Revised Standalone and Consolidated Financial Results for the half year ended September 30, 2025 in response to the discrepancies raised by Stock Exchange.
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Rikhav Securities has re-filed its H1 FY26 results after BSE flagged that Trade Payables were not bifurcated per Accounting Standard Division I format. The underlying numbers themselves remain largely unchanged. Revenue from operations jumped to ₹37,991.40 lakhs from ₹9,299.46 lakhs in H1 FY25, a roughly 4x increase driven by higher trading volumes. However, net profit fell to ₹1,785.53 lakhs (standalone) from ₹5,078.90 lakhs in H1 FY25, as expenses rose sharply, especially purchases of stock-in-trade (₹38,570 lakhs) which suggests margins were compressed on the surge in trading turnover. The auditor (AHSP & Co LLP) issued an unqualified limited review report for both standalone and consolidated results. The wholly-owned subsidiary RSL IFSC contributed a small loss of ₹9.68 lakhs. The balance sheet remains healthy with reserves of ₹22,524.95 lakhs and minimal debt.
This is essentially a paperwork fix rather than a business red flag. The strong revenue growth is impressive for a broking firm, though the sharp PAT decline on thin margins shows the business is scaling volumes rather than profitability. Shareholders should watch trading volumes and net profit margins in upcoming quarters. No negative auditor observation, so no immediate governance concerns.