Anand Rathi Share And Stock Brokers Ltd
Press Release for the quarter and financial year ended March 31, 2026
RESULTS
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 14 Apr 2026, 04:36 PM IST · BSE ID: 9fe77c36-32ce-4c05-9540-eaacb7bf2576
View Original BSE Filing (PDF)
💡
In Simple Terms
Anand Rathi's annual profits jumped 25% to Rs. 1,293 million, with fourth-quarter profit doubling year-over-year, driven by strong growth in margin trading loans and wealth distribution income despite a 7% decline in core broking fees.
🤖 AI Summary
- FY26 PAT grew 25% YoY to Rs. 1,293 million with 14% PAT margin; Q4 PAT surged 126% YoY to Rs. 416 million
- Revenue from Operations increased 10% YoY to Rs. 9,322 million in FY26; Q4 revenue jumped 28% YoY to Rs. 2,557 million
- EBITDA expanded 22% YoY to Rs. 3,796 million in FY26 with 41% margin; Q4 EBITDA grew 51% YoY to Rs. 1,103 million
- Margin Trading Facility book surged 61% YoY to Rs. 11,019 million; Assets under Management grew 21% YoY to Rs. 77,876 million
- Proposed dividend of Rs. 5 per share (100% face value) subject to shareholder approval at annual general meeting
🔢 Key Numbers — exact figures from BSE filing, not rounded
FY26 Revenue from Operations
Rs. 9,322 million
10.2%
FY26 EBITDA
Rs. 3,796 million
21.9%
FY26 PAT
Rs. 1,293 million
24.8%
Q4FY26 Revenue from Operations
Rs. 2,557 million
28.1%
Q4FY26 EBITDA
Rs. 1,103 million
51.4%
Q4FY26 PAT
Rs. 416 million
125.7%
FY26 EBITDA Margin
40.7%
392 bps
FY26 PAT Margin
13.8%
160 bps
Assets under Management (March 31, 2026)
Rs. 77,876 million
20.6%
Margin Trading Facility Book (March 31, 2026)
Rs. 11,019 million
60.7%
Assets under Custody (March 31, 2026)
Rs. 944,155 million
16.0%
Active Clients (March 31, 2026)
212,841
3.9%
FY26 Interest on MTF
Rs. 1,515 million
32.6%
FY26 Distribution Income
Rs. 1,129 million
44.1%
FY26 Broking-Related Services Revenue
Rs. 4,755 million
-6.8%
Proposed Dividend per Share
Rs. 5
🏢 How This Affects the Company
Non-broking revenue streams — Margin Trading Facility interest income (32.6% YoY growth to Rs. 1,515 million) and Distribution Income (44.1% YoY growth to Rs. 1,129 million) — offset a 6.8% YoY decline in core Broking-Related Services revenue, demonstrating successful revenue diversification. Assets under Management growth of 21% YoY to Rs. 77,876 million establishes an expanding recurring revenue pipeline.
FY26 EBITDA increased 22% YoY to Rs. 3,796 million with margin expansion of 392 basis points to 40.7%. PAT margin expanded 160 basis points to 13.8%. Q4FY26 delivered exceptional margin performance with EBITDA margin at 43.2% (666 bps expansion) and PAT margin at 16.2% (703 bps expansion), signaling operational leverage and cost control.
Active client base grew 3.9% YoY to 212,841. Assets under Custody expanded 16% YoY to Rs. 944,155 million. Operating footprint spans 307 cities across India. MTF book of Rs. 11,019 million (61% YoY growth) reflects increased platform engagement and customer acquisition.
Core broking revenue declined 6.8% YoY in FY26 to Rs. 4,755 million, attributed to geopolitical tensions, FII outflows, and subdued investor sentiment in capital markets. Heavy reliance on MTF interest income (16.2% of FY26 revenue) and distribution income (12.1% of FY26 revenue) exposes earnings to regulatory changes in leverage products and distribution channels.
👥 What This Means For Shareholders
✅
Action Required
Vote on proposed dividend of Rs. 5 per share (100% face value) at forthcoming annual general meeting; dividend requires shareholder approval.
👤
Who Is Affected
All equity shareholders of record as on dividend record date will receive Rs. 5 per share once approved. Based on FY26 PAT of Rs. 1,293 million, dividend payout ratio is ~48.2% of annual profit.
🔍
Management Signal
Proposed dividend at 100% face value demonstrates confidence in cash generation and commitment to shareholder returns despite volatile capital markets environment during FY26.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Shareholder approval of Rs. 5 per share dividend at annual general meeting — verify approval status
Q1FY27 results tracking — confirm if MTF interest income momentum sustains above Rs. 375 million quarterly
AUM growth trajectory — monitor if Rs. 77,876 million base expands further, indicating distribution channel strength
MEDIUM RISK
Core broking revenue declined 6.8% YoY; earnings heavily dependent on MTF interest income (16.2% of total) and distribution channels, both subject to regulatory changes. Subdued FII flows and volatile market sentiment pose headwinds.
💡 Investor Takeaway
FY26 PAT grew 25% YoY to Rs. 1,293 million despite 6.8% decline in core broking revenue, demonstrating effective diversification into MTF (interest income +32.6% YoY to Rs. 1,515 million) and Distribution (income +44.1% YoY to Rs. 1,129 million). EBITDA margin expanded 392 bps to 40.7%, Q4 delivered 51% EBITDA growth. Dividend of Rs. 5 per share confirmed.
⚖️ Strengths & Concerns
✅ Positives
- Q4 PAT surged 126% YoY to Rs. 416 million with 16% PAT margin; FY26 PAT grew 25% YoY to Rs. 1,293 million
- MTF book expanded 61% YoY to Rs. 11,019 million; AUM grew 21% YoY to Rs. 77,876 million, creating durable revenue streams
⚠️ Concerns
- Broking-Related Services revenue fell 6.8% YoY to Rs. 4,755 million in FY26 due to subdued investor sentiment and FII outflows
- High concentration in MTF interest income (16.2% of FY26 total revenue) and distribution channels creates exposure to regulatory tightening
📅 Company Track Record
Anand Rathi Share and Stock Brokers Limited incorporated in 1991. CIN: L67120MH1991PLC064106. This is the company's first financial results filing on BSE (BSE Code: 544530, NSE: ARSSBL). Operating across 307 cities in India with diverse client base including retail, HNI, UHNI, NRI, and institutional segments.
Based on publicly available historical data. For context only.