Finance - Stock Broking · Founded 1995 · www.gacmtech.com · BSE 531723 · NSE GATECH · ISIN INE224E01028
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Business
GACM Technologies Ltd. operates in the financial services sector, specifically within stock broking in India. Its core business involves facilitating the buying and selling of securities (equities, derivatives, commodities, currency) on stock exchanges for retail and institutional clients. The company acts as an intermediary, providing trading platforms (online and offline), research, advisory services, and depository participant services. GACM primarily generates revenue through brokerage commissions charged on trades, transaction fees, annual maintenance charges for demat accounts, and potentially through interest income on margin funding and distribution of other financial products.
Revenue Mix
Without specific company data, GACM Technologies' revenue streams would typically include:
Brokerage Income: Commissions earned from executing trades across various asset classes (equity cash, futures & options, commodities, currency).
Depository Services: Fees for account opening and annual maintenance of dematerialized (demat) accounts.
Ancillary Services: Charges for research, advisory services, platform usage, and potentially income from the distribution of mutual funds, IPOs, or other investment products.
The exact contribution of each segment is unknown but brokerage income is generally the dominant revenue driver for stockbrokers.
Industry
The Indian stock broking industry is dynamic, competitive, and has witnessed significant growth driven by increasing retail participation, financialization of savings, and digital penetration. The industry comprises a mix of full-service brokers (offering extensive research and advisory), discount brokers (focusing on low-cost execution), and bank-backed brokers. Competition is intense, leading to continuous pressure on brokerage margins. Without specific market share or client base data, GACM's precise positioning relative to established players like Zerodha, Upstox, ICICI Direct, HDFC Securities, or Angel One cannot be determined. It likely operates within this competitive landscape, aiming to differentiate through service, technology, or niche offerings.
MOAT
For a stock broking firm, potential competitive advantages, often referred to as moats, can include:
Brand Trust & Reputation: Critical in finance, clients prefer trusted names for their investments.
Scale: Larger players benefit from economies of scale in technology, compliance, and marketing, potentially offering lower costs to clients.
Technology Platform: A superior, user-friendly, and reliable trading platform can attract and retain clients.
Switching Costs (moderate): While relatively low compared to some industries, changing brokers involves some administrative effort and account transfers.
Niche Expertise/Service: Specializing in specific client segments or offering unique research/advisory services.
Specific to GACM Technologies, its durable advantages are not ascertainable without further information. It would need to leverage one or more of these aspects to build a sustainable moat in the highly competitive Indian market.
Growth Drivers
Key factors that can drive growth for GACM Technologies over the next 3-5 years include:
Increasing Retail Participation: Continued growth in the number of demat accounts and active traders in India, driven by financial literacy and digital access.
Economic Growth & Urbanization: A growing economy and rising disposable incomes typically translate into higher savings and investment flows into capital markets.
Digitalization: Adoption of online trading platforms and mobile apps makes investing more accessible and convenient.
Product Diversification: Expansion into new financial products (e.g., mutual funds, bonds, insurance) or wealth management services.
Regulatory Support: Policies promoting capital market participation and ease of doing business.
Risks
GACM Technologies faces several key risks inherent to the stock broking industry:
Market Volatility & Downturns: Reduced trading volumes and investor sentiment during bear markets directly impact brokerage revenues.
Intense Competition & Pricing Pressure: Aggressive pricing by discount brokers and large players can compress brokerage margins.
Regulatory Changes: Frequent changes by SEBI (Securities and Exchange Board of India) regarding margins, client funds, or operational guidelines can impact business models and compliance costs.
Technology & Cybersecurity Risks: Reliance on digital platforms exposes the company to operational disruptions, data breaches, and cyber-attacks.
Credit Risk: Risk associated with margin funding extended to clients, though regulated.
Economic Slowdown: Broader economic downturns can reduce investor appetite and trading activity.
Management & Ownership
As a company in India, GACM Technologies Ltd. is likely promoter-driven, where the founding family or individuals hold a significant ownership stake and influence strategic direction. Without specific details, the quality of management would typically be assessed by factors such as their experience in the financial services sector, track record of navigating market cycles, ability to innovate, and adherence to corporate governance standards. Ownership structure would include promoter holdings, institutional investors, and public float, which collectively influence governance and accountability.
Outlook
The outlook for GACM Technologies Ltd. is inherently tied to the broader Indian capital markets. On the bull side, sustained growth in India's economy, increasing financialization of household savings, and continued digital adoption present a significant tailwind for the stock broking industry. If GACM can effectively leverage technology, expand its client base, and offer compelling value propositions, it could capture a share of this expanding market. However, the bear case highlights intense competition, particularly from discount brokers who are rapidly gaining market share, and ongoing regulatory scrutiny that can impact business models and profitability. Furthermore, any significant downturn in market sentiment or trading volumes would directly hurt revenues. Therefore, GACM's ability to innovate, manage costs, and navigate the competitive and regulatory landscape will be crucial for its sustained performance.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2 | 2 | 3 | 4 | 5 | 7 | 5 | 4 | 6 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 2 | 2 | 3 | 4 | 5 | 7 | 6 | 4 | 6 | 5 |
| Total Expenditure | 1 | 1 | 3 | 2 | 2 | 3 | 2 | 2 | 3 | 1 |
| Operating Profit | 1 | 1 | 1 | 2 | 3 | 4 | 4 | 3 | 3 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 2 | 3 | 3 | 3 | 1 | 2 | 2 |
| Provision for Tax | 0 | 0 | -0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 2 | 2 | 3 | 3 | 1 | 2 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 2 | 2 | 3 | 3 | 1 | 2 | 2 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 74 | 195 | 385 | 230 | 157 | 17 | 2 | 10 | 7 | 14 | 20 |
| Other Income | 1 | 1 | 0 | 0 | 3 | 5 | 0 | 4 | 0 | 0 | 1 | 0 |
| Total Income | 25 | 75 | 195 | 386 | 233 | 162 | 17 | 7 | 10 | 8 | 15 | 21 |
| Total Expenditure | 17 | 54 | 113 | 293 | 222 | 178 | 20 | 14 | 10 | 5 | 8 | 8 |
| Operating Profit | 8 | 21 | 82 | 93 | 12 | -16 | -3 | -7 | 1 | 3 | 7 | 13 |
| Interest | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
| Depreciation | 3 | 5 | 15 | 28 | 29 | 13 | 3 | 0 | 1 | 1 | 1 | 6 |
| Exceptional Income / Expenses | -6 | 0 | 0 | 0 | 0 | -23 | -4 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 16 | 67 | 64 | -18 | -53 | -9 | -8 | -1 | 1 | 5 | 8 |
| Provision for Tax | -1 | 2 | 0 | 16 | -2 | -1 | -1 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | -0 | 15 | 66 | 48 | -16 | -52 | -9 | -8 | -1 | 1 | 4 | 8 |
| Adjustments | 0 | -0 | 0 | -15 | -37 | -9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 15 | 66 | 33 | -53 | -61 | -9 | -8 | -1 | 1 | 4 | 8 |
| Adjusted Earnings Per Share | -0 | 0.6 | 2.8 | 1.1 | -1.8 | -2.1 | -0.3 | -0.3 | -0 | 0 | 0.1 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 100% | 91% | -38% | -5% |
| Operating Profit CAGR | 133% | 0% | 0% | -1% |
| PAT CAGR | 300% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | -14% | -7% | -33% |
| ROE Average | 15% | 151% | 64% | 27% |
| ROCE Average | 16% | 10% | -36% | -10% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 24 | 72 | 141 | 165 | 71 | 10 | 3 | -6 | -7 | 7 | 50 |
| Minority's Interest | 0 | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 17 | 108 | 2 | 1 | 17 | 17 | 9 | 0 |
| Other Non-Current Liabilities | -2 | 0 | 0 | 16 | 4 | 0 | 0 | 0 | 0 | -1 | 13 |
| Total Current Liabilities | 14 | 8 | 13 | 66 | 25 | 22 | 1 | 2 | 2 | 2 | 4 |
| Total Liabilities | 36 | 80 | 154 | 285 | 208 | 36 | 6 | 12 | 13 | 18 | 66 |
| Fixed Assets | 11 | 41 | 92 | 102 | 41 | 7 | 1 | 2 | 2 | 1 | 12 |
| Other Non-Current Assets | 0 | 0 | 0 | 6 | 16 | 5 | 1 | 6 | 6 | 7 | 35 |
| Total Current Assets | 25 | 39 | 62 | 177 | 150 | 24 | 5 | 4 | 5 | 10 | 20 |
| Total Assets | 36 | 80 | 154 | 285 | 208 | 36 | 6 | 12 | 13 | 18 | 66 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 9 | 4 | 24 | 98 | 3 | 1 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 5 | 9 | 59 | 48 | 9 | 11 | -4 | -10 | 0 | -3 | -5 |
| Cash Flow from Investing Activities | -7 | -38 | -62 | -44 | -24 | -1 | 3 | -2 | -0 | 0 | -25 |
| Cash Flow from Financing Activities | 2 | 36 | -2 | 16 | 90 | -106 | -1 | 12 | -0 | 4 | 29 |
| Net Cash Inflow / Outflow | -0 | 8 | -5 | 20 | 74 | -96 | -2 | -0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 1 | 9 | 4 | 24 | 98 | 3 | 1 | 1 | 1 | 1 | 1 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.01 | 0.62 | 2.81 | 1.12 | -1.79 | -2.07 | -0.3 | -0.27 | -0.04 | 0.03 | 0.06 |
| CEPS(Rs) | 0.14 | 0.82 | 3.47 | 2.57 | 0.42 | -1.32 | -0.2 | -0.26 | -0.02 | 0.05 | 0.08 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.12 | 3.07 | 5.98 | 5.57 | 2.39 | 0.35 | 0.1 | -0.2 | -0.22 | 0.17 | 0.7 |
| Core EBITDA Margin(%) | 30.28 | 27.87 | 42.04 | 23.96 | 3.69 | -13.69 | -17.5 | -541.25 | 5.21 | 33.09 | 43.5 |
| EBIT Margin(%) | -4.25 | 22.13 | 34.27 | 16.72 | -7.42 | -33.38 | -56.75 | -350.69 | -1 | 23.76 | 39.49 |
| Pre Tax Margin(%) | -4.25 | 22.12 | 34.19 | 16.67 | -7.97 | -33.67 | -56.76 | -379.75 | -11.2 | 15.27 | 37.2 |
| PAT Margin (%) | -0.62 | 19.59 | 34 | 12.44 | -7.06 | -33.23 | -53.22 | -380.44 | -11.33 | 15.17 | 30.21 |
| Cash Profit Margin (%) | 12.77 | 26 | 41.92 | 19.73 | 5.46 | -24.98 | -35.32 | -358.2 | -4.56 | 25.03 | 40.97 |
| ROA(%) | -0.47 | 24.94 | 56.54 | 21.81 | -6.59 | -42.88 | -42.75 | -88.71 | -9.29 | 7.38 | 9.82 |
| ROE(%) | -0.63 | 30.04 | 62.14 | 31.33 | -13.78 | -128.26 | -131.5 | 0 | 0 | 437.72 | 14.53 |
| ROCE(%) | -4.31 | 32.95 | 61.46 | 39.73 | -9.47 | -54.77 | -110.44 | -97.95 | -0.97 | 13.37 | 16.43 |
| Receivable days | 194.87 | 99.95 | 61.06 | 86.25 | 145.78 | 72.39 | 0 | 2.88 | 24.98 | 202.22 | 306.47 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 49.24 | 19.66 | 49.79 | 74.71 | 50.18 | 0 | 0 | 135.19 | 3349.88 | 54.43 |
| PER(x) | 0 | 26.29 | 11.61 | 15.53 | 0 | 0 | 0 | 0 | 0 | 36.69 | 10.38 |
| Price/Book(x) | 5.08 | 5.28 | 5.45 | 3.13 | 3.08 | 4.1 | 2.84 | -3.12 | -3.17 | 5.84 | 0.86 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 5.76 | 5.7 | 4.41 | 1.48 | 1.11 | 0.3 | 0.61 | 17.41 | 3.84 | 7.3 | 3.45 |
| EV/Core EBITDA(x) | 17.18 | 19.96 | 10.46 | 6.17 | 21.7 | -2.97 | -3.68 | -5.3 | 66.56 | 21.7 | 6.86 |
| Net Sales Growth(%) | -36.35 | 209.46 | 163.08 | 97.54 | -40.31 | -31.77 | -89.37 | -87.34 | 391.48 | -28.03 | 82.69 |
| EBIT Growth(%) | -112.74 | 1712.11 | 307.44 | -3.64 | -126.51 | -206.78 | 81.92 | 21.76 | 98.6 | 1811.14 | 203.68 |
| PAT Growth(%) | -101.84 | 9835.88 | 356.76 | -27.75 | -133.87 | -221.21 | 82.97 | 9.5 | 85.36 | 196.32 | 263.9 |
| EPS Growth(%) | -101.81 | 9068.73 | 356.76 | -60.12 | -259.44 | -16.03 | 85.54 | 9.51 | 85.4 | 169.38 | 110.18 |
| Debt/Equity(x) | 0 | 0.04 | 0.01 | 0.1 | 1.52 | 0.22 | 0.43 | -2.8 | -2.6 | 1.24 | 0 |
| Current Ratio(x) | 1.82 | 5.02 | 4.85 | 2.67 | 5.9 | 1.08 | 3.12 | 2.63 | 2.12 | 4.18 | 4.8 |
| Quick Ratio(x) | 1.82 | 5.02 | 4.85 | 2.67 | 5.9 | 1.08 | 3.12 | 2.63 | 2.12 | 4.18 | 4.8 |
| Interest Cover(x) | -1384.47 | 3679.76 | 402.34 | 352.43 | -13.63 | -113.49 | -5914.79 | -12.07 | -0.1 | 2.8 | 17.2 |
| Total Debt/Mcap(x) | 0 | 0.01 | 0 | 0.04 | 0.55 | 0.06 | 0.17 | 1 | 0.92 | 0.22 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.27 | 4.13 | 4.13 | 4.13 | 7.39 | 0.91 | 0.91 | 0.91 | 0.91 | 0.63 |
| FII | 0.29 | 0.15 | 0.15 | 0.15 | 0.2 | 0.2 | 0.22 | 0.35 | 0.35 | 0.24 |
| DII | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 91.41 | 95.71 | 95.71 | 95.71 | 92.41 | 98.89 | 98.86 | 98.74 | 98.74 | 99.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.81 | 2.81 | 2.81 | 2.81 | 8.14 | 1 | 1 | 1 | 1 | 1 |
| FII | 0.1 | 0.1 | 0.1 | 0.1 | 0.22 | 0.22 | 0.25 | 0.38 | 0.38 | 0.38 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 31.11 | 65.13 | 65.13 | 65.13 | 101.9 | 109.05 | 109.02 | 108.88 | 108.88 | 158.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 34.03 | 68.06 | 68.06 | 68.06 | 110.27 | 110.27 | 110.27 | 110.27 | 110.27 | 159.77 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +100% | +91% | -38% | -5% |
| Operating Profit CAGR | +133% | — | — | -1% |
| PAT CAGR | +300% | — | — | — |
| Share Price CAGR | -19% | -14% | -7% | -33% |
| ROE Average | +15% | +151% | +64% | +27% |
| ROCE Average | +16% | +10% | -36% | -10% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.27 | 4.13 | 4.13 | 4.13 | 7.39 | 0.91 | 0.91 | 0.91 | 0.91 | 0.63 |
| FII | 0.29 | 0.15 | 0.15 | 0.15 | 0.2 | 0.2 | 0.22 | 0.35 | 0.35 | 0.24 |
| DII | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 91.41 | 95.71 | 95.71 | 95.71 | 92.41 | 98.89 | 98.86 | 98.74 | 98.74 | 99.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.81 | 2.81 | 2.81 | 2.81 | 8.14 | 1 | 1 | 1 | 1 | 1 |
| FII | 0.1 | 0.1 | 0.1 | 0.1 | 0.22 | 0.22 | 0.25 | 0.38 | 0.38 | 0.38 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 31.11 | 65.13 | 65.13 | 65.13 | 101.9 | 109.05 | 109.02 | 108.88 | 108.88 | 158.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 34.03 | 68.06 | 68.06 | 68.06 | 110.27 | 110.27 | 110.27 | 110.27 | 110.27 | 159.77 |
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