Earnings call of Rikhav Securities Limited
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Awaiting price reaction for this filing.
Rikhav Securities reported FY25 consolidated Total Income of ₹327.77 Cr, EBITDA of ₹34.50 Cr (margin 10.53%), and Net Profit of ₹23.67 Cr (margin 7.22%), with EPS of ₹7.51. This was the company's first full year post-listing on the BSE SME platform in January 2025, following an ₹88.82 Cr IPO. Management noted that the second half was challenging due to a sharp correction in midcap and SME stocks and reduced derivative volumes following SEBI regulatory changes. A strategic reclassification of equity investments from Non-Current Investments to Stock-in-Trade led to a non-cash fair valuation loss of ₹33.88 Cr, which materially impacted reported profitability. The company highlighted plans to expand beyond Maharashtra and Gujarat, grow digital presence, and launch new products like the Margin Trading Facility.
Reported profitability was significantly reduced by the ₹33.88 Cr non-cash fair valuation loss from investment reclassification, masking what appears to be stronger underlying operating performance. Shareholders should note the company's reliance on proprietary trading income (which drove the loss) and exposure to regulatory shifts in derivatives volumes as key risks to monitor.