KHANDSE

Khandwala Securities Limited

Stockbroking and related fee-based financial services

Financial Services›Financial Services›Capital Markets›Stockbroking & Allied

kslindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹16.10
Market cap
25 Cr
Stock P/E
Loss (TTM EPS ₹-0.39)
P/B
0.89
ROE (FY26)
-4.6%
ROCE (FY26)
-3.4%
Operating margin (FY26)
-31.9%
Debt / equity (FY26)
0.10

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Khandwala Securities is a small Mumbai-based stockbroking and allied financial services firm that earns most of its revenue from fees.

Company snapshot

31stBy market cap

Ranked among 31 companies in Stockbroking & Allied.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 95.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Feebased Operations
95.4%
8 Cr-2 Cr—
Investment / Stock Operations
4.6%
0.39 Cr0.13 Cr—
Other Unallocated Revenue
62.5%
5 Cr0 Cr—

Shares add up to 162% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.10x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2 Cr2 Cr3 Cr3 Cr3 Cr3 Cr1 Cr1 Cr3 Cr1 Cr2 Cr2 Cr
Operating expenses (approx.)1 Cr2 Cr3 Cr2 Cr8 Cr2 Cr2 Cr2 Cr3 Cr2 Cr3 Cr2 Cr
EBITDA0.23 Cr0.36 Cr-0.23 Cr0.56 Cr-5 Cr0.26 Cr-1 Cr-0.63 Cr0.17 Cr-1 Cr-0.76 Cr-0.08 Cr
OPM %14.6%16.6%-8.0%22.1%-143.5%9.8%-104.5%-55.4%5.0%-95.4%-32.9%-3.7%
Other income0.04 Cr0.04 Cr0.05 Cr0.06 Cr5 Cr0.35 Cr0.37 Cr0.16 Cr0.21 Cr0.66 Cr0.44 Cr0.32 Cr
Interest0.10 Cr0.06 Cr0.05 Cr0.05 Cr0.02 Cr0.01 Cr0.03 Cr0.04 Cr0.06 Cr0.06 Cr0.07 Cr0.08 Cr
Depreciation0.07 Cr0.08 Cr0.12 Cr0.10 Cr0.07 Cr0.07 Cr0.11 Cr0.07 Cr0.08 Cr0.08 Cr0.06 Cr0.07 Cr
Profit before tax0.11 Cr0.26 Cr-0.35 Cr0.47 Cr0.23 Cr0.53 Cr-1 Cr-0.59 Cr0.24 Cr-0.49 Cr-0.45 Cr0.08 Cr
Tax %0.0%-3.2%0.9%-2.4%-4.9%-1.0%-105.2%0.2%0.0%0.5%2.4%-2.1%
Net profit0.11 Cr0.27 Cr-0.34 Cr0.48 Cr0.24 Cr0.54 Cr-2 Cr-0.59 Cr0.24 Cr-0.49 Cr-0.44 Cr0.08 Cr
EPS (₹)₹0.07₹0.18₹-0.22₹0.31₹0.15₹0.35₹-1.35₹-0.38₹0.16₹-0.32₹-0.29₹0.06

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4 Cr4 Cr3 Cr3 Cr4 Cr6 Cr6 Cr9 Cr10 Cr8 CrSign in free for the trailing twelve months
Operating expenses (approx.)5 Cr4 Cr5 Cr6 Cr4 Cr5 Cr5 Cr8 Cr14 Cr10 CrSign in free for the trailing twelve months
EBITDA-1 Cr-0.50 Cr-2 Cr-3 Cr-0.86 Cr0.81 Cr0.91 Cr0.56 Cr-5 Cr-2 CrSign in free for the trailing twelve months
OPM %-32.5%-14.2%-61.8%-124.8%-23.9%13.2%14.5%6.6%-51.5%-28.2%Sign in free for the trailing twelve months
Other income1 Cr0.30 Cr3 Cr0.88 Cr0.18 Cr0.25 Cr0.22 Cr0.18 Cr6 Cr1 CrSign in free for the trailing twelve months
Interest0.35 Cr0.28 Cr0.23 Cr0.82 Cr0.74 Cr0.71 Cr0.34 Cr0.27 Cr0.11 Cr0.23 CrSign in free for the trailing twelve months
Depreciation0.30 Cr0.29 Cr0.28 Cr0.28 Cr0.28 Cr0.29 Cr0.29 Cr0.31 Cr0.34 Cr0.29 CrSign in free for the trailing twelve months
Profit before tax-0.60 Cr-0.77 Cr0.15 Cr-4 Cr-2 Cr0.06 Cr0.50 Cr0.16 Cr0.22 Cr-1 CrSign in free for the trailing twelve months
Tax %-1.7%1.7%-23.2%1.1%2.8%-91.9%10.8%-6.2%456.4%1.1%Sign in free for the trailing twelve months
Net profit-0.61 Cr-0.76 Cr0.19 Cr-4 Cr-2 Cr0.12 Cr0.44 Cr0.17 Cr-0.80 Cr-1 CrSign in free for the trailing twelve months
EPS (₹)₹-0.51₹-0.64₹0.16₹-3.01₹-1.38₹0.10₹0.29₹0.11₹-0.52₹-0.83Sign in free for the trailing twelve months
Dividend payout %—————0.0%0.0%0.0%——Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital14 Cr14 Cr13 Cr13 Cr12 Cr12 Cr15 Cr15 Cr15 Cr15 Cr
Reserves14 Cr13 Cr13 Cr10 Cr8 Cr8 Cr14 Cr14 Cr14 Cr12 Cr
Borrowings3 Cr3 Cr5 Cr6 Cr7 Cr6 Cr3 Cr1 Cr1 Cr3 Cr
Other liabilities8 Cr10 Cr15 Cr11 Cr14 Cr21 Cr11 Cr16 Cr13 Cr10 Cr
Total liabilities39 Cr40 Cr47 Cr40 Cr41 Cr47 Cr44 Cr48 Cr43 Cr41 Cr
Fixed assets (net)7 Cr7 Cr6 Cr6 Cr5 Cr5 Cr5 Cr5 Cr1 Cr1 Cr
CWIP——0 Cr——0 Cr0 Cr0 Cr0 Cr0 Cr
Investments0.03 Cr0.03 Cr0.77 Cr1 Cr1 Cr0.61 Cr0.94 Cr3 Cr12 Cr1 Cr
Loans & advances——0.21 Cr0.23 Cr0.25 Cr5 Cr6 Cr5 Cr2 Cr1 Cr
Trade receivables10 Cr9 Cr9 Cr9 Cr7 Cr5 Cr8 Cr7 Cr4 Cr4 Cr
Cash & bank0.06 Cr0.08 Cr0.07 Cr0.07 Cr0.06 Cr0.02 Cr0.02 Cr0.06 Cr0.01 Cr0.02 Cr
Other assets22 Cr24 Cr31 Cr23 Cr28 Cr32 Cr24 Cr27 Cr24 Cr33 Cr
Total assets39 Cr40 Cr47 Cr40 Cr41 Cr47 Cr44 Cr48 Cr43 Cr41 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-1 Cr0.40 Cr4 Cr-4 Cr-0.21 Cr3 Cr-7 Cr-2 Cr4 Cr-2 Cr
Cash from investing0.28 Cr0.21 Cr2 Cr-0.40 Cr0.18 Cr0.50 Cr-0.40 Cr-1 Cr-4 Cr0.64 Cr
Cash from financing-0.50 Cr-0.36 Cr1 Cr0.53 Cr-2 Cr-1 Cr5 Cr-0.09 Cr0.29 Cr-0.50 Cr
Net cash flow-2 Cr0.26 Cr7 Cr-3 Cr-2 Cr3 Cr-3 Cr-3 Cr0.37 Cr-2 Cr
Free cash flow (OCF − Capex)-1 Cr0.37 Cr——-0.21 Cr3 Cr-8 Cr-2 Cr4 Cr-2 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %-0.8%-1.7%1.2%-9.6%-3.6%2.9%2.6%1.4%1.1%-3.4%
ROE %-2.2%-2.8%0.7%-15.5%-8.3%0.6%1.5%0.6%-2.8%-4.6%
Debtor days9649409671254692281455285148185
Inventory days——00000000
Days payable6169971605133212591196634671435406
Cash conversion cycle348-57-639-79-567-915-179-386-287-221
Debt / equity0.100.100.180.270.350.320.090.050.050.10
Current ratio2.291.671.381.720.970.941.871.011.480.78
Net debt / EBITDA—————7.992.852.49——