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Last Updated: April 2, 2026, 3:12 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 531892 | NSE: KHANDSE

Khandwala Securities Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹36.09Undervalued by 163.43%vs CMP ₹13.70

P/E (15.0) × ROE (15.2%) × BV (₹19.40) × DY (2.00%)

Defaults: P/E=15

₹21.99Undervalued by 60.51%vs CMP ₹13.70
MoS: +37.7% (Strong)Confidence: 38/100 (Low)Models: 2 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹28.9949%Under (+111.6%)
Net Asset ValueAssets₹19.2529%Under (+40.5%)
Revenue MultipleRevenue₹10.0722%Over (-26.5%)
Consensus (3 models)₹21.99100%Undervalued
Key Drivers: EPS CAGR -19.7% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -19.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

48
Khandwala Securities Ltd scores 48/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 14.2% GoodROE 15.2% GoodD/E 0.34 ModerateInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money50/100 · Moderate
Promoter holding at 48.3% Stable
Earnings Quality50/100 · Moderate
OPM contracting (16% → -16%) DecliningWorking capital: -199 days (improving) Efficient
Quarterly Momentum15/100 · Weak
Revenue (4Q): -39% YoY DecliningProfit (4Q): -414% YoY DecliningOPM: -95.3% (down 104.9% YoY) Margin pressure
Industry Rank65/100 · Strong
ROCE 14.2% vs industry 11.4% Above peers3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Khandwala Securities Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 0.0 vs Ind 171.3 | ROCE 14.2% | ROE 15.2% | CFO/NP N/A
Balance Sheet Stress
20/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.34x | IntCov 0.0x | Current 0.96x | Borrow/Reserve 0.11x
Cash Flow Reliability
100/100
Strong
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹-1 Cr | CFO/NP N/A
Ownership Accumulation
+25
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII N/A | DII N/A | Prom +0.03 pp
Business Momentum
-100
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -68.8% | Q NP -304.2% | Q OPM -100.3 pp
Derived FieldValueHow it is derived
Valuation Gap %+60.5%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.11xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII ChangeN/ALatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change+0.03 ppLatest promoter% minus previous promoter%
Shareholder Count Change+43Latest shareholder count minus previous count
Quarterly Sales Change-68.8%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-304.2%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-100.3 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:12 am

Market Cap 21.0 Cr.
Current Price 13.7
Intrinsic Value₹21.99
High / Low 29.9/12.2
Stock P/E
Book Value 19.4
Dividend Yield0.00 %
ROCE14.2 %
ROE15.2 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Khandwala Securities Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
MKVentures Capital Ltd 315 Cr. 819 1,890/73266.7 2870.03 %16.6 %9.56 % 10.0
My Money Securities Ltd 74.8 Cr. 44.5 54.9/22.2 15.60.00 %44.0 %29.8 % 10.0
Nam Securities Ltd 44.8 Cr. 83.1 105/68.0224 21.60.00 %4.48 %3.22 % 10.0
ICDS Ltd 56.2 Cr. 43.1 68.5/34.023.8 23.00.00 %11.8 %6.05 % 10.0
HCKK Ventures Ltd 11.5 Cr. 31.1 165/26.576.8 12.10.00 %6.93 %5.14 % 10.0
Industry Average17,128.74 Cr1,145.63171.253,616.520.48%11.38%25.55%6.58

All Competitor Stocks of Khandwala Securities Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 3.381.361.931.602.162.832.523.142.701.181.143.401.06
Expenses 1.341.721.731.361.813.051.977.642.442.411.783.232.07
Operating Profit 2.04-0.360.200.240.35-0.220.55-4.500.26-1.23-0.640.17-1.01
OPM % 60.36%-26.47%10.36%15.00%16.20%-7.77%21.83%-143.31%9.63%-104.24%-56.14%5.00%-95.28%
Other Income 0.04-1.150.050.040.040.050.064.810.350.370.160.210.66
Interest 0.040.070.060.100.060.050.050.020.010.030.040.060.06
Depreciation 0.090.040.050.070.080.120.100.070.070.110.070.080.08
Profit before tax 1.95-1.620.140.110.25-0.340.460.220.53-1.00-0.590.24-0.49
Tax % -1.03%6.17%0.00%0.00%-4.00%0.00%-2.17%-4.55%-1.89%105.00%0.00%0.00%0.00%
Net Profit 1.97-1.720.140.110.27-0.340.480.240.54-2.05-0.590.24-0.49
EPS in Rs 1.29-1.130.090.070.18-0.220.310.160.35-1.34-0.390.16-0.32

Last Updated: March 4, 2026, 4:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 6:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4.214.923.424.143.813.642.873.746.236.458.7010.296.78
Expenses 3.873.753.604.914.035.446.154.455.295.367.9514.459.49
Operating Profit 0.341.17-0.18-0.77-0.22-1.80-3.28-0.710.941.090.75-4.16-2.71
OPM % 8.08%23.78%-5.26%-18.60%-5.77%-49.45%-114.29%-18.98%15.09%16.90%8.62%-40.43%-39.97%
Other Income 0.170.150.070.820.032.460.750.030.120.040.004.841.40
Interest 0.500.530.320.350.280.230.820.740.710.340.270.110.19
Depreciation 0.290.610.290.300.290.280.280.280.290.290.310.340.34
Profit before tax -0.280.18-0.72-0.60-0.760.15-3.63-1.700.060.500.170.23-1.84
Tax % -3.57%-38.89%-1.39%1.67%-1.32%-26.67%-1.10%-2.94%-100.00%10.00%-5.88%447.83%
Net Profit -0.280.25-0.70-0.61-0.750.19-3.59-1.650.120.440.17-0.80-2.89
EPS in Rs -0.230.21-0.59-0.51-0.630.16-3.01-1.380.100.290.11-0.52-1.89
Dividend Payout % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)189.29%-380.00%12.86%-22.95%125.33%-1989.47%54.04%107.27%266.67%-61.36%-570.59%
Change in YoY Net Profit Growth (%)0.00%-569.29%392.86%-35.81%148.28%-2114.81%2043.51%53.23%159.39%-328.03%-509.22%

Khandwala Securities Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:27%
3 Years:15%
TTM:-10%
Compounded Profit Growth
10 Years:%
5 Years:12%
3 Years:%
TTM:-458%
Stock Price CAGR
10 Years:3%
5 Years:20%
3 Years:-6%
1 Year:-26%
Return on Equity
10 Years:-4%
5 Years:-1%
3 Years:0%
Last Year:-3%

Last Updated: September 5, 2025, 9:05 am

Balance Sheet

Last Updated: October 10, 2025, 2:23 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital 11.9411.9411.9411.9411.9411.9411.9411.9411.9415.2515.2515.25
Reserves 15.5915.8415.1414.5313.7813.9010.318.648.7914.8715.0514.26
Borrowings 7.154.835.084.924.846.397.746.946.472.641.551.50
Other Liabilities 11.116.778.547.8210.3015.2510.5314.4720.6911.4416.3812.93
Total Liabilities 45.7939.3840.7039.2140.8647.4840.5241.9947.8944.2048.2343.94
Fixed Assets 7.546.987.186.966.715.815.605.455.205.495.541.65
CWIP 0.000.000.000.000.000.000.000.000.000.000.000.00
Investments 3.453.403.403.403.404.154.554.413.995.426.4414.99
Other Assets 34.8029.0030.1228.8530.7537.5230.3732.1338.7033.2936.2527.30
Total Assets 45.7939.3840.7039.2140.8647.4840.5241.9947.8944.2048.2343.94

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 0.41-0.133.90-1.350.403.59-3.55-0.213.30-7.24-1.754.03
Cash from Investing Activity + 0.230.45-0.160.280.212.00-0.400.180.50-1.51-1.17-3.94
Cash from Financing Activity + 1.63-2.890.04-0.50-0.361.320.53-1.54-1.198.40-0.090.29
Net Cash Flow 2.27-2.563.79-1.570.266.90-3.42-1.572.62-0.34-3.010.37
Free Cash Flow 0.34-0.183.39-1.420.366.04-3.62-0.343.27-7.83-2.117.57
CFO/OP 121%-11%-2,167%175%-182%-199%108%30%351%-664%-233%-97%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-6.81-3.66-5.26-5.69-5.06-8.19-11.02-7.65-5.53-1.55-0.80-5.66

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1,246.72889.501,044.84864.89875.62893.451,194.20667.54275.36443.09278.99137.27
Inventory Days
Days Payable
Cash Conversion Cycle 1,246.72889.501,044.84864.89875.62893.451,194.20667.54275.36443.09278.99137.27
Working Capital Days 339.86504.47298.83379.99213.64-586.61-86.48-685.11-606.38184.48-142.64-198.64
ROCE %0.64%2.11%-1.24%-0.79%-1.55%-4.62%-9.03%-3.34%2.81%2.80%1.36%-14.22%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.67%47.69%47.76%47.76%47.76%47.97%47.98%48.14%48.25%48.27%48.27%48.30%
Public 52.33%52.30%52.25%52.24%52.24%52.04%52.02%51.85%51.75%51.73%51.73%51.70%
No. of Shareholders 3,4713,6073,6264,1284,0813,9444,5494,5774,6474,6144,5614,604

Shareholding Pattern Chart

No. of Shareholders

Khandwala Securities Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -0.520.110.290.10-1.38
Diluted EPS (Rs.) -0.520.110.290.10-1.38
Cash EPS (Rs.) -0.290.310.480.33-1.15
Book Value[Excl.RevalReserv]/Share (Rs.) 18.9419.4619.3316.8416.71
Book Value[Incl.RevalReserv]/Share (Rs.) 18.9419.4619.3316.8416.71
Revenue From Operations / Share (Rs.) 6.255.584.115.113.01
PBDIT / Share (Rs.) 0.440.490.730.88-0.57
PBIT / Share (Rs.) 0.210.280.540.64-0.80
PBT / Share (Rs.) 0.140.100.320.05-1.42
Net Profit / Share (Rs.) -0.520.110.290.09-1.38
NP After MI And SOA / Share (Rs.) -0.520.110.290.09-1.38
PBDIT Margin (%) 7.098.7918.0117.35-18.92
PBIT Margin (%) 3.495.1113.3012.67-26.64
PBT Margin (%) 2.351.927.921.01-47.21
Net Profit Margin (%) -8.392.047.071.95-45.91
NP After MI And SOA Margin (%) -8.392.047.071.95-45.91
Return on Networth / Equity (%) -2.770.581.500.59-8.27
Return on Capital Employeed (%) 1.091.382.572.88-3.53
Return On Assets (%) -1.840.361.010.25-3.99
Long Term Debt / Equity (X) 0.040.040.080.320.34
Total Debt / Equity (X) 0.040.040.080.320.34
Asset Turnover Ratio (%) 0.200.180.130.130.08
Current Ratio (X) 1.481.011.870.940.96
Quick Ratio (X) 1.481.011.870.940.96
Interest Coverage Ratio (X) 6.232.763.351.49-0.92
Interest Coverage Ratio (Post Tax) (X) -6.381.642.321.17-1.23
Enterprise Value (Cr.) 34.6344.4431.6221.5418.23
EV / Net Operating Revenue (X) 3.635.225.053.535.07
EV / EBITDA (X) 51.2059.3528.0220.34-26.79
MarketCap / Net Operating Revenue (X) 3.545.415.613.944.91
Price / BV (X) 1.171.551.191.200.88
Price / Net Operating Revenue (X) 3.555.415.613.954.91
EarningsYield -0.020.000.010.00-0.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Khandwala Securities Ltd. is a Public Limited Listed company incorporated on 09/02/1993 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67120MH1993PLC070709 and registration number is 070709. Currently Company is involved in the business activities of Activities auxiliary to financial service activities. Company's Total Operating Revenue is Rs. 9.54 Cr. and Equity Capital is Rs. 15.25 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & InvestmentsG-II, Ground Floor, Mumbai Maharashtra 400021Contact not found
Management
NamePosition Held
Mr. Homiar N VakilChairman & Ind.Director
Mr. Paresh J KhandwalaManaging Director
Mr. Pranav KhandwalaWholeTime Director & CFO
Mr. Pratik KhandwalaNon Executive Director
Mrs. Bhagyashree KhandwalaNon Executive Director
Mr. Kalpen ShuklaIndependent Director

FAQ

What is the intrinsic value of Khandwala Securities Ltd and is it undervalued?

As of 05 April 2026, Khandwala Securities Ltd's intrinsic value is ₹21.99, which is 60.51% higher than the current market price of ₹13.70, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (15.2 %), book value (₹19.4), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Khandwala Securities Ltd?

Khandwala Securities Ltd is trading at ₹13.70 as of 05 April 2026, with a FY2026-2027 high of ₹29.9 and low of ₹12.2. The stock is currently near its 52-week low. Market cap stands at ₹21.0 Cr..

How does Khandwala Securities Ltd's P/E ratio compare to its industry?

Khandwala Securities Ltd has a P/E ratio of , which is below the industry average of 171.25. This is broadly in line with or below the industry average.

Is Khandwala Securities Ltd financially healthy?

Key indicators for Khandwala Securities Ltd: ROCE of 14.2 % is moderate; ROE of 15.2 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Khandwala Securities Ltd profitable and how is the profit trend?

Khandwala Securities Ltd reported a net profit of ₹-1 Cr in Mar 2025 on revenue of ₹10 Cr. Compared to ₹0 Cr in Mar 2022, the net profit shows a declining trend.

Does Khandwala Securities Ltd pay dividends?

Khandwala Securities Ltd has a dividend yield of 0.00 % at the current price of ₹13.70. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Khandwala Securities Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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