Industry cash segment turnover decline
Exchange cash segment turnover fell 6% in Q2 FY26, which could pressure broking revenues if the trend continues.
ARSSBL / Q2-FY26 / risks
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Anand Rathi Share and Stock Brokers · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Broking revenue decline in H1
Income from broking and related services dropped 22% YoY in H1 FY26, indicating vulnerability to market conditions.
Concentration risk in MTF book growth
Rapid MTF book expansion (target ₹1,500 crore) could increase credit risk if market turns, though current NPAs are zero.