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Gretex Corporate Services Limited — Q1 FY27 earnings call

Call held 10 Aug 2026

Company page: Gretex Corporate Services share price, financials & guidance record

Management summary

Gretex Corporate Services Limited reported on its Q1 FY27 activities, highlighting strong progress in its advisory and merchant banking segments with 3 new advisory mandates and a new listing mandate. The company also advanced its alternative investment strategy with Bahutex's AIF registration and saw its broking subsidiary move closer to listing. Management anticipates 3-4 IPO listings in the current quarter, reflecting a positive outlook despite broader market deceleration in mainboard IPOs.

Highlights

Signed 3 new advisory mandates, demonstrating continued strength of origination engine.
Secured a listing mandate with a West Bengal-based ferroalloy company and filed DRHP for Sky Alloys and Power Limited on both NSE and BSE.
Bahutex received its registration for a Category-II AIF during the quarter, with Gretex as a partner in the fund.
Gretex Share Broking Limited, a subsidiary, continues to progress towards its proposed listing, with strong contribution this quarter.
Management expects a minimum of 3 to 4 IPO listings in the current quarter.

What they filed

Q1 FY27: revenue up 72.7%, net profit up 1200.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	94	66	60	22	80 −15%	42 −36%	35 −42%	38 +73%
Expenses	77	78	72	20	48	42	25	20
EBITDA	17	-12	-12	2	32 +88%	0 +100%	10 +183%	17 +750%
Margin	18%	-19%	-20%	8%	40%	-1%	28%	46%
Other income	3	14	-11	1	-12	13	-1	1
Interest	0	0	0	0	0	0	1	0
Depreciation	1	1	1	1	1	1	0	1
Profit before tax	19	1	-24	2	19 +0%	11 +1000%	8 +133%	17 +750%
Tax rate	22%	-60%	-11%	37%	33%	40%	7%	26%
Net profit	15	1	-21	1	13 −13%	7 +600%	7 +133%	13 +1200%
EPS	4.39	1.53	-7.57	0.34	5.06	0.71	2.07	3.86

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Volume

IPO listings Volume · current quarter · High confidence minimum of 3 to 4

Yeah, in terms of listing, if I am not wrong on the question, for the current quarter which is going on, we expect a minimum of 3 to 4 IPO listings should happen.

— Alok Harlalka

What to watch in Q2 FY27

IPO listings in Q2 FY27

next quarter

Current Expected minimum of 3 to 4

Target Actual number of IPOs listed

Why it matters

Directly measures the achievement of management's explicit guidance for core business activity.

we expect a minimum of 3 to 4 IPO listings should happen.

Q&A highlights

1 direct

Expected IPO listings in the current quarter Direct

Yeah, in terms of listing, if I am not wrong on the question, for the current quarter which is going on, we expect a minimum of 3 to 4 IPO listings should happen.

This was the only question asked and answered, providing specific forward guidance on a key business metric.

1 min read 4 chapters

Detailed narrative

Industry Overview and Market Dynamics

The first quarter of FY2027 was marked by heightened geopolitical uncertainties and continued volatility in global financial markets. The Indian primary market saw 53 issues collectively mobilize approximately INR 6,895 crores. Mainboard IPOs raised about INR 5,000 crores across 8 issues, while the SME platform contributed the balance across 45 issues. Mainboard activity experienced a significant deceleration compared to FY26, which saw 108 mainboard companies raise over INR 1.76 lakh crores, though the SME pipeline remained active.

Operational Highlights and Business Development

Gretex Corporate Services Limited signed 3 new advisory mandates during the quarter, showcasing the continued strength of its origination engine. The company also secured a listing mandate with a West Bengal-based ferroalloy company and filed the DRHP for Sky Alloys and Power Limited on both NSE and BSE. In alternative investments, Bahutex received its registration for a Category-II AIF, with Gretex participating as a partner in the fund.

Subsidiary Progress and Strategic Growth

Gretex Share Broking Limited, a subsidiary, continues to advance towards its proposed listing. Its strong contribution this quarter reaffirmed the strategic value of scaling broking and market-making operations. Management is actively engaged in preparatory work to strengthen the platform and support future growth phases.

Outlook and Future Strategy

The company plans to prioritize execution excellence and build scale across its merchant banking and broking platforms in a measured and sustainable manner. Management believes the operating environment remains favorable due to the continued evolution of India's capital markets, positioning Gretex to capitalize on emerging opportunities. For the current quarter, management expects a minimum of 3 to 4 IPO listings.

This is an AI-generated summary of a publicly available earnings call transcript.

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