NDA Securities Limited is an Indian financial services provider established in **1992**. Following a landmark management takeover completed in **May 2025**, the company is undergoing a strategic transformation under the leadership of **Mr. Gaurav Jindal (Managing Director)**. Headquartered in **New Delhi**, the firm operates a "phygital" model—combining a regional branch network with digital platforms—to provide integrated investment solutions to retail, **SME**, **HNI**, and corporate clients. --- ### **Core Service Portfolio & Market Access** The company operates a diversified financial services model centered on capital market access, investment distribution, and leverage products. Its revenue is primarily derived from **brokerage fees**, **commissions on mutual fund sales**, and **depository service charges**. * **Equity & Derivatives Broking:** Trading member of **NSE** (Capital Market and Derivatives) and **BSE** (Capital Market). * **Margin Trading Facility (MTF):** Recently licensed by both **NSE** and **BSE** to provide leverage to clients, allowing them to amplify trading positions using their existing portfolios as collateral. * **Depository Services:** Registered Depository Participant with **NSDL**, providing secure demat account management and securities settlement. * **Investment Distribution:** Facilitates participation in **IPOs** and offers a wide range of **Mutual Fund** schemes from various **Asset Management Companies (AMCs)**, including **SIP** management. * **Research Services:** Operates as a **SEBI-registered Research Analyst**, employing **NISM-certified** professionals to provide fundamental and technical market analysis. * **Market Making:** Applied for **NSE Market Maker** status to enhance liquidity in designated securities, diversifying its role within the exchange ecosystem. --- ### **Strategic Expansion & "New Objects" Mandate** In **December 2025**, the company amended its Memorandum of Association (MoA) to significantly broaden its operational scope, moving beyond traditional equity broking into high-growth commodity and derivative segments. | New Business Vertical | Scope of Operations | | :--- | :--- | | **Commodity Trading** | Authorized to trade in **agricultural products**, **precious metals**, **diamonds**, and **petroleum products**. | | **Multi-Exchange Membership** | Authorized to join multi-commodity exchanges for spot and derivative clearing/settlement. | | **Advanced Derivatives** | Expansion into **futures and options** across all permitted commodity classes. | | **Technology Integration** | Focus on advanced analytics and automation via the acquisition of **NDA Research and Technology Pvt Ltd**. | --- ### **Corporate Structure & Subsidiary Network** The company has established a multi-layered structure to house specialized financial segments and support functions. * **NDA Commodity Brokers Pvt Ltd (WOS):** Dedicated to commodity trading and brokerage. * **NDA Research and Technology Pvt Ltd (WOS):** Acquired in **July 2025** to provide the group with proprietary technology, automation, and research support. * **NDA Capital Advisors Pvt Ltd (WOS):** Functions as an intermediate holding and advisory entity. * **Alternative Securities Marketplace Ltd (Step-down Subsidiary):** Incorporated in **February 2026** with an Authorized Capital of **₹1 Cr** to explore emerging capital market opportunities. --- ### **Financial Performance & Capital Strength** The company demonstrated significant growth in profitability and operational efficiency in **FY 2024-25**, though it faced institutional headwinds during the management transition in **FY 2025-26**. #### **Key Financial Metrics (Consolidated)** | Metric | FY 2024-25 | FY 2023-24 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Income** | **₹ 763.15 Lacs** | **₹ 573.43 Lacs** | **+33%** | | **Net Profit (PAT)** | **₹ 155.38 Lacs** | **₹ 66.02 Lacs** | **+135%** | | **Earnings Per Share (EPS)** | **₹ 2.61** | **₹ 1.11** | **+135%** | | **Net Profit Margin** | **25%** | **11%** | **+127%** | | **Return on Equity (ROE)** | **13%** | **6%** | **+116%** | #### **Capital Infusion & Solvency** * **Preferential Issue:** To fund expansion, the company is executing a major issuance of up to **1,70,00,000 Equity Shares** at **₹37 per share**, aiming to aggregate **₹62.90 Crore**. * **Authorised Capital Expansion:** Increased from **₹15 Crore** to **₹100 Crore** in 2026 to accommodate growth. * **Debt Profile:** Maintains a low-leverage stance with a **Debt-Equity Ratio of 0.04**. It utilizes a **₹360 Lacs** demand loan facility from **HDFC Bank**, secured against fixed deposits. * **Tax Assets:** Holds **Deferred Tax Assets** of **₹90.15 Lacs**, which management intends to offset against future profits. --- ### **Infrastructure & Digital Transformation** To compete with discount brokers and modern fintechs, NDA Securities has modernized its brand and technical stack. * **Digital Platforms:** Operates the **NDA Direct App**, **NDA Wealth App**, **ODIN Client**, and **ODIN Diet**. * **Connectivity:** Utilizes a robust network of **Leased Lines**, **LAN**, **WAN**, and **VPN** to ensure zero-latency execution across regional branches. * **Brand Identity:** Adopted a **new corporate logo** in 2025 to signal the transition to a technology-first, modern financial institution. --- ### **Shareholding & Listing Details** * **Listing:** Equity shares are listed on the **BSE** (Scrip Code: **511535**). * **Market Cap:** Stood at **₹17.82 Crore** (as of March 31, 2025) with a **P/E Ratio** of **11.30**. * **Dematerialization:** **94.02%** of shares are held in demat form (**68.83% NSDL**, **25.17% CDSL**). * **Promoter Group:** Following the **2025 takeover**, **Mr. Ram Gopal Jindal** and **Mr. Gaurav Jindal** are the recognized Promoters. The takeover involved a **Share Purchase Agreement (SPA)** for **48.56%** of the capital at **₹28.00 per share**, followed by a mandatory **Open Offer**. --- ### **Risk Factors & Governance** * **Institutional De-empanelment:** The company reported losses in the **December 2025 quarter** following de-empanelment by the **Life Insurance Corporation of India (LIC)** due to the change in management. Re-empanelment efforts are currently underway. * **Regulatory Penalties:** Due to delays in statutory approvals during the takeover, **SEBI** directed the Acquirers to pay **10% per annum interest** to shareholders for the delayed payment period of the Open Offer. * **Credit Risk:** Trade receivables stood at **₹218.34 Lacs** as of March 2025; management monitors these strictly to ensure realization within **12 months**. * **Cost Management:** To rationalize expenses, the **Managing Director’s remuneration** was revised downward from **₹3,00,000** to **₹1,50,000** per month effective **February 2026**. * **Audit Focus:** Auditors have flagged **Related Party Transactions** and the valuation of trade receivables as **Key Audit Matters** requiring rigorous management judgment.