Share India cuts MTF target, delays wealth launch, client turnover hits 53%
In Q4 FY26 concall, management revised MTF AUM target down to ₹650 cr from ₹1,000 cr, pushed back wealth management debut, and reported client business at 53% of turnover for the first time.
What's new
- MTF AUM target cut to ₹650 cr by FY28 from earlier ₹1,000 cr.
- Wealth management launch delayed, no new timeline given.
- Client business turnover exceeds proprietary at 53% for first time.
Why it matters
The target cut and wealth delay suggest a more cautious outlook from a firm that had been aggressive on MTF growth. The milestone in client business share shows diversification working, but the question is whether lower MTF targets will weigh on overall growth.
What we're watching
- When wealth management finally launches and initial traction.
- Whether MTF AUM growth picks up from this lower base.
- Trend in client vs proprietary business mix in coming quarters.
The full read
Share India Securities laid out a mixed picture in its Q4 FY26 concall. The brokerage slashed its MTF AUM target to ₹650 crore by FY28, down from ₹1,000 crore, signaling a tempering of earlier ambitions. Separately, the planned wealth management vertical has been delayed without a revised date. On the positive side, client business turnover surpassed proprietary for the first time, accounting for 53% of the total — a sign that the company's retail push is gaining ground. The concall thus presents both a cautionary revision and a structural shift. The target cut may disappoint those expecting aggressive MTF expansion, but the client business milestone offers a counter-narrative of sustainable growth. The wealth delay, however, remains an overhang on diversification plans.