Shreni S͏hares IP͏O

Shreni Shares Limited is a SEBI-registered stockbroker with a diversified business model centered on Share Broking and Market Making Services. The company provides a crucial link between businesses seeking capital and investors, facilitating fund-raising through SME platforms.

• Business Verticals:

• Broking Services: Offers services across equity (cash, intra-day, derivatives) and currency segments. It facilitates demat accounts through CDSL and operates through 8 branches, a network of 6 Authorised Persons, and its digital platforms.

• Margin Trading Facility (MTF): Provides funding to clients to leverage their eligible collaterals for trading in the equity cash delivery segment, generating interest income.

• Market Making Services: A core strength, the company is a registered market maker with BSE and NSE, providing liquidity to SME scrips. It has handled 37 mandates from FY23-FY25, establishing itself as a leading player in the SME ecosystem.

• Capital Business: Encompasses proprietary trading and investments, leveraging the promoters’ deep market experience to generate returns. The treasury portfolio is managed to ensure liquidity and support other business verticals.

• Client Base & Reach: The company serves a diverse clientele of over 2,620 individuals, HUFs, and corporate clients across India, offering customized private client broking solutions.

• Financial Performance: The company has demonstrated significant growth, with revenue from operations rising from ₹119.54 million in FY23 to ₹285.29 million in FY25, and further to ₹459.38 million in the nine months ended Dec 31, 2025. Profitability has also strengthened, with PAT from continuing operations reaching ₹299.19 million for the 9M period, underpinned by a high EBITDA margin of 91.20%.

Industry Outlook

Shreni Shares Limited operates within the Indian capital markets and financial services industry, specifically in stock broking and market making. The Indian secondary equity market has experienced sustained expansion, supported by improving macroeconomic conditions, structural reforms, and rising participation from retail and institutional investors.

• Growth Trajectory: The period between FY21 and FY25 was marked by steady appreciation in benchmark indices and a significant increase in trading activity in the cash segment. The equity cash segment alone represents a dominant portion of registered stockbrokers, serving as the primary entry point for retail investors.

• SME Ecosystem: The SME exchange ecosystem has seen robust growth, with a total of 562 SME mandates handled industry-wide between FY23-FY25. The demand for market making services is intrinsically linked to this growth, as companies listing on SME exchanges require market makers to ensure liquidity.

• Future Outlook: The capital market industry is poised for continued growth, driven by increasing financialization of savings, a young demographic, and the government’s focus on infrastructure and economic development. The trend towards digitization and technological adoption is expected to further deepen market penetration, creating a favorable environment for integrated financial service providers.

How Will Shreni Shares Limited Benefit

• As a leading player among the top 10 market makers, Shreni Shares Limited is poised to benefit from the sustained growth in SME listings and the increasing demand for its core market-making services.

• The expanding retail investor base in India will likely lead to higher client acquisition and increased transaction volumes for the company’s broking services.

• The company’s strategic focus on scaling its Margin Trading Facility will capitalize on the growing trend of leveraged trading, driving interest income and higher average revenue per client.

• Its robust technology infrastructure and digital platforms, like the Taurus Trader app, are well-positioned to cater to the increasing preference for online trading among a tech-savvy clientele.

• The company’s strong balance sheet and access to IPO proceeds will allow it to meet working capital requirements more efficiently, enabling it to underwrite larger positions and scale its market-making operations.

• The repayment of high-cost borrowings from IPO proceeds will strengthen the balance sheet, reduce interest expenses, and improve overall profitability.

Peer Group Comparison

Name of Company	Face Value (₹ )	Revenue, for (in ₹ million)	EPS (₹)	NAV (₹)	P/E	RONW (%)
Shreni Shares Limited	₹10.00	286.60	3.34	26.70	[●]	16.38%
Peer Group
Share India Securities Limited	₹2.00	14,695.01	15.58	106.96	10.10	15.97%
SMC Global Securities Limited	₹2.00	17,857.20	13.92	116.25	10.95	12.13%
Rikhav Securities Limited	₹5.00	3,277.66	7.51	59.15	6.92	10.45%

Key Strategies for Shreni Shares Limited

Strategic Leverage and Capital Efficiency through Margin Trading Facility (MTF)

Shreni Shares Limited aims to scale its MTF portfolio as a key growth driver, supported by prudent risk management and seamless platform integration. The strategy seeks to increase average revenue per client and diversify income streams. The company has already obtained necessary exchange approvals, and as of December 31, 2025, its MTF book stood at ₹447.22 million, reflecting successful capital deployment and client adoption.

Grow our fee-based revenues

The company’s objective is to diversify revenue streams beyond transaction-based income. It plans to expand by enhancing distribution of third-party mutual funds and establishing a market-making function for fixed income securities of SME companies. This will capture spreads and introduce more diverse investment baskets to cater to varying client risk appetites, creating a more resilient fee-based revenue model.

Strengthening customer-centric service delivery

Shreni Shares Limited’s strategy focuses on delivering high-quality service through personalized advisory and efficient execution. It intends to standardize service processes, enhance relationship management, and leverage analytics to better understand client behavior. By combining digital-first platforms with relationship-driven servicing, the company aims to improve customer satisfaction, increase retention, and build long-term, trust-based relationships.

Focus on risk management

As a financial services entity, risk management is paramount. The company plans to strengthen its risk management procedures by continuously evaluating and managing market, credit, and operational risks. This will be achieved through robust financial, credit, and compliance reporting systems, adhering to regulatory requirements and business needs, ultimately protecting its reputation and ensuring stability.