Gretex Corporate Services Limited (GCSL)
₹740.45 +0.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gretex Corporate's revenue was ₹37.5 Cr (+70.5% year on year, +7.2% on the previous quarter), and net profit ₹12.8 Cr; the operating margin was 45.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹37.5 | +70.5% | +7.2% |
| Operating profit | ₹17.1 | +756.6% | +71.3% |
| Net profit | ₹12.8 | — | +82.9% |
| EPS (₹) | 3.97 | — | +91.8% |
| Operating margin | 45.7% | — | — |
GCSL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 29.59% of the GCSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.63%. That is close to its usual level. 21 bulk or block deals were reported in GCSL in the last 60 days: ₹126 Cr bought and ₹132 Cr sold.
Delivery in the last 5 sessions: 19.8% · 35.5% · 28.2% · 33.6% · 29.6%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 13 Oct | Sell | Mansukh Securities & Finance Limited | ₹14.82 Cr | ₹734.02 | 201,869 | Bulk |
| 13 Oct | Buy | Mansukh Securities & Finance Limited | ₹12.31 Cr | ₹729.18 | 168,755 | Bulk |
| 8 Oct | Sell | Mansukh Securities & Finance Limited | ₹8.73 Cr | ₹688.90 | 126,741 | Bulk |
| 8 Oct | Buy | Mansukh Securities & Finance Limited | ₹4.50 Cr | ₹691.39 | 65,039 | Bulk |
| 23 Sep | Buy | Mansukh Securities & Finance Limited | ₹7.92 Cr | ₹644.11 | 122,891 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gretex Corporate Services Limited (GCSL) announced the filing of Draft Red Herring Prospectuses (DRHPs) for two client companies on the NSE Emerge platform: Abacus Lifestyle Brands Limited and Oremet Alloys And Castings Limited. The filings represent deal flow progress under GCSL's merchant banking pipeline, which previously tracked 21 active IPO mandates (including 16 SME mandates). Financial terms, issue sizes, and advisory fees associated with these two filings were not disclosed in the filing. For context, GCSL generated revenue of ₹37.52 cr and net profit of ₹12.80 cr in the quarter ended June 2026.
- Filed DRHP for 2 companies: Abacus Lifestyle Brands Limited and Oremet Alloys And Castings Limited.
- Both issues are proposed to be listed on the NSE Emerge platform.
- Adds to the company's active pipeline of 21 IPO mandates.
- Issue sizes and merchant banking fee values were not disclosed.
Gretex Corporate Services has filed a Draft Red Herring Prospectus (DRHP) for Tenty Limited on the Main Board platforms of NSE and BSE. The announcement marks ongoing progress in Gretex's stated strategy to expand from SME IPO mandates into higher-value Main Board transactions. Specific financial details such as the issue size, advisory fee, or launch timeline were not disclosed in the filing. Gretex previously generated Rs 37.52 cr in revenue and Rs 12.80 cr in net profit in the June 2026 quarter.
- Draft Red Herring Prospectus filed on September 30, 2026
- Filing made on the Main Board platforms of both NSE and BSE
- Candidate company for IPO listing is Tenty Limited
- Issue size and merchant banking fee value are not disclosed
Gretex Corporate Services Limited has informed exchanges that its equity shares are now classified under the Margin Trading Facility (MTF) category by the stock exchanges. This inclusion allows eligible market participants to trade the company's shares using leverage via broker margin accounts under SEBI guidelines. While operational in nature, MTF inclusion can enhance trading liquidity and market access for retail and institutional investors. The company reported a net profit of ₹12.80 crore on revenue of ₹37.52 crore in the Jun 2026 quarter.
- Equity shares classified under MTF (Margin Trading Facility) Category on September 19, 2026
- Trading facility subject to rules and guidelines prescribed by SEBI and Stock Exchanges
- Company posted ₹37.52 crore revenue and ₹12.80 crore net profit in Jun 2026 quarter
- Promoter holding stood at 60.54% as of September 2026
Gretex Corporate Services Limited has approved the allotment of 8,46,033 equity shares of face value Rs. 10 each upon the conversion of warrants. The shares were allotted to promoter group entity Ambition Tie-Up Private Limited at an issue price of Rs. 358 per share (including a premium of Rs. 348). Following this allotment, the company's paid-up equity capital increased to Rs. 25,00,53,790 comprising 2,50,05,379 equity shares. The total consideration for this tranche of warrant conversion amounts to approximately Rs. 30.29 crore.
- Allotment of 8,46,033 equity shares upon conversion of warrants
- Allotment executed at Rs. 358 per share (face value Rs. 10 plus premium of Rs. 348)
- Entire tranche allotted to promoter group entity Ambition Tie-Up Private Limited
- Post-allotment paid-up share capital expands to Rs. 25.01 crore (2,50,05,379 equity shares)
Gretex Corporate Services Limited has filed the Red Herring Prospectus (RHP) of Vama Wovenfab Limited with the Registrar of Companies, Mumbai, for its proposed listing on the BSE SME platform. The SME IPO is scheduled to open for subscription on September 15, 2026, and close on September 17, 2026. The proposed listing date is set for September 22, 2026. This mandate is part of Gretex's active pipeline of 21 IPO mandates (16 SME and 5 Mainboard).
- RHP filed for client Vama Wovenfab Limited for BSE SME platform listing
- IPO issue opens on September 15, 2026
- IPO issue closes on September 17, 2026
- Proposed listing date scheduled for September 22, 2026
Gretex Corporate Services Limited announced that its material subsidiary, Gretex Share Broking Limited, has opened a new branch office in Navrangpura, Ahmedabad. The office opened on September 08, 2026, to support the subsidiary's business requirements and expansion strategy. No capital expenditure figures or financial commitments for the new location were disclosed in the filing. The company previously delivered Q1 FY27 revenue of Rs 37.52 cr and net profit of Rs 12.80 cr.
- Material subsidiary Gretex Share Broking Limited opened a new branch office on September 08, 2026
- Branch located at SPG Empress, Mithakhali Circle, Navrangpura, Ahmedabad - 380009
- Expansion capex and projected operational revenue not disclosed in the filing
Gretex Corporate Services has approved the allotment of 7,50,000 warrants on a preferential basis to non-promoter allottees at an issue price of ₹358 per warrant. This forms the second tranche of a broader 19,51,000 warrant issuance approved earlier by shareholders. The company has collected 25% upfront consideration amounting to ₹6.71 crore, with the total warrant value pegged at ₹26.85 crore upon full conversion. The major allottee is Zyana Developers LLP, receiving 5,00,000 warrants.
- Allotted 7,50,000 warrants at ₹358 per warrant (Face Value ₹10) to non-promoter allottees.
- Received 25% upfront subscription money totaling ₹6,71,25,000 (₹6.71 crore).
- Total potential capital raise from this tranche stands at ₹26.85 crore upon full conversion.
- Zyana Developers LLP received the majority allocation of 5,00,000 warrants (₹4.48 crore upfront).
Gretex Corporate Services issued a correction to its August 10, 2026 disclosure, confirming the preferential allotment of 12,01,000 equity warrants instead of the inadvertently stated 5,55,167 warrants. The warrants are allotted to promoter group entity Ambition Tie-Up Private Limited at an issue price of ₹358 per warrant, representing an aggregate capital infusion of approximately ₹19.87 crore. Over 25% of the subscription consideration has been received upon warrant allotment, with full conversion into equity available within regulatory timelines.
- Corrected warrant allotment count to 12,01,000 warrants from 5,55,167 warrants due to a typographical error.
- Total investment value from the warrant allotment amounts to ₹19,87,49,786 (approx. ₹19.87 crore).
- Issue price is set at ₹358 per warrant allotted to Ambition Tie-Up Private Limited (Promoter Group).
- More than 25% upfront consideration received upon allotment as mandated by SEBI guidelines.
Gretex Corporate Services Limited (GCSL) released its Q1 FY27 earnings transcript, highlighting a steady pipeline despite a broader market deceleration in mainboard volumes. The company signed 3 new advisory mandates during the quarter and expects a minimum of 3 to 4 IPO listings to occur in Q2 FY27. Management confirmed that its subsidiary, Gretex Share Broking Limited, is progressing toward a proposed listing. Additionally, partner firm Bahutex received Category-II AIF registration, expanding the group's financial services footprint.
- Signed 3 new advisory mandates during Q1 FY27, including a West Bengal-based ferroalloy company.
- Management expects a minimum of 3 to 4 IPO listings to be completed in the current quarter (Q2 FY27).
- Average IPO transaction value increased to INR 46.73 Cr in FY25 from INR 2.29 Cr in FY20, a 20-fold efficiency gain.
- Currently executing 21 active IPO mandates, comprising 16 SME and 5 Mainboard transactions.
- Indian primary market mobilized INR 6,895 crores across 53 issues in Q1 FY27, showing a disciplined deceleration from FY26.
Gretex Corporate Services Limited (GCSL) has released the audio recording of its earnings conference call held on August 10, 2026, for the quarter ended June 30, 2026. The company is currently managing a pipeline of 21 active IPO mandates, including 5 for the Mainboard, as it shifts focus toward larger deal sizes in the ₹200-400 Cr range. This transition is critical as the average IPO transaction value has already scaled from ₹2.29 Cr in FY20 to ₹46.73 Cr in FY25. Investors can access the recording on the company's website to evaluate management's commentary on execution timelines and market-making revenue.
- Audio recording of the earnings call held on August 10, 2026, is now publicly available.
- Company is currently executing 21 IPO mandates, consisting of 16 SME and 5 Mainboard projects.
- Average IPO transaction value increased 20-fold from ₹2.29 Cr in FY20 to ₹46.73 Cr in FY25.
- Strategic shift targeting Mainboard IPOs in the ₹200-400 Cr range to improve fee economics.
- Company maintains 19 active market-making mandates as part of its service portfolio.
Gretex Corporate Services (GCSL) reported a massive 1180% YoY increase in consolidated PAT to ₹128 Mn for Q1-FY27. Revenue from operations grew 70.5% YoY to ₹375 Mn, while EBITDA margins expanded significantly by 3814 bps to 45.87%. The growth was primarily driven by strong performance in its broking subsidiary and improved operating leverage in its core merchant banking business following its migration to the Mainboard in September 2025. The company currently maintains a pipeline of 14 IPO mandates and has recommended a final dividend of ₹0.70 per share.
- Consolidated PAT surged 1180% YoY to ₹128 Mn in Q1-FY27 compared to ₹10 Mn in Q1-FY26.
- EBITDA margins expanded by 3814 basis points YoY to reach 45.87%.
- Revenue from operations increased 70.5% YoY to ₹375 Mn from ₹220 Mn.
- Current IPO pipeline stands at 14 mandates with 3 new mandates signed during the quarter.
- Diluted EPS increased to ₹3.97 from ₹0.42 in the same quarter last year.
Gretex Corporate Services Limited (GCSL) has allotted 5,55,167 warrants to a promoter group entity, Ambition Tie-Up Private Limited, at an issue price of ₹358 per warrant. This represents the first tranche of a larger 19,51,000 warrant issue previously approved by shareholders in June 2026. The total investment for this specific tranche is approximately ₹19.87 crore. The allotment price of ₹358 is at a significant discount to the current market price of ₹524.9, reflecting pricing determined at the time of the initial board approval in May 2026.
- Allotment of 5,55,167 warrants to Promoter Group entity Ambition Tie-Up Private Limited
- Issue price fixed at ₹358 per warrant, totaling an investment of ₹19,87,49,786
- Part of a larger approved preferential issue of 19,51,000 warrants
- Allotment price of ₹358 is ~31.8% lower than the current market price of ₹524.9
- Warrants are issued for cash consideration with at least 25% of the consideration paid upfront
Gretex Corporate Services reported a massive surge in profitability for Q1-FY27, with consolidated PAT growing 1180% YoY to ₹12.8 crore. Revenue from operations increased 70.5% YoY to ₹37.5 crore, driven by strong performance in its broking subsidiary and improved operating leverage. EBITDA margins expanded significantly to 45.87% from 7.73% in the previous year's quarter. The company currently maintains a forward pipeline of 14 IPO mandates, including 4 for the Mainboard, signaling a strategic shift toward larger transaction sizes.
- Consolidated PAT surged 1180% YoY to ₹12.8 crore in Q1-FY27
- EBITDA margins expanded by 3,814 bps YoY to reach 45.87%
- Revenue from operations grew 70.5% YoY to ₹37.5 crore
- Forward pipeline includes 14 IPO mandates consisting of 10 SME and 4 Mainboard listings
- Board recommended a final dividend of ₹0.70 per share
Gretex Corporate Services Limited (GCSL) has received in-principle approval from both NSE and BSE for the issuance of 19,51,000 fully convertible equity share warrants on a preferential basis. This regulatory milestone allows the company to proceed with capital raising to support its transition from SME IPOs to larger Mainboard mandates (targeting INR 200-400 Cr). The warrants carry a face value of Rs. 10 each, with the company now required to ensure strict compliance regarding allottee trading activity before final allotment.
- Received in-principle approval for 19,51,000 fully convertible equity share warrants
- Approval granted by NSE and BSE via letters dated August 07, 2026
- Warrants issued at a face value of Rs. 10 per share on a preferential basis
- Company currently manages 21 active IPO mandates, including 5 on the Mainboard
- Average IPO transaction value has grown from INR 2.29 Cr (FY20) to INR 46.73 Cr (FY25)
Gretex Corporate Services Limited (GCSL) has scheduled an earnings conference call for August 10, 2026, at 4:00 PM IST to discuss its Q1-FY27 financial results. The call will be led by the Managing Director & CFO and the Whole Time Director. This interaction follows the company's strategic migration to the Main Board in September 2025 and its focus on larger IPO mandates in the INR 200-400 Cr range. Investors will look for updates on the execution of GCSL's 21 active IPO mandates and its progress toward a stated 800% expected growth rate.
- Earnings conference call scheduled for August 10, 2026, at 04:00 p.m. IST
- Discussion to cover Unaudited Financial Results for the quarter ended June 30, 2026
- Management representation by MD & CFO Mr. Alok Harlalka and Whole Time Director Mr. Arvind Harlalka
- Company currently managing 21 active IPO mandates, including 5 for the Mainboard
- Average IPO transaction value has increased from INR 2.29 Cr in FY20 to INR 46.73 Cr in FY25
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 6.46% YoY to INR 20.698 Cr in FY25. In Q2 FY26, the company reported sequential revenue growth of over 800% compared to Q1 FY26, driven by increased IPO mandates and market-making operations.
Geographic Revenue Split
The company has executed 59 public issues, with 93.2% (55 issues) in Tier-1 cities and 6.8% (4 issues) in Tier-2 cities.
Profitability Margins
PAT margin improved significantly to 19.2% in Q2 FY26 from 4.2% in Q1 FY26. FY25 Net Profit margin was 60.37%, though this included abnormally high gains from divestments of equity holdings.
EBITDA Margin
EBITDA margin expanded to 29% in Q2 FY26 from 10.6% in Q1 FY26, reflecting improved operational leverage as mandate volume increased.
Capital Expenditure
Not disclosed in available documents; however, the company recently completed a Rights Issue which increased the equity base and capital employed.
Credit Rating & Borrowing
Current borrowings stood at INR 0.028 Cr in FY25. Debt-Service Coverage Ratio declined 99.82% YoY to 0.55 in FY25 due to higher finance/lease costs and lower EBITDA compared to FY24.
Operational Drivers
Raw Materials
As a service-based merchant bank, the primary 'raw materials' are human capital (salaries/bonuses) and office infrastructure (rent/electricity), which constitute the firm's fixed cost base.
Capacity Expansion
Current execution capacity is reflected in 21 active IPO mandates (16 SME, 5 Mainboard) and 19 market-making mandates. The firm is expanding its capacity to handle larger Mainboard transactions in the INR 200-400 Cr range.
Raw Material Costs
Fixed costs include salaries and rent. Variable costs include performance-based bonuses linked to successful listing timelines.
Manufacturing Efficiency
Average IPO transaction value increased 20-fold from INR 2.29 Cr in FY20 to INR 46.73 Cr in FY25, indicating higher revenue efficiency per mandate.
Strategic Growth
Expected Growth Rate
800%
Growth Strategy
Transitioning from predominantly SME IPOs to Mainboard IPOs targeting the INR 200-400 Cr range to capture higher fee economics. The strategy includes upskilling execution teams, integrating advanced analytical tools, and leveraging the integrated ecosystem of merchant banking and stock broking (GSBL) for market making.
Products & Services
SME and Main Board IPO Advisory, Rights Issues, M&A Advisory, Valuation Services, Corporate Restructuring, Stock Broking, and Market Making.
Brand Portfolio
Gretex, GCSL, Gretex Share Broking Limited (GSBL).
New Products/Services
Mainboard IPO advisory and adjacent services like Qualified Institutional Placements (QIPs) and corporate restructuring mandates are expected to drive future revenue.
Market Expansion
Successfully migrated from BSE SME platform to the Main Board in September 2025 to operate in a more opportunity-rich segment.
Market Share & Ranking
Recognized as Top Volume Performer for SME IPO by BSE across five years (FY18, 21, 22, 23, 24).
Strategic Alliances
Maintains a 67% stake in subsidiary Gretex Share Broking Limited and has an associate relationship with Gretex Industries Limited.
External Factors
Industry Trends
The industry is seeing a shift toward larger Book Building issues and increased institutional participation (FII/DII/Mutual Funds). GCSL is positioning itself by migrating to the Mainboard and focusing on larger ticket sizes.
Competitive Landscape
Increasing number of registered merchant bankers leading to pricing pressure and fee compression.
Competitive Moat
Moat is built on a Category-I Merchant Banker status and an integrated ecosystem (Advisory + Broking + Market Making) which provides steady recurring revenue from market making post-IPO. This is sustainable due to high regulatory barriers for Category-I licenses.
Macro Economic Sensitivity
Highly sensitive to capital market cycles and liquidity; revenue variability is structurally linked to investor sentiment and market valuations.
Consumer Behavior
Rising participation from retail and institutional investors in Indian capital markets is increasing the demand for IPO advisory services.
Geopolitical Risks
Indirect impact through global market volatility affecting domestic capital market appetite for new listings.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and SEBI Listing Obligations and Disclosure Requirements (LODR) 2015. The firm must maintain Category-I Merchant Banker standards for governance and compliance.
Taxation Policy Impact
Not disclosed; company follows generally accepted accounting principles and Companies Act 2013 requirements.
Legal Contingencies
Not disclosed; management reports no significant inefficiencies or reported frauds during the year.
Risk Analysis
Key Uncertainties
Market dependency risk: Revenue is highly cyclical. Reputational risk: Association with underperforming issuers post-listing can impact future mandate flow and brand credibility.
Geographic Concentration Risk
High concentration in Tier-1 cities (93.2% of issues), making the firm dependent on urban corporate hubs.
Third Party Dependencies
Dependency on stock exchanges (BSE/NSE) and regulators (SEBI) for transaction approvals and listing timelines.
Technology Obsolescence Risk
Increasing digitization of regulatory filings and investor engagement requires continuous investment in workflow automation to remain cost-competitive.
Credit & Counterparty Risk
Receivables management is strong, with collection efficiency improving 121.57% and collection days dropping to 12 days.
