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...
bullish
high
✓ 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.
63%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
How is Anand Rathi positioning for AI-driven advisory and wealth tech?
Asked by Sukrut Patil, Eyesight Fin Trade
Management gave general direction but no concrete plans or metrics.
no specific timelineno quantified investmentvague on AI integration
Read the exchange
Question
how is Anandati positioning itself to capture the next wave of investor demand particularly in areas like AIdriven advisory or wealth tech platforms
Prag (likely management, role not stated)
we are incorporating AI tools also in those platforms over a period of time and we do have a plan over a period of time how we can bring those two platform into a one single delivery.
Partial answer
High priority
Steps to optimize cost structure and margin expansion?
Asked by Sukrut Patil, Eyesight Fin Trade
Management discussed automation and client self-execution but gave no specific margin guidance.
no margin targetsno quantified cost savings
Read the exchange
Question
what forward-looking steps are you taking to optimize cost structures while still investing in technology and client acquisition. Specifically, how do you see operating leverage playing out over the next few quarters?
Prag and BJI (management)
AI as well as technological advancement is going to help to reduce our cost further... out of our total broking revenue almost 40% part is coming directly where client is executing at his own level.
Answered
Medium priority
Breakdown of interest income components?
Asked by Aman Dugar, Noama Wealth Management
Management confirmed the analyst's breakdown and corrected the delayed payment figure.
Read the exchange
Question
the interest income is reported at 1132 million. Now this includes 438 million from MPS and estimate around 285 million would be from like the delayed interest like the TS book. So which leaves around 48 million from interest learn like in US exchange. So is am I right in understanding these numbers?
BJI (management)
you are rightly mentioned it's a 438 which is there from the MTF and the delayed payment which is there that is there it is 183.
Partial answer
Medium priority
Why distribution revenue declined sequentially?
Asked by Aman Dugar, Noama Wealth Management
Management explained market impact and LIC ramp-up but gave no quantified decline reason.
no specific revenue figure for LICblamed market conditions
Read the exchange
Question
what is your take on this distribution segment like we see it declining sequentially? Is it just because purely how the equity market has been or is there something else and have you started earning LIG commission?
Prag (management)
LIGI commission we have started generating but that consists of a very municipal part... we are expecting good amount of revenue generation during this last quarter quarter four.
Partial answer
High priority
How will margins be maintained amid industry headwinds?
Asked by Arab Butachari, Finage Analytics
Management gave a revenue mix target but no margin percentage or timeline for margin improvement.
no margin guidancedeferred to FY27
Read the exchange
Question
I wanted to know that the regarding the headwinds that the industry is facing how would you expect to maintain this kind of margins going forward
Prag (management)
we are trying to bring our revenue mix to a 50/50% level along with the desired growth path... by end of March 27 we will see that we will be able to reach to that level.
Answered
High priority
Will broking segment share reduce going forward?
Asked by Arab Butachari, Finage Analytics
Management clearly stated the target to reach 50/50 by March 2027.
Read the exchange
Question
regarding the broking segment that you have mentioned as 51%. Would you be maintaining this going forward or are you going to reduce this
Prag (management)
we are trying to bring our revenue mix to a 50/50% level... by end of March 27 we will see that we will be able to reach to that level.
Declined
High priority
Will management give margin guidance for this fiscal year?
Asked by Arab Butachari, Finage Analytics
Management explicitly declined to provide margin guidance.
refused to give guidance
Read the exchange
Question
Would you be giving any margin guidance for this particular fiscal year?
Prag (management)
At the moment we are not giving any kind of a guidance. We are not talking.
Answered
Medium priority
Have all one-time costs from new labor code been booked?
Asked by Janum (from JN Wealth), JN Wealth
Management clearly stated no further impact from labor code.
Read the exchange
Question
Have all one-time first from the new labor code been fully booked or should we expect any further impact?
Prag (management)
we are not going to get impacted because of a simple reason. we are already following whatever changes is being decided and given in this new level laws.
Partial answer
Medium priority
Steps to reduce market volatility impact and insulated segments?
Asked by Janum (from JN Wealth), JN Wealth
Management discussed revenue mix but did not identify specific insulated segments.
no specific insulated segment namedvague on revenue mix
Read the exchange
Question
what steps are you taking to reduce the impact of market volatility on your business and which parts of the company are most insulated during volatile market conditions
Prag (management)
we are trying to match our revenue mix in certain manner through which we are trying to address the market volatility... the more AUM is being garnered towards nut income generating side we are going to probably reduce the market volatility.
Partial answer
Medium priority
Plans to expand in tier 2/3 cities and client categories?
Asked by Janum (from JN Wealth), JN Wealth
Management mentioned branch expansion but gave no quantified growth expectations.
no revenue growth expectations by segmentno specific client category
Read the exchange
Question
which emerging segments or client categories are you expecting to drive material revenue growth from over the next few years and do you plan to expand your physical presence in tier 2 and tier three cities
Prag (management)
we have increased our branch network. Five branches have been increased and opened in last quarter and most of them are in north India and tier 2 tier three cities
Partial answer
Medium priority
Capex plans for tech upgrades for daily active users?
Asked by Janum (from JN Wealth), JN Wealth
Management gave a percentage range but no absolute capex or specific upgrade plan.
no absolute capex numberno specific plan for T+0
Read the exchange
Question
what capex plans are you thinking to support tech upgrades for one lakh plus daily active users amid t plus zero elements
Prag (management)
about 2% kind of a 1 and a half to 2% kind of a investments going towards technology side and we will constantly and continuously invest in the technology
Answered
High priority
How will bank balance of Rs 3,000 crore be allocated?
Asked by Arup Day (individual investor)
Management clearly explained the bank balance is margin money and not deployable.
Read the exchange
Question
there is more than rupees 3,000 crores lying as bank balance. how do you plan to allocate this capital and will it be deployed into the MTF book or used?
BJI (management)
that bank balance is mainly into abd which are given to exchange for the margin purpose it include our own money as well as it's the client money both things on the combined basis which is compulsory to be kept.