NSE: ARIHANTCAP · BSE: 511605
ARIHANT CAPITAL MKTS LTD
Operates as a stockbroker registered with NSE and BSE, earning the bulk of its money from broking and related activities. For FY26, Broking & Related Activities brought in Rs 202.58 crore, or 97.3% of segment revenue, with an EBIT of Rs 59.08 crore. Financing Activities contributed Rs 5.52 crore, or 2.7%, with EBIT of Rs 4.38 crore. Beyond broking, the company has distribution, merchant banking and NBFC businesses housed in group entities that are being reorganised through a composite scheme of arrangement awaiting NCLT approval. Employee costs are the largest expense at 19.1% of revenue, followed by other operating expenses at 16.0% and depreciation at 1.7%. In Q1 FY27, standalone revenue was Rs 75.13 crore and net profit Rs 18.92 crore, with the broking segment alone posting Rs 76.95 crore of revenue and Rs 33.71 crore of segment profit. Promoters collectively hold 67.67% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broking & Related Activities (97%), Financing Activities (3%). Asset-light, broking-led capital market intermediary with a small financing book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 170 | 138 | 235 | 247 | 206 |
| EBITDA (ex other income) | 71 | 50 | 105 | 100 | 66 |
| margin % | 42.0 | 36.2 | 44.7 | 40.2 | 32.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 11 |
| EPS, as reported (₹) | 24.19 | 2.80 | 6.77 | 5.64 | 0.00 |
| ROE % · ROCE % | 22.0 · — | 11.3 · — | 21.9 · — | 15.3 · — | 7.1 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (17) | 15 | (30) | 32 | (122) |
| Capex | 0 | 0 | (3) | (17) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 76 | 52 | 46 | 51 | 57 | 49 | 49 | 78 |
| Profit before tax | 24 | 15 | 11 | 16 | 17 | 7 | 2 | 27 |
| Net profit | 20 | 12 | 8 | 13 | 13 | 5 | 1 | 21 |
| EPS (₹) | 1.92 | 1.18 | 0.74 | 1.22 | 1.26 | 0.49 | 0.00 | 1.96 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Broking & Related Activities | 96 | 46.3 |
| Financing Activities | 6 | 2.7 |
| Broking and Related Activities | 56 | 27.1 |
| Broking and related activities | 50 | 24.0 |
| Total, before eliminations | 208 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.0 | 15.1 | 25 of 33 | 25% |
| P/B | 2.3 | 1.7 | 25 of 40 | 39% |
| ROE | 7.1 | 9.6 | 24 of 40 | 41% |
| EBITDA margin | 45.6 | 31.2 | 15 of 39 | 63% |
| Revenue growth | 53.5 | 22.4 | 2 of 35 | 97% |
| Profit growth | 69.2 | 13.4 | 9 of 38 | 78% |
| Market cap | 1018 | 409 | 16 of 42 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · Reg 74(5) compliance certificate from RTA for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · AGM 2026: 3 resolutions passed, Rs 0.50 dividend declared | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Arihant Capital Markets 34th AGM proceedings, Rs 0.50 dividend approved | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · 34th AGM approves FY26 results, 50% dividend, director re-appointment | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Notice to shareholders on transfer of unclaimed shares to IEPF | compliance | minimal | — | — |
| 4 Sept 2026 · AGM notice published in newspapers; corrigendum filed | compliance | minimal | — | — |
| 3 Sept 2026 · Corrigendum issued to Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Arihant Capital announces e-voting details for 34th AGM on Sep 26 | board shareholder meetings | low | — | — |
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.