Pune E - Stock BrokingShare price, financial results, shareholding and management
- Market cap
- ₹469 cr
- Stock P/E
- 23.5peers 24.1
- Book value
- ₹99.7
- Price to book
- 2.68
- EV / operating profit
- -
- Market cap to sales
- 8.71
- ROCE · FY26
- 15.6%
- ROE · FY26
- 12.4%
- ROE, 3-year average
- 12.9%
- Operating margin · FY26
- 50.0%peers 33.6%
- Sales growth, 3 years
- 10.4%
- Profit growth, 3 years
- 25.9%
- Debt to equity
- 0.30peers 0.00
- Borrowings
- ₹52 cr
- Interest cover
- 5.4×
- Cash from business / op. profit
- 52%
- Debtor days
- 417
- Pledged
- 0.00%
- Promoter holding
- 52.25%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,124
- 52-week high / low
- ₹334 / ₹185
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Pune E - Stock Broking share price chart
Close on 6 Nov 2026 · +1.52% on the day · Vol 26,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +2.4%
- 3 months
- +6.9%
- 6 months
- -9.7%
- 1 year
- +29.7%
- Traded a day, 20 days
- ₹0.56 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -15% | +4% |
| 3 years, a year | +10% | +26% |
| Latest half, H2 FY26 | +20% | +69% |
About Pune E - Stock Broking: business, products and customers
Pune E-Stock Broking is a stockbroker from Pune that lets people trade shares and commodities, lends them money to purchase shares, and offers research, mutual funds and other investment services. Its shares trade on BSE SME.
Pune E-Stock Broking began in 2007 and is a member of NSE, BSE and MCX and a depository participant of CDSL. It serves clients through its own branches and franchise partners called authorised persons, with an in-house research desk and its own trading apps. The group also holds Pune Finvest, an NBFC, a broking arm at GIFT City, and PESB Alpha Fund, a Category III alternative investment fund that the company says is managed by the promoter.
The way a broker books its income shapes the numbers. Brokerage is shown in full as revenue, and a large part is then paid out to authorised persons, so when trading falls revenue drops sharply but much of the cost falls with it. Alongside brokerage the company earns interest on margin trading loans to clients, secured by their shares and funded partly with short term borrowings; interest on fixed deposits, most of which sit with exchanges and banks as margin and as backing for bank guarantees; and gains from trading and investing its own money. Client money held for trading shows up on the balance sheet as bank balances and amounts payable, which makes the balance sheet large compared with profit.
Read more about the business
SEBI's tighter rules on futures and options, phased in from October 2024 to December 2025, cut trading in the year to March 2026, and the annual report says gross brokerage fell while profit rose because payouts to authorised persons fell faster and income shifted to margin lending, its own trading and treasury. The company has added merchant banking, the alternative investment fund, mutual fund distribution, a market making licence and, in July 2026, an IRDAI approval to distribute insurance as a corporate agent. The annual report says discount and zero brokerage platforms keep pressure on brokerage rates and that market share is moving toward the largest brokers, without naming any of them.
From the FY26 and FY25 annual reports, the investor presentation of September 2026 and the exchange announcement of 29 September 2026.
Read the deeper study ↓In its favour
- It paid a dividend in the past year.
To watch
- Results for the half to September 2026 against the company's aim of double digit profit growth (investor presentation, September 2026, p.17).
- The debenture plan of up to ₹50 cr considered on 5 October 2026 and the growth of borrowings behind the margin trading book (exchange announcement, 29 September 2026; annual report FY26, p.76).
- The ₹15.0 cr invested in FY26 in PESB Alpha Fund, which the company says is managed by the promoter, and loans taken from promoter directors (annual report FY26, p.128; investor presentation, September 2026, p.25).
- Dilution from warrants: 20 lakh were issued at ₹171 in FY26 and a further issue followed in FY27, on whose size and price the annual report's sections differ (annual report FY26, p.49 and p.86).
- Compliance: the secretarial auditor flagged the insider trading database in FY25 and FY26, and an exchange penalty of ₹0.29 cr was paid under protest (annual report FY26, p.85 and p.120; annual report FY25, p.47).
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Pune E - Stock Broking revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Pune E - Stock Broking half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 27 | 39.76 | 40.32 | 22.82 | 26.39 | 27.48 |
| Expenses | 21 | 36.22 | 32.89 | 13.02 | 16.74 | 17.48 |
| Operating profit | 6 | 3.54 | 7.43 | 9.80 | 9.65 | 10 |
| OPM | 21.0% | 8.9% | 18.4% | 43.0% | 36.6% | 38.0% |
| Interest | 1 | 1.03 | 1.85 | 2.77 | 2.71 | 3 |
| Depreciation | 0 | 0.35 | 0.54 | 0.64 | 0.56 | 1 |
| Profit before tax | 8 | 8.55 | 17.39 | 7.54 | 13.73 | 12.91 |
| Net profit | 6 | 6.55 | 13.55 | 5.64 | 10.44 | 9.51 |
Pune E - Stock Broking profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 33 | 45 | 40 | 66.43 | 63.14 | 53.87 |
| Expenses | 24 | 32 | 26 | 57.22 | 45.91 | 20.87 |
| Operating profit | 10 | 13 | 14 | 9.21 | 17.23 | 33 |
| OPM | 29.0% | 28.0% | 35.0% | 13.9% | 27.3% | 50.0% |
| Other income | 1 | 2 | 1 | 9.82 | 13.50 | 13.47 |
| Interest | 2 | 1 | 2 | 1.64 | 4.62 | 6 |
| Depreciation | 1 | 1 | 1 | 0.68 | 1.18 | 1 |
| Exceptional and other items | 1 | · | · | · | · | -12.83 |
| Profit before tax | 9 | 13 | 12 | 16.71 | 24.93 | 26.64 |
| Tax rate | 22.2% | 23.1% | 16.7% | 24.2% | 23.1% | 25.1% |
| Net profit | 7 | 10 | 10 | 12.66 | 19.18 | 19.95 |
| EPS ₹ | 8.56 | 12.59 | 12.18 | 11.02 | 11.70 | 12.42 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Pune E - Stock Broking profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 29.0% | 28.0% | 35.0% | 13.9% | 27.3% | 50.0% |
| Tax rate | 22.2% | 23.1% | 16.7% | 24.2% | 23.1% | 25.1% |
| ROCE | · | 18.3% | 15.7% | 14.7% | 17.1% | 15.6% |
| ROE | · | 16.0% | 14.0% | 12.4% | 14.0% | 12.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% |
Pune E - Stock Broking debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Pune E - Stock Broking balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 7 | 7 | 7 | 16 | 16 | 16 |
| Reserves | 51 | 60 | 69 | 112 | 130 | 159 |
| Net worth | 58 | 67 | 76 | 128 | 146 | 175 |
| Borrowings | 12 | 16 | 19 | 26 | 46 | 52 |
| Other liabilities | 63 | 80 | 63 | 115 | 89 | 101 |
| Total liabilities | 133 | 163 | 158 | 269 | 281 | 328 |
| Fixed assets | 9 | 8 | 8 | 9 | 9 | 8 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 41 | 6 | 17 | 93 | 18 | 46 |
| Other assets | 83 | 149 | 133 | 167 | 254 | 274 |
Pune E - Stock Broking cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -6 | 22 | -4 | 42 | -64 | 17 |
| Cash from investing | -29 | 36 | -12 | -78 | 81 | -35 |
| Cash from financing | 4 | 10 | -7 | 60 | 29 | 25 |
| Net cash flow | -31 | 68 | -23 | 24 | 46 | 7 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 379 | 255 | 210 | 196 | 359 | 417 |
| Cash conversion cycle | 379 | 255 | 210 | 196 | 359 | 417 |
| Working capital days | -68 | -201 | 17 | -207 | 79 | 72 |
Pune E - Stock Broking peers and competitors
Listed SME companies in the same industryBy sales, Pune E - Stock Broking is number 2 of the 6 listed SME companies in capital markets.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Rikhav Securities | 193 | 10.2 | 1,992 | 19 | 1.6% | 0.04 |
| Pune E - Stock Broking | 469 | 23.5 | 53.9 | 20 | 50.0% | 0.30 |
| Beacon Trusteeship | 155 | 22.3 | 34.2 | 7 | 33.6% | 0.00 |
| Dharni Capital Services | 113 | 24.1 | 12.5 | 4.7 | 49.6% | 0.15 |
| Vedant Asset | 16 | 39.4 | 5 | 0.4 | 11.7% | 0.00 |
| Sodhani Capital | 58 | 24.5 | 4.8 | 2.4 | 69.6% | 0.00 |
| Median of the 5 others | 113 | 24.1 | 12.5 | 4.7 | 33.6% | 0.00 |
Pune E - Stock Broking shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Pune E - Stock Broking shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | Aug 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 51.43% | 51.43% | 51.43% | 51.43% | 51.11% | 52.25% | 52.25% |
| Foreign investors (FIIs) | 0.70% | 0.35% | 0.25% | 0.60% | 0.45% | - | 0.45% |
| Indian institutions (DIIs) | 1.72% | 0.08% | 0.08% | 0.08% | 0.06% | - | 0.00% |
| Number of shareholders | 714 | 692 | 754 | 1,130 | 965 | 1,124 | 1,124 |
Pune E - Stock Broking study: the business from its own documents
Read from 5 of the company's own documentsPune E - Stock Broking key facts from the filings
Each figure with the document it comes from
- Clients
- 65,000+
- Total clients, of whom more than 17,000 traded; the company aims for over one lakh customers by 2027.Investor presentation, September 2026, p.6 and p.17
- Margin trading book
- ₹100 cr+
- Loans to clients to purchase shares, secured by their shares and cash, funded partly by short term borrowings.Investor presentation, September 2026, p.6 and p.9
- Gross brokerage
- ₹28.0 cr
- FY26 standalone, down from ₹44.5 cr in FY25 as futures and options trading fell under SEBI's new rules.Annual report FY26, p.120 and p.73
- Paid to authorised persons
- ₹19.3 cr
- FY26 sub-brokerage expense, down from ₹33.7 cr, which is why profit held up while brokerage fell.Annual report FY26, p.121 and p.76
- Interest on client loans
- ₹13.6 cr
- FY26 standalone interest from debtors, mainly the margin trading book, up from ₹11.2 cr.Annual report FY26, p.120
Show 5 more facts
- Interest on deposits
- ₹9.2 cr
- FY26 standalone interest on bank deposits, much of them placed as margin with exchanges and as bank guarantee backing.Annual report FY26, p.121 and p.75
- Own trading
- ₹6.1 cr
- FY26 standalone income from own trading, up from ₹2.0 cr; profit on sale of shares added ₹3.5 cr to other income.Annual report FY26, p.120 and p.121
- Client money held
- ₹87.7 cr
- Client account balances at March 2026, up 15.1%, held in a fiduciary capacity.Annual report FY26, p.75 and p.76
- Short term borrowings
- ₹47.0 cr
- Consolidated at March 2026, up from ₹35.8 cr, raised mainly to fund the margin trading book.Investor presentation, September 2026, p.23; annual report FY26, p.76
- Warrants issued
- 20 lakh at ₹171
- Convertible warrants allotted in FY26 to promoter and non-promoter buyers; 1 lakh were converted into shares in January 2026.Annual report FY26, p.49 and p.86
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it aims for double digit annual profit growth, over one lakh customers by 2027, and growth in margin lending, merchant banking, wealth and insurance. It said its insurance advisory was on track to start in September 2026. On 29 September 2026 it told the exchange that its board would meet on 5 October 2026 to consider raising up to ₹50 cr through secured, rated, listed non-convertible debentures.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Pune E-Stock Broking earns from clients' trading, from lending them money against their shares and from interest on its own deposits, so its income rises and falls with market activity.
Its weak spots are thin pricing power against discount brokers, rules that can shrink trading quickly, and a large balance sheet that earns only a modest return.
WatchCan it set its own prices?Not much. Discount and zero brokerage platforms keep brokerage rates down, and a large part of what it earns goes to authorised persons.
AverageHow strong is it against rivals?It has a loyal regional base and a wide product range for a small broker, but the market is consolidating toward much larger brokers.
StrongWho are its customers?Tens of thousands of individual investors and traders, so no single client matters much, though only some of them trade in a given year.
WatchDoes it need a lot of money?Yes. Exchange margins, bank guarantees and the margin lending book all tie up money, and the company keeps raising capital and borrowings to grow.
AverageCan it keep finding new work?It keeps adding services for its existing clients, but its core trading income depends on market activity it cannot control.
WatchDo good and bad years swing a lot?Yes. Revenue follows trading volumes and regulation, and part of the profit comes from its own trading and investment gains.
Who runs Pune E - Stock Broking?
Promoters, directors and officers; tap a name for the background
VKVrajesh Krishnakumar ShahPromoter, Chairman and Managing Director · holds 9.25% (March 2026)
M.Com.; over 30 years in stock market risk management and with the company since its start in 2007. Named by the company as a fund manager of PESB Alpha Fund. Lent the company ₹21.6 cr during FY26 and was repaid ₹26.1 cr, with interest of ₹0.32 cr.
Annual report FY26, p.6, p.114 and p.128; investor presentation, September 2026, p.13 and p.26DRDevendra Ramchandra GhodnadikarPromoter and Non-Executive Director · holds 10.85% (March 2026)
MBA; about 30 years in the commodities market and a founding member of the company.
Annual report FY26, p.6 and p.114VNVrajesh Navnitbhai ShahPromoter and Non-Executive Director
B.Com.; over 30 years of experience; on the board since April 2018. Named by the company as a fund manager of PESB Alpha Fund.
Annual report FY26, p.6; investor presentation, September 2026, p.13 and p.26SSSandip Sunderlal ShahPromoter and Non-Executive Director
B.E. (Mechanical); over 30 years in futures and options; on the board since August 2015. Lent the company ₹5.3 cr during FY26.
Annual report FY26, p.7 and p.128; investor presentation, September 2026, p.26DGDaidipya GhodnadikarWhole Time Director, shown in the annual report as a promoter · holds 1.24% (March 2026)
B.Com. and M.A. in Economics; about 10 years in capital markets covering depository operations, finance and online trading platforms. On the board since 24 September 2022.
Annual report FY26, p.7 and p.114AGArchana GorheWhole Time Director
B.Com.; over 25 years in capital markets across accounting, back office, compliance and online trading. On the board since March 2018.
Annual report FY26, p.8; investor presentation, September 2026, p.27SCSaleem Chandsaheb YalagiWhole Time Director
A computer engineer leading the technology team, with about 25 years in the stock market domain. On the board since March 2018.
Annual report FY26, p.7; investor presentation, September 2026, p.27RSRonak Subhash JhaveriWhole Time Director and head of merchant banking
PGDBM in Finance from N. L. Dalmia Institute and B.Com. from H.R. College; CFP (US) and CFA Level I. Over 15 years in merchant banking, capital markets and compliance; earlier Principal Officer for merchant banking and Head of the Mumbai region at Share India Capital Services. Whole Time Director from 13 May 2026.
Annual report FY26, p.8 and p.55 to 56; investor presentation, September 2026, p.14ASArpit ShahChief Financial Officer
An associate member of ICAI; earlier a research associate at Multi-Act Trade & Investment. Chief Financial Officer since September 2023, overseeing finance, reporting and corporate finance.
Investor presentation, September 2026, p.27AVAshokkumar Venilal SuratwalaIndependent Director
A Fellow Member of the Institute of Chartered Accountants of India with nearly 47 years in finance and accounts. On the board since 30 September 2023.
Annual report FY26, p.8Pune E - Stock Broking latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹27.5 cr (+20%), net profit ₹9.5 cr (+69%) on H2 FY25.
- Shareholding, 31 Aug 2026: promoters unchanged at 52.25%.
Pune E - Stock Broking announcements
4 on record, latest first; each opens the filing on the exchange
- Board MeetingPlease find attached herewith outcome of Board meeting held on 05/10/2026 under Reg 30 of SEBI (LODR) Regulations,2015PDF ↗
- Board MeetingPune E - Stock Broking Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/10/2026 ,inter alia, to consider and appPDF ↗
- Insider Trading / SASTPlease find the attached herewith Intimation of closure of trading windowPDF ↗
- Company UpdateIntimation of Analyst/ Investor meet under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
Pune E - Stock Broking annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 30 Dec 2025 ↗read
Pune E - Stock Broking share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 1.0000ex-date 3 Sept 2026
Checks we ran on Pune E - Stock Broking's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,75,50,858 shares).
- !The FY26 results imply 1,60,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Pune E - Stock Broking
What does Pune E - Stock Broking do?
Pune E-Stock Broking is a stockbroker from Pune that lets people trade shares and commodities, lends them money to purchase shares, and offers research, mutual funds and other investment services. Its shares trade on BSE SME.
What is the share price of Pune E - Stock Broking?
₹267 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Pune E - Stock Broking?
₹469 cr at the close on 6 Nov 2026, on 1,75,50,858 shares.
What is the P/E of Pune E - Stock Broking?
23.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Pune E - Stock Broking's revenue and profit?
Revenue ₹54 cr and profit after tax ₹20 cr in FY26.
Who are the promoters of Pune E - Stock Broking?
Vrajesh Krishnakumar Shah, Devendra Ramchandra Ghodnadikar, Vrajesh Navnitbhai Shah, Sandip Sunderlal Shah, Daidipya Ghodnadikar; promoters held 52.25% at 31 Aug 2026.
What is Pune E - Stock Broking's website?
www.pesb.co.in
More SME companies like Pune E - Stock Broking
Other listed SME companies in capital markets, the closest in size first, each read from its own documents.
- Rikhav SecuritiesRIKHAV · BSE SME · Capital MarketsMarket cap ₹192 cr
- Beacon TrusteeshipBEACON · NSE Emerge · Capital Markets · listed 2024Market cap ₹154 cr
- Dharni Capital ServicesDHARNI · BSE SME · Capital MarketsMarket cap ₹118 cr
- Sodhani CapitalSODHACAP · BSE SME · Capital MarketsMarket cap ₹57 cr
- Vedant AssetVEDANTASSET · BSE SME · Capital MarketsMarket cap ₹16 cr
Built from 3 annual reports, 1 investor presentation, 1 credit rating note, 4 exchange announcements, 7 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.