| Merchant Banking Services | SME and main board IPO management, FPOs, rights issues, mergers and acquisitions advisory, valuation and compliance services. | Strong SEBI registration, reputation as top SME merchant banker, and long-term client relationships provide moat. | B2B focus on SME companies, mid-sized corporates seeking capital market access and advisory. | IPO consultancy and advisory fees generate highest margins. | 34 | 12 | Fees from capital raising mandates, advisory services, underwriting, and corporate restructuring consultancy. | Transaction-based fees, project fees, and advisory retainers. | Rising SME listings, main board IPO pipeline, government initiatives supporting SME capital access. | Gretex Corporate Services Limited |
| Market Making and Stock Broking | Stock broking services, market making on BSE and NSE platforms, institutional desk services. | Integrated platform combining merchant banking and broking with market making provides competitive edge. | Retail and institutional investors, SME listed companies requiring liquidity support. | Market making and proprietary trading are high margin. | 230 | 80 | Brokerage fees, market making spreads, and trading commissions. | Commission-based and spread earnings from market making activities. | Increasing SME market capitalization, new listings, and demand for liquidity support and retail broking services. | Gretex Share Broking Ltd |
