Shardul Securities
SHARDUL NSE
Shardul Securities
Capital MarketsNSE: SHARDUL BSE: 512393 Stock Broking
Key Fundamentals
MicrocapStock BrokingCapital MarketsMarket Cap
₹480 Cr
Volatility
Moderate
P/E Ratio
41.06
EBITDA
₹-48.20 Cr
Return on Equity
-7.47%
Debt to Equity
0.53
Book Value
₹75.19
52W High
₹60
52W Low
₹23.05
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Stock is trading at 0.94 times its book value
- Market value of investments Rs.710 Cr. is more than the Market Cap Rs.485 Cr.
Weaknesses
4- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -22.9% over past five years.
- Company has a low return on equity of 3.60% over last 3 years.
- Working capital days have increased from 29.2 days to 89.7 days
Growth Rate
Revenue Growth
-74.44% lower than
3Y
Net Income Growth
-249% lower than
3Y
Cash Flow Change
-269% lower than
3Y
ROE
-259% lower than
3Y
ROCE
-184% lower than
3Y
EBITDA Margin (Avg.)
-507% lower than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 29 | 27 | 57 | 47 | 115 | 37 | -29 | -81 | 81 | -40 | -20 | 1 | 173 |
| Expenses | 1 | 2 | 1 | 3 | 3 | 3 | 3 | 2 | 3 | 4 | 3 | 74 | 2 |
| Operating Profit | 28 | 25 | 56 | 43 | 113 | 33 | -32 | -82 | 78 | -44 | -23 | -72 | 171 |
| OPM % | 96% | 92% | 98% | 93% | 98% | 91% | — | — | 96% | — | — | -5978% | 99% |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 5 | 5 | 8 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 28 | 25 | 56 | 44 | 112 | 33 | -32 | -83 | 76 | -48 | -28 | -78 | 163 |
| Tax % | 21% | 36% | 28% | 62% | 16% | 22% | 4% | -22% | 20% | -21% | -22% | -23% | 19% |
| Net Profit | 22 | 16 | 40 | 17 | 94 | 26 | -33 | -65 | 61 | -38 | -22 | -60 | 132 |
| EPS in Rs | 2.5 | 1.8 | 4.57 | 1.89 | 10.73 | 2.96 | -3.81 | -7.41 | 6.95 | -4.33 | -2.5 | -6.86 | 15.04 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10 | 5 | 3 | 5 | 5 | 4 | 20 | 12 | 10 | 160 | 42 | 5 | 114 |
| Expenses | 1 | 1 | 2 | 2 | 4 | 12 | 1 | 1 | 8 | 8 | 11 | 67 | 82 |
| Operating Profit | 9 | 4 | 1 | 3 | 1 | -9 | 19 | 10 | 2 | 152 | 32 | -61 | 32 |
| OPM % | 89% | 72% | 38% | 65% | 25% | -223% | 94% | 90% | 20% | 95% | 75% | -1144% | 28% |
| Other Income | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 15 | 22 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 11 | 5 | 0 | 3 | 0 | -9 | 18 | 10 | 2 | 152 | 30 | -77 | 10 |
| Tax % | 17% | 4% | 39% | 12% | 90% | -26% | 25% | 22% | 33% | 38% | 29% | -24% | — |
| Net Profit | 9 | 5 | 0 | 3 | 0 | -6 | 14 | 8 | 1 | 94 | 22 | -59 | 12 |
| EPS in Rs | 1.05 | 0.55 | 0.03 | 0.29 | 0.01 | -0.74 | 1.57 | 0.9 | 0.14 | 10.76 | 2.47 | -6.74 | 1.35 |
| Div. Payout % | 15% | 22% | 477% | 42% | 2100% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 89 | 93 | 92 | 94 | 231 | 192 | 295 | 370 | 344 | 535 | 557 | 498 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 23 | 274 |
| Other Liabilities | 5 | 3 | 3 | 2 | 7 | 2 | 17 | 25 | 22 | 11 | 9 | 1 |
| Total Liabilities | 111 | 113 | 112 | 114 | 256 | 211 | 329 | 413 | 384 | 574 | 607 | 791 |
| Fixed Assets | 14 | 14 | 13 | 13 | 13 | 13 | 12 | 12 | 12 | 11 | 12 | 13 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 28 | 45 | 44 | 68 | 234 | 192 | 306 | 398 | 366 | 558 | 591 | 761 |
| Other Assets | 69 | 55 | 55 | 33 | 9 | 7 | 11 | 3 | 6 | 5 | 4 | 16 |
| Total Assets | 111 | 113 | 112 | 114 | 256 | 211 | 329 | 413 | 384 | 574 | 607 | 791 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -42 | 17 | 5 | 4 | 1 | 5 | -1 | -1 | -9 | 22 | -21 | -10 |
| Investing | 38 | -10 | 8 | -20 | 2 | -1 | 6 | -7 | 10 | -31 | 5 | -224 |
| Financing | -1 | -3 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 10 | 12 | 236 |
| Net Cash Flow | -6 | 5 | 12 | -17 | 2 | 3 | 5 | -9 | 1 | 2 | -4 | 1 |
| Free Cash Flow | -42 | 17 | 5 | 4 | 1 | 5 | -1 | -2 | -9 | 23 | -22 | -12 |
| CFO/OP | -451 | 489 | 380 | 137 | 98 | -63 | -3 | -9 | -422 | 50 | -25 | 14 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 150 | 1,001 | 383 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 21 | 0 |
| Cash Conversion Cycle | 150 | 1,001 | 383 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 21 | 0 |
| Working Capital Days | 2,341 | 3,427 | 3,695 | 2,174 | 6 | -12 | -4 | -6 | 96 | -1 | -1 | 90 |
| ROCE % | 11% | 5% | 1% | 3% | 1% | -4% | 7% | 3% | 0% | 33% | 5% | -9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Shardul Securities insights
28 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - Company disclosed it is not a Large Corporate under SEBI debt norms; borrowing was Rs. 274 crore as of 31 March 2026. 29 Apr - Company disclosed it is not a Large Corporate under SEBI debt norms; borrowing was Rs. 274 crore as of 31 March 2026.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - Company disclosed it is not a Large Corporate under SEBI debt norms; borrowing was Rs. 274 crore as of 31 March 2026. 29 Apr - Company disclosed it is not a Large Corporate under SEBI debt norms; borrowing was Rs. 274 crore as of 31 March 2026.
4
Announcement under Regulation 30 (LODR)-Resignation of Director
30 Mar - Gyanchand Pipara resigned as Independent Director effective March 30, 2026; appointed November 12, 2025. 30 Mar - Gyanchand Pipara resigned as Independent Director effective March 30, 2026; appointed November 12, 2025.
Frequently Asked Questions about Shardul Securities
What does Shardul Securities Ltd do?
Incorporated in 1985, Shardul Securities
Ltd is engaged in Investment and Finance activities including Broking activities[1]
Where is Shardul Securities Ltd (512393) listed?
Shardul Securities Ltd trades as SHARDUL on the NSE and under code 512393 on the BSE.
Which sector does Shardul Securities Ltd belong to?
Shardul Securities Ltd is classified under the Capital Markets sector, in the Stock Broking industry.
What is the market capitalisation of Shardul Securities Ltd?
Shardul Securities Ltd has a market capitalisation of ₹480.33 Cr, which places it in the Small Cap band.
What is the PE ratio of Shardul Securities Ltd?
Shardul Securities Ltd trades at a PE ratio of 41.06, against a book value of ₹75.19 per share.
What is the 52-week high and low of Shardul Securities Ltd?
Over the last 52 weeks Shardul Securities Ltd has traded between ₹23.05 and ₹60.
What is the Return on Equity (ROE) of Shardul Securities Ltd?
Shardul Securities Ltd reported a return on equity of -7.47%. Its debt-to-equity ratio is 0.53.
Company Information
Incorporated in 1985, Shardul Securities Ltd is engaged in Investment and Finance activities including Broking activities[1]
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