Investor Presentation for the half yearly results for the half year ended 30th September, 2025
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Rikhav Securities, a BSE SME-listed broking and market-making firm (IPO Jan 2025, ₹88.82 Cr), reported H1 FY26 consolidated total income of ₹386.67 Cr, EBITDA of ₹25.96 Cr, and PAT of ₹17.75 Cr (EPS ₹4.64). The company serves 23,000+ clients with 99% retention, acts as a market maker for around 46 IPOs annually, and recently launched a Margin Trading Facility (MTF) with a current book size of about ₹10 Cr. FY25 revenue surged to ₹327.77 Cr (driven by business/investment activities of ₹301.55 Cr), but PAT dropped sharply to ₹23.55 Cr from ₹42.20 Cr in FY24 and margins compressed. Management guided for 20-25% YoY overall growth and MTF book growth of 30-40% per half year, with strategic shift toward proprietary trading, brokerage, and digital expansion beyond Maharashtra and Gujarat.
The stock has corrected sharply from ₹171.55 (Sep 30, 2025) to ₹70.84 (Nov 10, 2025), reflecting investor concern over FY25 margin compression despite strong top-line growth. The H1 FY26 result and management's growth guidance for MTF and brokerage may help sentiment, but profitability recovery remains the key swing factor for shareholders.