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).
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.
69%Questions answered0Evaded / deflected8Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will the company guide broking and wealth management over next few quarters?
Asked by Sri Patel, Eyesight Private Limited
Management gave general strategy but no specific targets or timelines for client acquisition or digital milestones.
no specific guidance on client acquisition numbersno timeline for digital expansion
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Question
how do you plan to guide the company's broking and wealth management over the next uh few quarters? especially in terms of bringing in new clients, expanding advisory module and using digital platforms to improve the investors experience.
Mr. Gupta (not explicitly stated, but inferred from question)
we do have in our group a wealth management company separately than this company... this company is by and large focusing towards broking and distribution of products... we are strengthening that platform day in day out... 60% of the customers are already working on our digital platform.
Answered
High priority
How is Anand Rathi preparing to manage risks in broking and advisory?
Asked by Sri Patel, Eyesight Private Limited
Management provided specific risk management measures, including stock basket restriction, zero NPA, and debt-equity ratio target.
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Question
how is Anandati preparing to manage risks in broking and advisory business such as market volatility or any compliance changes and any credit risk while keeping the profitability stable and growth on track?
Rufi (likely Mr. Rupra, inferred from later reference)
we try to always see that how we can go into a business where customer interest should be protected... we are conservative in terms of our approach towards the risk management side... MTA product... we have restricted this particular basket... to less than 1,000 stocks... NPA is zero... debt equity ratio... currently it's just at a6 kind of level... restrict ourselves up to max 1.5.
Answered
High priority
How will the 50/50 broking vs non-broking revenue mix shape up?
Asked by Dakar (likely a participant, name unclear)
Management gave specific growth targets for broking (15%), non-broking (40-45%), and overall revenue (15-20%).
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Question
does the guidance of let's say we've talked about the 50/50 between broking and non grouping segments. Now how do you see that kind of shaping up given the general condition of the market?
Mr. Musta (likely Mr. Gupta, inferred from context)
we can see 51% is coming from broking 49% from distribution... we are not happy with this... distribution side has grown by almost 44%... broking side it is not really grown... we will be able to achieve that 50 50% kind of a scenario... non-broking should be able to grow somewhere around 40 to 44 45% growth... broking revenue... somewhere around 15%... overall revenue... 15 to 20% growth year-on-year basis.
Partial answer
Medium priority
Are MTF spreads sustainable given competitive pressures?
Asked by Dakar
Management acknowledged competition but did not provide specific spread or yield data, only qualitative assurance.
no specific spread or yield numbers givenacknowledged possibility of pressure but no quantification
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Question
how should we think of the MTF fields going forward? Are the spread sustainable or they expect some competitive pressures to come in?
Mr. Musta (likely Mr. Gupta)
we are not facing much of a pressure on that count because there is already a good pent-up demand available with us... we will keep on addressing... we will be able to achieve that yield because very minuscule percentage of customers are utilizing the MTA book as of now.
Partial answer
Medium priority
Is broking growth dependent on market beta or active client strategy?
Asked by Swana Mukharji, BNK securities
Management discussed revenue mix but did not directly answer whether growth is market-dependent or driven by active client acquisition.
no specific active client targetsno breakdown of growth drivers
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Question
in your growth strategy, I just wanted to understand that do you expect this to play out as a function of market beta... or how would you be thinking in terms of say active client etc?
Mr. Musta (likely Mr. Gupta)
our focus is how to probably stabilize the broking business... we always try to create product... create strategies to look at investments needs... revenue mix between cash and derivative it is split into 50/50... we are largely denominated looking at cash market segment.
Partial answer
Medium priority
What is the cash vs derivative mix in broking and impact of STT increase?
Asked by Swana Mukharji, BNK securities
Management gave the 50/50 split but did not quantify the impact of STT increase or provide a futures breakdown.
no specific impact of STT increase quantifiedno separate futures element
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Question
when you're broking business if you could highlight how much of the mix is from the derivative side and how much is on the cash side and if there is a futures element to that if any impact you are seeing because of the ST increase.
Mr. Musta (likely Mr. Gupta)
revenue mix between cash and derivative it is split into 50/50... we are largely denominated looking at cash market segment... most of our customers are using these activities and they are already calculating their cost... we feel that is happening.
Answered
High priority
Does the company have any proprietary book exposure to RBI regulation?
Asked by Swana Mukharji, BNK securities
Management clearly stated no proprietary book exposure, so no impact from RBI regulation.
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Question
in terms of the RBI regulation change related to the prop book of broker. So just wanted to understand if we have any exposure like that and if so what is the proportion?
Mr. Musta (likely Mr. Gupta)
in our this company we do not deal with proprietary book. We do not have a single pie or a proprietary activity in this book. So that rules and regulations are not at all impacting us in this company.
Partial answer
Medium priority
How much of AUM growth is from active clients vs organic book growth?
Asked by Swana Mukharji, BNK securities
Management gave client growth numbers but did not quantify the split between existing client AUM growth and new client contribution.
no specific attribution percentage between existing clients and new clients
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Question
this AUM that you have increased because you know how much can we attribute to maybe say active client increase and how much can we attribute to say organically the individual books have grown?
Mr. Rupra (inferred from earlier reference)
that increase is from the more from our existing client base... total number of client side... we have increased last financial year or total client base by 12% in total number... active client base... was almost slightest or two 3% down.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Distribution revenue grew 44% this year | 44% | 28.1% | Overstated vs filing |
| Broking revenue growth target ~15% | 15% | 28.1% | Understated vs filing |
| Non-broking revenue growth target 40-45% | 44% | 28.1% | Overstated vs filing |
| Overall revenue growth target 15-20% YoY | 17.5% | 28.1% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.