544340
Rikhav Securitie financials
- Market cap
- ₹179 Cr
- Sector
- Financial Services
- Calls analysed
- 3
Rikhav Securitie Q4 FY26
What went well
- FY26 total income of INR1,991 crores and PAT of INR18.96 crores, with EPS of 4.95.
- H2 FY26 total income of INR1,604 crores and PAT of INR1.20 crores, with EPS of 0.31.
- Strategic investment of INR5.40 crores in computer software and technology enhancement, improving operational scalability and efficiency.
What to watch
- Profitability impacted by a loss of INR18-23 crores from cash market shares of old investment in FY26.
- SME inventory became difficult to liquidate due to weak post-listing liquidity, leading to reduced exposure.
What Rikhav Securitie does
Rikhav Securities is a diversified Indian stock-market services firm providing equity and derivatives (F&O), currency and commodities broking, CDSL depository services, mutual-fund distribution and IPO application services to retail, HNI and institutional clients. It is a registered market maker on BSE, NSE and MCX, supplying liquidity to roughly 46 new IPOs a year, and runs a proprietary trading desk that deploys algorithm-driven arbitrage and delta-hedging strategies on its own capital. Clients are onboarded and served through the "Rikhav Plus" online/mobile trading app plus a franchise and sub-broker network concentrated in Maharashtra and Gujarat and now expanding nationally.
Segments
- Equity & Derivatives Broking
- Market Making
- Depository Services
- Distribution of Mutual Funds
- Proprietary Trading
- Total client base
- 23,000+
- Team size
- 195+
- Client retention rate
- 99%
- New clients added (FY25)
- 450+
- Exchange memberships
- Registered market maker on BSE (since 2012) and NSE; self-clearing member across cash, F&O & currency segments on MCX
- Depository participant status
- Registered Depository Participant with CDSL
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 0 delivered 7 missed 6 open- Segment-wise revenue disclosure went quiet said Q4 FY25 Promised: We will definitely give it next segment-wise. Q4 FY26: No segment breakdown provided in the full year FY26 financials. This is the third consecutive reporting period where this has been omitted since the promise was made.
- Long-term Net Profit at risk said Q2 FY26 Promised: More than 100 crores profit after tax in next 5 years Q4 FY26: FY26 PAT declined to 18.96 cr from 23.67 cr in FY25, moving the company further away from its long-term goal. The current trajectory is negative.
- SLBM Profit Realization open said Q4 FY26 Promised: Realize INR 4.33 crores of unrealized profit from SLBM transactions Q4 FY26: Promised to be realized in coming quarters.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 93 | 225 | 380 | 1,596 |
| EBITDA | 62 | -37 | 19 | -2 |
| Net profit | 51 | -27 | 18 | 1 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −27.6% 1Y
1Y: ₹66.26 on 10 Sept 2025 → ₹48. High ₹74.6 (3 Oct 2025), low ₹37.7 (19 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.1%
- 29 May
- Q2 FY26
- −2.9%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹15 Cr | ₹15 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹71 Cr | ₹80 Cr | ₹124 Cr | ₹225 Cr | ₹226 Cr |
| Borrowings | ₹15 Cr | ₹10 Cr | ₹40 Cr | ₹5 Cr | ₹8 Cr |
| Other liabilities | ₹90 Cr | ₹83 Cr | ₹115 Cr | ₹108 Cr | ₹145 Cr |
| Total liabilities | ₹181 Cr | ₹188 Cr | ₹294 Cr | ₹357 Cr | ₹398 Cr |
| Fixed assets | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹7 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹72 Cr | ₹98 Cr | ₹131 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹107 Cr | ₹88 Cr | ₹161 Cr | ₹355 Cr | ₹391 Cr |
| Total assets | ₹181 Cr | ₹188 Cr | ₹294 Cr | ₹357 Cr | ₹398 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters added +3.79 pp while FIIs trimmed −3.14 pp. The shareholder count shrank 5% to 1,791.
- Promoters
- 64.1%
- FIIs
- 0.6%
- DIIs
- 1.1%
- Public
- 34.2%
Since Mar 2025
- Promoters +3.79 pp
- FIIs −3.14 pp
- DIIs −1.57 pp
How it drifted, 3 quarters
Over this window promoters went from 60.3% to 64.1% — +3.8 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 60.3%, FIIs 3.7%, DIIs 2.7%, Public 33.3%.Sep '25: Promoters 64.6%, FIIs 0.6%, DIIs 1.7%, Public 33.1%.Mar '26: Promoters 64.1%, FIIs 0.6%, DIIs 1.1%, Public 34.2%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Hitesh Himatlal Lakhani +2.52 pp 2.52% held
- Devesh Sumant Pendharkar newly disclosed 1.70% held
The same filing shows 10 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Rikhav Securitie above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Hitesh Himmatlal Lakhani | 6.45% | unchanged |
| Deep Hitesh Lakhani | 5.98% | unchanged |
| Vaishali Rajendra Shah | 5.17% | unchanged |
| Bharti Hitesh Lakhani | 4.14% | unchanged |
| Pjs Securities LLP | 3.98% | unchanged |
| Hitesh Himatlal Lakhani Huf | 3.90% | unchanged |
| Nidhi Hitesh Lakhani | 3.78% | unchanged |
| Mahesh Navalchand Shah | 3.34% | −1.83 pp |
| Himatlal J. Lakhani ( Huf) . | 3.33% | unchanged |
| Dharmesh Navalchand Shah | 3.25% | −1.92 pp |
| Vikram Navalchand Shah | 3.18% | −2.06 pp |
| Rajendra Navalchand Shah | 2.97% | −0.78 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Rikhav Securitie
Guides on how to read this kind of business and the numbers that matter.