BSE: 523019
B.N.RATHI SECURITIES LTD.
Operates as a Hyderabad-headquartered equity broking and depository participant firm listed on BSE. It is a corporate member of NSE, BSE and MCX, and a Depository Participant on CDSL. The main revenue driver is brokerage income, which stood at Rs 1,149.94 lakhs in Q3 FY26 (per company filings), with standalone total income of Rs 1,738.49 lakhs for that quarter. Beyond core broking and depository services, the firm runs a wholly-owned commodity trading subsidiary, B.N. Rathi Comtrade Private Limited, and has an associate Alternative Investment Fund manager, B-Fly Asset Manager LLP. For FY26, the firm reported revenue of Rs 54.40 crore and net profit of Rs 9.42 crore at an EBITDA margin of 27.17%. Costs are dominated by other operating expenses (72.1% of revenue) and employee costs (17.1% of revenue), with negligible materials cost, consistent with a services-led model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Equity and derivatives brokerage, Depository participant services, Commodity trading, Alternative Investment Fund management. Cyclical, services-led equity broking and depository participant
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 39 | 41 | 48 | 48 | 54 |
| EBITDA (ex other income) | 4 | 6 | 6 | 4 | 6 |
| margin % | 9.4 | 15.7 | 12.4 | 8.1 | 10.8 |
| Owners' profit | 0 | 0 | 0 | 9 | 10 |
| EPS, as reported (₹) | 8.81 | 9.02 | 11.50 | 2.30 | 2.27 |
| ROE % · ROCE % | 13.7 · 20.2 | 17.3 · 27.6 | 16.7 · 23.8 | 13.2 · 18.9 | 11.9 · 17.9 |
| Debt / equity (x) | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 41 | (5) | 5 | (23) | 11 |
| Capex | (1) | (0) | (1) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 14 | 11 | 8 | 12 | 13 | 15 | 15 |
| Profit before tax | 5 | 5 | 2 | 1 | 3 | 3 | 4 | 4 |
| Net profit | 3 | 4 | 2 | 0 | 1 | 2 | 3 | 3 |
| EPS (₹) | 3.51 | 3.89 | 1.47 | 0.09 | 0.35 | 0.75 | 0.72 | 0.63 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 19.0 | 15 of 76 | 81% |
| P/B | 0.9 | 1.0 | 48 of 105 | 55% |
| ROCE | 17.0 | 1.8 | 10 of 83 | 89% |
| ROE | 11.9 | 1.3 | 13 of 111 | 89% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | 26.3 | 25.6 | 45 of 91 | 51% |
| Revenue growth | 77.2 | (4.1) | 16 of 85 | 82% |
| Profit growth | 606.5 | (0.2) | 6 of 109 | 95% |
| Market cap | 71 | 26 | 31 of 113 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Public shareholders sell 6.79% stake in B.N. Rathi Securities | ownership changes | high | — | — |
| 17 Oct 2026 · Public shareholder Darshan P Desai HUF sells 545163 shares via open market | ownership changes | medium | — | — |
| 14 Oct 2026 · Quarterly demat compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 6 Oct 2026 · SEBI grants Merchant Banker registration to B N Rathi Securities | business updates | high | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after Q2 FY27 results | compliance | minimal | — | — |
| 3 Aug 2026 · Board meeting on 12 Aug 2026 to consider Q1 FY27 unaudited results | results | low | — | — |
| 22 Jul 2026 · 40th AGM notice dispatched; book closure 8-14 Aug 2026, dividend declared | compliance | minimal | — | — |
| 21 Jul 2026 · Board approves Rs 60 lakh sponsor investment in associate AIF | strategic transactions | medium | — | — |
| 20 Jul 2026 · Book closure and e-voting schedule for 40th AGM on 14 August 2026 | board shareholder meetings | low | — | — |
| 20 Jul 2026 · B N Rathi Securities submits 40th AGM Annual Report, declares 10% dividend | results | high | — | — |
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.