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Khandwala Securities Limited
(KHANDSE)
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Rating:48Neutral
Price Target:
₹17.00
▼(-16.26% Downside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by weakened financial performance—recent losses and volatile, recently negative cash flow—despite a comparatively low-leverage balance sheet. Technical indicators are moderately constructive and provide support, but valuation remains challenged due to negative earnings and no stated dividend yield.
Positive Factors
Long-term revenue growth
Revenue expansion over several years indicates that the company has increased the scale of its capital-markets activities and client-related business. Continued top-line growth provides a broader base from which management can pursue operating improvements and rebuild sustainable profitability.
Negative Factors
Profitability deterioration
The shift from positive earnings in 2022–2024 to losses in the latest two years shows that revenue growth has not translated into dependable operating results. Persistent weak profitability could reduce internal capital formation and constrain investment in business development.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term revenue growth
Revenue expansion over several years indicates that the company has increased the scale of its capital-markets activities and client-related business. Continued top-line growth provides a broader base from which management can pursue operating improvements and rebuild sustainable profitability.
Read all positive factors
Khandwala Securities Limited (KHANDSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹266.94M
Dividend YieldN/A
Average Volume (3M)484.00
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth16.62%
EPS Growth67.81%
CountryIN
Employees43
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.39
Shares Outstanding15,253,805
10 Day Avg. Volume431
30 Day Avg. Volume484
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.69
Price to Sales (P/S)2.05
P/FCF Ratio-11.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 ...
How the Company Makes Money
Khandwala Securities Limited primarily generates revenue from capital-market intermediation and related financial services. Key revenue streams typically include: (1) brokerage income earned by executing buy/sell transactions for clients in securi...
Khandwala Securities Limited Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
74
Positive
Cash Flow
33
Negative
| 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 | 0.00 | 405.89M | 433.08M | 476.06M | 435.74M | 472.68M |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 12.78M | 116.68M | 35.48M | 65.20M | 90.43M |
| Total Debt | 0.00 | 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 | 0.00 | -16.12M | 75.67M | -21.01M | -78.61M | 32.73M |
| Operating Cash Flow | 0.00 | -13.99M | 40.24M | -17.42M | -72.69M | 33.03M |
| Investing Cash Flow | 0.00 | -2.42M | -39.36M | -11.72M | -15.07M | 5.04M |
| Financing Cash Flow | 0.00 | -2.69M | 2.85M | -914.08K | 84.05M | -11.88M |
Khandwala Securities Limited Technical Analysis
Positive
20.30
Price Trends
17.57
Negative
17.78
Negative
17.93
Negative
Market Momentum
-0.10
Positive
49.97
Neutral
26.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KHANDSE, the sentiment is Positive. The current price of 20.3 is above the 20-day moving average (MA) of 17.43, above the 50-day MA of 17.57, and above the 200-day MA of 17.93, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 49.97 is Neutral, neither overbought nor oversold. The STOCH value of 26.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:KHANDSE.
Khandwala Securities Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹882.00M | 25.16 | ― | 2.36% | -25.82% | 145.90% | |
66 Neutral | ₹3.82B | 9.76 | ― | 10.97% | 22.09% | 76.70% | |
63 Neutral | ₹10.61B | 25.50 | ― | 0.52% | 3.41% | -25.84% | |
57 Neutral | ₹10.07B | 162.02 | ― | 0.51% | 21.86% | -76.96% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.13B | 37.54 | ― | 26.33% | -14.45% | -38.57% | |
48 Neutral | ₹266.94M | -43.60 | ― | ― | 16.62% | 67.81% |
* General Sector Average
IN:KHANDSE
Khandwala Securities Limited
17.50
-4.63
-20.92%
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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.