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View Claim Ledger →Anand Rathi Share and Stock Brokers Ltd — Q4 FY26
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).
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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.
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
RBI policy changes on capital market intermediaries
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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.
What Changed vs Last Quarter
NEW
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%.
NEW
Debt-equity ratio capped at 1.5x
Management intends to restrict debt-equity ratio to a maximum of 1.5x going forward.
UPDATED
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.
UPDATED
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.
DROPPED
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.
NEW RISK
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.
NEW RISK
Competitive pressure on MTF yields
Increasing competition from other brokers in the MTF segment could pressure spreads and yields.
NEW RISK
Regulatory changes in derivatives segment
SEBI's increase in STT and other regulations could impact derivative trading volumes and broking revenue mix.
RISK GONE
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.
RISK GONE
Regulatory headwinds in broking
Industry-wide regulatory changes (e.g., T+0 settlement, increased compliance) could pressure margins and require higher technology spend.
Fast read
Guidance and risk preview
Management aims for overall revenue growth of 15-20% year-on-year, with broking growing ~15% and non-broking 40-45%.
Changes in RBI policy reduced bank funding avenues for working capital, forcing the company to control MTF growth.
View Risks →