Annual Report for the Financial Year ending 31.03.2025
Price
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Awaiting price reaction for this filing.
Rikhav Securities, a diversified broking and market-making firm with 30+ years of history, listed on the BSE SME platform on 22 January 2025 via an IPO of ₹88.82 Cr. FY25 total income surged to ₹327.76 Cr from ₹110.60 Cr in FY24, with revenue rising to ₹317.91 Cr (up ~207% YoY). However, expenses ballooned to ₹293.26 Cr from ₹55.69 Cr, causing EBITDA to fall to ₹34.50 Cr (vs ₹54.91 Cr) and PAT to drop to ₹23.55 Cr (vs ₹42.20 Cr). EBITDA margin collapsed from 49.64% to 10.53%, and EPS slipped to ₹7.51 from ₹28.17. The company serves 23,000+ clients, supports 45+ SME IPOs annually as a SEBI-registered market maker, and recently launched a Margin Trading Facility (MTF). Net worth strengthened to ₹226.52 Cr post-listing.
Strong revenue scale-up post-listing is positive, but the sharp drop in margins and profits (despite tripling revenue) signals rising cost intensity or shift in business mix that shareholders should watch closely. The SME listing and new MTF product provide a platform for growth, but profitability recovery is key for stock price support.