Khandwala Securities Limited (KHANDSE) AI Stock Analysis

Khandwala Securities Limited

(NSE:KHANDSE)

Select Model

Rating:50Neutral

Price Target:INR 17.00▲(1.25% Upside)

Action:reiterated

Date:09/06/26

The overall score is driven primarily by weak profitability and highly volatile cash generation, which overshadow revenue growth and a conservative, low-leverage balance sheet, while moderately positive price trends and stable technical momentum provide some offset but are not strong enough to overcome the lack of earnings and unclear valuation support.

Positive Factors

Long-term Revenue GrowthThe substantial multi-year increase in revenue indicates that Khandwala Securities has expanded its business activity and market opportunity over time. If this top-line trajectory persists, it can support greater operating scale, broader client activity, and improved earnings potential once profitability is restored.

Negative Factors

Sustained Profitability DeteriorationThe shift from several years of positive earnings to consecutive losses is a material deterioration in the business’s earnings power. Negative operating profit indicates that core activities are not currently covering operating costs, making a durable recovery dependent on improved efficiency and execution.

Khandwala Securities Limited (KHANDSE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 243.91M
Dividend Yield: ―
Average Volume (3M): 593
Price to Earnings (P/E): -97.1
Beta (1Y): 1.18
Revenue Growth: 15.34%
EPS Growth: 86.44%
Country: India
Employees: 43
Sector: General
Sector Strength: 55
Industry: Financial - Capital Markets

Khandwala Securities Limited Business Overview & Revenue Model

Company Description

Established in 1934 and headquartered in Mumbai, India, Khandwala Securities Limited (KSL) delivers a broad spectrum of financial services. The company's core offerings encompass investment banking, stock brokerage, investment advisory, portfolio man...

Khandwala Securities Limited Financial Statement Overview

Summary

Financial performance is weak despite revenue growth and higher gross margins, as the company has shifted into operating losses with negative net income and volatile, often negative operating cash flows, partially offset by a de-risked, low-leverage balance sheet.

Income Statement

26Negative

Balance Sheet

63Positive

Cash Flow

31Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	104.42M	93.56M	95.57M	85.27M	62.77M	61.11M
Gross Profit	104.33M	83.80M	60.15M	53.30M	38.10M	27.22M
EBITDA	-2.66M	-9.97M	6.50M	6.91M	10.77M	10.21M
Net Income	-6.00M	-12.71M	-8.00M	1.74M	4.43M	1.19M
Balance Sheet
Total Assets	0	405.89M	433.08M	476.06M	435.74M	472.68M
Cash, Cash Equivalents and Short-Term Investments	0	12.78M	116.68M	35.48M	65.20M	90.43M
Total Debt	0	30.70M	15.03M	15.48M	26.42M	64.63M
Total Liabilities	-277.44M	128.45M	144.18M	179.24M	140.82M	271.66M
Stockholders Equity	277.44M	277.44M	288.89M	296.81M	294.92M	201.02M
Cash Flow
Free Cash Flow	0	-16.12M	75.67M	-21.01M	-78.61M	32.73M
Operating Cash Flow	0	-13.99M	40.24M	-17.42M	-72.69M	33.03M
Investing Cash Flow	0	-2.42M	-39.36M	-11.72M	-15.07M	5.04M
Financing Cash Flow	0	-2.69M	2.85M	-914.08K	84.05M	-11.88M

Khandwala Securities Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price16.79

Price Trends

50DMA17.35Negative

100DMA17.52Negative

200DMA17.57Negative

Market Momentum

MACD-0.21Negative

RSI49.62Neutral

STOCH75.80Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KHANDSE, the sentiment is Neutral. The current price of 16.79 is above the 20-day moving average (MA) of 16.65, below the 50-day MA of 17.35, and below the 200-day MA of 17.57, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 49.62 is Neutral, neither overbought nor oversold. The STOCH value of 75.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:KHANDSE.

Khandwala Securities Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:KHANDSE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ALMONDZ	75Outperform	INR 3.47B	9.85	―	―	22.09%	76.70%
IN:ARIHANTCAP	67Neutral	INR 9.28B	22.74	―	0.59%	22.07%	0.35%
IN:INVENTURE	59Neutral	INR 871.50M	25.46	―	―	-25.82%	145.90%
IN:PRIMESECU	57Neutral	INR 9.72B	157.79	―	0.52%	21.86%	-76.96%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:KHANDSE	50Neutral	INR 256.11M	-97.08	―	―	15.34%	86.44%
IN:DBSTOCKBRO	44Neutral	INR 1.01B	40.31	―	―	2.35%	-44.06%

* General Sector Average

Performance Comparison

IN:KHANDSE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:KHANDSE	Khandwala Securities Limited	16.79	-7.17	-29.92%
IN:ALMONDZ	Almondz Global Securities Limited	18.13	-0.29	-1.57%
IN:ARIHANTCAP	Arihant Capital Markets Limited	84.64	-16.23	-16.09%
IN:DBSTOCKBRO	DB (International) Stock Brokers Limited	29.00	3.71	14.67%
IN:INVENTURE	Inventure Growth & Securities Ltd.	0.83	-0.63	-43.15%
IN:PRIMESECU	Prime Securities Limited	286.00	-7.25	-2.47%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026

Khandwala Securities Limited AI Stock Analysis