Share India Securities Limited

Financial Services — Capital Markets · NSE

₹193.46+₹0.04 (+0.02%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Share India Securities Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Share India Securities Limited operates as a financial services company in India. It operates through the Share Broking/Trading Business, Insurance Business, Merchant Banking Business, NBFC Business, Technology Services, and Wealth management business segments.

IndustryCapital Markets

SectorFinancial Services

Employees2,932

Annual revenue₹1,369 Cr

How does it make money?

Turns over ₹1,369 Cr a year. Of every ₹100 of sales, about ₹24 reaches shareholders as profit, with ₹42 left at the operating level before interest, tax and depreciation. Each of its 2,932 employees supports ₹46.7 lakh of revenue a year, the signature of a people-led business.

EBITDA margin41.9%

Net margin23.6%

Revenue / employee₹46.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

ROCE19.1%

ROE12.3%

Peer median ROE13.7%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +32% while net margin moved -25% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect-25%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 9.6% is steady
✗ Profit has declined at 0.5% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

63/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

79/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

11.7x

3Y Median

13.1x

40 monthly readings · mean 12.9x · range 6.9x–21.7x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 11% below its 3y median of 13.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 80% below the peer median of 58.4x.

vs. its own history

Fair

13.1x median over 40 months · -11%

vs. sector peers

Cheap

58.4x median of 3 peers · -80%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

11.7x

P/B

1.63x

EV/EBITDA

8.0x

PEG

0.25

Dividend Yield

1.03%

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 47.3% to 41.9% over 3 years.
Return on equity is falling
ROE has dropped from 32.7% to 12.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 44.7% to 19.1% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.3 points, from 47.3% to 41.9%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 7.7x to 5.4x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 34% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 80% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 47.3% to 41.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 32.7% to 12.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 40%✓ 41.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 10%✓ 12.3%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 7% a year✓ 9.6% CAGR
Latest reported year was 32.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Interest cover stays above 4x✓ 5.4x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 13.1x✓ 11.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹4,233 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.7x

Cheap

Cheap against the generic band

P/B Ratio

1.63x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹16.54

Profitable

Profitable on a per-share basis

ROE

12.3%

Moderate

Moderate capital efficiency

ROCE

19.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

32.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

47.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.03%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹187 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹193.46

Operating Margin

40.5%

Good

Healthy core-business profitability

Net Margin

25.6%

Good

Strong bottom-line conversion

Current Ratio

2.04

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.09

Defensive

Steadier than the market

52W Range Position

66%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

205.0 / 188.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

37.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,041 Cr	₹1,374 Cr	₹1,280 Cr	₹1,369 Cr	+9.6%
EBITDA	₹492 Cr	₹652 Cr	₹522 Cr	₹574 Cr	+5.3%
EBITDA Margin	47.3%	47.4%	40.8%	41.9%	—
PAT (Net Profit)	₹329 Cr	₹425 Cr	₹328 Cr	₹323 Cr	-0.5%
EPS	₹17.85	₹21.83	₹14.9	₹14.76	-6.1%
ROE	32.7%	24.4%	14.0%	12.3%	—
ROCE	44.7%	28.4%	16.9%	19.1%	—
Total Debt	₹202 Cr	₹403 Cr	₹513 Cr	₹695 Cr	+51.0%
Free Cash Flow	-₹191 Cr	-₹329 Cr	-₹8 Cr	-₹187 Cr	—

🟢 Revenue has grown at 9.6% a year over 3 years.

🟢 EBITDA has grown at 5.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 47.3% to 41.9% over 3 years (-5.3 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-0.5% a year).

🔴 EPS has shrunk at 6.1% a year over 3 years.

🔴 ROE has fallen from 32.7% to 12.3% over 3 years (-20.4 pts).

🔴 ROCE has fallen from 44.7% to 19.1% over 3 years (-25.6 pts).

🔴 Total Debt has grown at 51.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,590 Cr

Total Liabilities

₹1,935 Cr

Total Debt

₹695 Cr

Cash & Equivalents

₹354 Cr

Operating Cash Flow

-₹182 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

0.8%

Insider Holding

63.7%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

09 Sept 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

6 general

Share India Securities Announces NCLT Hearing Date for Silverleaf Capital Amalgamation Scheme

scanx.trade, 18 Oct

Top 15 Low-Price Stocks In India To Buy In October 2026

Samco, 17 Oct

Share India Securities Share Price Near Peak, Sector View

Univest, 17 Sept

Share India Securities Trades Flat at ₹205.09 as Traders Watch ₹194.84–₹215.34 Range - Mutual Fund Flow

https://www.siam.in/, 01 Oct

Bank of India Share Price - Live NSE: BANKINDIA Stock Price & Chart

Upstox, 16 Oct

Share India Securities Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13.9/20

🟢Financial HealthStrong17/20

🔴GrowthWeak7.7/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive10.4/15

🟡RiskModerate5.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 40%41.9%
✓Return on equity stays above 10%12.3%
✓Revenue growth stays above 7% a year9.6% CAGR
✓Interest cover stays above 4x5.4x
✓Valuation vs its own median of 13.1x11.7x today