Finance - Stock Broking · Founded 1994 · www.wallfort.com · BSE 532053 · · ISIN INE121B01014
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Business
Wallfort Financial Services Ltd. operates as a financial services company in India, primarily engaged in the stockbroking sector. Its core business involves providing trading and investment services across various asset classes, including equities, derivatives (futures and options), and potentially commodities. The company earns revenue primarily through brokerage fees charged on client trades, transaction fees, depository participant (DP) charges for holding securities electronically, and potentially fees from ancillary services like research, advisory, and distribution of other financial products (e.g., mutual funds, IPOs) to its client base.
Revenue Mix
Based on its industry, the primary revenue segments for Wallfort Financial Services Ltd. would typically include:
Equity Broking: Brokerage generated from cash equity trading.
Derivatives Broking: Brokerage from futures and options trading.
Depository Participant Services: Fees for maintaining demat accounts and facilitating electronic transfer of securities.
Other Financial Services: Potentially includes income from distribution of mutual funds, IPOs, corporate advisory, or research services.
Note: Specific revenue contribution percentages for each segment are not publicly available without detailed financial reports.
Industry
The Indian stockbroking industry is highly competitive, characterized by a mix of large full-service brokers (often backed by banks), traditional independent full-service brokers, and an increasing number of discount brokers. The market has seen significant growth in retail participation, driven by digitalization and increasing financial literacy. Wallfort Financial Services likely operates as an independent, full-service broker, catering to retail and potentially HNI (High Net Worth Individual) clients. Compared to larger players like ICICI Securities, HDFC Securities, or discount brokers like Zerodha and Upstox, Wallfort would be positioned as a smaller entity, potentially with a regional focus or a client base built on long-standing relationships and personalized service rather than scale or aggressive pricing.
MOAT
For a smaller player like Wallfort Financial Services, traditional competitive advantages (moats) are often weak:
Scale: Unlikely to have a scale advantage against larger national brokers.
Brand: Brand recognition would likely be localized rather than national.
Switching Costs: Relatively low in the broking industry, especially with the rise of digital platforms.
Network Effect: Limited, as client acquisition is typically direct.
Potential advantages, if any, might stem from:
Strong client relationships: Built over time through personalized service, trust, and understanding client needs.
Niche market focus: Specializing in certain client segments or regions.
Efficient service delivery: A lean operational model or superior customer support compared to larger, more impersonal players.
Overall, a strong, durable competitive moat is likely challenging for the company in this highly commoditized and competitive industry.
Growth Drivers
Increasing Financialization of Savings: A shift from physical assets to financial assets among Indian households.
Rising Retail Participation: Growing interest from individual investors in direct equity markets, especially from Tier 2/3 cities.
Digitalization and Fintech Adoption: Easier access to trading platforms and financial services via mobile apps and online portals.
Economic Growth & Rising Disposable Income: As the Indian economy grows, more individuals have surplus income to invest.
Financial Literacy Initiatives: Efforts by regulators and market participants to educate investors.
Risks
Market Volatility: Revenue is highly dependent on trading volumes and market sentiment; downturns or prolonged low volatility can significantly impact profitability.
Intense Competition: Fierce competition from well-capitalized bank-backed brokers and disruptive discount brokers, leading to pressure on brokerage margins.
Regulatory Changes: The Indian financial market is heavily regulated by SEBI. Changes in regulations, transaction charges, or margin requirements can impact business models.
Technological Disruption: Rapid advancements in trading technology and algorithmic trading, requiring continuous investment.
Cybersecurity Risks: Vulnerability to data breaches and cyberattacks given the sensitive client data handled.
Operational Risks: Risks associated with trade execution, settlement, and compliance.
Management & Ownership
As with many Indian companies, Wallfort Financial Services Ltd. is likely promoter-driven, meaning a founding family or individual(s) holds a significant ownership stake and plays a key role in management and strategic direction. The quality of management would depend on their experience in the financial markets, strategic vision, risk management practices, and ability to navigate a competitive and regulated environment. Detailed assessment would require deeper research into the promoter group's background and the track record of the leadership team.
Outlook
Wallfort Financial Services operates in an Indian financial market that presents significant long-term growth opportunities driven by increasing retail participation and the financialization of savings. The company stands to benefit from these secular trends. However, its outlook is tempered by the intense competition, particularly from large incumbents and agile discount brokers who continuously drive down pricing. For a smaller entity, sustained profitability will depend on its ability to carve out a niche, maintain strong client relationships through personalized service, effectively manage costs, and adapt to technological advancements and regulatory changes. While the underlying market growth is positive, Wallfort's specific competitive positioning and ability to execute will be crucial determinants of its future success.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 4 | 27 | 21 | 2 | -16 | 21 | 1 | -1 | -16 | 27 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 6 | 0 |
| Total Income | 4 | 27 | 21 | 2 | -16 | 21 | 1 | 4 | -10 | 27 |
| Total Expenditure | 4 | 5 | 4 | 5 | 4 | 4 | 4 | 5 | 5 | 6 |
| Operating Profit | -0 | 22 | 17 | -3 | -20 | 16 | -3 | -1 | -15 | 20 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 22 | 17 | -3 | -20 | 16 | -4 | -1 | -15 | 20 |
| Provision for Tax | 3 | 2 | 3 | 2 | -4 | 1 | 0 | 0 | -3 | 0 |
| Profit After Tax | -4 | 20 | 14 | -6 | -16 | 15 | -4 | -2 | -12 | 20 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -4 | 20 | 14 | -6 | -16 | 15 | -4 | -2 | -12 | 20 |
| Adjusted Earnings Per Share | -3.9 | 20.6 | 14.8 | -6 | -17 | 15.8 | -4.1 | -1.9 | -12.9 | 20.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 38 | 22 | 22 | 37 | 13 | 12 | 30 | 28 | 20 | 51 | 33 | 11 |
| Other Income | 1 | 1 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 |
| Total Income | 39 | 23 | 24 | 39 | 13 | 12 | 30 | 28 | 20 | 51 | 34 | 22 |
| Total Expenditure | 9 | 13 | 9 | 25 | 47 | 40 | 9 | 11 | 13 | 14 | 18 | 20 |
| Operating Profit | 30 | 10 | 15 | 14 | -33 | -27 | 21 | 17 | 7 | 37 | 15 | 1 |
| Interest Expense | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 30 | 10 | 15 | 14 | -35 | -28 | 21 | 17 | 6 | 36 | 15 | 0 |
| Provision for Tax | 6 | 2 | 4 | 4 | -8 | -5 | 6 | 3 | 1 | 7 | 3 | -3 |
| Profit After Tax | 24 | 7 | 11 | 10 | -27 | -23 | 15 | 14 | 5 | 30 | 12 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 24 | 7 | 11 | 10 | -27 | -23 | 15 | 14 | 5 | 30 | 12 | 2 |
| Adjusted Earnings Per Share | 25 | 7.5 | 11.4 | 10.4 | -27.7 | -23.7 | 15.5 | 14.2 | 5.2 | 30.6 | 12.4 | 2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -35% | 6% | 22% | -1% |
| Operating Profit CAGR | -59% | -4% | 0% | -7% |
| PAT CAGR | -60% | -5% | 0% | -7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -31% | 0% | 5% | 3% |
| ROE Average | 8% | 11% | 12% | 7% |
| ROCE Average | 10% | 14% | 16% | 9% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 83 | 91 | 102 | 112 | 116 | 92 | 109 | 114 | 120 | 149 | 162 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Liability | 8 | 5 | 9 | 9 | 15 | 6 | 1 | 2 | 7 | 9 | 9 |
| Other Liabilities & Provisions | -4 | -3 | -3 | -3 | -4 | -9 | -4 | -3 | -4 | -2 | -3 |
| Total Liabilities | 88 | 92 | 107 | 118 | 127 | 89 | 106 | 112 | 122 | 156 | 168 |
| Loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 51 | 42 | 54 | 61 | 49 | 48 | 48 | 39 | 43 | 43 | 56 |
| Fixed Assets | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Other Loans | 4 | 3 | 2 | 3 | 0 | 0 | 2 | 2 | 2 | 8 | 7 |
| Other Non Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 |
| Current Assets | 31 | 45 | 49 | 53 | 77 | 40 | 51 | 67 | 73 | 100 | 100 |
| Total Assets | 88 | 92 | 107 | 118 | 127 | 89 | 106 | 112 | 122 | 156 | 168 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 10 | 14 | 21 | 25 | 10 | 12 | 3 | 1 | 2 | 5 | 1 |
| Cash Flow from Operating Activities | 28 | 3 | 10 | 5 | -4 | -18 | -0 | -5 | -1 | -21 | -11 |
| Cash Flow from Investing Activities | -21 | 4 | -11 | 2 | 7 | 10 | -3 | 6 | -0 | 18 | 9 |
| Cash Flow from Financing Activities | -2 | 0 | 4 | -0 | -1 | -1 | 1 | 1 | 3 | -0 | 3 |
| Net Cash Inflow / Outflow | 5 | 7 | 3 | 7 | 2 | -9 | -2 | 2 | 2 | -3 | 1 |
| Closing Cash & Cash Equivalent | 14 | 21 | 25 | 32 | 12 | 3 | 1 | 2 | 5 | 1 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 25.02 | 7.46 | 11.43 | 10.42 | -27.72 | -23.71 | 15.49 | 14.16 | 5.21 | 30.57 | 12.39 |
| CEPS(Rs) | 25.36 | 7.83 | 11.81 | 10.73 | -27.42 | -23.41 | 15.77 | 14.47 | 5.51 | 30.96 | 12.84 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 86.05 | 93.51 | 104.94 | 115.36 | 119.4 | 95.2 | 112.09 | 117.74 | 123.43 | 153.92 | 167.02 |
| Net Profit Margin | 64.27 | 33.46 | 49.31 | 27.04 | -200.14 | -184.95 | 49.8 | 48.79 | 25.34 | 58.28 | 35.99 |
| Operating Margin | 79.75 | 45.56 | 67.05 | 37.7 | -251.38 | -223.46 | 69.85 | 59.3 | 31.35 | 72.02 | 45.11 |
| PBT Margin | 79.44 | 44.4 | 65.81 | 36.62 | -257.25 | -227.99 | 69.26 | 58.73 | 30.45 | 71.69 | 44.6 |
| ROA(%) | 33.02 | 8.03 | 11.12 | 8.94 | -21.87 | -21.26 | 15.42 | 12.59 | 4.3 | 21.27 | 7.4 |
| ROE(%) | 34.01 | 8.31 | 11.52 | 9.46 | -23.62 | -22.1 | 14.95 | 12.33 | 4.32 | 22.04 | 7.72 |
| ROCE(%) | 41.55 | 11.27 | 15.22 | 12.59 | -28.39 | -25.83 | 20.76 | 14.98 | 5.3 | 27.03 | 9.68 |
| Price/Earnings(x) | 1.96 | 9.46 | 4.4 | 10.59 | 0 | 0 | 2.19 | 3.69 | 9.12 | 3.63 | 7.78 |
| Price/Book(x) | 0.57 | 0.75 | 0.48 | 0.96 | 0.27 | 0.16 | 0.3 | 0.44 | 0.38 | 0.72 | 0.58 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.87 | 2.22 | 1.3 | 2.15 | 0.61 | 0.11 | 0.61 | 1.13 | 1.36 | 1.52 | 1.8 |
| EV/Core EBITDA(x) | 1.08 | 4.7 | 1.88 | 5.59 | -0.24 | -0.05 | 0.87 | 1.87 | 4.13 | 2.09 | 3.88 |
| Interest Earned Growth(%) | 370.35 | -42.72 | 3.98 | 66.22 | -64.05 | -7.44 | 142.6 | -6.66 | -29.2 | 155.16 | -34.35 |
| Net Profit Growth | 1009.25 | -70.18 | 53.23 | -8.85 | -366.09 | 14.46 | 165.33 | -8.57 | -63.23 | 486.94 | -59.46 |
| EPS Growth(%) | 1009.25 | -70.18 | 53.23 | -8.85 | -366.09 | 14.46 | 165.33 | -8.57 | -63.23 | 486.94 | -59.46 |
| Interest Coverage(x) % | 260.62 | 39.27 | 54.22 | 34.88 | -42.83 | -49.31 | 117.93 | 105.15 | 34.73 | 219.59 | 89.35 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -35% | +6% | +22% | -1% |
| Operating Profit CAGR | -59% | -4% | — | -7% |
| PAT CAGR | -60% | -5% | — | -7% |
| Share Price CAGR | -31% | 0% | +5% | +3% |
| ROE Average | +8% | +11% | +12% | +7% |
| ROCE Average | +10% | +14% | +16% | +9% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 | 74.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
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