Share India's guidance targets shifted without explanation
Management raised PMS AUM target by 25%, recast MTF horizon and accelerated branch breakeven assumptions — none were explained on the call.
What's new
- Standalone revenue rose 28% YoY to ₹349 cr; PAT up 32% to ₹90.9 cr.
- Consolidated PAT jumped 48% YoY and 114% QoQ to ₹124 cr.
- MTF book steady at ₹470 cr; PMS AUM hit ₹150 cr in first quarter.
- Seven new branches opened; institutional clients up 15% QoQ to 212.
Themes from the call
Demand
Retail-first expansion gaining traction with seven new branches; MTF resilient despite volatility.
Margins
Profit growth outpaced revenue, but cost details were not disclosed; diversification cushions regulatory shocks.
Capital allocation
Net worth of ₹2,760 cr; commercial paper and NCD program progressing to fund MTF and branch expansion.
Guidance watch
- 20% growth in FY27, subject to market conditions.
- 30 tier-3 branches over 2 years, in tranches of 8.
- MTF book target ₹1,000 cr in 2 years (revised from ₹650 cr in FY27).
- PMS AUM target ₹250 cr by FY27 end (revised from ₹200 cr).
- AIF launch in Q3 FY27, wealth distribution operations by Q3 FY27.
- Branch breakeven in 8 months with ₹15 cr MTF; hard stop at 12 months.
Risk flags
- Unexplained target revisions across PMS, MTF, and branch economics create credibility concerns.
- Regulatory headwinds: SEBI derivative measures, RBI prop-desk funding limits.
- Branch execution risk: aggressive breakeven timeline with hard stop.
- Market volatility and funding constraints could derail growth.
Key quotes
-
"Subject to overall market conditions, we remain confident of delivering around 20.0% growth during the current financial year"
— Kamlesh Shah, prepared remarks -
"Our target by the end of this financial year is to reach approximately 250 crores of AUM in PMS."
— Share India management, July 2026 call
The brief
Share India's Q1 numbers were strong. Standalone revenue rose 28% to ₹349 cr, PAT up 32% to ₹90.9 cr, and consolidated PAT surged 48% YoY and 114% QoQ to ₹124 cr. The diversified business model, spanning broking, MTF, PMS, merchant banking, and debt trading, absorbed regulatory disruptions and delivered growth. But the call carried a pattern of silent guidance revisions that raised more questions than answers. The PMS AUM target moved from ₹200 cr to ₹250 cr. The MTF target was recast from ₹650 cr in FY27 to ₹1,000 cr over two years. Branch MTF breakeven expectations tightened from 10-15 cr in a year to 15 cr in eight months. Management did not explain any of these shifts. The lack of a bridge between prior and current targets undermines confidence in the guidance framework itself. The ambition is evident: seven new branches, ₹150 cr PMS AUM in the first quarter, 212 institutional clients, but the credibility of the targets matters as much as the numbers. Without a clear rationale, the key tests are execution risk alongside regulatory headwinds and funding constraints. Share India is growing, but its guidance revisions lack transparency.
Share India's guidance shifts need a bridge. Without one, credibility is on the line.