Gretex Corporate Services Ltd(GCSL)

NSE: GCSLBSE: 543324

₹ 726.95+0.31%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,818 crWebsite: www.gretexcorporate.comUpdated: 24 Oct 2026

About

Gretex Corporate Services Ltd is a SEBI-registered Category I Merchant Banker headquartered in Mumbai, offering IPO management, M&A advisory, valuation, debt syndication, and compliance services, with a broking and market-making subsidiary. The group operates as an integrated financial ecosystem combining merchant banking, broking, and wealth services. In FY26 the consolidated business generated revenue of ₹178.52 Mn, and has mobilised ~₹1,529 Cr of cumulative capital for clients since FY2017.^[1][2]

Business segments

Merchant banking is the main revenue segment: in 9M FY26 it contributed ₹116.7 Cr, against ₹27.0 Cr from market-making and broking.^[3]
In Q1 FY27, the company attributed its revenue growth to the broking subsidiary, Gretex Share Broking Ltd.^[4]

Products and services

GCSL offers seven service lines: IPOs, FPOs, rights issues, QIPs, PIPE deals, M&A advisory, open offers, delisting, buybacks, valuation, debt syndication and compliance advisory (as of FY25).^[1]
The group had delivered over 100 certified valuation reports for IPO-bound and transaction-led businesses as of FY25.^[1]
In FY24, the company said its merchant banking division was receiving a good number of valuation assignments.^[5]
In Q1 FY27, the group moved into alternative investments when Bahutex Ventures LLP, with Gretex as a partner, secured a Category-II AIF registration focused on pre-IPO funding.^[4]

Operations and offices

The registered and corporate offices are in Mumbai, and branch offices operate in Kolkata.^[1]
As of Q2 FY26, the broking subsidiary Gretex Share Broking Ltd had served as market maker for 63 SME-listed companies and had 7 empanelled institutional clients.^[6]

Key operating numbers

Cumulative capital raised for clients since FY2017 was ~₹1,529 Cr as of Q1 FY27, up from ~₹1,447 Cr at Q3 FY26.^[4]
Cumulative IPOs executed were 60 as of Q3 FY26 and 59 as of Q2 FY26. The FY25 annual report cited 52 SME IPOs since inception.^[3]
In FY24, the company listed 10 companies on the SME platform and completed 1 FPO.^[5]
Active market-making mandates were 26 as of Q3 FY26 (14 on NSE Emerge/BSE SME and 12 institutional), compared with 63 companies served as of Q2 FY26.^[3]

Customers and distribution

GCSL serves businesses ranging from emerging SMEs to established mid-caps, with a focus on first-generation entrepreneurs and companies in Tier II and III cities.^[1]
Past IPO mandates have been concentrated in the Consumer Goods, Industrial Products and Services sectors.^[1]
GCSL has over 40 listings on BSE SME. NSE named it 'Top Performing Merchant Banker in the SME Segment - NSE Emerge', and BSE recognised it for enabling SME and startup listings.^[1]

IPO pipeline and mandates

As of Q1 FY27, the pipeline held 14 mandates (10 SME IPOs and 4 mainboard). A further 4 in-principle approved mandates were deferred into FY27 under SEBI's extended validity to Sep-2026.^[4]
Three new advisory mandates were signed in Q1 FY27. They include a listing mandate from a West Bengal ferroalloy company and a DRHP filing for Sky Alloys and Power Ltd.^[4]
Management is moving away from SME IPOs towards mainboard mandates, which reduces compulsory market-maker capital commitments (as stated in Q3 FY26).^[3]
In Q1 FY27, only 8 mainboard IPOs raised ~₹5,000 Cr across the market, compared with 108 mainboard companies raising over ₹1.76 lakh Cr in FY26.^[4]

Expansion and new initiatives

As of Q1 FY27, the group targets total fundraising of ~₹20,000 Cr over the next 3 years through private equity placements and IPOs.^[4]
In FY24, the company said it was expanding its services into the private equity sector.^[5]
The group plans to introduce Portfolio Management Services by FY28.^[4]
The group is exploring tuck-in acquisitions or partnerships in retail broking to gain a customer base, technology and distribution.^[4]
The group plans to build equity research coverage of SME and mainboard sectors, including model libraries and thematic notes.^[4]

Recent developments

Bahutex Ventures LLP, with Gretex as a partner, received its Category-II AIF registration in Q1 FY27. The fund targets a corpus of up to ₹100 Cr, including greenshoe, for pre-IPO investments.^[4]
Gretex Share Broking Limited is continuing preparatory work towards an NSE/BSE mainboard listing, with no revised timeline given as of Q1 FY27.^[4]
GCSL moved to the NSE/BSE Main Board in September 2025, after first listing on BSE SME on 9 August 2021.^[6]

Market Cap

₹1,818 Cr

High / Low

₹788 / 215

Stock P/E

58.8

Price / Book

7.3

Book Value

₹102

EPS

₹11.6

No. of Shares

2.42 Cr

ROE

12.7%

Sales

₹179 Cr

Net Profit

₹28 Cr

Promoter holding

60.5%

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