ARSSBL

Anand Rathi Share and Stock Brokers share price & financials

Pan-India stock broking firm offering equity broking, margin trade financing (MTF) and financial-product distribution.

Price: ₹533.9
Market cap: ₹3.3k Cr
Sector: Financial Services
Calls analysed: 4

Latest concall · Q1 FY27 · call held 15 Jul 2026

Anand Rathi Share and Stock Brokers Limited Q1 FY27

Revenue 2,461 million +22%EBITDA 973 million +30%EBITDA Margin 39.54% PAT 391 million +71%

What went well

Total revenue from operations grew 22.37% YoY to ₹2,461 million.
EBITDA increased 30.19% YoY to ₹973 million, with a healthy margin of 39.54%.
PAT (before exceptional items) surged 71.2% YoY to ₹391 million, achieving a 16% margin.

What to watch

An exceptional expense of ₹209.96 million was recognized due to fraudulent off-market transfers for two clients.
The broking industry is transitioning to a phase of more measured activity, with moderation in the derivative segment due to evolving regulatory frameworks.

Read the full call →

What Anand Rathi Share and Stock Brokers Limited does

Anand Rathi Share and Stock Brokers is a full-service financial services firm that reaches clients through a mix of own branches and franchisee-run Authorized Persons spread across India. Its core lines are equity/derivatives broking and related services, a Margin Trade Facility (MTF) book that lends to clients against securities, and distribution of third-party financial products such as mutual funds, PMS, AIF, structured products, bonds and insurance. It earns brokerage and fee income on broking transactions, interest income on the MTF loan book, and commission/distribution income on financial-product sales, and operates a 'phygital' (branch plus digital platform) service model with a client base skewed towards Tier 2/3 cities.

Segments

Broking Segment
Non-Broking Segment
Other Income from Operations

Own branches: 98
Authorized Persons (franchisees): 1,085
Cities with presence: 307
Total clients: 9,99,186
Active clients (broking segment, FY26): 1,49,404
States/UTs covered: 25

Founded 1991Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 2 delivered 3 missed 6 open

AUM (Distribution Book) delivered said Q2 FY26 Promised: INR 9,500 crores plus/minus Q1 FY27: Distribution AUM reached INR 9,479.1 crores, meeting the target range of INR 9,500-10,000 crores. Management has now guided for 40% further growth.
MTF Book Value missed said Q2 FY26 Promised: INR 1,500 crores by FY end (March '26) Q1 FY27: Target was for FY26 and was missed. A new target for FY27 has been set. The book recovered strongly in Q1 FY27 to INR 1,331.8 crores.
Overall Revenue Growth revised up said Q4 FY26 Promised: 15-20% year-on-year Q1 FY27: Guidance revised upwards to 20-25% YoY growth. Q1 FY27 performance was strong at 22.37% YoY growth, validating the new target.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.4%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	231	204	200	201	227 −2%	248 +22%	256 +28%	246 +22%
Expenses	145	127	127	126	135	147	145	149
EBITDA	86	77	73	75	93 +8%	101 +31%	110 +51%	97 +29%
Margin	37%	38%	37%	37%	41%	41%	43%	40%
Other income	0	0	0	1	1	1	0	-21
Interest	35	43	39	38	50	46	50	40
Depreciation	6	6	8	6	7	6	7	5
Profit before tax	45	29	26	30	38 −16%	50 +72%	54 +108%	31 +3%
Tax rate	27%	25%	28%	25%	26%	26%	23%	26%
Net profit	33	22	18	23	28 −15%	37 +68%	42 +133%	23 +0%
EPS	7.45	4.86	4.15	5.14	4.45	5.90	6.63	3.70

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 +10.0% 1Y

1Y: ₹445.55 on 30 Sept 2025 → ₹490.25. High ₹773.95 (18 Nov 2025), low ₹418.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −4.3%; 15 Jul
Q4 FY26: +1.8%; 15 Apr
Q3 FY26: +3.1%; 15 Jan
Q2 FY26: −3.3%; 20 Oct

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.

Financials, as filed

Revenue grew 10.2% a year over 1 year, FY25 to FY26. Operating margin widened to 40.7%.

Year ending	FY25	FY26
Revenue	₹846 Cr	₹932 Cr
Operating profit	₹312 Cr	₹379 Cr
Operating margin	36.9%	40.7%
Interest	₹147 Cr	₹184 Cr
Depreciation	₹26 Cr	₹26 Cr
Net profit	₹104 Cr	₹130 Cr
Net margin	12.3%	13.9%
ROCE	21.0%	20.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY23	FY24	FY25	FY26
Equity capital	₹20 Cr	₹22 Cr	₹31 Cr	₹31 Cr
Reserves	₹245 Cr	₹370 Cr	₹1.3k Cr	₹1.3k Cr
Borrowings	₹432 Cr	₹888 Cr	₹1.2k Cr	₹840 Cr
Other liabilities	₹931 Cr	₹1.3k Cr	₹2.6k Cr	₹4.9k Cr
Total liabilities	₹1.6k Cr	₹2.6k Cr	₹5.2k Cr	₹7.1k Cr
Fixed assets	₹56 Cr	₹74 Cr	₹82 Cr	₹78 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹9 Cr	₹3 Cr	₹49 Cr	₹33 Cr
Other assets	₹1.6k Cr	₹2.5k Cr	₹5.0k Cr	₹7.0k Cr
Total assets	₹1.6k Cr	₹2.6k Cr	₹5.2k Cr	₹7.1k 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.

All earnings calls (4)

Read the Q1 FY27 call →

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