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Revenue
₹255.7 Cr
verified against source
Revenue YoY
28.1%
reported change
EBITDA
₹113 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims for overall revenue growth of 15-20% year-on-year, with broking growing ~15% and non-broking 40-45%.
- Target to maintain a balanced revenue mix of 50% broking and 50% non-broking over the long term.
- Earlier guided MTF book size of ₹1,500 crore by FY26, but faced headwinds from RBI policy and market conditions.
- Management intends to restrict debt-equity ratio to a maximum of 1.5x going forward.
Risks flagged
- Changes in RBI policy reduced bank funding avenues for working capital, forcing the company to control MTF growth.
- Bearish market conditions and geopolitical tensions could weigh on investor sentiment and broking income.
- Increasing competition from other brokers in the MTF segment could pressure spreads and yields.
- SEBI's increase in STT and other regulations could impact derivative trading volumes and broking revenue mix.
Key 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.
- We have guided towards achieving an MTF book size of 15,000 million by financial year 26.
- We do not deal with proprietary book. We do not have a single pie or a proprietary activity in this book.
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