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Shardul Securities Ltd (512393)

📊 BSE: 512393 🏢 Stockbroking & Allied 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Shardul Securities' revenue was ₹189 Cr (+101.1% year on year), and net profit ₹143 Cr (+104.3% year on year); the operating margin was 97.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹189	+101.1%	—
Operating profit	₹185	+107.9%	from loss
Net profit	₹143	+104.3%	from loss
EPS (₹)	16.31	+102.9%	from loss
Operating margin	97.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Shardul Securities Issues ₹115.20 Cr Buy-Back Letter of Offer at ₹60/Share

🟢 POSITIVE ⭐ 8/10

OTHER 📅 12 Oct 2026, 07:28 PM

Shardul Securities has released the Letter of Offer for a share buyback of up to 1,92,00,000 equity shares via a tender offer route at a price of ₹60 per share. The total consideration is up to ₹115.20 crore, which represents approximately 23.6% of the company's current market capitalization of ₹489 crore. The buyback covers 21.94% of the total equity share capital, with the record date set as October 8, 2026. The tendering window opens on Wednesday, October 14, 2026, and closes on Wednesday, October 21, 2026.

Offer to buy back up to 1,92,00,000 equity shares at ₹60 per share, an 11.1% premium over the recent trading price of ₹54
Aggregate buyback consideration of up to ₹115.20 crore, representing 24.92% of standalone paid-up capital and free reserves
The buyback accounts for 21.94% of the total equity share capital of the company
The buyback opens on October 14, 2026, and closes on October 21, 2026
Record date was previously fixed as Thursday, October 8, 2026

💡 Eligible shareholders (holding shares on the October 8, 2026 record date) should check their entitlement ratio in the tender offer and can participate via their brokers between October 14 and October 21, 2026.

Shardul Securities Approves ₹115.2 Cr Share Buyback at ₹60 per Share via Tender Offer

🟢 POSITIVE ⭐ 8/10

OTHER 📅 01 Oct 2026, 06:53 PM

Shardul Securities has received shareholder approval via special resolution at its AGM on September 25, 2026, for a share buyback of up to 1.92 crore equity shares at ₹60 per share. The total consideration is up to ₹115.20 crore via the tender offer route, representing approximately 23.6% of the company's current market cap of ₹489 crore. The buyback size represents 24.92% of the standalone paid-up capital and free reserves as of March 31, 2026. The buyback price of ₹60 per share represents an 11.1% premium over the current share price of ₹54.

Shareholder approval granted for buyback of up to 1,92,00,000 equity shares via tender offer
Buyback price fixed at ₹60 per share against current market price of ₹54
Total buyback consideration capped at ₹115.20 crore (excluding transaction costs)
Represents 24.92% of standalone and 14.16% of consolidated paid-up capital and free reserves as of March 31, 2026
15% reservation of the buyback size mandated for small shareholders

💡 Track the announcement of the record date to determine eligibility for the tender offer, as well as the detailed letter of offer outlining the entitlement ratio for retail shareholders.

Shardul Securities Issues ₹115.20 Cr Buyback Public Announcement at ₹60/Share

🟢 POSITIVE ⭐ 7/10

OTHER 📅 01 Oct 2026, 03:07 PM

Shardul Securities has released the public announcement for its tender offer buyback of up to 1.92 crore equity shares (face value ₹2) at ₹60 per share, amounting to up to ₹115.20 crore. The buyback price represents an 11.1% premium over the recent trading price of ₹54.0. The aggregate buyback size is substantial, representing approximately 23.6% of the company's current market capitalization of ₹489 crore and 22.3% of its net worth (₹516 crore). The proposal was previously approved by shareholders via special resolution on September 25, 2026.

Buyback size of up to ₹115.20 crore for up to 1,92,00,000 equity shares
Offer price fixed at ₹60 per share in cash via tender offer route
Buyback size equals ~23.6% of market cap and ~81.1% of TTM revenue (₹142 Cr)
Reservation of 15% of the buyback size (or entitlement) for small shareholders
Shareholder approval secured on September 25, 2026, following board nod on August 12, 2026

💡 Track the upcoming dispatch of the Letter of Offer and announcement of the record date to determine eligibility and entitlement ratio for the tender offer.

Shardul Securities Applies to BSE for Reclassification of 5 Promoter Group Entities to Public

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Aug 2026, 08:05 PM

Shardul Securities has submitted an application to BSE Limited on 17 August 2026 under Regulation 31A of SEBI Listing Regulations. The application requests the reclassification of 5 promoter group members to the public category, following board approval received on 12 August 2026. The entities include 3 individuals (Gagan Dinanath Chaturvedi, Shruti Gagan Chaturvedi, Mohini G Chaturvedi) and 2 corporate entities (Pradeep Sandeep Corporate Advisors LLP and Kamvan Construction Private Limited). The company's total promoter holding stood at 74.85% prior to this process.

Application filed with BSE on 17 August 2026 under Regulation 31A of SEBI LODR Regulations
5 promoter entities and individuals seeking reclassification to public category
Follows prior board approval granted on 12 August 2026
Company promoter holding stood at 74.85% as of recent shareholding filings

💡 Monitor BSE approval updates and subsequent quarterly shareholding patterns to assess the updated promoter and public ownership breakdown.

₹115.20 Cr Buyback at ₹60/share (36% Premium) Approved by Shardul Securities

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 12 Aug 2026, 11:05 PM

Shardul Securities has approved a significant buyback of up to 1.92 crore equity shares at a price of ₹60 per share, representing a 36.3% premium over the current market price of ₹44. The total buyback size is ₹115.20 crore, which accounts for 21.94% of the total paid-up equity shares. The offer will be conducted via the tender route, and the promoter group (holding 74.85%) has indicated their intention to participate. Additionally, the board approved the re-classification of certain promoter group members to the public category.

Buyback price of ₹60 per share offers a 36.3% premium to the current market price of ₹44.0
Total buyback size of ₹115.20 crore represents 21.94% of the total existing equity shares
Buyback constitutes 24.92% of standalone paid-up capital and free reserves as of March 31, 2026
15% of the buyback (28.8 lakh shares) is reserved for small shareholders as per SEBI regulations
Promoter group holding stands at 74.85% as of August 7, 2026, with intent to participate in the offer

💡 Investors should monitor the announcement of the Record Date and the upcoming Annual General Meeting (AGM) for shareholder approval. Small shareholders should evaluate the potential entitlement ratio to decide on tendering shares at the premium price.

Shardul Securities: 5 Promoter Group members seek reclassification to Public category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Aug 2026, 01:19 PM

Five members of the Chaturvedi family and associated entities have formally requested reclassification from the 'Promoter' to 'Public' category. This follows a Memorandum of Family Settlement dated July 16, 2026, aimed at maintaining family harmony. The applicants, including Gagan Dinanath Chaturvedi and associated LLPs, currently hold 0% shareholding in the company, having already divested their stakes to Shriyam Commodities Intermediary LLP. The Board of Directors is scheduled to consider this request on August 12, 2026.

5 entities/individuals from the promoter group have applied for reclassification to the public category
Applicants currently hold 0% shareholding in the company following a divestment on July 16, 2026
The reclassification is a result of a Memorandum of Family Settlement (FSA) dated July 16, 2026
The Board of Directors meeting to consider the request is scheduled for August 12, 2026
Applicants have confirmed they hold no special rights or access to price-sensitive information

💡 Investors should treat this as a routine administrative cleanup of the promoter list. Monitor for the final approval from stock exchanges to confirm the updated shareholding structure.

Shardul Securities to Consider Equity Share Buy-back on August 12, 2026

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 09 Aug 2026, 10:26 PM

Shardul Securities has announced a board meeting on August 12, 2026, to consider a proposal for the buy-back of equity shares. This corporate action follows a challenging FY26 where the company reported a net loss of ₹49 crore and a revenue decline to ₹16 crore from ₹63 crore in FY25. With a net worth of ₹658 crore and promoter holding at 74.85%, the size and pricing of the buy-back will be critical for retail participation. The trading window for insiders has been closed effective August 9, 2026.

Board meeting scheduled for August 12, 2026, to approve buy-back proposal
Promoter holding currently stands at 74.85% as of March 2026
Company reported a significant net loss of ₹49 crore in FY26
Net worth of the company is ₹658 crore as per latest available data
Trading window closed from August 9, 2026, until 48 hours post-meeting

💡 Investors should monitor the announcement on August 12 for the buy-back price, total offer size, and the method (Tender vs. Open Market).

20.94% Stake Transfer at ₹65/Share via Promoter Family Settlement

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 16 Jul 2026, 06:03 PM

Shardul Securities has announced a significant internal promoter restructuring following a Memorandum of Family Settlement dated July 16, 2026. Shriyam Commodities Intermediary LLP, a promoter group entity, will acquire 1,83,20,010 shares (20.94% stake) from other family members at a fixed price of ₹65 per share. Post-transaction, the selling members of the 'Gagan Family' will be reclassified from the 'Promoter' to the 'Public' category. The company confirms that this settlement will not result in any change in management or control.

Inter-se transfer of 1,83,20,010 equity shares representing 20.94% of the company's capital
Transaction price set at ₹65 per equity share as per SEBI exemption guidelines
Acquisition by Shriyam Commodities Intermediary LLP from five specific selling entities
Sellers to be reclassified from 'Promoter' to 'Public' category following the share purchase
Settlement aimed at maintaining family amity with no impact on company liability

💡 Monitor the upcoming shareholding pattern filings to confirm the successful consolidation of the 20.94% stake and the formal reclassification of exiting members.

₹131.5 cr PAT; Shardul Securities reports 116% YoY profit growth in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Jul 2026, 02:01 PM

Shardul Securities reported a standalone net profit of ₹131.55 crore for the quarter ended June 30, 2026, marking a 116% increase from ₹60.77 crore in the same period last year. Total income surged to ₹173.39 crore, primarily driven by ₹171.63 crore in fair value gains on its investment portfolio. The company has strategically reclassified a significant portion of its equity holdings from 'Investments' to 'Stock-in-Trade' effective April 1, 2026. Despite the profit jump, finance costs rose sharply to ₹7.76 crore from ₹1.34 crore YoY.

Standalone Net Profit increased 116% YoY to ₹131.55 crore from ₹60.77 crore.
Net Gain on Fair Value Changes contributed ₹171.63 crore to the total revenue of ₹173.39 crore.
Finance costs surged by approximately 480% YoY to ₹7.76 crore.
Basic and Diluted EPS rose to ₹15.04 for the quarter, up from ₹6.95 in Q1 FY26.
Dividend income for the quarter stood at ₹1.26 crore, nearly doubling from ₹0.62 crore YoY.

💡 Investors should monitor the sustainability of these earnings, as they are heavily reliant on non-cash fair value gains which are subject to equity market volatility. The shift to 'Stock-in-Trade' classification suggests a more active trading strategy which may lead to higher earnings variance in future quarters.

₹131.55 Cr Net Profit in Q1 FY27, Significant Turnaround from Previous Quarter Loss

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Jul 2026, 01:56 PM

Shardul Securities reported a standalone net profit of ₹131.55 crore for the quarter ended June 30, 2026, marking a sharp recovery from a loss of ₹59.99 crore in the preceding quarter. The performance was primarily driven by a massive ₹171.63 crore gain from fair value changes in its investment portfolio. The company has also reclassified a significant portion of its equity holdings from 'Investments' to 'Stock-in-Trade' effective April 1, 2026, to focus on short-term trading profits. This accounting shift will change the taxation of future gains but does not immediately impact the fair value measurement method.

Net Profit of ₹131.55 crore for Q1 FY27 vs a loss of ₹59.99 crore in Q4 FY26
Total Income reached ₹173.39 crore, largely comprised of ₹171.63 crore in fair value gains
Finance costs increased to ₹7.76 crore from ₹1.34 crore in the same quarter last year
Basic EPS for the quarter rose to ₹15.04 from ₹6.95 in the year-ago period
Reclassified equity investments to Stock-in-Trade to align with short-term trading strategy

💡 Investors should monitor the sustainability of these fair value gains, as they are non-cash and highly dependent on market volatility. Watch for the impact of the 'Stock-in-Trade' reclassification on future tax outgoes and trading volumes.

2.71% Inter-se Promoter Share Transfer via LLP Asset Distribution

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Jul 2026, 10:35 AM

Mrs. Shruti Chaturvedi acquired 4,74,500 shares (2.71%) of Shardul Securities Ltd from Pradeep Sandeep Corporate Advisors LLP. This transaction, dated September 30, 2024, was an inter-se transfer within the promoter group due to the distribution of LLP assets to a partner. The total promoter group holding remains unchanged at 74.84% (1,30,95,807 shares). The filing also includes annual declarations for FY25 and FY26 confirming that no promoter shares were pledged or encumbered.

Transfer of 4,74,500 equity shares representing 2.71% of the company's paid-up capital.
Aggregate promoter and promoter group holding remains stable at 74.84% (1,30,95,807 shares).
Transaction executed as an inter-se transfer via distribution of assets from an LLP to a partner.
Annual declarations for FY25 and FY26 confirm zero encumbrances on promoter shares.

💡 Monitor for any changes in the overall promoter group stake, though this specific inter-se transfer is neutral for retail investors as it does not affect the public float.

Shardul Securities Board Meeting Scheduled for July 10, 2026, to Approve Q1 Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 07 Jul 2026, 05:44 PM

Shardul Securities Ltd has announced a board meeting on July 10, 2026, to consider and approve the un-audited financial results for the quarter ended June 30, 2026. This is a routine regulatory filing in compliance with SEBI (LODR) Regulations. The trading window for insiders has been closed since July 1, 2026, and will remain closed until 48 hours after the results are declared. Investors should look for the actual financial performance data to be released following this meeting.

Board meeting scheduled for July 10, 2026, to approve quarterly results
Financial results pertain to the quarter ended June 30, 2026
Trading window for insiders closed starting July 1, 2026
Trading window to reopen 48 hours after the results are announced

💡 Watch for the release of the un-audited financial results on July 10, 2026, to evaluate the company's performance for the first quarter of the fiscal year.

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