Transcript of earnings Conference Call- H2 FY25.

Rikhav Securities, a recently listed stock broking and financial services firm, held its maiden post-listing earnings call to discuss H2 FY25 results. FY25 consolidated total income stood at INR 327.77 crores with EBITDA of INR 34.50 crores (10.53% margin) and net profit of INR 23.67 crores (EPS of INR 7.51). The sharp drop in profitability versus earlier years was driven mainly by a INR 33.88 crore fair-value loss after the company reclassified certain equity holdings from non-current investments to stock-in-trade effective October 3, 2024 — management cited a tax benefit (short-term capital gains tax rise from 15% to 20%) as the reason. Management said INR 10-12 crore of this loss has already been recovered and expects the balance to reverse by September 2025. The H2 broking business was also hit by a 20-25% drop in mid-cap/SME markets and weaker derivatives volumes due to SEBI regulatory changes. Market making contributes ~50% of the business, with new initiatives in margin trading facility (MTF), institutional brokerage, algo trading, and a newly launched Rikhav Plus mobile app.