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Pune e-Stock Broking Ltd

PESB

BSE

₹260.60+0.46%19 Oct 2026

Reports

Finance Capital Markets Brokers

Pune e-Stock Broking Ltd

PESB

BSE

₹260.60

+0.46%

19 Oct 2026

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Finance Capital Markets Brokers

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Pune e-Stock Broking Ltd is a technology-enabled financial firm that lets Indians trade stocks, commodities, and derivatives, and increasingly manages their money - all under one roof. It started in Pune in 2007 as a traditional broker, got its licence in 2008, and later absorbed two sister firms before listing on the BSE SME platform in 2024. The recurring idea is a deliberate pivot away from simply chasing trading volumes toward higher-value services - research, advice, and lending against shares - a shift the company itself calls “quality over quantity”.

Business segments

A single integrated engine - broking, proprietary trading, and margin funding - that generates the core revenue, with an asset-management platform being built on top of it.

1. Broking, proprietary trading and margin funding: the core engine

The company earns by executing trades for retail clients, lending them money to buy shares, and trading with its own capital - all treated as one unified broking business.

Broking across almost every exchange and asset - clients can trade cash equities, futures and options, commodities, and currencies because the company is a corporate member of the NSE, BSE, and MCX (the commodity exchange it joined in 2019).
Self-clearing keeps the experience seamless - since 2021, the company has cleared its own trades rather than relying on an outside clearing member, which gives it direct control over settlement and client service.
Lending against shares, not just broking - through its margin trading facility (MTF), the company lends clients money to buy shares, and this loan book has been continuously growing, funded partly by credit lines that stood at roughly 165 crore rupees as of August 2025.
Trading its own book for profit - proprietary trading in derivatives and cash markets is a significant contributor, run with what management calls disciplined position management.
Research and advisory bolted on - the company obtained a SEBI Research Analyst registration in August 2024, valid for five years, so it can now sell stock research and advice alongside execution.

2. Asset management: the emerging second engine

The company is building a platform to pool client money into a professionally managed fund - an Alternative Investment Fund - and has already begun gathering assets.

A fund for sophisticated investors - the board approved the venture in September 2024, and the entity, PESB Capital Ventures, received its SEBI registration as a Category III Alternative Investment Fund in March 2025 with perpetual validity.
Already gathering assets - by May 2026, the fund had reached roughly 50 crore rupees in assets under management, with a stated ambition to scale that to about 300 crore rupees.
A subsidiary to run the show - PESB Asset Management LLP, in which the company holds a 99% stake, was set up as the sponsor to manage the fund.
Merchant banking added to the toolkit - a separate SEBI merchant-banker registration obtained in September 2025 lets the company underwrite and anchor initial public offerings, a capability that sits alongside the fund management business.

Group structure and partners

The company operates through a web of subsidiaries that extend its reach into clearing, offshore trading, insurance, and fund management, though several are still in the set-up phase.

A clearing and lending subsidiary - Pune Finvest Limited, in which the company holds a 79% stake, acts as a clearing member, though it had no material operations during FY24.
A GIFT City outpost for global trading - Pune E-Stock Broking IFSC Limited is a wholly-owned subsidiary based in Gujarat’s international financial hub, set up to serve NRI clients and trade global derivatives; it was pre-operational as of the last report.
Promoters retain majority control - the promoter group held just over 51% before a preferential issue of warrants, and would hold just over 50% after full conversion, with key promoters drawn from the Shah and Ghodnadikar families.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹457Cr

Close Price

₹260.60

Industry

Finance Capital Markets Brokers

Price To Earnings

20.88

Price To Sales

8.49

Revenue

₹54Cr

Rev Gr TTM

Revenue Growth TTM

-14.68%

PAT Gr TTM

PAT Growth TTM

3.95%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	27	40	40	23	26	27
Growth YoY Revenue Growth YoY%			51.2	-42.6	-34.5	20.4
Expenses ExpensesCr	22	38	35	16	20	21
Operating Profit Operating ProfitCr	5	2	5	6	6	7
OPM OPM%	17.7	5.4	12.5	28.0	24.2	24.7
Other Income Other IncomeCr	3	6	12	1	7	6
Interest Expense Interest ExpenseCr	1	1	2	3	3	3
Depreciation DepreciationCr	0	0	1	1	1	1
PBT PBTCr	0	0	0	0	0	0
Tax TaxCr	2	2	4	2	3	3
PAT PATCr	6	7	14	6	10	10
Growth YoY PAT Growth YoY%			121.8	-13.9	-22.9	68.6
NPM NPM%	22.9	16.5	33.6	24.7	39.6	34.6
EPS EPS₹	0.0	5.7	8.3	3.5	6.5	6.0

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	27	40	40	23	26	27
Growth YoY Revenue Growth YoY%			51.2	-42.6	-34.5	20.4
Expenses ExpensesCr	22	38	35	16	20	21
Operating Profit Operating ProfitCr	5	2	5	6	6	7
OPM OPM%	17.7	5.4	12.5	28.0	24.2	24.7
Other Income Other IncomeCr	3	6	12	1	7	6
Interest Expense Interest ExpenseCr	1	1	2	3	3	3
Depreciation DepreciationCr	0	0	1	1	1	1
PBT PBTCr	0	0	0	0	0	0
Tax TaxCr	2	2	4	2	3	3
PAT PATCr	6	7	14	6	10	10
Growth YoY PAT Growth YoY%			121.8	-13.9	-22.9	68.6
NPM NPM%	22.9	16.5	33.6	24.7	39.6	34.6
EPS EPS₹	0.0	5.7	8.3	3.5	6.5	6.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	33	41	36	66	63	54
Growth Revenue Growth%		26.7	-13.3	85.8	-5.0	-14.7
Expenses ExpensesCr	24	32	26	57	46	34
Operating Profit Operating ProfitCr	9	9	10	9	17	20
OPM OPM%	27.6	21.8	27.9	13.9	27.3	37.1
Other Income Other IncomeCr	2	5	5	10	14	13
Interest Expense Interest ExpenseCr	2	1	2	2	5	6
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	9	13	12	17	25	27
Tax TaxCr	2	2	3	4	6	7
PAT PATCr	7	10	10	13	19	20
Growth PAT Growth%		55.6	-4.7	31.2	51.6	4.0
NPM NPM%	20.0	24.5	27.0	19.1	30.4	37.0
EPS EPS₹	8.5	12.5	12.3	11.0	11.7	12.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	33	41	36	66	63	54
Growth Revenue Growth%		26.7	-13.3	85.8	-5.0	-14.7
Expenses ExpensesCr	24	32	26	57	46	34
Operating Profit Operating ProfitCr	9	9	10	9	17	20
OPM OPM%	27.6	21.8	27.9	13.9	27.3	37.1
Other Income Other IncomeCr	2	5	5	10	14	13
Interest Expense Interest ExpenseCr	2	1	2	2	5	6
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	9	13	12	17	25	27
Tax TaxCr	2	2	3	4	6	7
PAT PATCr	7	10	10	13	19	20
Growth PAT Growth%		55.6	-4.7	31.2	51.6	4.0
NPM NPM%	20.0	24.5	27.0	19.1	30.4	37.0
EPS EPS₹	8.5	12.5	12.3	11.0	11.7	12.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	7	7	16	16	16
Reserves ReservesCr	51	60	69	112	130	151
Current Liabilities Current LiabilitiesCr	59	73	63	126	119	141
Non Current Liabilities Non Current LiabilitiesCr	13	19	14	12	11	6
Total Liabilities Total LiabilitiesCr	133	163	158	269	281	328
Current Assets Current AssetsCr	114	145	129	163	250	259
Non Current Assets Non Current AssetsCr	19	18	29	106	30	69
Total Assets Total AssetsCr	133	163	158	269	281	328

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	7	7	7	16	16	16
Reserves ReservesCr	51	60	69	112	130	151
Current Liabilities Current LiabilitiesCr	59	73	63	126	119	141
Non Current Liabilities Non Current LiabilitiesCr	13	19	14	12	11	6
Total Liabilities Total LiabilitiesCr	133	163	158	269	281	328
Current Assets Current AssetsCr	114	145	129	163	250	259
Non Current Assets Non Current AssetsCr	19	18	29	106	30	69
Total Assets Total AssetsCr	133	163	158	269	281	328

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-6	22	-4	42	-64	17
Investing Cash Flow Investing Cash FlowCr	-29	36	-12	-78	81	-35
Financing Cash Flow Financing Cash FlowCr	4	10	-7	60	29	25
Net Cash Flow Net Cash FlowCr	-31	68	-22	24	46	7
Free Cash Flow Free Cash FlowCr	-13	21	-4	40	-65	16
CFO To PAT CFO To PAT%	-91.4	214.3	-37.2	330.6	-334.0	84.8
CFO To EBITDA CFO To EBITDA%	-66.3	240.7	-35.9	454.3	-371.9	84.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-6	22	-4	42	-64	17
Investing Cash Flow Investing Cash FlowCr	-29	36	-12	-78	81	-35
Financing Cash Flow Financing Cash FlowCr	4	10	-7	60	29	25
Net Cash Flow Net Cash FlowCr	-31	68	-22	24	46	7
Free Cash Flow Free Cash FlowCr	-13	21	-4	40	-65	16
CFO To PAT CFO To PAT%	-91.4	214.3	-37.2	330.6	-334.0	84.8
CFO To EBITDA CFO To EBITDA%	-66.3	240.7	-35.9	454.3	-371.9	84.5

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				187	208	350	457
Price To Earnings Price To Earnings				15.0	11.4	17.9	20.9
Price To Sales Price To Sales				2.5	2.8	5.2	8.5
Price To Book Price To Book				1.5	1.4	2.1	2.3
EV To EBITDA EV To EBITDA				12.4	6.4	12.5	17.8
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	27.6	21.8	27.9	13.9	27.3	37.1	37.1
NPM NPM%	20.0	24.5	27.0	19.1	30.4	37.0	37.0
ROCE ROCE%	15.1	16.4	15.4	11.9	15.4	14.8	14.8
ROE ROE%	11.2	15.0	12.6	9.9	13.2	11.9	11.9
ROA ROA%	4.9	6.2	6.1	4.7	6.8	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				187	208	350	457
Price To Earnings Price To Earnings				15.0	11.4	17.9	20.9
Price To Sales Price To Sales				2.5	2.8	5.2	8.5
Price To Book Price To Book				1.5	1.4	2.1	2.3
EV To EBITDA EV To EBITDA				12.4	6.4	12.5	17.8
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	27.6	21.8	27.9	13.9	27.3	37.1	37.1
NPM NPM%	20.0	24.5	27.0	19.1	30.4	37.0	37.0
ROCE ROCE%	15.1	16.4	15.4	11.9	15.4	14.8	14.8
ROE ROE%	11.2	15.0	12.6	9.9	13.2	11.9	11.9
ROA ROA%	4.9	6.2	6.1	4.7	6.8	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GEOJITFSL	5PAISA	MIIL	ARIHANTCAP	EMKAY	PESB	INDOTHAI
Market CapitalizationMkt CapCr	2,079	1,585	1,456	1,031	761	457	440
Close PriceClose₹	74.49	338.15	670.05	94.09	272.50	260.60	33.10
IndustryIndustry	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers
Price To EarningsPE	28.65	29.15	320.60	25.02	36.58	20.88	2.05
Price To SalesPS	3.09	4.67	32.97	4.43	1.90	8.49	3.98
RevenueRevenueCr	672	339	44	233	399	54	110
Revenue Growth TTMRev Gr TTM%	-5.5%	9.0%	23.1%	3.4%	21.3%	-14.7%	217.6%
PAT Growth TTMPAT Gr TTM%	-52.8%	-11.6%	-51.4%	-23.5%	-61.7%	4.0%	497.7%

	GEOJITFSL	5PAISA	MIIL	ARIHANTCAP	EMKAY	PESB	INDOTHAI
Market CapitalizationMkt CapCr	2,079	1,585	1,456	1,031	761	457	440
Close PriceClose₹	74.49	338.15	670.05	94.09	272.50	260.60	33.10
IndustryIndustry	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers
Price To EarningsPE	28.65	29.15	320.60	25.02	36.58	20.88	2.05
Price To SalesPS	3.09	4.67	32.97	4.43	1.90	8.49	3.98
RevenueRevenueCr	672	339	44	233	399	54	110
Revenue Growth TTMRev Gr TTM%	-5.5%	9.0%	23.1%	3.4%	21.3%	-14.7%	217.6%
PAT Growth TTMPAT Gr TTM%	-52.8%	-11.6%	-51.4%	-23.5%	-61.7%	4.0%	497.7%