Newly Listed Brokerage Firm Reports First Earnings; Shares Rise Over 2.5%

Anand Rathi Stock Brokers Ltd reported a strong financial performance for the year ended March 31, 2026, underpinned by steady growth across income streams and a marked improvement in profitability.

Total income rose to Rs 9,344 million in FY26 from Rs 8,470 million in FY25, reflecting a growth of 10.3 per cent. On a quarterly basis, income increased sharply by 28.0 per cent to Rs 2,560 million in Q4FY26 from Rs 2,000 million in Q4FY25, indicating sustained business momentum towards the end of the year.

Earnings before interest, Taxes, depreciation and amortisation (EBITDA) showed strong traction, increasing 21.9 per cent year-on-year to Rs 3,796 million in FY26, compared with Rs 3,113 million in FY25. Quarterly EBITDA grew even faster at 51.4 per cent to Rs 1,103 million in Q4FY26.

The EBITDA margin expanded to 41 per cent in FY26 from 37 per cent in FY25, highlighting improved operating efficiency and cost discipline. In Q4FY26, the margin stood at 43 per cent, up from 36 per cent a year earlier, reflecting operating leverage benefits as revenue scaled up.

Profit after tax (PAT) rose 24.8 per cent to Rs 1,293 million in FY26, compared with Rs 1,036 million in FY25. The quarterly PAT growth was particularly sharp, surging 125.7 per cent to Rs 416 million in Q4FY26 from Rs 184 million in Q4FY25.

PAT margin improved to 14 per cent in FY26 from 12 per cent in FY25, while the Q4FY26 margin stood at 16 per cent versus 9 per cent in the corresponding period last year. The sharp uptick in margins suggests a combination of higher operating leverage and better cost management.

Segmental Mix:

The company’s revenue composition reflects a gradual shift towards diversification beyond its core broking business.

• Broking segment contributed Rs 4,755.1 million in FY26, accounting for 51 per cent of total income, down from 67 per cent in FY24 and 60 per cent in FY25.
• Non-broking segment grew steadily to Rs 2,643.6 million in FY26, contributing 28 per cent, up from 19 per cent in FY24.
• Other income from operations rose to Rs 1,922.9 million, forming 21 per cent of total income in FY26 versus 13 per cent in FY24.

About Anand Rathi Stock Brokers Ltd

Anand Rathi Stock Brokers Ltd is a full-service brokerage firm in India with more than three decades of experience in the financial services industry. The company offers a wide range of services, including equity broking, margin trading facilities and distribution of financial products under the ‘Anand Rathi’ brand.

It caters to a diverse client base comprising retail investors, high net worth individuals, ultra-high net worth individuals and institutional clients.

Anand Rathi Stock Brokers Ltd Share Price Performance

On Wednesday, as the markets showed positive gains, Anand Rathi Stock Brokers Ltd’s share price was trading at Rs 590.85 at 13:11, up by Rs 16.70 or 2.91 per cent from its previous close of Rs 573.25. On a broader basis, the share has delivered 23.90 per cent in a month and -6.48 per cent year-to-date.

Disclaimer: The article is for informational purposes only and not investment advice.