | 13.95% (Q4-FY26) | Stabilization and improvement in quarterly PAT margins, reducing volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.4% / mo · MACD −
Technical chart
SHAREINDIAdaily · 1Y · AUTO+37.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 48% 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.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 63.0%.
- Growth contributes 24/25 to the score.
- Valuation contributes 23/30 to the score.
Main drags
- Promoter pledge is 57.8%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 7th percentile of the scored universe and 11th percentile within Financial Services. Main check: promoter alignment is weak at 35/100.
Mixed Trust Lite: 3/4 latest quarters had positive YoY revenue growth. Key concern: Promoters have pledged 57.8% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 11th pctile, median 62 · Micro: 4th pctile, median 73
99 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
Trust positives
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 57.8% of holding.
- ▸Operating cash flow is negative at ₹-182 Cr.
- ▸ROCE trend is -7.3%.
- ▸Revenue CAGR is 11% but EPS CAGR is -9.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 1.42
- EV/EBITDA
- 6.81
- Market Cap
- 3731.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 18.40%
- ROA
- 7.93%
- Dividend Y
- 0.94%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -9.24%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 4.49×
- Altman Z
- 2.94
- Book Value
- 120.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -182.00 Cr
- EPS TTM
- 16.61
Shareholding
- Promoter Hold
- 48.62%
- Promoter Pledge
- 57.80%
- Momentum 52W
- 57%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.