{"id":183627,"date":"2026-05-20T09:15:46","date_gmt":"2026-05-20T13:15:46","guid":{"rendered":"https:\/\/alphastreet.com\/india\/share-india-securities-ltd-shareindia-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T09:19:19","modified_gmt":"2026-05-20T13:19:19","slug":"share-india-securities-ltd-shareindia-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/share-india-securities-ltd-shareindia-q4-2026-earnings-call-transcript\/","title":{"rendered":"Share India Securities Ltd (SHAREINDIA) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Share India Securities Ltd (NSE: SHAREINDIA) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Kamlesh Vadilal Shah<\/strong> \u2014 Managing Director<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Sachin Gupta<\/strong> \u2014 Whole-time Director and Chief Executive Officer<\/em><\/p>\n

Abhinav Gupta<\/strong> \u2014 President<\/em><\/p>\n

Analysts:<\/h2>\n

Parangi Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY 2026 conference call of Share India Securities Limited hosted by Valorum Advisors. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchdown phone. I now hand the conference over to Ms. Purwangi Chen from Valorum Advisors.<\/p>\n

Thank you. And over to you ma’. Am.<\/p>\n

Parangi Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everyone and a very warm welcome to you all. My name is Parangi Jain from Valorum Advisors. We represent the investor relations of Share India securities limited on behalf of the company, I would like to thank you all for participating in the company’s earnings call for the fourth quarter and financial year 2026. Before we begin, let me mention a quick cautionary statement. Some of the statements made in today’s earnings call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated.<\/p>\n

Such statements are based on management’s beliefs as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decision. The purpose of today’s earnings conference call is purely to educate and bring awareness about the company’s fundamental business and financial performance for the quarter under review. Now let me introduce you to the management participating with us in today’s earnings call.<\/p>\n

We have with us Mr. Kamlesh Shah, Managing Director, Mr. Sachin Gupta, Chief Executive Officer and whole time director and Mr. Abhinav Gupta, precedent capital markets and products. Without any delay, I request Mr. Kamlesha to start with his opening remarks. Thank you. And over to you, sir.<\/p>\n

Kamlesh Vadilal Shah<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you, madam. Good evening everyone. On behalf of the entire team, I welcome all investors, analysts and stakeholders to this investor meet. As a Managing Director of the company, I would like to thank you for your continued trust and confidence in us. I would like to briefly present the financial result of the company for the period under review. Despite a challenging business environment, the company has continued to focus on operational stability, financial discipline and growth opportunities.<\/p>\n

The management has taken necessary steps to maintain efficiency and strengthen overall performance. First, we shall discuss global environment and market context. The global economic environment during the year remain volatile. Impacted by geopolitical tensions, global trade uncertainties, fluctuating energy prices and inflammationary pressure. We also witnessed continued selling by foreign institutional investors due to global risk reallocations, higher interest rate in developed market and currency movement which created intermittent pressure on the emerging market including India.<\/p>\n

Despite these challenges, the Indian economy continued to demonstrate resilience supported by strong domestic demand, policy stability and infrastructure led growth. Amidst these global and domestic challenges, the company remained resilient due to its diversified business model, disciplined risk management practice and strong operational framework. The management continued to focus on client centric growth, cost optimization and maintaining financial stability enabling the company to navigate market volatility effectively.<\/p>\n

Outlook on the Indian Capital Markets Looking ahead I remain optimistic about the Indian capital markets. India continues to stand out as one of the fastest growing major economies globally. Increasing financialization of savings, rapid expansion of retail participation, digital adoption and sustained economic reforms provide strong structural support to the capital markets. Despite short term global uncertainty and market volatility, India remains one of the fastest growing major economy which is expected to support long term growth in the financial and capital markets sector.<\/p>\n

The management remains optimistic about the future opportunities while continuing to maintain a balanced and risk aware approach. Domestic institutional inflows and retail participations are increasingly balancing the external capital movements. We believe the coming years will offer significant opportunities for well capitalized diversified financial services organization such as ours. Coming to the Financial Performance first we shall discuss standalone financial performance. I am pleased to report strong growth in our standalone performance.<\/p>\n

For the quarter ended March 2026, revenue stood at 383 crore compared with 188 crore in corresponding quarter of last year. That shows 103% increase in the revenue profit after tax increased significantly to 75 crore as against 16 crore for the quarter ended March 2025. That shows increase of 368%. Earning per share improved to 17.6 compared with 11.7 last year. For the financial year ended March 2026, revenue increased from 320 crore to 395 crore. 23% increase in the revenue profit after Tax rose to 298 crore compared with 247 crore in financial year 2025 that shows increase of 20%.<\/p>\n

These numbers reflect improved operational efficiency, expansion across business verticals and disciplined execution of our strategies. Now coming to the consolidated financial performance, our consolidated results were relatively subdued compared to the standalone performance primarily due to weak market conditions and fair value adjustments relating to the investment held by group companies. For the quarter ended March 2026, total revenue increased to 416 crore compared with 239 crore last year, I.e.<\/p>\n

Increase of 74%. Profit after tax stood at 58 crore versus 18 crore in the corresponding quarter that shows increase of 220% for the financial year ended March 2026, profit after tax on consolidated basis stood at 324324 crore compared to 328 crore in financial year 2025. Total revenue marginally increased to 1470 crore compared to 1445 crore in the previous year. While profitability was impacted by valuation adjustments, the underlying operating business remained fundamentally strong. New initiative and future Plan Going forward, our strategic priorities remain clearly defined.<\/p>\n

Continued expansion of our retail business, leveraging technology and wider market penetration across regions. Exploration of courses, opportunities to diversify revenue streams we have expanded our global presence strengthening wealth management vertical following successful launch of PMS business along with plans to introduce alternative investment fund to broaden investment offering development of commodity business which the management believes will emerge as as a significant growth driver in coming years.<\/p>\n

Continued emphasis on operational efficiency, risk management and digital transformation to support sustainable long term growth and create value for the stakeholders. Key Challenges the industry continues to face certain structural concerns constraints High transaction cost and compliance cost impacting overall margins, frequent regulatory changes requiring continuous operational and system adoption and RBI restriction and tighter norms impacting funding availability for crop business activity.<\/p>\n

Despite these challenges, the Company continues to remain focused on maintaining operational resilience, prudent risk management and identifying growth opportunities in evolving market conditions. With strong net worth of 2,655 crore.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt, the line for Combisar has been disconnected. Please wait while we reconnect.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

It.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, the line of the management has been reconnected. Yes sir. You may proceed.<\/p>\n

Kamlesh Vadilal Shah<\/strong> \u2014 Managing Director<\/em><\/p>\n

Yeah, so we were discussing key challenges the industry continues to face certain structural constraints. High transaction cost and compliance cost impacting overall margins, frequent regulatory changes requiring continuous operational and system adoption and RBI restriction and tighter norms impacting funding availability for proprietary business activities. Despite these challenges, the Company continues to remain focused on maintaining operational resilience, prudent risk management and identifying growth opportunities in evolving market conditions.<\/p>\n

With strong net worth of 2655crore as of 31st March 2026, we are well capitalized and competitively positioned to navigate these challenges effectively. Stay forward with our diversified and sustainable business model, strong balance sheet and experienced leadership team, we are confident of benefiting from improving geopolitical conditions and India’s long term growth story. The Company is well positioned to benefit from emerging opportunities across the financial services and capital market ecosystem while continuing to focus on sustainable value creation for all these stakeholders.<\/p>\n

Before we conclude, I would like to sincerely thank all our investors, analysts and stakeholders for their continued trust and support. Your confidence motivates us to continue strengthening our business and creating long term value. Despite evolving market conditions, we remain focused on the disciplined growth, technological advancement and strong governance and client centric execution. We are confident that the company is well positioned to capitalize on future opportunities in the financial sector.<\/p>\n

Thank you once again for joining us today and for your valuable time. We look forward to your continued support and association. Wishing everyone a great day ahead. Now I would like to hand over to Mr. Sachin Gupta for detailed presentation. Thank you.<\/p>\n

Sachin Gupta<\/strong> \u2014 Whole-time Director and Chief Executive Officer<\/em><\/p>\n

Thank you Kamlesa for the detailed presentations of Q4 results standalone and consolidated. Good evening everyone. First of all I would like to thank everyone for joining for this call. As Kamlesar explained overall last financial year overall industry was in consolidating mode and as we saw that lot of geopolitical stress and regulatory reasons that industry is still into consolidation mode. But as Share India we focus more on diversifications and creating new streams of revenue. So I would like to highlight some of the new initiatives we have taken last year and what’s the status and what we are planning for the coming year.<\/p>\n

So as we discussed in the last call, so Kamila sir also explained we started the wealth management is one thing which we believe showing some growth in the overall scenario where offering new products and where selling the third party also is a core we have in mind. So in wealth management side led by Mr. Vijender Nagpal Charu Sehgal has joined. She will be leading the third party product selling and she she has already started you know hiring the team and the operations will start in first month of Q3.<\/p>\n

So this year wealth management team has joined and operations will start for the wealth management as promised earlier. And this is for the third party product distribution and PMS as discussed in the last call PMS we have started in this quarter and already PMS has crossed assets of more than 100 crore rupees and PMS is led by Mr. Vikas Singh who is the fund manager and the target of FY27 is 200 crores. So PMS is one thing we were you know looking to offer to the clients and we are getting very good response for the PMS from all the sectors of the clients and it is helping us in a, you know the retail network is helping us in a great manner to get the AUM and the target is 200 crores by the end of this financial year.<\/p>\n

Already we are sitting at 100 crore rupees. So AIF is another thing that you know we want to offer to the client. So AIF Cat 3 has been applied to the SEBI. We are expecting the approval by end of Q2 and by this financial year our goal is to start the operations of aif. So this financial year by end of this financial wealth management team will start their operations by Q3. PMS already started and AIF target is start the operations in this financial year. These are the three things on the wealth management side and we informed in the last call that Share India has ventured into debt market.<\/p>\n

This is another thing which you know where we are focusing. And debt market is growing in India these days. Demand for the NCDS and other products is really high. People want to diversify from equity to other debt products. And Share India has started in a new company called share India cred. So this company has also started the operations in Q1FY27. So already we have closed six issues till now and the target is to do at least 500 crore worth of issues by FY27. So that market will give us very smart diversification operations already started and we are hopeful with wealth and debt products we’ll get that diversification and new revenue streams with us.<\/p>\n

Next thing is utrade. As utrade is a flagship product and it’s very tough to, you know, push the new product to the to the retailers. But I believe utrade team and Share India jointly have done a great job and in FY26 we have crawled more than 5,000 clients for Utrade. Right now we have 5,231 clients in Utrede. That’s a big benchmark we have crossed and going further we believe as the awareness about the Algo trading is spreading and Share India is a leader in providing the Algo trading platform for the retailers we believe that going further u trade will be very, very strong and good product.<\/p>\n

This is a USP especially nobody is offering this product and it is helping a lot of retailers to trade from their offices, from their houses and work, from home or whatever they are doing and helping them to, you know, create very sensitive new strategies, complex strategies and also we are offering some set of strategies from the UTREAD platform. So this is one product which we believe will catch up really good in the coming year and 5,000 clients is a really mark that we were looking for. So going further we believe UTRAD will also be a good revenue stream for the UTrade and Share India both.<\/p>\n

And on the retail side which is again the major focus area in the last financial year was retail. So MTF book I just want to explain that mtf book was 239 crores by FY25 which has grown to 424 crores in FY26. So target for MTF book is 650 odd crores by FY27. So MTF is one thing which you know these days is in demand and in last one and a half months demand for MTF has gone up and companies like Share India who are having big network. So NPF is a natural product for us to offer to the retailers and we believe that going further this is a very smart diversification and MPF will give us good revenue streams in coming financial year.<\/p>\n

Secondly in retail side now I would like to inform that we have already started six branches in Tire 3 cities. I just want to name some cities. We started a new branch in Hyderabad, Indore, Bhopal, Varanasi, Agra, Raipur and Nagpur. All these branches are up and running. Hyderabad is one showing very good results. These are the seven branches and six more branches we are targeting by end of this financial year. Now when I say these branches, these are company owned branches where we offer not only broking services but all the wealth products, third party products, PMS tech products, you trade MTF and everything.<\/p>\n

So we have a good product spread to offer from these branches. So our goal is to approach the maximum direct customers as much as possible in tier 3 cities where you know people are still struggling to get the right NPF deals. Where in tier one cities a lot of brokers are offering good deals. But in tier 3 cities there is still lot of demand and there is no supply. So we believe that you know, there is a vacuum in that particular site. And going further all these branches start giving us good footprints on the ground.<\/p>\n

And Share India will not stop here. In next two to three years we will be opening at least 30 more branch, 30 branches on ground. And the idea is to, you know, to offer all the products to the direct customers in B2C entire three cities. And on institutional side side again a great, you know work done by Mr. Kalpesh Parikh and Himani. They both are leading this, this particular vertical. So in institutional side so total empowerment of different institutions have gone up from 137 to 186. It’s a 35% growth overall.<\/p>\n

And brokerage and other services and fee based services are showing good results. We are hopeful that going further institutional business will also be one thing where Share India can expect good revenues. And on trading side our Goal is very simple to keeping a very strong grip on our current business, the Acre cash cow. But the real growth is coming from the commodity. Last six months commodity has shown very good results like because of the volatility in all the commodities like gold, silver, crude and all because of the geopolitical reasons which have given very good returns and demand for the commodity products have gone up.<\/p>\n

Even all the retailers now want to trade in options in crude and ng. So this is also giving a bit of hope that going further commodity will be one product where prop trading and retail both will give us good revenue. And another thing with Silver Lease. So Silver Lease merger as last call we spoke still in nclt. We hope it’s in last leg of the approval so we should get in a maximum quarter time. Once that is done then Silverleaf is one thing where we believe going further our revenues can also be from HFT trading and it will be another diversified stream for us.<\/p>\n

So this is the overall overview from non core business that you know from trading, non trading side all these efforts and you know, new verticals we started showing good results. And going further we have plans, you know to growth in retail, pms, wealth distribution, all these sides. So debt market, particularly Share India credit. So all these things going further we believe will give good revenue and diversified revenue. This will make Share India complete financial service company. So next three years our focus will be to increase our business in all these verticals.<\/p>\n

Also as Kamlesa explained, expanding our footprint in international markets is another thing that we are targeting. So we are hopeful that Share India will be able to handle all the, you know, regulatory challenges which currently we are facing and also the current geopolitical challenges we are facing. That that should also be one thing that will be able to absorb very smartly and come out of it. And going further we see that the future of Indian financial market is really big. Like people, we are experiencing the change in the attitude of the retailers.<\/p>\n

We just need to offer the products like earlier it was only mutual funds. Now people are more receptive towards new ideas like pms, aif, wealth management, product, debt products. So the kind of product spread we have, we are hopeful that we’ll be able to, you know, be benefited from the retail participation from the at the India level. So going further we are hopeful that Share India will do good and will keep you keep all the investors informed as and when in the calls. And going further that we are hopeful that sharing will do good.<\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. We should begin the Q and A, right?<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yeah,<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank You. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Rohan with eternal capital. Please go ahead.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Yes, hi. Thank you so much for the opportunity, sir, and congratulations on the good set of revenue. So just first question is on the margin front. So I see that the margins have fallen quite a lot and I also understand that this might be a seasonal effect. So every March I have seen that the margins have taken a dip. But just wanted to understand what this is exactly and how is it going to be sustainable like this in every March quarter or how is it?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And what are your thoughts on this?<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Sachin, you want to take it? Should I start?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Whenever you start, I will join.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Sure. So thanks a lot for your query. I think what you’re looking at it from purely from a margin perspective is only from a Q4 perspective. It somehow happens in that both the last two years, both Q fiscal year 25 and fiscal year 26, the Q Q4 has been little rough. Prior to that, we usually used to have a better market scenario in Q4 earlier. So I think it’s more prudent to look at it from an annual perspective. If you look at it from an annual perspective, as guided by us earlier, we have maintained a bit of around 38% plus minus 2% and a PAT margin of around 22% plus minus 2% which I think has been the broader guideline from the management from the very beginning essentially.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

So as Rabino said, I don’t think there is a certain, you know, any kind of certain thing that Q4 is always tough. It’s not like that. Last year and this year because of the geopolitical reasons, markets were very volatile and because of which we were seeing certain pressure on the margin and the revenues. But I think that that’s some kind of scenario where, you know, we are seeing that particular volatility in Q4 only before last year, Q4 used to be the best quarter for the broking industry because lot of activities by the retailers happen in Q4 like they offer better, more financial products and more investments and so many things.<\/p>\n

But I don’t think so that this scenario will continue going further. The only thing in our mind is all geopolitical. These are regulatory things. This will keep on Happening this is part of. But to absorb all these challenges we need to diversify as much as possible so that we don’t get stuck in a certain revenue stream. So which you guys must be seeing that companies already pushing it very hard since last two years and retail has started showing good results out of it and PMS has done other things.<\/p>\n

So going further our focus is to push all these products very hard and for next three years. And also you know as I said international trading is one thing also in our mind. So our goal is to diversify as much as possible so that we can absorb any kind of, you know, challenges. So a company can. Company should be able to continue with the current margin that there is nothing like Q4 type of pressure on us.<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

See if you see we have improved a lot. Compared to the March 25 results the profit after tax on standalone basis increased to 75 crore against 16 crore. Even on consolidated basis the profit after tax remained at 58 crore compared to 18 crore. This shows that you know the initiative taken by us has played good results and going forward we hope that things will improve both on geopolitical front and on capital market front. So let us hope for the best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir, the current participants have left the queue. We’ll move on to the next question. It’s from the line of Mutaza with Pinpoint X Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, good evening. I just have a have two short questions. Firstly regarding new trade as you’re planning to go multi broker with utrade have you signed any Docker partnerships yet and what is the current monetization model and as in the subscription per user or revenue share or some metric just to understand better.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

So first point I will answer. So as we said in last call that UTRADE is planning to go multi broker. So we we were in closely touch with Motilal and Dhan and some other brokers. But one circle came from SEBI that you know earlier what used to happen we the software company was able to use the infrastructure of the broker to offer their product so like their server, their colocation and other things. So recently SEBI came up with the software where if you want to give any kind of services from a third party vendor where the vendor has to you know set up separately for every broker so that kind of extremely costly for UTRAD at this juncture.<\/p>\n

So because here India has also no broker want to you know set up entirely new setup for the U trade and you know all the vendors. So everyone is struggling. So only share India which were you know earlier user and we were having the setup for the U trade so now we are pushing like we are pushing utrade in for the retailers so the third party. So a multi broker setup still is there but it is facing some challenges because the recent circular by the SEBI and what was your second question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, so the other question that I wanted to ask is regarding our MTS book. Like it seems to be our biggest growth lever but it’s our biggest cost drive as well. So I just want to understand at what NPF AUM level does this interest spread and become meaningfully packed, accretive and liquor Kind of needs some commentary and to understand this<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Abhinav, can you start this?<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Sure. So I think that would be a very kind of an unfair statement that the entire borrowing that has happened in the last year or so is for the purpose of MTF or you just do that for the cost element. What you are looking at that the entire borrowing has been in the books for full year while it takes some time for us to you know, accrue the book over the period of time. So of course whatever borrowings that you see in the end of fiscal year 26 will contribute completely for the full year fiscal year 27.<\/p>\n

So that’s number one. Number two, the strategy in order to devise a higher margin from the MTF book would be two ways. One, we are constantly working in new interest new borrowing models which can be in terms of NCD or in terms of any other borrowing from third parties. Of course as we mature into that space going forward the interest cost for each and every element of will continue to come down and we see significant margins accruing to that effect in this year fiscal year 27 at least from the borrowings which could be in a very few hundred basis points.<\/p>\n

And we continue to leverage our presence as the management said, by opening more branches to grow more robust and continue to grow at a higher rate than what we have currently been doing with the vision to get it to 650 odd crores by the fiscal year 28.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

So I want to add something here on the strategy side. So as you rightly said, what is the strategy? So strategy is very simple to bring the cost down. So for that you know we are constantly approaching the different NBFCs as Abhinav explained rightly and on the to increase the revenue. What we are doing right now the major book is through sub brokers, correct or through mediators. So what we are doing we are opening direct branches in Tire 3 cities. So when we Are funding a client in Delhi, Mumbai, Calcutta in in metro city their client is not ready to.<\/p>\n

Because there is so much supply client is not ready to pay, you know higher interest. So there we are more dependent on the churning from the client. Right. But in Tire 3 systems is competition is less and interest rate charged by the sub brokers are much higher. If you open a direct branch in entire three city there you can directly contact the client remove the mediator and you know you can charge better interest than in the metros. So that’s why we formulated a strategy to open the direct branches in tax free cities where we see MTF demand is much high.<\/p>\n

Like Calcutta we open to that amazing work done by Calcutta. But yes there is a challenge of interest rate. But Hyderabad we started better than Calcutta. Agra interest rate again higher. Raipur interest rate and moderate. So likewise when you go into smaller cities so you. You remove the mediators and you directly in touch with the customers. So your. Your margin goes up. So going further that’s why we have opened. We decided to open a direct branches in the tire three cities. So this is a strategy we are going to adopt for a better name in MTF book.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Very well explained. All the best for the future. Thank<\/p>\n

Sachin Gupta<\/strong><\/p>\n

You very much. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Abhijit Sakare with Kotak Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, Good evening everyone. Sir, my first question is that when I look at the broking and trading revenues for the fourth quarter to 400 crores. If you can break it up between you know what would be your brokerage versus let’s say prop Trading income.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Sure. So I’ll start with it. Sachin sir, you can add on to it. So you know currently the prop income for full year contribute. So I’ll answer this question in two ways. One is looking at it from a revenue perspective and one from a profitability perspective. Perspective. From a revenue perspective prop income contributes around 70% of the revenue. But from a profitability purpose the usual number that what it currently is around 50%. So in fiscal year 26 the entire contribution from pro business was 49%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

That is on a consolidated basis. On a standalone basis that number was around 52%.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

I also want to add one thing. So that’s very important information. So because of all the efforts done in the last two years especially with the high net worth individuals who are very. You know who are looking for algo trading and deploy their funds using sophisticated strategies and algos. So share India got good penetration and good reputation in that sense and we are getting good clients. So what, what has happened our first time? Our client turnover is consistently more than 53% and 47% is impropriety.<\/p>\n

So that means client business have taken over by the, you know, from the pro business. So this has happened first time. So we believe going further, this will further improve. This should go to 60% by end of this financial year. So that will bring, you know, more service based income to the company. And these numbers, what Abhinava explained will keep on improving and you know, further, you know, our focus is to increase the client base and service readiness. We believe that these numbers will be much better in coming years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. So my second question is that similarly, when I look at the adto, is it possible to share, you know, what would be, let’s say the contribution stock options product in that number? I think for the fourth quarter the number is about 109 billion rupees.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Correct? Yeah. So your query is on the options for the entire quarter essentially. So options contributed for Q4 around 18 of that number. So 18. Yeah, yeah. Can you explain<\/p>\n

Sachin Gupta<\/strong><\/p>\n

The. What is the difference between ADTO last quarter and this quarter? Last FY25 Q4 and Q4 FY26.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Okay. So from a Q4 to Q4 perspective, we have seen a significant jump and the major contribution has been due to the commodities. That year we did around $14 billion. 14 billion, kind of an ATDO, which has increased to around 4,500 to 5,000 approximately in Q. That has been the major increment. Along with it, there has been slight drop in terms of the future turnover and the option turnover, which option turnover and future turnover we have sort of been able to manage in the times of the regulatory headwinds.<\/p>\n

Along with it, we have also seen a very significant increase in the cash attitude as well, which used to be around 14 or 1500 in Q4, which has now increased to around 2000 for Q4 fiscal year 26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it, sir. And then finally, any thoughts on what are your views on the rbi? The impact of RBI regulations for the top side of the business?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Can you add, sir,<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

We are making presentation to rbi. We already done two, three meetings with RBI and we have explained in detail, you know, why top desk turnover is necessary. We are basically liquidity provider. So that is very crucial for the market that we continue to, you know, have the similar facility that is given to the part. So, you know, for liquidity provider purpose, we are seeking relief under market making on the liquidity provider category with the reserve bank of India we have meetings with SEBI also on this matter.<\/p>\n

And SIBI is comfortable. They need a framework for the market making those currently market making is permitted only for illiquid stocks whereas and liquid stocks do not cover the market making definition. So we are working and it will take 3, 4 months for Sebi to come out with the solution or the framework. And this is actively taken with the Reserve bank of India. We are hopeful that they would consider otherwise, you know, situation will go back to the market like Korea where everything is dried up and even today they are not been able to recover.<\/p>\n

So liquidity provider is very important for the market. In the morning if someone wants to send 10 lakhs shares of Reliance they won’t find matching bids. So it is only the liquidity provider which use multiple, you know, platform where they can provide good in options in futures in cash market everywhere. So that is how you know we are taking up the matter with the regulator. Thank you.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

But I want to add one thing. What will be the impact on Share India? I tell you we are in constant touch with the banks, all the banks possible. So we have been classified as a hybrid broker where we qualify for the bank grantees for the client purpose. And as I said turnover is already, client turnover is exceeding the prop turnover and constant increase in the client business. So banks are extending bank guarantees for the client business which will help us a lot. So we intraday limits are gone.<\/p>\n

That’s fair. But we believe we’ll be able to manage business with the bank guarantees. And so there will be around 20% impact on the overall deposit and limits used by us. But at the bottom, bottom line level we believe impact will not be much because we also believe because so much liquidity will be taken out from the market. So per trade margin will improve and 20% is not such a big number. So we are hopeful that we’ll be able to continue with the same numbers and going further. There will be no materialistic impact on Share India’s bottom line.<\/p>\n

So right now because of our retail business we are, you know banks are helping us and extending limits. All banks are extending limits to Share India in terms of bank guarantee. So only impact will be intraday. But we are converting intraday limits also to the bank guarantee. So we hope, we are hopeful that we’ll be able to, you know, manage these crises.<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

As Sachinji has already told, on clientele business there will be no impact because you know we continue to get bank guarantee for the clientele work. And on prop side we have net worth of 2655 crore on a consolidated basis. So that will also you know help to achieve our targets in the prop desk side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Sorry to interrupt. Mr. Abhijit, I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Sanjeev Pandya with Lancers Impacts Private Limited. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello,<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Can you hear me?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Sir. You talked about some funding constraints from the RBI for your prop book. Some emerging constraints that are coming up for prop books. Could you give us some color on that? Because SEBI also I thought has mentioned. I don’t know whether there’s a circular on putting a cap on prop book sizes after the Jane street scandal.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Kamnesa, you want to start?<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

There is nothing like that. You know there is no such gap. In fact SEBI is with us on this particular issue that the liquidity has to be maintained and for that as I mentioned earlier they are trying to come up with a framework for liquidity provider. So I don’t think there is any such circular which restricts prop desk and I think we are well positioned in the market compared to our competition for achieving goal on both these sites on clientele front as well as on on prop Trend.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And rb.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Yeah so as I said there is no such C from the SEBI side to limit the prop business. So nobody can, you know if you have money you can trade. Nobody can stop. But the on RBI side RBI has category the the two main issues that RBI has brought is that no bank limit should be extended for the prop trading. It should only be for the client based trading because Share India is a hybrid model where we have planted and prop both. So intraday limits are gone from the system so that RBI has disallowed the bank to provide any intraday limits.<\/p>\n

That’s fair. But RBI has allowed the banks to extend the bank guarantee for the client based business as we have a sizable client based business so we are being classified as a 1 hybrid broker and banks are already extending bank guarantees to us and all bank guarantees will be renewed rather than new bank guarantees have been offered and we are already opting for that. So we will convert some internal limits into the bank guarantees so that will minimize the impact of the RBA surplus. So RBI circular majorly impacting Share India is only intraday facilities which part of which we are converting into the bank guarantees.<\/p>\n

So only 20% impact in the overall limits will be there from the prop side. But on the bottom line side I don’t think there Will be a much impact or there will be an impact because margins per trade margin will improve. So rbi, this is about the RBA circular.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of money wisers. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, Am I audible?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Yes<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir. My first question is on the revenue split when we are saying that we will diversify into new initiatives and so what change in the revenue split can we expect in the next three years once the new initiatives you know, kicking and you know do well for us. Abhiram, can you please start? Yeah.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

So you know essentially how we do classify it is that the entire broking piece is calculated together, right. So even if, let’s say for all the diversification, whether that be wealth management or distribution business or whether that for that matter be that mtf, all of it would combine into the share broking business. So whatever drop we see in prop business, essentially a majority of that chunk will get into the share broking business internally. Share broking business diversification is a number that we don’t share.<\/p>\n

Of course as we go along there would be other divisions which are segregated separately which are namely nbfc, Merchant Banking, Insurance and Technology which together in fiscal year 26 combined around 7% of the bottom line. Of course that percentage would also increase but the majority of the increment will go into the share booking business as a whole.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Can you quantify that increase or<\/p>\n

Sachin Gupta<\/strong><\/p>\n

We can give the ballpark figure but exactly quantifying the future diversification. Yeah, I’m just asking for a ballpark. I tell you as Abhinav has explained earlier that right now we have you know 52% on the bottom line side and rest is from the or allied services including the on the consolidated basis. So as I explained now just now that you know first time we have lost more than 50% consistently we are doing more than 50% turnover by the client. So what we believe going further clients turnover will be more than 60% at least will to 60% by the end of this financial year and a prop turnover will be 40%.<\/p>\n

And the target of you know this financial year is at least bottom line side because on revenue side it’s very difficult to comment bottom line side net profit from the client business should be more than 50% or 55% and 45% from the prop side. And because you know, as you said for the three years. So I tell you one thing where we are using our capital, we are using our capital on you know expanding our client business like you know MTF books there we are using our capital like opening new branches, extending new facilities to the client.<\/p>\n

So this is what we are pushing from our side. So because prop business is consolidating because of so many regulations and so many changes in the in the total regulatory system but client side has has consolidated a bit but now point some some growth in recent past. So we believe going for the next three years share India our wish, our goal is 70% businesses from clients in next year and 30% from props. This is what we are wishing because entire capital and efforts are then put towards you know increasing our retail business.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

To add, just to clarify 52% of the profitability is on the standalone basis or the consolidated basis it’s 49% already as Sachin sir said that the goal is to take the prop to around 30% in next three years essentially in terms of profitability.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So next question on the MTF business I know you expect explained it before in the previous question also but when you say that MTF Target is around 650 crores for FY27. Have I got that figure right?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Yeah, yeah perfect.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So if that is the target and obviously if this geopolitical situation and this volatility plays out. Have we factored that in?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

No, we cannot. We don’t know. See we don’t know that. See MTF growth is entirely dependent on the market performance. As in last quarter there was, you know there was no demand in MTF and but since you know Q1 of this financial year again the market are showing you know upside and demand. Recent article in newspaper was demand for MTF has gone up again. So MTF definitely depends on the market performance and whatever the reasons external reasons are if market is performing good demand for MTF goes up.<\/p>\n

So what we are considering because when we are saying 650 our consideration is very simple that outside scenario remains normal and market remains good if market remains normal or showing. So India is one market which has not performed the last year. If you compare to any Asian market India is a worse performer. Yeah they said geopolitical stabilized and markets are normal. So my understanding is the kind of network we are having now on ground demand is high and there we believe another 200. Adding 200 crore AUM in MTF is not tough but we cannot assure that as there is a caveat that it depends on the market performance.<\/p>\n

Overall my assessment is only about the kind of network we are spreading. So from there 200 crore is not a tough target we hope will achieve. If market other things remain Normal.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. Also I<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Would just. Yeah, yeah. Also I would like to add, you know, so you know, as Sachin sir already said that this business is, has some sort of cyclicity attached to it. But we take a lot of pride in the fact that within the Q4 while the market was extremely volatile, so we closed December number at a 457 crores kind of an MTF which only reduced to 424. In the absolute scenario where there was a lot of volatility, the MTF book has not seen a drop of. Yeah, it has stabilized.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes,<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

So it has stabilized. So that gives a lot of comfort in the fact that the kind of network that we have created and we are sure that even with the cyclicity the deviation would not be of a very significant nature in numbers. That’s number one. Number two, even at a 650 odd crores kind of a book, we are not targeting a very significant market share when it comes to the entire only MTF book that is available in India. I think even if we continue to maintain the same kind of market share that we currently do, even then by the virtue of the growth of the retail participation that is happening and the level that is happening in the system, we should be able to achieve these kind of numbers.<\/p>\n

What have been stated, of course, in case there is a drop in the market sentiment, there might be some sort of low single digit kind of a deviation over there. And third, the network that we are building as explained by the virtue of hub and spoke branches, the wealth management branches, we are absolutely confident that the brands have far much more capacity to absorb that kind of book. Whether that we achieve within by the end of this fiscal year or might deviate by a quarter or two, that depends on market scenarios essentially.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. So one question on the NBFC front, you know, unnims are 17.64 for FY26 and it was almost equal to FY25. So what is the hurdle that we are facing that the NIMS cannot go back to FY24, FY23 levels. If you could just give some color on that.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

See, absolute. To be honest speaking, nim, you know, is sort of a number that has to be looked in its entirety by. Because at 70% NIM is mostly because we have not taken too much of a leverage. This is a business that we don’t see it in terms of NIM specifically because the capital, most of the capital that is used for loan disbursement is secured internally from the net worth of that NBSE so essentially from a NIM purpose as we go more secure in nature, we lend towards more secured lending. I only believe that the NIMS will go down while we grow the book essentially in that sense.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So one data point, could you give some color on the average revenue per branch? If that is possible.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Okay, this is a suggestive thing because average revenue for every brand depends on the location. Like if you have a branch in Calcutta, revenues will can be much, much higher. But if you have a branch in Patna then you know, then you cannot match the revenue. It’s very simple. So you cannot span it, you know, branch and balance. This is what the target is. So target for the tire tree. Every branch has to, has to do at least 10 to 15 crore MPS in a year. Every branch. Correct. So let us suppose if we have 30 branches on the ground.<\/p>\n

So 300 to 500 crore is we are expecting in air from these branches. Correct. So what is happening once you, you know go through Pal3Cities your ticket size drops, your risk got spreaded and your margins are better. So what branches will do? So every branch has their own niche on demand. Like some branches in Indore they might do very good business in unlisted market trading or they do good on that side. But maybe branch in Kolkata they are, they are doing very good on algo side. So I tell you Calcutta is a very, very big market.<\/p>\n

People are doing lot of options trading.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Until<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Now even with a large deep pocket, people are not exposed to algo trading at all. So their algo, so their share India is having, you know, getting good response from the clients and then we are only focusing on providing algo trading security to all these traders there. We are not pushing MTs, not pushing all these products. Correct. Because we are hard for equity traders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. Every<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Area you need to understand the geography, you need to understand the demand of that area and according to that you need to push the products. I get<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Yeah.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

So. So to be honest, it’s not a metric that we look at it from that perspective at least from a KPI perspective of.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. No, I get that sir, I was just asking why? Because you know, as you said Calcutta is a huge market and just as you showed the example of Patna, Patna obviously won’t generate that kind of revenue. So if in the future presentations that are suggesting if you could just incorporate these numbers while at least if region wise or if you know like that is possible<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Will do for the confidence of the investors. Will do sir. I just want to comment that since last two years we Are we are already you know commenting on U trade. We are commenting on retail business, mtf. So many things but invest you all can relate that slowly and gradually we are implementing everything like this two years we are. We are doing a lot of efforts with you. The first time you trade for 5,000 clients. That’s a big achievement for us. It is still not a big number in. In terms of revenue.<\/p>\n

Right now revenue is not the focus. The focus is participation by the retailers in Algo trading.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So that<\/p>\n

Sachin Gupta<\/strong><\/p>\n

There we have a lead. Correct. Why not? Why we we are. We are definitely thinking that it can be in next five years. It can be a zero the moment for Algo trading for retail there share India can take the lead. Correct. So. So we are implementing each and everything slowly and gradually. So like wealth management, like pms everything. So we particularly believe that we. We just want to ensure to the investors that our focus is diversified revenues, risk averted business and catering to the retail side maybe or with through the mediators.<\/p>\n

So Point well taken. Abhinav, please note down we can also give you the you know better presentation about the different branches and the business they are doing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thank you so much. That helps. Thank you. And all the best.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Abhisheet Sakare with Kotak Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hey. Hi. Thanks for the follow up. Sir, I just wanted to double check the number that you mentioned earlier. Because of this RBI regulation. If it goes through, I think the the date when it becomes effective is July 1st. You are anticipating around 20, 30% sort of an impact on the prop side of the business.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

No, no. I think I’ll be very clear. So number one, the number that has been stated in this call is around 20%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

That is. That is the number that is we are seeing a drop in margin essentially because of that and not the business. As we said because the margin impact will impact the entire industry. We believe the margin per trade could have a better revenue. So it’s like the unit economics will take a different curve.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hence<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

The impact would be remains to be seen. But we anticipate it to be much lower than that. Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You mentioned the spread will widen. So the revenue impact could be lower than that.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

Around 40 to 50,000 crore worth of capital will be taken out from the market. So that will definitely, you know improve the per trade margin.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. And sir, you mentioned about the market maker regime. Sir, in your view if indeed we have a new regime introduced by Sebi, do you believe that will offset the impact of that comes from the RBI regulation. I’m not clear as to how the market maker regime will offset the impact of the RBI regulations.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Hello.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

Sorry,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My next question was you mentioned about a market maker.<\/p>\n

Sachin Gupta<\/strong><\/p>\n

I will explain. Company sir will join. I will explain. So as you said, you know what will be the impact of or whether there will be any, you know, impact of that region. So I tell you the difference. So RBS as we said can be extended to the market makers for the market making activity. So what industry saying people who are doing prop trading, especially arbitrage strategies, we are acting as a liquidity providers for the market. Right? So rather than using market making it should be liquidity provider.<\/p>\n

So people who are providing liquidity into the market, they should not be discouraged from the trading. Once they are discouraged then the impact cost will be much wider and liquidity will be tough in the market. So what industry is presenting to the RBI that you know, rather than market makers because there is not as such, you know, marked market makers in Indian market you allow the liquidity providers to get the bank guarantees from the bank, what will be the impact? So impact will be people who are doing purely props and doing arbitrage strategies.<\/p>\n

They will be able to access the bank guarantees for the business. For them the impact will be much rather impact will be nothing for them. Like Share India is a hybrid model, right? But the brokers who are not hybrid, they are only doing crop but arbitrage strategies, they should be allowed to take the bankruptcy. The reason is that if the risk, the 50% is collective given by the broker for the bank guarantee and if their risk is less than 50%, why not they should be allowed to get the bankruptcy.<\/p>\n

That’s the whole argument. So once that is done so RBA supply impact will be much lesser and liquidity will be good in the market. Unless there will be a challenge of higher impact cost and liquidity in the market. That’s the whole concern. But as far as Share India, Share India has already been classified as a hybrid broker. So there will be no impact of that particular thing on us.<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

Yes. You know, hello. Yeah, second thing we have to keep in mind that the existing bank guarantee will continue, I mean till the expiry. So irrespective of that the bank guarantee which we have up to 30th of June would be permitted to continue. So there will be lesser impact on this year’s performance. And you know, let us keep our fingers crossed on the RBI issue. And you know, probably when the next, you know, investor Presentation happens after the June result. We’ll have clarity on the entire issue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. One final clarification. Is it a possibility that you’re able to renew the bank guarantees before the deadline and then you can continue to use that even though the regulation becomes effective?<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

Absolutely. I mean that has been permitted and it is all official. So there is absolutely nothing to worry. In fact, as Sachinji has rightly said, we are converting intraday facility into bank guarantees. So the, the, you know, our efforts are towards that, that the minimum impact should be there on the, on this particular front and with the network kind of network. See we, we are better placed than the competition we should be able to do. And as I told you, the bank guarantee would be allowed till the expiry.<\/p>\n

So by up to March 2027 there will be minimum impact.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. Ladies and gentlemen, that was the last question for today. I now hand the conference call over to the management for closing remarks.<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

Would you like to elaborate something on the Metropolitan Stock Exchange?<\/p>\n

Sachin Gupta<\/strong><\/p>\n

So yes sir, why not? So we have a sizable investment in msci. As you know we have invested in the two rounds. So MSCI has launched their cash market recently and it is already up and running. So they are consistently doing more than 300 to 400 crore volume on cash market side on daily basis. So that’s the one big thing, you know from the chain perspective and from our investment perspective going further, MSCI has planned to launch their you know, IP site where all the companies who are getting listed, they will be listed parallel msci.<\/p>\n

That will give them, you know, one more push in the turnover. Also they will, they are planning to start their SME segment. So SME companies who are planning, who are you know engaging with NSE and dse, they will, there will be one more exchange will be you know, allowing SME companies to get lifted on the platform. So MSCI is one thing and also they are, they are having plans to, if they clear all the regulatory, you know, approvals. So they are, they are planning to launch their dedicated segment in FY27 only.<\/p>\n

So if they go as per their planning, so we believe and Messiah will can give us very good return. Going further, we are very hopeful the way Exchange has planned their future. So that is very bright. And going further Share India will be one of the beneficial parties from, from this particular investment.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

So that’s Sachin sir, anything more to add or. Yeah, no, I think<\/p>\n

Sachin Gupta<\/strong><\/p>\n

I’m done. So coming conclude.<\/p>\n

Kamlesh Vadilal Shah<\/strong><\/p>\n

No, no, that’s, that’s it. You know, I mean we wanted to highlight a new opportunity and new exchange whereby we get different product. Even on unlisted space. There is a lot of activity and we look forward to, you know, actively play a role in the unlisted segment also. So we are exploring all the new possibilities to see that, you know, we have diversified and sustainable business model. Thank you.<\/p>\n

Abhinav Gupta<\/strong><\/p>\n

So on behalf of Share India, thanks a lot to all the participants. Operator, you now may take over.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. On behalf of Share India securities limited that concludes this conference. Thank you for joining. Thank you. Thank you everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Share India Securities Ltd (NSE: SHAREINDIA) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Kamlesh Vadilal Shah \u2014 Managing Director Unidentified Speaker Sachin Gupta \u2014 Whole-time Director and Chief Executive Officer Abhinav Gupta […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":65860,"url":"https:\/\/alphastreet.com\/india\/key-highlights-from-infosys-infy-q1-2021-earnings-results\/","url_meta":{"origin":183627,"position":0},"title":"Key highlights from Infosys (INFY) Q1 2021 earnings results","author":"Staff Correspondent","date":"July 15, 2020","format":false,"excerpt":"Infosys (NYSE: INFY) reported earnings results for the first quarter of 2021 today. 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