NSE: ARSSBL · BSE: 544530
ANAND RATHI SH N STK BR L
Operates a retail-facing stockbroking and capital markets business in India, earning trading brokerage from active clients in equities and derivatives. Beyond broking, it lends against securities through its Margin Trading Funding (MTF) book and distributes mutual funds and other products, alongside running a depository participant (DP) business that holds client securities in demat form. Q1 FY27 revenue mix was 52% broking, 29% non-broking (MTF, distribution, depository) and 19% other income; consolidated revenue was ₹2,461M, with EBITDA margin at 39.54%. Assets under custody (AUC) reached ₹1.13 lakh crore, served by 88,424 active clients across a network of 319 cities and 2,263 employees. The firm is expanding through a Dubai subsidiary to serve NRI/HNI clients and through an AI-enabled digital platform integrated with UPI/AA/eSign. Employee compensation is the dominant cost at 32.5% of FY26 revenue, with other operating expenses at 26.7%; depreciation and capex are minimal at under 3% each, reflecting the asset-light nature of the business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking (52%), Non-broking (29%), Other income (19%). Asset-light, cyclical stockbroking with growing capital-market lending (MTF) and distribution
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 932 |
| EBITDA (ex other income) | 380 |
| margin % | 40.7 |
| Owners' profit | 129 |
| EPS, as reported (₹) | 24.10 |
| ROE % · ROCE % | 9.6 · 23.9 |
| Debt / equity (x) | 0.62 |
| Cash from operations | 725 |
| Capex | (17) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 201 | 227 | 248 | 256 | 246 |
| Profit before tax | 30 | 38 | 50 | 54 | 31 |
| Net profit | 23 | 28 | 37 | 42 | 23 |
| EPS (₹) | 5.14 | 6.27 | 7.54 | 7.75 | 3.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,16,321 | 46.8 | 12.05 | 39.5 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,348 | 29.4 | 4.50 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 39,572 | 31.3 | 4.02 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 30,763 | 14.5 | 7.46 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,419 | 4.9 | 4.30 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,720 | 18.6 | 3.49 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,868 | 10.7 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L ◆ | 2,955 | 18.6 | 2.19 | 9.7 | 9.6 | 11.5 | — | 31.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 15.1 | 20 of 33 | 41% |
| P/B | 2.2 | 1.7 | 24 of 40 | 41% |
| ROCE | 11.5 | 12.6 | 9 of 16 | 47% |
| ROE | 9.6 | 9.6 | 21 of 40 | 49% |
| Debt / Equity | 0.6 | 0.1 | 12 of 14 | 15% |
| EBITDA margin | 31.2 | 31.2 | 20 of 39 | 50% |
| Revenue growth | 22.4 | 22.4 | 18 of 35 | 50% |
| Profit growth | 2.4 | 13.4 | 25 of 38 | 35% |
| Market cap | 2955 | 409 | 8 of 42 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Q2 FY27 Earnings Call Transcript; Revenue Up 20%, PAT Up 50% YoY | investor communications | medium | — | — |
| 14 Oct 2026 · Audio recording of Q2FY27 earnings call uploaded on website | investor communications | low | — | — |
| 14 Oct 2026 · Newspaper publication of Q2 FY27 financial results | compliance | minimal | — | — |
| 13 Oct 2026 · ESOP Allotment: 44,350 Shares at Rs 5 Each Under ESOP 2023 | capital market events | low | — | — |
| 13 Oct 2026 · Q2 FY27 Results: Revenue up 20%, PAT jumps 50% YoY; EBITDA margin dips | investor communications | medium | — | — |
| 13 Oct 2026 · ARSSBL Q2 FY27: Revenue up 20%, PAT up 50% YoY; MTF Book rises 38% | compliance | low | — | — |
| 13 Oct 2026 · Q2 FY27 Results: PAT up 80% YoY, Revenue up 21% YoY | results | high | — | — |
| 8 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for Oct 14, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Board meeting on Oct 13 to consider Q2 and H1 FY27 financial results | board shareholder meetings | low | — | — |
| 7 Oct 2026 · RTA confirms Q2 FY26 dematerialisation certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.