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Industry cash segment turnover decline
View Risks →Anand Rathi Share and Stock Brokers Limited — Q2 FY26
Anand Rathi reported Q2 FY26 consolidated revenue of ₹227.2 crore, EBITDA of ₹92.6 crore (margin 40.8%), and PAT of ₹27.9 crore, all showing strong sequential growth of 13%, 24%, and 22% respectively.
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Anand Rathi reported Q2 FY26 consolidated revenue of ₹227.2 crore, EBITDA of ₹92.6 crore (margin 40.8%), and PAT of ₹27.9 crore, all showing strong sequential growth of 13%, 24%, and 22% respectively. The non-broking segment (MTF interest and distribution) surged, with distribution income up 74% YoY to ₹31.6 crore and MTF interest up 24% YoY to ₹36.4 crore. Active clients stood at 149,849, with ARPC of ₹10,332. The MTF book grew 41% YoY to ₹1,085 crore with zero NPAs. Management targets MTF book of ₹1,500 crore and distribution AUM of ₹9,500 crore by March 2026, and aims for a 50:50 broking/non-broking revenue mix by FY27. Risk: Industry-wide cash segment turnover declined 6% in the quarter, and the company's broking revenue fell 22% YoY in H1, indicating vulnerability to market downturns.
आनंद राठी ने सितंबर 2025 तिमाही में ₹227.2 करोड़ की कमाई की। कंपनी का मुनाफा (EBITDA) ₹92.6 करोड़ रहा, जो कमाई का 40.8% है। शुद्ध मुनाफा (PAT) ₹27.9 करोड़ था। पिछली तिमाही से ये सब 13%, 24% और 22% बढ़े हैं। शेयर ब्रोकिंग के अलावा दूसरे कामों (जैसे ब्याज और बीमा/म्यूचुअल फंड बेचना) से कमाई बढ़ी है। डिस्ट्रीब्यूशन से कमाई 74% और एमटीएफ (मार्जिन ट्रेडिंग) ब्याज से 24% बढ़ी। कंपनी के 1,49,849 सक्रिय ग्राहक हैं। एमटीएफ पर कोई बकाया नहीं है। कंपनी चाहती है कि मार्च 2026 तक एमटीएफ ₹1,500 करोड़ और डिस्ट्रीब्यूशन ₹9,500 करोड़ हो जाए। लेकिन सावधानी: शेयर बाजार में कारोबार घटा है, और कंपनी की ब्रोकिंग कमाई पिछले साल से 22% गिरी है।
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Active Clients
149,849
+57% over 3 years
Total active clients as of Q2 FY26; 57% have been with the firm for over 3 years.
ARPC (Quarterly)
₹10,332
N/A
Average revenue per client for Q2 FY26, one of the highest in the industry.
MTF Book
₹1,085 crore
+41% YoY
Margin trading facility book grew strongly; zero NPAs and 66% from clients with holdings under ₹1 crore.
Distribution AUM
₹7,736 crore
+14% YoY
Assets under distribution grew despite a 6.58% fall in the BSE index during the quarter.
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Guidance and risk preview
Management expects the MTF book to reach approximately ₹1,500 crore by the end of FY26, up from ₹1,085 crore in September 2025.
Exchange cash segment turnover fell 6% in Q2 FY26, which could pressure broking revenues if the trend continues.
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