Garden Stage Limited (GSIW)

Nasdaq: GSIW · Security & Commodity Brokers, Dealers, Exchanges & Services · Hong Kong, HK · filing with the SEC since 2022

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Grade5.1

◀ Past 6.4● Present 4.3▶ Future 4.9

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Garden Stage Limited

Nine metrics read from its own filings, by tense

Headline grade

5.1/10

◀ Past6.425% of the headline

● Present4.335% of the headline

▶ Future4.940% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.4/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

6.2/10

Has it survived what it has been through?

No warning events in its filings since 2022.

weight 22% of this tense · 62nd percentile among 13 sector filers · read for itself

From the record

Garden Stage Limited's filings since 2022 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.2/10

What has it actually done, year after year?

+33.3% a year over 5 filed years; profitable in 0 of 5.

weight 45% of this tense · 42nd percentile among 13 sector filers · read for its customers

From the record

Garden Stage Limited's 5 filed years say what it did: revenue went from $2 million in fiscal 2022 to $7 million in fiscal 2026, up 33.3% a year; it rose in 3 of 4 years; the deepest fall was 57% from fiscal 2023 to fiscal 2024; net income was positive in 0 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span33.3%top 12% of its family
the share of years revenue rosetop 50% of its family
the share of filed years with a profitbottom 4% of its family
the deepest fall from a revenue peak56.8%bottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

9.6/10

How has it treated the people who own it?

SI estimate 9.6/10, confidence 35 of 100 (one part).

weight 33% of this tense · 96th percentile among 13 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the top 4% of 13 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 13 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Garden Stage Limited's shareholder treatment is put at 9.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 4% of 13 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.5/10

Is it financially healthy right now?

ROE -57%: lost 57¢ per shareholder dollar. Leverage 42%: owes 42¢ per asset dollar.

weight 33% of this tense · 35th percentile among 13 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2026-03-31, Garden Stage Limited lost about 57 cents for every dollar of shareholders' money. Leverage: it owed about 42 cents per dollar of assets, and net share issuance: its share count grew 7.7% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 27% of its family
return on equitybottom 12% of its family
the share count against the year beforebottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

4.0/10

How strong is its position in its industry?

bottom 40% of 13 in its family; net margin -190.1%.

weight 45% of this tense · 40th percentile among 13 sector filers · read for its customers

From the record

Garden Stage Limited's standing among 13 graded names in its industry family: revenue of $7 million in fiscal 2026 ranks in the bottom 19% by size; a net margin of -190.1% ranks in the bottom 12%; revenue growth of 30.7% a year over the last 3 filed years ranks in the top 12% (its annual reports).

What it rests on

revenue against the family$7.3Mbottom 19% of its family
net margin-190.1%bottom 12% of its family
three-year revenue growth30.7%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

6.3/10

What are the people in charge doing?

SI estimate 6.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 8 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 8 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 8 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Garden Stage Limited's leadership is put at 6.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 8 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.9/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.4/10

How much room does it have to grow?

top 46% of 13 in its family for room to expand.

weight 33% of this tense · 54th percentile among 13 sector filers · read for itself

From the record

Garden Stage Limited's room to grow, from the newest filed statements (fiscal 2026): cash of $18 million against no long-term debt tagged leaves 41.8% of its assets as net cash, top 19% of its family; cash from operations less capital spending is -58.2% of revenue (bottom 27%) (its annual report).

What it rests on

cash less debt against assets41.8%top 19% of its family
cash from operations less capital spending against revenue-58.2%bottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.8/10

What could actually drive growth from here?

top 42% of 13 in its family for growth drivers.

weight 45% of this tense · 58th percentile among 13 sector filers · read for its customers

From the record

Garden Stage Limited's growth drivers, from the filed years to fiscal 2026: revenue grew 30.7% a year over the last three filed years against 33.3% over all 5, slowing (bottom 12% of its family); the newest year grew 33.2% (top 27%); capital spending grew 128.4% a year (top 12%) (its annual reports). Garden Stage Limited reported 11 product lines in fiscal 2026: Introducing and Referral Income at $2 million (33%), Underwriting and Placement Income at $1 million (20%), Handling Income at $1 million (18%), and 8 more; 6 of 9 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-2.6 points a yearbottom 12% of its family
the newest year's revenue growth33.2%top 27% of its family
three-year growth of capital spending128.4%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.4/10

Did its newest year beat what its own record pointed to?

bottom 24% of 13 in its family for expectations against reality.

weight 22% of this tense · 24th percentile among 13 sector filers · read for its shareholders

From the record

Garden Stage Limited's newest year against its own record: revenue of $7 million in fiscal 2026 came in 2.8% above the $7 million its prior three years' pace pointed to (top 50% of its family); net income of $14 million against a prior three-year average of $3 million (bottom 12%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 12%) (its annual reports).

What it rests on

revenue against the prior three years' pace2.8%top 50% of its family
net income against the prior three years' average-356%bottom 12% of its family
net margin against its prior average-53.1 pointsbottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton GSIW · research, not advice