| Investment and Finance activity | Equity and debt investments, merchant banking, IPO funding, financial advisory, and capital market services. | SEBI registration, NSE membership, long-standing market presence, experienced management, and diversified financial services. | B2B and B2C investors, corporates seeking capital market services, and institutional clients. | Merchant banking and advisory segments yield higher margins. | 53 | 85 | Revenue through investment income, fees from merchant banking, advisory services, and financing activities. | Fee-based, transactional, and interest income models depending on service. | Capital market expansions, IPO activity, investor interest growth, and increasing advisory service demand. | Shardul Securities Ltd core investment services |
| Other activity | Broking services via Shriyam Broking Intermediary Ltd, commodity market trading through Shardul Commodities International Ltd | Strong subsidiary brands with NSE membership and growing client base in broking and commodities. | Retail and institutional brokerage clients. | Broking business shows improved profitability and growth potential. | 9 | 15 | Brokerage fees, trading commissions, and related income. | Transaction and commission-based income. | Rising retail participation in financial markets and commodity trading expansion. | Subsidiary broking and commodity trading arms |
