Unaudited financial results for the quarter and nine months ended 31.12.2025
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B.N. Rathi Securities, a Hyderabad-based equity broking and depository participant firm, reported a strong Q3 FY26 with standalone total income of Rs 1,738.49 lakhs, up about 24% YoY from Rs 1,401.51 lakhs. Brokerage revenue surged roughly 30% YoY to Rs 1,149.94 lakhs, and standalone profit after tax nearly doubled to Rs 296.05 lakhs (vs Rs 157.03 lakhs), with profit-before-tax margin expanding from about 15.5% to nearly 23%. However, the nine-month FY26 picture was softer, with total income down about 3% to Rs 4,542.65 lakhs and standalone PAT falling about 16% to Rs 719.40 lakhs (vs Rs 859.00 lakhs). Both subsidiaries, B.N. Rathi Comtrade (loss of Rs 38.66 lakhs) and B-Fly Asset Manager LLP (loss of Rs 1.88 lakhs), remained in the red. The board also cancelled two inorganic growth plans: the demat account transfer from PCS Securities (terminated due to KYC issues) and the proposed business transfer from SVCM Securities (withdrawn as SVCM chose to continue independently). Paid-up share capital doubled during the year, suggesting a bonus issue, which affects EPS comparability.
The Q3 rebound in brokerage revenue and profitability is a positive signal, but the softer nine-month trend and losses at subsidiaries temper optimism. The collapse of both PCS and SVCM deals removes a near-term customer-account growth catalyst, though the company states it does not impact ongoing operations. Investors should adjust for the doubled share capital when comparing EPS across periods.