Gretex Corporate Services / Q3-FY26

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Positive2026-01-??Back to GCSL

Revenue

₹42 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹12.3 Cr

latest reported figure

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PAT (₹ Cr)PositiveWatchNegative
1 actual records
Actual quarterly PAT (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q3 FY26: 7 · Positive source sentiment · 2026-01-??Q3 FY2677
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Gretex Corporate Services reported Q3 FY26 EBITDA of 12.3 cr and PAT of 6.9 cr, with EBITDA margin of 22.4%. The sequential improvement was driven by strong execution in merchant banking and market making. Management guided for a full-year PAT margin of 40-45% in FY26, supported by a robust pipeline of 20 active IPOs (14 SME, 6 mainboard) and 26 market making mandates. The company is shifting focus toward mainboard IPOs to reduce inventory risk. A SEBI penalty of ₹50 lakh was paid with no operational ban. Key risk: SME IPO market slowdown could pressure listing volumes and fee income.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects consolidated PAT margin to reach 40-45% in FY26, driven by higher listing activity in Q4.
  • Three companies already approved and four more expected by month-end; all expected to list within Q4.
  • Gradual reduction in SME IPO mandates to lower inventory risk; increasing mainboard IPO execution.

Risks flagged

  • Management acknowledged that market sentiment is weak and SME listing volumes may decline vs last year.
  • A ₹50 lakh penalty was imposed by SEBI; though management says it's final, regulatory risk remains.
  • Analyst raised concern about potential conflict between AIF investments and Gretex's merchant banking clients.
  • Management confirmed that mainboard IPOs have longer execution cycles, leading to uneven revenue recognition.

Key quotes

  • We are expecting 40 to 45% margin considering all four quarters put together.
  • Gradually we are going to decrease the SME IPOs and focusing on the main boards.
  • This is the right decision which SEBI has taken and only limited people should come then only this industry can do best performance.

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