ANANDRATHISHAREANDSTOCKB Diversified 30 Apr 2026

Anand Rathi Share and Stock Brokers Ltd — Q4 FY26

Q: What was Anand Rathi Share's revenue in Q4 FY26?

Anand Rathi Share reported revenue of ₹256 Cr in Q4 FY26, a +28.1% change year-over-year.

Anand Rathi delivered a strong Q4 FY26 with revenue of ₹255.7 crore (+28.1% YoY), EBITDA of ₹113 crore (+51.4% YoY), and PAT of ₹41.6 crore (+125.7% YoY).

bullish medium

Revenue ₹256 Cr +28.1%

EBITDA ₹113 Cr +51.4%

PAT ₹42 Cr +125.7%

EBITDA Margin 43.2%

Duration 45 min

Read Time 1 min read

Financial stats pending filing verification

2-Minute Summary

✦ AI-Generated from Full Transcript

Anand Rathi delivered a strong Q4 FY26 with revenue of ₹255.7 crore (+28.1% YoY), EBITDA of ₹113 crore (+51.4% YoY), and PAT of ₹41.6 crore (+125.7% YoY). The non-broking segment contributed 53% of revenue, driven by 44% YoY growth in distribution income and a 61% YoY jump in the MTF book to ₹1,101.9 crore, while maintaining zero NPAs. The company completed its IPO in September 2025, raising ₹745 crore, and secured a corporate agency license for insurance distribution. Management guided for a 50:50 revenue split between broking and non-broking, targeting 15-20% overall revenue growth. Key risks include regulatory changes (RBI policy on capital market intermediaries) that could constrain MTF growth and market volatility impacting broking revenues.

Key Numbers

Assets Under Custody ₹94,415.5 crore

+16% YoY

Total assets under custody as of March 31, 2026.

MTF Book ₹1,101.9 crore

+61% YoY

Margin trading facility book grew strongly, with zero NPAs.

Distribution Income (FY26) ₹112.9 crore

+44.1% YoY

Full-year distribution income, reflecting strong cross-selling.

Active Client Tenure >5 Years 42%

flat

Proportion of active clients associated for over five years.

Management Guidance

Revenue growth target of 15-20% YoY

Management aims for overall revenue growth of 15-20% year-on-year, with broking growing ~15% and non-broking 40-45%.

Management guidance revenue

50:50 revenue split between broking and non-broking

Target to maintain a balanced revenue mix of 50% broking and 50% non-broking over the long term.

Management guidance growth

MTF book target of ₹1,500 crore by FY26

Earlier guided MTF book size of ₹1,500 crore by FY26, but faced headwinds from RBI policy and market conditions.

Management guidance growth

Debt-equity ratio capped at 1.5x

Management intends to restrict debt-equity ratio to a maximum of 1.5x going forward.

Management guidance other

Key Risks

RBI policy changes on capital market intermediaries

Changes in RBI policy reduced bank funding avenues for working capital, forcing the company to control MTF growth.

high · management_commentary

Market volatility impacting broking revenues

Bearish market conditions and geopolitical tensions could weigh on investor sentiment and broking income.

medium · management_commentary

Competitive pressure on MTF yields

Increasing competition from other brokers in the MTF segment could pressure spreads and yields.

medium · analyst_question

Regulatory changes in derivatives segment

SEBI's increase in STT and other regulations could impact derivative trading volumes and broking revenue mix.

medium · analyst_question

Notable Quotes

We are focused on building long-term customer relationships, increasing share of wallet through relevant cross-selling opportunities and creating a stable growth oriented business with a more balanced mix of broking and non-broking revenues.

Pep Gupta · Chairman and Managing Director

We have guided towards achieving an MTF book size of 15,000 million by financial year 26.

Risha Rudra · Whole Time Director

We do not deal with proprietary book. We do not have a single pie or a proprietary activity in this book.

Pep Gupta · Chairman and Managing Director

Frequently Asked Questions

What was Anand Rathi Share's revenue in Q4 FY26?

Anand Rathi Share reported revenue of ₹256 Cr in Q4 FY26, representing a +28.1% change compared to the same quarter last year.

What guidance did Anand Rathi Share management give for FY27?

Revenue growth target of 15-20% YoY: Management aims for overall revenue growth of 15-20% year-on-year, with broking growing ~15% and non-broking 40-45%. 50:50 revenue split between broking and non-broking: Target to maintain a balanced revenue mix of 50% broking and 50% non-broking over the long term. MTF book target of ₹1,500 crore by FY26: Earlier guided MTF book size of ₹1,500 crore by FY26, but faced headwinds from RBI policy and market conditions. Debt-equity ratio capped at 1.5x: Management intends to restrict debt-equity ratio to a maximum of 1.5x going forward.

What are the key risks for Anand Rathi Share in FY27?

Key risks include RBI policy changes on capital market intermediaries — Changes in RBI policy reduced bank funding avenues for working capital, forcing the company to control MTF growth.; Market volatility impacting broking revenues — Bearish market conditions and geopolitical tensions could weigh on investor sentiment and broking income.; Competitive pressure on MTF yields — Increasing competition from other brokers in the MTF segment could pressure spreads and yields.; Regulatory changes in derivatives segment — SEBI's increase in STT and other regulations could impact derivative trading volumes and broking revenue mix..

Did Anand Rathi Share meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Anand Rathi Share Q4 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.