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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,24,828 | 50.3 | 12.93 | 42.5 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 61,810 | 31.2 | 4.77 | 14.5 | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED | 44,371 | 35.0 | 4.51 | 15.5 | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 31,853 | 15.0 | 7.73 | 12.7 | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 27,862 | 5.2 | 4.53 | 15.1 | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,617 | 18.4 | 3.46 | 9.9 | 18.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Anand Rathi allots 100 NCDs worth Rs 1 crore via private placement | fund raising | low | — | — |
| 5 Sept 2026 · Postal ballot results: two related party transaction approvals passed | compliance | minimal | — | — |
| 5 Sept 2026 · Postal Ballot: Both related party transaction resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Allotment of 1,140 Secured NCDs worth Rs. 11.40 Cr via Private Placement | fund raising | medium | — | — |
| 10 Aug 2026 · Clarification on XBRL filing delay for Q1 FY2026 results | compliance | low | — | — |
| 6 Aug 2026 · Newspaper publication of postal ballot and e-voting notice | compliance | minimal | — | — |
| 5 Aug 2026 · Postal ballot seeks higher related party transaction limits with group entities | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Postal Ballot: Material RPT Modifications with Holding and Group Companies | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Allotment of 450 NCDs worth Rs 4.5 Cr via private placement at 9 percent coupon | fund raising | medium | — | — |
| 20 Jul 2026 · Q1 FY27 call: revenue up 22 percent, pre-exceptional profit up 71 percent; MTF book up 55 percent | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| — |
| 25.1 |
| 50.0 |
| SHARE IND. SECURITIES LTD | 4,335 | 11.9 | 1.63 | 6.5 | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L ◆ | 3,101 | 19.5 | 2.30 | 10.1 | 9.6 | 11.5 | — | 31.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.5 | 15.4 | 24 of 37 | 36% |
| P/B | 2.3 | 1.8 | 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 | 0.0 | 38 of 40 | 5% |
| 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 | 3101 | 507 | 8 of 42 | 83% |
| 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 |
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.
