Khandwala Securities Limited (IN:KHANDSE)
:KHANDSE
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Khandwala Securities Limited
(KHANDSE)
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Rating:50Neutral
Price Target:
₹16.00
▼(-21.18% Downside)
Action:ReiteratedDate:04/29/26
The score is held back primarily by weak profitability (negative net margin and ROE) despite strong revenue growth and improving free cash flow. Technicals also remain soft with the stock below key longer-term moving averages, while valuation is penalized by a negative P/E that reflects losses.
Positive Factors
Revenue growth
Sustained revenue growth of ~34% indicates expanding client activity and deeper market penetration in core brokerage services. Durable revenue expansion supports operating leverage, funds investments in distribution and technology, and underpins medium-term scalability if client volumes remain elevated.
Negative Factors
Weak profitability
Negative net margin and falling operating margins show the business is not converting strong top-line growth into sustainable earnings. Unless operating costs or gross-to-net leakage are addressed, persistent margin pressure undermines long-term shareholder returns and capital accumulation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
Sustained revenue growth of ~34% indicates expanding client activity and deeper market penetration in core brokerage services. Durable revenue expansion supports operating leverage, funds investments in distribution and technology, and underpins medium-term scalability if client volumes remain elevated.
Read all positive factors
Khandwala Securities Limited (KHANDSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹248.64M
Dividend YieldN/A
Average Volume (3M)1.78K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth-30.36%
EPS Growth-416.42%
CountryIN
Employees35
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.32
Shares Outstanding15,253,805
10 Day Avg. Volume191
30 Day Avg. Volume1,782
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.14
Price to Sales (P/S)3.43
P/FCF Ratio4.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Khandwala Securities Limited Business Overview & Revenue Model
Company Description
Khandwala Securities Limited provides stock broking, investment banking, investment advisory, portfolio management, and depository participant services in India. It offers investment banking services, including capital raising, mergers and acquisi...
How the Company Makes Money
Khandwala Securities Limited primarily makes money by providing securities market intermediation services. Key revenue streams typically include (1) brokerage and transaction-based income earned when clients execute buy/sell orders through the fir...
Khandwala Securities Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 81.78M | 95.57M | 85.27M | 62.77M | 61.11M | 36.14M |
| Gross Profit | 44.97M | 60.15M | 53.30M | 38.10M | 27.22M | 9.13M |
| EBITDA | -4.40M | 6.50M | 6.91M | 10.77M | 10.21M | -7.33M |
| Net Income | -18.65M | -8.00M | 1.74M | 4.43M | 1.19M | -16.51M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 433.08M | 476.06M | 435.74M | 472.68M | 413.62M |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 116.68M | 35.48M | 65.20M | 90.43M | 64.33M |
| Total Debt | 0.00 | 15.03M | 15.48M | 26.42M | 64.63M | 69.40M |
| Total Liabilities | -288.89M | 144.18M | 179.24M | 140.82M | 271.66M | 214.11M |
| Stockholders Equity | 288.89M | 288.89M | 296.81M | 294.92M | 201.02M | 199.51M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 75.67M | -21.01M | -78.61M | 32.73M | -3.36M |
| Operating Cash Flow | 0.00 | 40.24M | -17.42M | -72.69M | 33.03M | -2.06M |
| Investing Cash Flow | 0.00 | -39.36M | -11.72M | -5.61M | 5.04M | 1.76M |
| Financing Cash Flow | 0.00 | 2.85M | -914.08K | 84.05M | -11.88M | -15.39M |
Khandwala Securities Limited Technical Analysis
Positive
20.30
Price Trends
17.04
Negative
19.05
Negative
21.44
Negative
Market Momentum
-0.41
Negative
50.78
Neutral
78.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KHANDSE, the sentiment is Positive. The current price of 20.3 is above the 20-day moving average (MA) of 15.25, above the 50-day MA of 17.04, and below the 200-day MA of 21.44, indicating a neutral trend. The MACD of -0.41 indicates Negative momentum. The RSI at 50.78 is Neutral, neither overbought nor oversold. The STOCH value of 78.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:KHANDSE.
Khandwala Securities Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹9.66B | 111.43 | ― | 0.51% | 38.84% | -30.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | ₹960.75M | 28.04 | ― | ― | -34.27% | -45.97% | |
60 Neutral | ₹2.95B | 6.06 | ― | ― | 18.91% | 60.57% | |
58 Neutral | ₹7.77B | 45.88 | ― | 0.53% | -23.04% | -49.08% | |
52 Neutral | ₹1.06B | 9.72 | ― | ― | -20.15% | -51.79% | |
50 Neutral | ₹248.64M | -16.07 | ― | ― | -30.36% | -416.42% |
* Financial Sector Average
IN:KHANDSE
Khandwala Securities Limited
16.30
-5.88
-26.51%
IN:ALMONDZ
Almondz Global Securities Limited
17.00
-5.48
-24.38%
IN:ARIHANTCAP
Arihant Capital Markets Limited
70.91
4.77
7.21%
IN:DBSTOCKBRO
DB (International) Stock Brokers Limited
27.45
0.25
0.92%
IN:INVENTURE
Inventure Growth & Securities Ltd.
1.01
-0.49
-32.67%
IN:PRIMESECU
Prime Securities Limited
285.05
59.27
26.25%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.