Rikhav Securities Limited

Operates as a diversified stockbroking and capital-markets platform registered with NSE and BSE, offering equity broking, derivatives, commodities, currency derivatives, depository services, market-making and a recently launched Margin Trading Facility (MTF). Revenue is concentrated in business and investment activities at 97.91% of FY26 revenue, reflecting a large proprietary book that includes cash-market share positions, commodity arbitrage and in-house algo/delta hedging. FY26 total income was ₹1,991.62 cr while PAT was ₹18.96 cr; the H2 half was sharply weaker (PAT of just ₹1.20 cr) due to an ₹18-23 cr loss on legacy cash-market share positions as the Nifty fell below 23,000. Operating costs are thin relative to revenue — employee cost was ₹15 cr (0.8% of revenue), other opex ₹26.14 cr (1.3%) and capex ₹5.83 cr (0.3%) in FY26 — because most of the topline is prop trading turnover rather than fee income. Management is building institutional brokerage, with Kotak MF, Bank of India, RBL Bank and 8-10 FPIs onboarded, alongside plans to empanel SBI and LIC.