Khandwala Securities Limited (KHANDSE) AI Stock Analysis

• Market Cap: ₹224.38M
• Dividend Yield: N/A
• Average Volume (3M): 1.78K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: -12.64%
• EPS Growth: -390.34%
• Country: IN
• Employees: 35
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -0.32
• Shares Outstanding: 15,253,805
• 10 Day Avg. Volume: 191
• 30 Day Avg. Volume: 1,782
• PEG Ratio: 0.07
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 3.43
• P/FCF Ratio: 4.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: ₹14.50 ▼(-28.57% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by weak profitability (negative net margin and ROE) and bearish technical positioning (below major moving averages with negative MACD). Offsetting factors include strong revenue growth, very high gross margin, and conservative leverage, but valuation signals elevated risk due to losses (negative P/E) and no provided dividend yield.

Positive Factors

Very high gross margin

A 96.10% gross margin indicates an asset-light, fee-driven business with low direct costs, suggesting structural scalability and pricing power in core brokerage/intermediation activities. If operating costs are controlled, this supports durable profitability potential over months.

Negative Factors

Negative net profitability

A sustained negative net margin (-5.29%) shows the company is not converting revenue into bottom-line profit, implying structural issues in operating expense control, pricing, or non-operating charges that must be resolved to deliver shareholder returns.

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...

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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 through fees, commissions, and other income earned from facilitating transactions and providing services in capital markets. Key revenue streams typically include (1) brokerage/transaction income ...

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Khandwala Securities Limited primarily makes money through fees, commissions, and other income earned from facilitating transactions and providing services in capital markets. Key revenue streams typically include (1) brokerage/transaction income ...

Khandwala Securities Limited Financial Statement Overview

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

• Technical Analysis Sentiment: Negative
• Last Price: 20.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KHANDSE, the sentiment is Negative. The current price of 20.3 is above the 20-day moving average (MA) of 16.67, above the 50-day MA of 18.26, and below the 200-day MA of 22.00, indicating a bearish trend. The MACD of -0.85 indicates Positive momentum. The RSI at 34.03 is Neutral, neither overbought nor oversold. The STOCH value of 20.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KHANDSE.

Khandwala Securities Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KEYFINSERV	75 Outperform	₹1.39B	10.11	―	0.31%	-57.76%	-68.83%
PRIMESECU	74 Outperform	₹9.20B	111.43	―	0.51%	34.10%	-15.20%
STEELCITY	68 Neutral	₹1.15B	9.34	―	4.37%	-8.60%	-9.89%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INVENTURE	50 Neutral	₹966.00M	9.72	―	―	-53.21%	-78.00%
KHANDSE	48 Neutral	₹224.38M	-16.07	―	―	-12.64%	-390.34%