DB (International)

What DB (International) does

DB (International) Stock Brokers Limited is a SEBI-registered stock broker and CDSL depository participant providing multi-asset trading services to Indian retail investors and Non-Resident Indians (NRIs). The company operates a proprietary web-based trading platform branded XTS, an Android mobile application, and client and branch backoffice systems, enabling execution of equity, derivative, commodity, and mutual fund transactions across NSE, BSE, MCX, and NCDEX exchanges. It also offers IPO subscription services, demat account maintenance, and NRI/global trading access. The firm maintains eight physical branch offices across India — in Gandhinagar (registered HQ at GIFT City), New Delhi, Ghaziabad, Noida, Bikaner, Indore, Kolkata, and Solan — alongside its digital channels, and operates a wholly-owned IFSC subsidiary at GIFT City, Daga Business (International) Stock Brokers (IFSC) Private Limited, for international financial services.

Revenue is generated primarily through transaction-based brokerage commissions on equity, derivative, and commodity trades, supplemented by depository service fees, mutual fund distribution commissions, IPO facilitation fees, and NRI trading services that support repatriable and non-repatriable investment flows. For the fiscal year ended March 2026, DB International reported sales of Rs 27.65 crore (approximately $3.3 million), a 34.28% decline from the prior year's Rs 42.08 crore, with net profit falling 46.29% to Rs 3.11 crore. Q4 FY2026 was particularly weak, with consolidated sales of Rs 6.08 crore and net profit of Rs 0.23 crore (down 82.84% year-on-year). Q3 FY2026 showed operating margin improvement to 27.23% from 17.70%, indicating cost rationalization despite lower revenue.

The company's strategic positioning leans on its regulatory credentials — SEBI broker registration (INZ000179035), CDSL depository license (IN-DP-CDSL-266-2004), and market-making authorizations for MCX Electricity Futures (effective May 2026) and NSE Silver 30 Kgs Options — and on its global trading partnership with IndiaINX. DB International is publicly listed on BSE (ticker 530393) and NSE, employs 51-100 people, and is led by founder and Managing Director Shiv Daga. The financial profile is that of a small, transaction-dependent retail brokerage in a competitive market, currently navigating a top-line contraction while pursuing market-making and international expansion to diversify revenue.

Name

DB (International)

Legal name

DB (International) Stock Brokers Limited

Website

https://dbonline.in

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

DB (International) Stock Brokers Limited is a SEBI-registered Indian stock broker offering equity, derivatives, commodity, and mutual fund trading via web, mobile, and eight branch offices, primarily serving retail investors and NRIs.

Ownership category

akta.pro rank

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Stock Brokerage Commissions: Commission-based revenue from execution of equity, derivatives, and commodity trades on NSE, BSE, and MCX exchanges. Revenue is generated through brokerage fees charged per transaction.
2. Depository Services: Revenue from demat account services including securities holding, transfers, and pledge management through CDSL
3. Mutual Fund Distribution: Distribution fees earned from selling mutual fund products to clients
4. IPO Distribution: Fees from facilitating IPO applications and allotments for investors
5. NRI Trading Services: Specialized trading services for Non-Resident Indians on repatriable and non-repatriable basis

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

DB (International) Stock Brokers Limited is a SEBI-registered stock broker and CDSL depository participant that provides retail and NRI investors with multi-asset trading services across equity, derivatives, and commodities on NSE, BSE, MCX, and NCDEX exchanges. Its core offering is a proprietary web-based trading platform (XTS) and an Android mobile trading app, supplemented by depository (demat) services, mutual fund distribution, IPO application services, and NRI-specific trading accounts. The company also serves as a Designated Market Maker for MCX Electricity Futures and NSE Silver Options.

Product overview

DB (International) Stock Brokers Ltd is a SEBI-registered stock broker and depository participant offering a multi-channel trading platform. The core offering is a web-based Online Stock Trading Platform supplemented by a Mobile Trading App for Android. The company provides integrated services across equity, derivatives, commodities, and mutual funds through exchanges (NSE, BSE, MCX, NCDEX), with CDSL depository services for demat accounts. NRI Services extends access to foreign investors. The platform also includes Client Backoffice for account management and Global Trading for international market access. As a Designated Market Maker for MCX Electricity Futures, the company also provides market liquidity in the electricity derivatives segment.

Differentiator

Problem solved

Functional benefit

Products and services

• Online Stock Trading Platform (XTS) Web-based trading platform enabling real-time execution of equity, derivative, and commodity trades across NSE, BSE, MCX, and NCDEX for retail investors, active traders, and NRIs.
• Mobile Trading App (Android) Android mobile trading application (com.dbonline.xts) providing on-the-go trading access and portfolio monitoring for retail and NRI customers.
• Equity Trading Services Trading service for buying and selling stocks listed on NSE and BSE on repatriable and non-repatriable basis, targeting retail and NRI investors.
• Derivatives Trading Services Futures and options trading across equity, index, and commodity segments with Designated Market Maker services for electricity futures contracts.
• Commodity Trading Services (MCX) Trading in commodity futures and options on MCX covering bullion, metals, energy, and agricultural commodities for retail and commodity traders.
• Mutual Fund Distribution Distribution platform for mutual fund schemes with features for fund profiling, dividend details, and new fund offer tracking for retail investors.
• IPO Services Access to IPO subscriptions including forthcoming, open, and closed issues with online application capabilities for retail and NRI investors.
• NRI Trading Services Comprehensive services for Non-Resident Indians including equity trading, derivatives, mutual fund investment, IPO participation, PAN card procurement, and RBI permission assistance on NSE and BSE.
• Global Trading Services International trading capabilities for global market access through partnerships with IndiaINX Global Access and ClientBridge platforms.
• Depository Services (CDSL Demat) CDSL-linked demat account services for holding securities in electronic form, including dematerialization, rematerialization, transfers, and pledge management.

Quantifiable outcome

• Operating profit margin improved to 27.23% in Q3 FY2026 from 17.70% in prior year period, indicating cost optimization despite lower revenue

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and secondary.

• BSE (Bombay Stock Exchange)coreTechnology or IntegrationMember of Bombay Stock Exchange enabling equity trading, derivatives, and other exchange-traded products for clients
• NSE (National Stock Exchange)coreTechnology or IntegrationMember of National Stock Exchange providing access to equity and derivatives trading on India's leading stock exchange
• MCX (Multi Commodity Exchange)coreTechnology or IntegrationMember of MCX enabling commodity trading across bullion, metals, energy, and agricultural segments. Company also serves as Designated Market Maker for Electricity Futures
• NCDEX (National Commodity and Derivatives Exchange)secondaryTechnology or IntegrationMember of NCDEX providing access to agricultural commodity derivatives trading
• CDSL (Central Depository Services Limited)coreTechnology or IntegrationRegistered Depository Participant enabling demat account services, securities holding, transfers, and pledge management for clients
• NSDL (National Securities Depository Limited)secondaryTechnology or IntegrationDepository services partner providing alternative demat account infrastructure for securities custody
• IndiaINX GlobalsecondaryChannel Partner/ Reseller/ DistributorPartnership for providing global trading and international market access to clients through IndiaINX platform

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• ICICI Securities (ICICI Direct): Bank-affiliated full-service broker offering trading, demat, mutual funds, and research across equity, derivatives, and commodities. Comparable in product breadth but operates at much larger scale with the ICICI Bank distribution advantage.
• Kotak Securities: Bank-affiliated full-service Indian broker offering trading across equity, derivatives, commodities, and mutual funds. Comparable in product breadth and exchange memberships but with much greater scale and Kotak Mahindra Bank distribution.
• HDFC Securities: Bank-affiliated Indian broker with integrated trading, demat, and investment services across all major exchanges. Comparable product portfolio to DB International but with materially larger scale and HDFC Bank parent distribution.

Direct peers

• Motilal Oswal Financial Services: Full-service Indian broker and wealth manager offering broking, distribution, and investment advisory across equity, derivatives, commodities, and mutual funds. Comparable in product breadth and tier-2/3 city distribution strategy.
• 5paisa: Listed Indian discount broker offering equity, derivatives, commodities, and mutual funds at low cost. Comparable to DB International in scale, listed status on BSE, and multi-asset product mix.
• Angel One: Full-service Indian retail broker transitioning to a discount-tech model, offering equity, derivatives, commodities, and mutual funds. Closely comparable to DB International in product breadth, target customer (retail/active traders), and listed-company status.
• Zerodha: India's largest discount stock broker, offering zero-commission equity delivery and low-cost derivatives trading through its Kite platform. Directly competes with DB International in retail broking but at much larger scale and with technology-first distribution.
• Groww: Leading Indian discount broker and mutual fund distribution platform, serving millions of retail investors through a mobile-first experience. Competes directly with DB International for the same retail trading and investment customer base.
• Sharekhan: Full-service Indian retail broker with a large physical branch network, offering trading across equity, derivatives, and commodities. Highly comparable to DB International's hybrid online+offline distribution model.
• Upstox: Tech-led Indian discount broker offering equity, derivatives, and mutual fund investing. Competes directly with DB International for active retail traders, particularly in the under-35 mobile-first segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/dbonlinebroker
• YouTubeyoutube.com/@dbonlinestockbroker
• Facebookfacebook.com/people/DB-Online/100089641341169
• LinkedInlinkedin.com/company/90816599

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DB (International)