Khandwala Securities Ltd

₹ 14.9 12.39%

01 Apr 1:58 p.m.

About

Incorporated in 1993, Khandwala Securities Ltd is in the business of offering capital market services.^[1]

Key Points

Business Overview:^[1]^[2]
KSL is a Mumbai based company,engaged in providing capital market products and services such as share
broking, investment banking and investment advisory services. It is also a category I merchant banker registered with SEBI. The company operates under multiple regulatory licenses and has independent
teams managing each business lines.

Website BSE NSE

Market Cap ₹ 22.7 Cr.
Current Price ₹ 14.9
High / Low ₹ 29.9 / 12.2
Stock P/E
Book Value ₹ 19.4
Dividend Yield 0.00 %
ROCE -14.2 %
ROE -15.2 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.73 times its book value
Debtor days have improved from 286 to 137 days.

Cons

Company has low interest coverage ratio.
Company has a low return on equity of -4.61% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Capital Markets Stockbroking & Allied

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	3.38	1.36	1.93	1.60	2.16	2.83	2.52	3.14	2.70	1.18	1.14	3.40	1.06
	1.34	1.72	1.73	1.36	1.81	3.05	1.97	7.64	2.44	2.41	1.78	3.23	2.07
Operating Profit	2.04	-0.36	0.20	0.24	0.35	-0.22	0.55	-4.50	0.26	-1.23	-0.64	0.17	-1.01
OPM %	60.36%	-26.47%	10.36%	15.00%	16.20%	-7.77%	21.83%	-143.31%	9.63%	-104.24%	-56.14%	5.00%	-95.28%
	0.04	-1.15	0.05	0.04	0.04	0.05	0.06	4.81	0.35	0.37	0.16	0.21	0.66
Interest	0.04	0.07	0.06	0.10	0.06	0.05	0.05	0.02	0.01	0.03	0.04	0.06	0.06
Depreciation	0.09	0.04	0.05	0.07	0.08	0.12	0.10	0.07	0.07	0.11	0.07	0.08	0.08
Profit before tax	1.95	-1.62	0.14	0.11	0.25	-0.34	0.46	0.22	0.53	-1.00	-0.59	0.24	-0.49
Tax %	-1.03%	6.17%	0.00%	0.00%	-4.00%	0.00%	-2.17%	-4.55%	-1.89%	105.00%	0.00%	0.00%	0.00%
	1.97	-1.72	0.14	0.11	0.27	-0.34	0.48	0.24	0.54	-2.05	-0.59	0.24	-0.49
EPS in Rs	1.29	-1.13	0.09	0.07	0.18	-0.22	0.31	0.16	0.35	-1.34	-0.39	0.16	-0.32
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	4.21	4.92	3.42	4.14	3.81	3.64	2.87	3.74	6.23	6.45	8.70	10.29	6.78
	3.87	3.75	3.60	4.91	4.03	5.44	6.15	4.45	5.29	5.36	7.95	14.45	9.49
Operating Profit	0.34	1.17	-0.18	-0.77	-0.22	-1.80	-3.28	-0.71	0.94	1.09	0.75	-4.16	-2.71
OPM %	8.08%	23.78%	-5.26%	-18.60%	-5.77%	-49.45%	-114.29%	-18.98%	15.09%	16.90%	8.62%	-40.43%	-39.97%
	0.17	0.15	0.07	0.82	0.03	2.46	0.75	0.03	0.12	0.04	0.00	4.84	1.40
Interest	0.50	0.53	0.32	0.35	0.28	0.23	0.82	0.74	0.71	0.34	0.27	0.11	0.19
Depreciation	0.29	0.61	0.29	0.30	0.29	0.28	0.28	0.28	0.29	0.29	0.31	0.34	0.34
Profit before tax	-0.28	0.18	-0.72	-0.60	-0.76	0.15	-3.63	-1.70	0.06	0.50	0.17	0.23	-1.84
Tax %	-3.57%	-38.89%	-1.39%	1.67%	-1.32%	-26.67%	-1.10%	-2.94%	-100.00%	10.00%	-5.88%	447.83%
	-0.28	0.25	-0.70	-0.61	-0.75	0.19	-3.59	-1.65	0.12	0.44	0.17	-0.80	-2.89
EPS in Rs	-0.23	0.21	-0.59	-0.51	-0.63	0.16	-3.01	-1.38	0.10	0.29	0.11	-0.52	-1.89
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	8%
5 Years:	29%
3 Years:	18%
TTM:	-39%

Compounded Profit Growth
10 Years:	%
5 Years:	-6%
3 Years:	%
TTM:	-414%

Stock Price CAGR
10 Years:	-3%
5 Years:	-3%
3 Years:	-18%
1 Year:	-41%

Return on Equity
10 Years:	-5%
5 Years:	-4%
3 Years:	-5%
Last Year:	-15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11.94	11.94	11.94	11.94	11.94	11.94	11.94	11.94	11.94	15.25	15.25	15.25
Reserves	15.59	15.84	15.14	14.53	13.78	13.90	10.31	8.64	8.79	14.87	15.05	14.26
	7.15	4.83	5.08	4.92	4.84	6.39	7.74	6.94	6.47	2.64	1.55	1.50
	11.11	6.77	8.54	7.82	10.30	15.25	10.53	14.47	20.69	11.44	16.38	12.93
Total Liabilities	45.79	39.38	40.70	39.21	40.86	47.48	40.52	41.99	47.89	44.20	48.23	43.94
	7.54	6.98	7.18	6.96	6.71	5.81	5.60	5.45	5.20	5.49	5.54	1.65
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	3.45	3.40	3.40	3.40	3.40	4.15	4.55	4.41	3.99	5.42	6.44	14.99
	34.80	29.00	30.12	28.85	30.75	37.52	30.37	32.13	38.70	33.29	36.25	27.30
Total Assets	45.79	39.38	40.70	39.21	40.86	47.48	40.52	41.99	47.89	44.20	48.23	43.94

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0.41	-0.13	3.90	-1.35	0.40	3.59	-3.55	-0.21	3.30	-7.24	-1.75	4.03
	0.23	0.45	-0.16	0.28	0.21	2.00	-0.40	0.18	0.50	-1.51	-1.17	-3.94
	1.63	-2.89	0.04	-0.50	-0.36	1.32	0.53	-1.54	-1.19	8.40	-0.09	0.29
Net Cash Flow	2.27	-2.56	3.79	-1.57	0.26	6.90	-3.42	-1.57	2.62	-0.34	-3.01	0.37
Free Cash Flow	0.34	-0.18	3.39	-1.42	0.36	6.04	-3.62	-0.34	3.27	-7.83	-2.11	7.57
CFO/OP	121%	-11%	-2,167%	175%	-182%	-199%	108%	30%	351%	-664%	-233%	-97%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	1,246.72	889.50	1,044.84	864.89	875.62	893.45	1,194.20	667.54	275.36	443.09	278.99	137.27
Inventory Days
Days Payable
Cash Conversion Cycle	1,246.72	889.50	1,044.84	864.89	875.62	893.45	1,194.20	667.54	275.36	443.09	278.99	137.27
Working Capital Days	339.86	504.47	298.83	379.99	213.64	-586.61	-86.48	-685.11	-606.38	184.48	-142.64	-198.64
ROCE %	0.64%	2.11%	-1.24%	-0.79%	-1.55%	-4.62%	-9.03%	-3.34%	2.81%	2.80%	1.36%	-14.22%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Brokerage Revenue - Banks (Institutional Desk)
INR

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Brokerage Revenue - Corporates / Others (Institutional Desk)
INR

Brokerage Revenue - Mutual Funds (Institutional Desk)
INR

Brokerage Revenue - Insurance (Institutional Desk)
INR

Number of Employees
Count

Number of Active Institutional Investors
Count

Shareholding Pattern

Numbers in percentages

44 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	47.67%	47.69%	47.76%	47.76%	47.76%	47.97%	47.98%	48.14%	48.25%	48.27%	48.27%	48.30%
	52.33%	52.30%	52.25%	52.24%	52.24%	52.04%	52.02%	51.85%	51.75%	51.73%	51.73%	51.70%
No. of Shareholders	3,471	3,607	3,626	4,128	4,081	3,944	4,549	4,577	4,647	4,614	4,561	4,604

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	58.64%	59.85%	60.32%	60.44%	60.77%	60.90%	47.67%	47.76%	48.25%	48.30%
	41.36%	40.15%	39.68%	39.56%	39.23%	39.10%	52.33%	52.24%	51.75%	51.70%
No. of Shareholders	2,237	2,522	2,375	2,324	2,607	3,374	3,471	4,081	4,647	4,604

Khandwala Securities Ltd

Khandwala Securities Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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