SHAREINDIA Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹372 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Share India Securities reported Q3 FY26 consolidated revenue of Rs 372 crore (+9% YoY) and PAT of Rs 89 crore (+8% YoY), with standalone PAT at Rs 81 crore (+35% YoY). Operational metrics showed robust momentum: Average Daily Turnover surged 29% QoQ to Rs 9,700 crore driven by commodity segment strength, while institutional active clients grew 13% to 174. MTF book expanded marginally to Rs 457 crore (+3% QoQ). Management flagged NBFC NIM compression due to secured lending shift and expects NPS to improve as book grows. Strategic initiatives for FY27 include wealth management distribution (via new subsidiary Share India Wealth Multiplier), PMS launch (imminent), Silver Leaf HFT merger (NCLT approval expected end Q4), and Share India Credit Capital (fixed income platform). Branch expansion targeting tier-3 cities with 5 pilot locations planned from April. MTF book target of Rs 900 crore-Rs 1,000 crore in 2 years. Risks include FI outflows, muted IPO activity, and competition from digital-first brokers like Zerodha and Groww.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets doubling the margin trading funding book from current ~₹457 crore via branch expansion in tier-3 cities and new associate recruitment in central, south, and western India.
- Full-year insurance business expected to grow 20-25% YoY, with Q4 (January-March) being structurally the strongest quarter for insurance premiums and renewal conversions.
- Post-NCLT approval (expected end Q4 FY26), the HFT trading company Silver Leaf is expected to add gross revenues of ₹50-60 crore initially, with potential to multiply 2-3x with additional capital deployment.
- PMS (launch in 10-15 days), wealth management distribution, and Share India Credit Capital (fixed income platform) all expected to be operational from Q1 FY27, contributing to next fiscal year revenues.
Risks flagged
- Net interest margins have declined over recent years as the company shifted from unsecured to secured lending (40% of book). Management expects further NIM compression before stabilization as the secured portfolio scales.
- MTF-related NPAs increased in Q3 compared to Q2 due to conservative provisioning and defaults from the downsizing unsecured book. Management expects NPS to decline as the secured book grows.
- Branch network and client base have declined as the company reduced exposure to tier-2/3 towns in the unsecured NBFC segment. This constrains reach for future growth.
- Merchant banking revenues remain lumpy. With 6 approvals in hand, management is waiting for market stabilization before launching SM segment deals. Mainboard IPO filed in January yet to receive approval, creating revenue uncertainty.
Key quotes
- We are quite hopeful that we have seen a good three quarters in as industry wise. We're hopeful that quarter four should also be better than the previous three quarters.
- Going forward we should see this kind of NPS going downward only plus as our book grows the blended NPS will go further down from that level.
- MTF is one thing and... there is a limitation that a broker cannot fund more than the 50% of their net worth in MTF. So that gives a lot of scope for the business in tier-3 cities.
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