Share India’s revenue was flat between FY24 and FY26, and its profit fell 24%. Then in Q1 FY27 it earned ₹124 cr, which is 38% of what it made in all of FY26.
Part of that jump reflects a real shift toward lending income, and part is a favourable comparison. Below are our notes from the presentation and the concall, and what to check when Q2 results arrive, but before that:
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One quarter, 38% of last year’s profit. Can Share India repeat it?
Q1 FY27 in numbers (consolidated)
Year-on-year, revenue grew 31% and PAT grew 47%. Management called it the company’s strongest quarter to date.
The 114% sequential jump comes off a weak base
PAT more than doubled from Q4, but Q4 was unusually poor.
- Revenue rose ₹32 cr quarter-on-quarter, while expenses fell ₹52 cr. So most of the ₹84 cr rise in EBITDA came from lower expenses.
- Management said Q4 carried a negative “valuation” impact (mark-to-market on holdings), and that Q1 had “some positive impact.” They did not quantify either.
- The year-on-year comparison is the cleaner one, and it is still strong
Revenue grew much faster than trading activity
- Average daily turnover was ₹9,000 cr, up about 2% year-on-year and down 17% from Q4.
- Broking clients grew about 4%, to 48,061.
- Yet broking and trading revenue grew 32%.
Management’s explanation is that the business is moving from transaction income to lending income. The margin trading facility (MTF) book, where the company lends clients money to buy shares, grew 48% to ₹465 cr. They also cited better realizations and a stronger commodity business.
One caveat on MTF: the book has stayed between ₹424 cr and ₹466 cr for four quarters, so most of that 48% growth happened a year ago.
The retail plan: branches that must pay back in 8 months
- Target: 25–30 new branches in tier-3 cities over 24 months. Seven are open (Varanasi, Indore, Bhopal, Raipur, Agra, Nagpur, Hyderabad).
- Each branch must build a ₹15 cr MTF book within 8 months to break even. Branches still unprofitable after 12 months get closed.
- MTF target: ₹1,000 cr in two years. Thirty branches at ₹15 cr each would add ₹450 cr, which covers most of the gap.
The newer businesses
- PMS: launched in Q1, with ₹150 cr of PMS and advisory assets already. The year-end target is about ₹250 cr.
- AIF and wealth distribution: both expected to start in Q3.
- Institutional broking: 212 clients, up from 186 in Q4 and 144 a year ago.
- Merchant banking: EBIT of ₹3.1 cr against almost nothing a year ago. The first main-board IPO (₹167 cr, subscribed over 12x) closed on the day of the call.
- Share India Cred (debt underwriting): six issues and ₹74 cr underwritten in its first quarter, with ₹40 lakh PAT.
- GIFT City: turned profitable at about ₹2 cr, after earlier losses.
- uTrade (retail algo platform): 72,507 subscriptions, of which 6,543 are paid.
- NBFC: shrinking but healthier. Loans fell 11% year-on-year to ₹268 cr and branches fell from 80 to 68, while gross NPAs improved to 4.05% from 4.82% and EBIT rose 37%.
What management guided
Management expects “around 20% growth” for FY27, subject to market conditions. They did not say whether this means revenue or profit.
Either way, the arithmetic is interesting. A 20% rise in FY26 PAT (₹324 cr) gives about ₹389 cr. With ₹124 cr already earned, the remaining three quarters need only about ₹88 cr each. So the guidance does not assume Q1 repeats.
We track companies with solid balance sheets, low-key execution, before they show up on everyone’s radar — and break down the numbers that actually matter in our research.
As always, this is not a stock recommendation — This note is for informational purposes only and not a buy/sell recommendation. Please do your own due diligence before investing.
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Ekansh Mittal
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