Gretex Corporate Services Limited disclosed the transcript of its Q2 and H1 FY27 earnings conference call held on November 10, 2026, pursuant to Regulation 30 of SEBI LODR Regulations.

Financial Performance Highlights

Q2 FY27 Consolidated Results:

  • Revenue from operations: ₹75.60 crores (declined 5% YoY from ₹79.60 crores in Q2 FY26)
  • Sequential revenue growth: 101.6% compared to Q1 FY27
  • EBITDA: ₹9.6 crores (compared to ₹31.7 crores in Q2 FY26)
  • EBITDA margin: 12.70% (compared to 39.82% in Q2 FY26)
  • Profit after tax: ₹7.1 crores (compared to ₹12.8 crores in Q2 FY26)
  • PAT margin: 9.39%

H1 FY27 Consolidated Results:

  • Revenue from operations: ₹113.1 crores (increased 11.4% YoY from ₹101.5 crores in H1 FY26)
  • EBITDA: ₹26.6 crores (compared to ₹33.5 crores in H1 FY26)
  • EBITDA margin: 23.52%
  • Profit before tax: ₹26.8 crores (increased 30.1% YoY)
  • Profit after tax: ₹19.9 crores (increased 43.2% YoY from ₹13.9 crores in H1 FY26)
  • PAT margin: 17.60% (improved from 13.69% in H1 FY26)
  • Other income: ₹1.5 crores (compared to negative other income of ₹11.5 crores in H1 FY26)

Operational and Business Developments

During H1 FY27, the company made progress across its merchant banking, broking, and alternative investment businesses:

IPO Mandate Pipeline:

  • Progressed 4 IPO mandates to DRHP filing stage:
  • Sky Alloys and Power Limited (proposed NSE/BSE mainboard listing)
  • Tenty Limited (proposed NSE/BSE mainboard listing)
  • Abacus Lifestyle Brands (proposed NSE Emerge platform listing)
  • Oremet Alloys (proposed NSE Emerge platform listing)

Completed Transactions:

  • Successfully completed listing of Vama Wovenfab Limited on BSE SME platform on September 22, 2026
  • Secured underwriting mandate from Army Infotech Limited

Alternative Investments:

  • Achieved first close of Celestial Chakra Momentum Fund at ₹25 crores
  • Fund jointly sponsored by Gretex Corporate Services and Gretex Share Broking Limited through Bahutex Ventures

Broking Business Expansion:

  • Subsidiary Gretex Share Broking Limited opened new branch office in Ahmedabad, Gujarat
  • Expansion aligned with plans to strengthen institutional broking, retail broking, and market-making operations

Market Context

The management provided context on the Indian capital markets environment during H1 FY27:

  • Mainboard IPO fundraising reached approximately ₹84,400 crores (30% increase YoY)
  • 71 companies accessed mainboard markets (compared to 55 in H1 FY26)
  • SME segment saw 137 listings (compared to 156 in H1 FY26)
  • SME IPO fundraising declined approximately 11% to ₹6,012 crores

Strategic Outlook and Future Roadmap

The management outlined a three-pronged strategy to evolve from a transaction-led merchant banking business to an integrated capital markets platform:

1. Post-listing advisory retainers: Targeting monthly advisory retainers in the range of ₹10 lakhs to ₹50 lakhs (or up to ₹1 crore as relationships mature)

2. Alternative investments participation: Through Bahutex Ventures as a Category II AIF platform sponsor to participate in investment opportunities with established client relationships

3. Future mandates generation: Creating opportunities for follow-on fundraisers, preferential issues, debt syndication, and other strategic financial transactions from existing relationships

The company cited the recent execution of a preferential issue mandate for Taurian MPS Limited as an example of this relationship-based opportunity generation.

Management Commentary

Management attributed the Q2 revenue decline to lower turnover due to fewer listings completed during the quarter (only one listing completed). The company indicated it has 4 approved mandates that are expected to be listed in Q3 or Q4 FY27.

The management emphasized maintaining focus on the core SME IPO management business while selectively expanding into mainboard mandates and developing complementary recurring and investment-led revenue streams.