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Revenue
₹248.2 Cr
verified against source
Revenue YoY
21.5%
reported change
EBITDA
₹101.2 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Anand Rathi delivered a strong Q3 FY26 with consolidated revenue from operations at ₹248.2 crore (+21.5% YoY), EBITDA at ₹101.2 crore (+31.5% YoY), and PAT at ₹37.0 crore (+71.8% YoY). Growth was driven by a 46% YoY surge in the MTF book to ₹1,232 crore and a 32% YoY increase in AUM to ₹5,369 crore. The broking-to-non-broking revenue mix improved to 52:28, with distribution income up 38% YoY. Management guided for MTF book to reach ₹1,500 crore by FY26-end and AUM to ₹9,500-10,000 crore. Risks include market volatility impacting broking revenue and slower-than-expected ramp-up of the new insurance distribution channel.
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 the current financial year, up from ₹1,232 crore as of December 2025.
- Management guided for AUM under distribution to reach ₹9,500-10,000 crore, implying continued growth from the current ₹5,369 crore.
- Management aims to achieve a 50:50 revenue split between broking and non-broking segments by end of FY27, reducing dependence on market-linked income.
Risks flagged
- A sharp market downturn could reduce broking volumes and revenue, as the segment still contributes 52% of total revenue.
- The newly acquired corporate agency license for insurance has generated only minimal revenue so far, with full contribution expected only from Q4.
- Industry-wide regulatory changes (e.g., T+0 settlement, increased compliance) could pressure margins and require higher technology spend.
Key quotes
- We are on track to achieve book size of about 15,000 million by the end of this financial year.
- Our endeavor is to bring our revenue mix to a 50/50% level along with the desired growth path... by end of March 27 we will see that we will be able to reach to that level.
- Out of our total broking revenue almost 40% part is coming directly where client is executing at his own level.
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