Khandwala Securities Limited

KHANDSE.BO

Financial - Capital Markets · Financial Services

Price

₹19.93

+2.15 (+12.09%)

Market Cap

₹303.7M

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+28.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.9M (2022) → 15.3M (2026)

Winston Score History

The full picture

Khandwala Securities Limited is an Indian financial services firm that helps people and businesses buy and sell stocks, bonds, and other investments. It offers brokerage services, investment banking, and wealth management, mainly serving retail investors and corporate clients in India. The company operates in India's capital markets industry, which is overseen by the Securities and Exchange Board of India (SEBI).

The company earns money through brokerage commissions, fees for arranging deals like IPOs and fundraising, and advisory charges. It operates primarily in India, with a relatively small market presence compared to larger rivals like ICICI Securities or Zerodha. Its long operating history gives it some client relationships, but the near-zero return on invested capital and negative operating margin suggest the business is struggling to turn revenue into profit. The biggest risk it faces is intense competition from low-cost digital brokers that are pulling customers away from traditional firms like this one.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+128.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+78.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

₹295M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Khandwala Securities Limited grew revenue 128% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

89.8%

Premium pricing power — 89.8% gross margin

Profit after running costs

Operating Margin

3.2%

Thin — 3.2% operating margin

Return on the money invested

ROCE

-1.8%

Weak — -1.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+27.7%

Fast-growing sales (+27.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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