Pune E - Stock Broking Ltd (544141)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Pune E's revenue was ₹27.0 Cr (+17.4% year on year, +3.8% on the previous half-year), and net profit ₹10.0 Cr (+66.7% year on year); the operating margin was 37.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹27.0 | +17.4% | +3.8% |
| Operating profit | ₹10.0 | +0.0% | +0.0% |
| Net profit | ₹10.0 | +66.7% | +0.0% |
| EPS (₹) | 5.94 | +71.7% | -8.9% |
| Operating margin | 37.0% | — | — |
📢 Recent Corporate Announcements
Pune E-Stock Broking's Board has approved raising up to ₹50 crore through Senior, Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) via private placement. The fundraising represents approximately 96% of the company's existing debt (₹52 crore) and about 31.8% of its net worth (₹157 crore). The NCDs are planned to be listed on NSE, with specific terms on coupon and tenure to be finalized in transaction documents. The funds can be raised in one or more tranches within one year from the board resolution date.
- Board approved raising up to ₹50,00,00,000 via Senior, Secured, Rated, Listed NCDs
- Issuance will be conducted on a private placement basis in one or more tranches
- Proposed NCDs are planned to be listed on the National Stock Exchange (NSE)
- Issuance window is within 1 year from the date of the board resolution passed on October 05, 2026
- Board meeting commenced at 12:00 PM and concluded at 12:40 PM
BSE Limited has levied a penalty of ₹3,00,000 plus 18% GST on Pune E-Stock Broking Ltd due to a 15-day delay in applying for trading approval for 1,00,000 equity shares converted from warrants. The due date for compliance was August 5, 2026, while the company applied on August 20, 2026. The company explained that the delay was procedural due to waiting for the depository credit confirmation from NSDL received on August 19, 2026. The financial impact of ₹3.54 lakh is immaterial compared to the company's TTM net profit of ₹40 crore.
- Penalty of ₹3,00,000 plus 18% GST levied by BSE under SEBI Master Circular guidelines.
- Non-compliance involved a 15-day delay (due date August 5, 2026, complied on August 20, 2026).
- Pertains to trading approval for 1,00,000 equity shares allotted upon warrant conversion.
- Company submitted that shares carry mandatory lock-in (18 months for promoters, 6 months for non-promoters) and caused no investor prejudice.
Pune E-Stock Broking Limited has submitted its 19th Annual Report for FY 2025-26 pursuant to Regulation 34(1) of SEBI LODR Regulations. The company has scheduled its 19th Annual General Meeting (AGM) for Thursday, September 10, 2026, at 12:00 PM IST via video conferencing. Key balance sheet disclosures show short-term borrowings rising to Rs 46.96 Cr (Rs 4,696.41 lakhs) as of March 31, 2026, up from Rs 35.84 Cr (Rs 3,583.70 lakhs) in the previous year, primarily to fund MTF receivables. Long-term borrowings declined to Rs 5.25 Cr (Rs 525.00 lakhs), with a note indicating the issuance of 20 lakh convertible warrants at Rs 171 each during the fiscal year.
- 19th AGM scheduled for September 10, 2026 at 12:00 PM IST via VC/OAVM.
- Short-term borrowings stood at Rs 46.96 Cr (Rs 4,696.41 lakhs) as of March 31, 2026 vs Rs 35.84 Cr in FY25.
- Long-term borrowings reduced to Rs 5.25 Cr (Rs 525.00 lakhs) from Rs 10.25 Cr in FY25.
- Report highlights issuance of 20 lakh convertible warrants at Rs 171 per warrant during FY26.
Pune E - Stock Broking Limited has fixed Thursday, September 3, 2026, as the record date to determine eligible shareholders for its FY 2025-26 dividend. The dividend payment is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 10, 2026. The specific dividend quantum per share was not disclosed in this filing.
- Record date fixed for Thursday, September 3, 2026
- AGM scheduled for Thursday, September 10, 2026, at 12:00 PM IST
- Dividend entitlement is for the financial year 2025-26, subject to AGM declaration
Pune E-Stock Broking has announced that its 19th Annual General Meeting (AGM) will be held on September 10, 2026. The Board approved September 3, 2026, as the record date and cut-off date for dividend entitlement and e-voting. Additionally, the Board approved a remuneration package of up to ₹90,00,000 per annum for Whole-Time Director Mr. Ronak Jhaveri for a 5-year period from May 13, 2026, to May 12, 2031, subject to shareholder approval.
- 19th AGM scheduled for Thursday, September 10, 2026, at 12:00 PM via Video Conferencing.
- Record date for dividend and cut-off date for voting fixed as Thursday, September 3, 2026.
- Register of Members closed from September 4, 2026, to September 10, 2026.
- Approved Whole-Time Director remuneration for Mr. Ronak Jhaveri up to ₹90,00,000 per annum for 5 years.
Pune E - Stock Broking Ltd has approved the allotment of 9,39,000 equity shares following the conversion of warrants issued in September 2025. The conversion was executed at an issue price of Rs 171 per share, representing a total equity value of Rs 16.06 crore. The company received the final 75% balance payment of Rs 12.04 crore from 13 allottees, of which 11 belong to the Promoter Group. This capital infusion strengthens the company's net worth of Rs 175 crore as it seeks to scale its Margin Trading Facility (MTF) and Merchant Banking operations.
- Allotment of 9,39,000 equity shares of face value Rs 10 each upon warrant conversion.
- Receipt of Rs 12.04 crore as the 75% balance consideration for the conversion.
- Conversion price fixed at Rs 171 per share, including a premium of Rs 161.
- Post-allotment paid-up capital increased to Rs 17.55 crore consisting of 1,75,50,858 shares.
- Promoter group participation remains high with 11 out of 13 allottees from the promoter category.
Pune E - Stock Broking Ltd has approved the allotment of 7,61,000 equity shares following the conversion of warrants issued in September 2025. The company received Rs 9.76 crore, representing the remaining 75% of the issue price of Rs 171 per share. This infusion strengthens the company's capital base, representing approximately 5.6% of its reported net worth of Rs 175 crore. The allotment includes both Promoter and Non-Promoter group members, increasing the total paid-up equity shares to 1.66 crore.
- Conversion of 7,61,000 warrants into an equal number of equity shares at Rs 171 per share.
- Receipt of Rs 9,75,98,250 as the balance 75% consideration for the warrant exercise.
- Total paid-up equity capital increased to Rs 16.61 crore consisting of 1,66,11,858 shares.
- Allotment made to 15 investors across Promoter and Non-Promoter categories.
- Warrants were originally allotted on September 17, 2025, out of a total pool of 20,00,000 warrants.
Pune E - Stock Broking Ltd has appointed Mr. Viral Patel as an Additional Non-Executive Independent Director, effective August 5, 2026. Mr. Patel brings experience from Globance Fintech Private Limited and expertise in financial strategy and risk assessment. The appointment is for a five-year term, subject to shareholder approval. This addition to the board comes as the company seeks to diversify from pure equity broking into a full-service financial house with a TTM revenue of ₹116 Cr.
- Appointment of Mr. Viral Patel as Additional Director effective August 5, 2026
- Proposed term of 5 years as an Independent Director, pending shareholder approval
- Mr. Patel currently serves as a Director at Globance Fintech Private Limited
- Company reported a TTM PAT of ₹40 Cr with an Operating Profit Margin of 31.9%
- PESB is currently valued at a Market Cap of ₹405 Cr with a P/E of 10.1
Mr. Madanlal Shantilal Jain has resigned from his position as an Independent Director of Pune E - Stock Broking Ltd, effective August 5, 2026. The resignation is attributed to health reasons, and the director has confirmed there are no other material reasons for his departure. This change affects the board and its various committees where Mr. Jain served as a member. Given the company's market capitalization of ₹405 Cr, this is a routine administrative update regarding board composition.
- Resignation effective from the close of business hours on August 5, 2026
- Director confirmed no material reasons for resignation other than health concerns in letter dated August 4, 2026
- Mr. Jain held zero other directorships in listed entities at the time of resignation
- Company maintains a TTM revenue of ₹116 Cr and a net worth of ₹175 Cr
Pune E-Stock Broking Ltd has announced a change in its board composition effective August 5, 2026. Mr. Madanlal Shantilal Jain has resigned as an Independent Director and Chairman of the CSR Committee. In his place, the board has appointed Mr. Viral Patel as an Additional Independent Director for a five-year term, subject to shareholder approval. Mr. Hemant Maniyar, an existing Independent Director, will take over as the Chairman of the CSR Committee.
- Resignation of Mr. Madanlal Shantilal Jain as Independent Director effective August 5, 2026
- Appointment of Mr. Viral Patel as Additional Independent Director for a 5-year term
- Reconstitution of the CSR Committee with Mr. Hemant Maniyar as the new Chairman
- Board meeting concluded within 30 minutes, starting at 3:00 PM and ending at 3:30 PM
- Mr. Viral Patel brings fintech and financial strategy experience from Globance Fintech Private Limited
Pune E - Stock Broking, through Pune Finvest Limited, has secured a Certificate of Registration (CA1139) from the IRDAI to act as a Corporate Agent (Composite). The license, granted on July 15, 2026, allows the company to distribute both life and general insurance products. This registration is valid indefinitely, contingent upon the payment of annual fees and adherence to IRDAI (Registration of Corporate Agents) Regulations, 2015. This move marks a formal entry into insurance distribution, providing a new vertical for revenue generation.
- Registration No. CA1139 granted by IRDAI on July 15, 2026
- Authorized to act as a Corporate Agent (Composite) under the Insurance Act, 1938
- License allows for the distribution of multiple insurance categories (Life and General)
- Registration remains in force subject to annual fee payments and regulatory compliance
Pune E - Stock Broking has approved the allotment of 1,00,000 equity shares to M/S Viney Equity Market LLP (Non-Promoter Group) following the conversion of warrants. The conversion was executed at an issue price of Rs. 171 per share, resulting in a cash inflow of Rs. 1.28 crore (representing the 75% balance payment). This action is part of a larger 20,00,000 warrant issuance originally approved in September 2025. Consequently, the company's total paid-up equity capital has increased to Rs. 15.85 crore.
- Conversion of 1,00,000 warrants into an equal number of equity shares of Rs. 10 face value.
- Issue price of Rs. 171 per share, including a premium of Rs. 161.
- Receipt of Rs. 1,28,25,000 as the 75% balance consideration for the conversion.
- Total paid-up equity share capital increased to 1,58,50,858 shares.
- Warrants were originally part of a 20,00,000 unit preferential allotment made on September 17, 2025.
Financial Performance
Revenue Growth by Segment
Standalone Profit After Tax (PAT) grew by 30% YoY to reach INR 15.05 Crores in FY25. Revenue is heavily driven by interest income from Margin Trading Facility (MTF), lending, and fixed deposits, which contribute 40-50% of the net revenue base. Proprietary trading income contributes 8-10%, while core broking income from the cash segment remained stable. However, the derivatives segment saw a volume contraction of approximately 50% due to regulatory changes in weekly index options.
Geographic Revenue Split
The company operates through physical hubs in 3 major cities (Mumbai, Ahmedabad, and Delhi) and maintains a presence in 15 additional cities through its sub-broker network. Specific percentage contribution per region is not disclosed, but the focus is on expanding reach through a Category III Alternative Investment Fund (AIF) and IFSC operations in Gift City, Gandhinagar.
Profitability Margins
The company achieved a consolidated PAT of INR 19 Crores in FY25. For H1 FY2026, it reported a consolidated PAT of INR 10 Crores. Profitability is supported by a strategic pivot toward high-margin funding (MTF) and proprietary trading, which offsets the pricing pressure in the discount-broking retail segment.
EBITDA Margin
Not explicitly disclosed as a percentage, but the standalone PAT increase of 30% suggests strong operational efficiency. The company is focusing on digital transacting to further reduce operating costs and improve core profitability margins.
Capital Expenditure
The company strengthened its capital base through a public offer of INR 41 Crore in March 2024 and a preferential issuance of convertible share warrants amounting to INR 9 Crore in September 2025. Planned expenditure is focused on technology platforms (API-based solutions, Algos) and obtaining new licenses (Merchant Banking, Insurance Broking).
Credit Rating & Borrowing
Assigned a credit rating of [ICRA]BBB- (Stable) for proposed Non-Convertible Debentures (NCDs) of INR 50.0 Crore. The company maintains a low gearing of 0.3 times as of September 30, 2025, with limited reliance on external debt, primarily using bank guarantees for exchange margins.
Operational Drivers
Raw Materials
Not applicable as the company is a financial services provider. The primary 'input' is capital for margin funding and exchange deposits. The MTF loan book stood at approximately INR 21 Crore under the Pune Finvest subsidiary as of September 2025.
Key Suppliers
Not applicable. Key operational partners include BSE and NSE for trading, and SEBI/IRDAI for regulatory licensing.
Capacity Expansion
Current operations span 3 primary cities and 15 sub-broker locations. Expansion plans include the establishment of a Category III AIF, obtaining a Merchant Banking license from SEBI, and an Insurance Broking license from IRDAI to diversify fee-based income.
Raw Material Costs
Not applicable. Operational costs are driven by technology infrastructure and regulatory compliance. Employee benefit expenses include salaries for key personnel like the CMD (INR 21.36 Lakhs) and WTD (INR 14.69 Lakhs).
Manufacturing Efficiency
Not applicable. Operational efficiency is measured by the shift to digital transacting and the successful management of proprietary trading, which contributes 8-10% of revenue with disciplined position management.
Logistics & Distribution
Distribution is handled through a digital platform and a network of sub-brokers across 15 cities.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved by diversifying from pure equity broking into a full-service financial house. This includes scaling the MTF book (which grew 38% YoY for the top 10 industry players), launching an AIF, entering Merchant Banking, and distributing insurance products. Technology leverage through API-based institutional trading and robo-advisory is intended to capture high-value clients.
Products & Services
Retail equity broking (Cash and F&O), Margin Trading Facility (MTF), Proprietary Trading, Depository Services, Unsecured Lending, and Mutual Fund/AIF distribution.
Brand Portfolio
Pune E-Stock Broking (PESB), Pune Finvest, Pune Asset Management, PESB Insurance Broking.
New Products/Services
Category III Alternative Investment Fund (AIF), Merchant Banking services, and Insurance Broking, expected to significantly increase the share of fee-based income over the medium term.
Market Expansion
Expansion into Gift City (IFSC) with an investment of INR 1.2 Crore and UIN approval from RBI received in April 2024.
Market Share & Ranking
Maintained market share in key trading centers despite volatility. The industry is seeing consolidation among top brokers, and PESB is positioning itself as a technology-enabled niche player.
Strategic Alliances
Maintains a network of sub-brokers in 15 cities to extend market reach without heavy capital expenditure on physical branches.
External Factors
Industry Trends
The industry is shifting from volume-based brokerage to value-added services. Margin-funding AUM for top brokers grew 38% YoY to INR 19,000 Crore, reflecting a broader pivot toward leveraged cash products as F&O regulations tighten.
Competitive Landscape
Intense competition from discount brokers and new fintech entrants is leading to pricing pressure and necessitating high technology spend.
Competitive Moat
Moat is built on a diversified revenue mix (less than 50% from pure brokerage) and a strong capital base (INR 170 Cr net worth). Sustainability depends on the successful scaling of the new AIF and Merchant Banking arms to reduce concentration risk.
Macro Economic Sensitivity
Highly sensitive to capital market performance; BSE Sensex gained 13% in FY25, supporting a 30% growth in PAT. A market downturn would directly reduce trading volumes and the value of MTF collateral.
Consumer Behavior
Increasing 'financialisation of savings' in India and a shift toward digital transacting are driving demand for integrated financial platforms.
Geopolitical Risks
Foreign Portfolio Investment (FPI) outflows are a risk, though currently cushioned by strong domestic institutional participation and SIP-oriented retail flows.
Regulatory & Governance
Industry Regulations
Subject to SEBI (Stock-Brokers) Regulations 1992 and SEBI (Prohibition of Insider Trading) Regulations 2015. New SEBI norms on derivatives (increased margins on expiry days) have significantly altered the volume dynamics of the F&O segment.
Environmental Compliance
CSR obligation of INR 16.54 Lakhs was met with an actual spend of INR 18.00 Lakhs in FY25, focusing on inclusive growth and social wealth creation.
Taxation Policy Impact
Impacted by the hike in Securities Transaction Tax (STT) on options and the rationalisation of weekly index derivatives, which increases the cost of trading for clients.
Legal Contingencies
The Secretarial Audit report for FY25 did not highlight any major pending litigation or non-compliance issues, noting that Buyback and Delisting regulations were 'Not Applicable' during the period.
Risk Analysis
Key Uncertainties
Regulatory risk is the primary uncertainty; further restrictions on derivatives or changes in margin requirements could impact 50% of trading volumes. Market volatility could erode the INR 21 Crore MTF collateral value.
Geographic Concentration Risk
High concentration in Western India (Pune/Mumbai/Ahmedabad), though the sub-broker network provides some diversification across 15 cities.
Third Party Dependencies
Reliance on exchange infrastructure (BSE/NSE) and technology vendors for uninterrupted trading services.
Technology Obsolescence Risk
High risk; the company must continuously invest in Algos and API solutions to remain competitive against larger discount brokers.
Credit & Counterparty Risk
Exposure to credit risk in the MTF book and the unsecured lending business (Pune Finvest), primarily involving individuals in the promoter network.
