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Revenue
₹227.2 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹92.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Anand Rathi reported Q2 FY26 consolidated revenue of ₹227.2 crore, EBITDA of ₹92.6 crore (margin 40.8%), and PAT of ₹27.9 crore, all showing strong sequential growth of 13%, 24%, and 22% respectively. The non-broking segment (MTF interest and distribution) surged, with distribution income up 74% YoY to ₹31.6 crore and MTF interest up 24% YoY to ₹36.4 crore. Active clients stood at 149,849, with ARPC of ₹10,332. The MTF book grew 41% YoY to ₹1,085 crore with zero NPAs. Management targets MTF book of ₹1,500 crore and distribution AUM of ₹9,500 crore by March 2026, and aims for a 50:50 broking/non-broking revenue mix by FY27. Risk: Industry-wide cash segment turnover declined 6% in the quarter, and the company's broking revenue fell 22% YoY in H1, indicating vulnerability to market downturns.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the MTF book to reach approximately ₹1,500 crore by the end of FY26, up from ₹1,085 crore in September 2025.
- The company aims to grow its distribution AUM to around ₹9,500 crore by year-end, from ₹7,736 crore in September 2025.
- Management targets a balanced revenue mix of 50% from broking and 50% from non-broking segments by the end of FY27.
Risks flagged
- Exchange cash segment turnover fell 6% in Q2 FY26, which could pressure broking revenues if the trend continues.
- Income from broking and related services dropped 22% YoY in H1 FY26, indicating vulnerability to market conditions.
- Rapid MTF book expansion (target ₹1,500 crore) could increase credit risk if market turns, though current NPAs are zero.
Key quotes
- We are trying to achieve 50/50, 50% from broking and 50% from non-broking kind of a revenue mix, that's what we are trying to achieve.
- Our client vintage, average age profile and our personalized client management approach have constantly resulted in us enjoying one of the highest ARPC in the industry.
- We are not really looking at to create a large market share in the marketplace because our philosophies are how we can expand and increase base of a specific customer which has already been acquired by us.
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