Munoth Capital Markets Ltd (511200)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Munoth Capital's revenue was ₹0.1 Cr (+9.2% year on year, -10.6% on the previous quarter), and net profit ₹-0.0 Cr (a smaller loss than a year earlier); the operating margin was -79.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.1 | +9.2% | -10.6% |
| Operating profit | ₹-0.1 | loss narrowed | loss narrowed |
| Net profit | ₹-0.0 | loss narrowed | loss narrowed |
| EPS (₹) | -0.03 | loss narrowed | loss narrowed |
| Operating margin | -79.9% | — | — |
📢 Recent Corporate Announcements
Munoth Capital Markets Limited announced changes to its secretarial management team following a board meeting on October 6, 2026. The company noted the resignation of Ms. Disha Jay Barot from the role of Company Secretary and Compliance Officer, effective October 5, 2026, due to personal reasons. Simultaneously, the board approved the appointment of Mr. Himanshu Pal as the new Company Secretary and Compliance Officer effective October 6, 2026. The meeting concluded within 30 minutes, having commenced at 04:00 PM and ended at 04:30 PM.
- Resignation of Ms. Disha Jay Barot (Membership No: A55957) effective October 5, 2026
- Appointment of Mr. Himanshu Pal (Membership No: A81454) effective October 6, 2026
- Board meeting commenced at 04:00 PM and concluded at 04:30 PM on October 6, 2026
Munoth Capital Markets Limited announced changes to its secretarial management team following a board meeting on October 6, 2026. The company noted the resignation of Ms. Disha Jay Barot from the role of Company Secretary and Compliance Officer, effective October 5, 2026, due to personal reasons. Simultaneously, the board approved the appointment of Mr. Himanshu Pal as the new Company Secretary and Compliance Officer effective October 6, 2026. The meeting concluded within 30 minutes, having commenced at 04:00 PM and ended at 04:30 PM.
- Resignation of Ms. Disha Jay Barot (Membership No: A55957) effective October 5, 2026
- Appointment of Mr. Himanshu Pal (Membership No: A81454) effective October 6, 2026
- Board meeting commenced at 04:00 PM and concluded at 04:30 PM on October 6, 2026
Munoth Capital Markets Limited announced changes to its secretarial management team following a board meeting on October 6, 2026. The company noted the resignation of Ms. Disha Jay Barot from the role of Company Secretary and Compliance Officer, effective October 5, 2026, due to personal reasons. Simultaneously, the board approved the appointment of Mr. Himanshu Pal as the new Company Secretary and Compliance Officer effective October 6, 2026. The meeting concluded within 30 minutes, having commenced at 04:00 PM and ended at 04:30 PM.
- Resignation of Ms. Disha Jay Barot (Membership No: A55957) effective October 5, 2026
- Appointment of Mr. Himanshu Pal (Membership No: A81454) effective October 6, 2026
- Board meeting commenced at 04:00 PM and concluded at 04:30 PM on October 6, 2026
Munoth Capital Markets reported its standalone financial results for the quarter ended June 30, 2026, posting a net loss of ₹2.68 lakh, narrowing from a net loss of ₹10.61 lakh in the corresponding quarter last year. Total income stood at ₹9.84 lakh, down 13.2% YoY from ₹11.34 lakh. Total expenses declined to ₹17.86 lakh from ₹21.95 lakh in Q1 FY26, primarily due to lower other expenses. The bottom line was aided by a prior-period credit of ₹6.86 lakh relating to the reversal of Other Comprehensive Income on past investment disposals.
- Total income stood at ₹9.84 lakh in Q1 FY27 compared to ₹11.34 lakh in Q1 FY26 and ₹11.45 lakh in Q4 FY26
- Net loss narrowed to ₹2.68 lakh from ₹10.61 lakh in Q1 FY26 and ₹28.65 lakh in Q4 FY26
- Total expenditure reduced to ₹17.86 lakh from ₹21.95 lakh in the year-ago period
- Bottom line included an extraordinary/prior period credit of ₹6.86 lakh regarding OCI reversal on disposal of investments
- Basic and diluted EPS for the quarter stood at ₹-0.03
Munoth Capital Markets Ltd reported its standalone unaudited results for the quarter ended June 30, 2026. Total income stood at ₹9.84 Lacs, down from ₹11.34 Lacs in Q1 June 2025 and ₹11.45 Lacs in Q4 March 2026. Net loss narrowed significantly to ₹2.68 Lacs compared to a loss of ₹10.61 Lacs in Q1 FY26 and ₹28.65 Lacs in Q4 FY26. The bottom-line performance was supported by a prior-period credit of ₹6.86 Lacs relating to the reversal of past Other Comprehensive Income (OCI) on investment disposals. Basic EPS for the quarter was -₹0.03.
- Total income for the quarter stood at ₹9.84 Lacs compared to ₹11.34 Lacs in the year-ago quarter.
- Net loss narrowed to ₹2.68 Lacs versus ₹10.61 Lacs in Q1 June 2025.
- Results included a ₹6.86 Lacs prior-period credit regarding inadvertent OCI non-reversal on historical investment sales.
- Total expenses reduced to ₹17.86 Lacs from ₹21.95 Lacs in Q1 June 2025 and ₹43.69 Lacs in Q4 March 2026.
- Basic and diluted EPS stood at -₹0.03 per share (face value of ₹5 each).
Munoth Capital Markets reported a standalone net loss of ₹2.68 lakh for the quarter ended June 30, 2026, narrowing from a net loss of ₹10.61 lakh in the year-ago period and ₹28.65 lakh in the preceding quarter. Total income fell 13.2% YoY to ₹9.84 lakh compared to ₹11.34 lakh in Q1 FY26, driven by an operational revenue base of ₹4.43 lakh and other operating revenue of ₹5.40 lakh. Total expenditure declined to ₹17.86 lakh from ₹21.95 lakh YoY. The reported bottom line was aided by a prior-period credit of ₹6.86 lakh representing an OCI reversal on historical investments.
- Total income for the quarter stood at ₹9.84 lakh compared to ₹11.34 lakh in Q1 FY26
- Net loss narrowed to ₹2.68 lakh versus ₹10.61 lakh in the corresponding quarter last year
- Loss before extraordinary items and tax stood at ₹8.02 lakh vs ₹10.61 lakh YoY
- Recognized a one-off prior period credit of ₹6.86 lakh from the reversal of OCI on past investment disposals
- Employee benefit expenses stood at ₹8.15 lakh, comprising the bulk of operating costs
Munoth Capital Markets Ltd has scheduled a board meeting for August 14, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The company currently reports TTM revenue and PAT of Rs 0 Cr, with a small net worth of Rs 5 Cr. This meeting is a routine regulatory requirement for listed entities to disclose quarterly performance. Investors should note the company's weak ROCE of 0.9% and its focus on the micro-cap stockbroking segment.
- Board meeting scheduled for August 14, 2026, at 4:00 P.M.
- Agenda includes approval of unaudited financial results for the quarter ended June 30, 2026.
- Company reports a TTM revenue of Rs 0 Cr as per latest available financial context.
- Promoter holding remains stable at 73.08% as of March 2026.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Depository Participant and Share Broking, which contributed 100% of revenue. In FY 2025, the company achieved significant year-on-year revenue growth, though the exact percentage was not disclosed in the available documents.
Geographic Revenue Split
Not disclosed in available documents, though the company is headquartered in Ahmedabad, Gujarat.
Profitability Margins
The company returned to profitability in FY 2025. However, Return on Equity (ROE) and Return on Capital Employment (ROCE) are described as weak and low, indicating poor utilization of investor funds.
EBITDA Margin
Not disclosed in available documents; however, the company reported a return to profitability in FY 2025 following significant revenue growth.
Credit Rating & Borrowing
The company maintains a debt-free status (INR 0 debt), providing financial flexibility. However, analysts have assigned the company a high-risk investment profile.
Operational Drivers
Raw Materials
Not applicable as the company is a financial services provider. Primary operational costs include technology infrastructure, compliance, and human resources.
Raw Material Costs
Not applicable; however, the company faces rising compliance costs and the need for continuous investment in technology to compete with larger brokers.
Strategic Growth
Growth Strategy
Growth will be driven by a niche focus on the micro-cap and small-cap segments, where there is less competition from large brokers. The company also plans to scale its institutional broking services, leveraging existing empanelment with banks and insurance firms, and improving operational efficiency to translate market volatility into brokerage revenue.
Products & Services
Stockbroking, Depository Participant services, and Investment Services primarily focused on micro-cap and small-cap segments.
Brand Portfolio
Munoth Capital Markets Limited.
Market Expansion
Expansion of institutional broking services by leveraging existing empanelment with banks and insurance companies.
Strategic Alliances
Empanelled with various banks and insurance companies for institutional broking services.
External Factors
Industry Trends
The India Security Brokerage Market is estimated at USD 4.25 billion in 2025. The industry is shifting from traditional models to tech-enabled, low-cost solutions driven by rising retail participation and digital adoption.
Competitive Landscape
Faces intense competition from large, well-capitalized, technology-driven brokerage firms offering integrated financial services.
Competitive Moat
The company's moat is its niche specialization in the micro-cap and small-cap segments, which typically face less competition from large-scale brokerage firms. This advantage is sustainable as long as the company maintains specialized research and execution capabilities in these segments.
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth and the 'financialization of savings,' where a shift from physical to financial assets increases trading volumes and demand for brokerage services.
Consumer Behavior
Increasing financial literacy and a growing middle class are driving a shift toward formal financial investments like equities and SIPs.
Geopolitical Risks
Global economic uncertainty and interest rate volatility are noted as factors that can negatively impact market sentiment and investment flows.
Regulatory & Governance
Industry Regulations
Operations are governed by the SEBI Act 1992, Securities Contract (Regulation) Act 1956, and the Depositories Act 1996. Compliance with these regulations is essential for maintaining the brokerage license.
Legal Contingencies
The company reported that it does not have any pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Inconsistent revenues due to capital market volatility (estimated high impact), expanding working capital cycle (liquidity risk), and high valuation multiples relative to weak ROE.
Geographic Concentration Risk
Operations are primarily centered in India, with the registered office in Ahmedabad, Gujarat.
Technology Obsolescence Risk
High risk of obsolescence if the company fails to invest in digital trading platforms to compete with tech-driven discount brokers.
Credit & Counterparty Risk
The company faces liquidity concerns due to an increasing working capital cycle, which could strain short-term operations if not managed effectively.
