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%...
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
81%Questions answered1Evaded / deflected8Questions audited
Answered
High priority
Expected mix between broking and non-broking business going forward.
Asked by Daka Pinglay
Management gave a clear target ratio and timeline.
Read the exchange
Question
what is the expected mix between the broking and non-broking business going forward. Do you see there's a non-broking segment contribution has been doing over the past quarters.
Pik (likely management, role not stated)
we have been trying to reach to revenue ratio between broking and non-broking to be seen at 6040 over a period of time but very clearly in next two years by 2027 we are trying to achieve 50/50.
Answered
High priority
How do you see the MTF business growing?
Asked by Daka Pinglay
Provided specific current and target numbers for MTF book.
Read the exchange
Question
how do you see that uh you know business growing obviously there seems to be a lot of focus on that particular business.
Pik (likely management, role not stated)
March end number was 685 cr which has already reached 1,085 cr by this September end and our idea is to reach almost 1500 kind of number by this financial year end into MTF side.
Answered
High priority
How much can MTF book scale up from current level with capital raise?
Asked by Swarn Mukharji, BNK Securities
Reiterated the 1500 cr target, directly addressing the question.
Read the exchange
Question
So with the capital raise uh right now what is our thought process? How much can we scale up the book from current level?
Pik (likely management, role not stated)
we are ending by this year end as being mentioned earlier planning to reach somewhere around 1,500 cr book by March 26.
Answered
Medium priority
What does other operating income comprise of?
Asked by Swarn Mukharji, BNK Securities
Explained the components of other operating income.
Read the exchange
Question
this the other operating income that you have provided in the presentation. If you can throw some color on that that you know what do they comprise of.
Pik (likely management, role not stated)
This is largely interest on various fixed deposit which are being placed to the stock exchange for getting bank guarantee... and slightly other smaller revenue.
Answered
High priority
What is the headroom to scale MTF book without further borrowings?
Asked by Swarn Mukharji, BNK Securities
Provided specific numbers on capital base, debt equity ratio, and available limits.
Read the exchange
Question
what would be at the current standing the headroom that we'll have available uh without any further uh borrowings or capital raise where we can take it.
Pik (likely management, role not stated)
our capital base was around 550 CR and currently with this addition it's already 1200 CR... our debt equity ratio is just 0.92 so we have further available in terms of borrowing and we already have limits available currently approximately 300 CR.
Answered
Medium priority
Is fixed deposit income from own money or customer money?
Asked by Swarn Mukharji, BNK Securities
Clarified the source of FD income with specific amounts.
Read the exchange
Question
on the uh you know fixed deposit rate le income so this would be our own money or this is like customers money so floating income on that or is backed by our borrowing.
Pik (likely management, role not stated)
FDR side one side out of our own funds also the FD is there which is there currently to the tune of around 400 cr and balance money is there from the client's.
Partial answer
Medium priority
Strategy for insurance broking business and how it fits 50/50 mix.
Asked by Vakar Pingle, eny
Described strategy but did not quantify contribution to 50/50 mix.
no specific revenue targets givenqualitative only
Read the exchange
Question
I think I heard a reference to insurance broken being a news executive announce. Um just give me some thought process on the strategy for this new business obviously keeping in line with the fact that um you know you talked about 50/50 with broken non-broken.
Pik (likely management, role not stated)
we are trying to address almost all investment need of a customer... insurance is also one of a larger part... trying to give our customers health plan as well as certain amount of term plan.
Evasive
Medium priority
How do you plan to grow market share vs large players?
Asked by Vakar Pingle, eny
Avoided answering how to grow market share, instead talked about customer longevity.
did not address market share growthreframed to customer retention
Read the exchange
Question
how do you plan to grow your market share um as compared to the large already presented you know I mean what's the thought process.
Pik (likely management, role not stated)
we are not really looking at to create a large market share in the marketplace because our philosophies are how we can expand and increase base of a specific customer which has already been acquired by us.