Transcript of Earnings Conference call- H1 FY26
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Rikhav Securities reported H1 FY26 total income of Rs. 386.67 crores, EBITDA of Rs. 25.96 crores, and profit after tax of Rs. 17.75 crores. Management guided for 20-25% year-on-year growth and a 5-year target of over Rs. 100 crores in PAT, driven mainly by proprietary trading, market making, and the newly started margin trading facility (MTF) book of Rs. 10 crores expected to grow 30-40% every half year. The company has reduced its exposure to SME market making over the last 6 months, while expanding institutional broking, digital onboarding, and geographical reach beyond Maharashtra and Gujarat. Management clarified that the apparent dip in profit margins is because total income includes prop trading turnover, which inflates the top line relative to net profit.
The aggressive 5-year PAT target of Rs. 100+ crores and 20-25% annual growth guidance are positive forward signals, though the company is still small and execution on MTF, institutional, and digital expansion will be key. Shareholders should note management's candid admission that SME segment exposure has been trimmed and that earnings can look lumpy due to prop trading volumes.