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Market volatility impacting broking revenue
View Risks →Anand Rathi Share and Stock Brokers Limited — Q3 FY26
Anand Rathi delivered a strong Q3 FY26 with consolidated revenue from operations at ₹248.2 crore (+21.5% YoY), EBITDA at ₹101.2 crore (+31.5% YoY), and PAT at ₹37.0 crore (+71.8% YoY).
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Anand Rathi delivered a strong Q3 FY26 with consolidated revenue from operations at ₹248.2 crore (+21.5% YoY), EBITDA at ₹101.2 crore (+31.5% YoY), and PAT at ₹37.0 crore (+71.8% YoY). Growth was driven by a 46% YoY surge in the MTF book to ₹1,232 crore and a 32% YoY increase in AUM to ₹5,369 crore. The broking-to-non-broking revenue mix improved to 52:28, with distribution income up 38% YoY. Management guided for MTF book to reach ₹1,500 crore by FY26-end and AUM to ₹9,500-10,000 crore. Risks include market volatility impacting broking revenue and slower-than-expected ramp-up of the new insurance distribution channel.
आनंद राठी ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹248.2 करोड़ रही, जो पिछले साल से 21.5% ज़्यादा है। कमाई में से खर्चे निकालने के बाद बचा मुनाफ़ा (EBITDA) ₹101.2 करोड़ (+31.5%) और शुद्ध मुनाफ़ा (PAT) ₹37.0 करोड़ (+71.8%) रहा। यह वृद्धि मुख्य रूप से मार्जिन ट्रेडिंग फंड (MTF) में 46% और कुल संपत्ति प्रबंधन (AUM) में 32% बढ़ोतरी से हुई। ब्रोकिंग और गैर-ब्रोकिंग कमाई का अनुपात 52:28 हो गया। कंपनी को उम्मीद है कि MTF ₹1,500 करोड़ और AUM ₹9,500-10,000 करोड़ तक पहुंच जाएगा। जोखिम: बाजार में उतार-चढ़ाव और नई बीमा शाखा की धीमी शुरुआत।
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Read Transcript →Quarter Snapshot
Assets Under Custody
₹5,058 crore
+48% YoY
Total assets under custody grew 48% year-on-year to ₹5,058 crore as of December 2025.
MTF Book
₹1,232 crore
+46% YoY
Margin Trading Facility book surged 46% YoY to ₹1,232 crore, with zero NPAs and 61.4% of clients having outstanding under ₹1 crore.
Active Clients (Q3)
96,851
+6.5% YoY
Active client base in broking segment increased 6.5% YoY to 96,851, with 96.8% trading in equity cash.
Debt-to-Equity Ratio
0.59
-1.77x YoY
Debt-to-equity ratio improved from 2.36 to 0.59 year-on-year, reflecting a stronger balance sheet post-IPO.
What Changed vs Last Quarter
NEW
Revenue mix target of 50:50 broking to non-broking by March 2027
Management aims to achieve a 50:50 revenue split between broking and non-broking segments by end of FY27, reducing dependence on market-linked income.
UPDATED
MTF book target of ₹1,500 crore by FY26-end
Management expects the MTF book to reach approximately ₹1,500 crore by the end of the current financial year, up from ₹1,232 crore as of December 2025.
UPDATED
AUM target of ₹9,500-10,000 crore
Management guided for AUM under distribution to reach ₹9,500-10,000 crore, implying continued growth from the current ₹5,369 crore.
DROPPED
50:50 broking/non-broking revenue mix by FY27
Management targets a balanced revenue mix of 50% from broking and 50% from non-broking segments by the end of FY27.
NEW RISK
Market volatility impacting broking revenue
A sharp market downturn could reduce broking volumes and revenue, as the segment still contributes 52% of total revenue.
NEW RISK
Slow ramp-up of insurance distribution
The newly acquired corporate agency license for insurance has generated only minimal revenue so far, with full contribution expected only from Q4.
NEW RISK
Regulatory headwinds in broking
Industry-wide regulatory changes (e.g., T+0 settlement, increased compliance) could pressure margins and require higher technology spend.
RISK GONE
Industry cash segment turnover decline
Exchange cash segment turnover fell 6% in Q2 FY26, which could pressure broking revenues if the trend continues.
RISK GONE
Broking revenue decline in H1
Income from broking and related services dropped 22% YoY in H1 FY26, indicating vulnerability to market conditions.
RISK GONE
Concentration risk in MTF book growth
Rapid MTF book expansion (target ₹1,500 crore) could increase credit risk if market turns, though current NPAs are zero.
Fast read
Guidance and risk preview
Management expects the MTF book to reach approximately ₹1,500 crore by the end of the current financial year, up from ₹1,232 crore as of December 2...
A sharp market downturn could reduce broking volumes and revenue, as the segment still contributes 52% of total revenue.
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