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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Equity, derivative, commodity and currency broking, Proprietary trading and investment activities (98%), SME market making, Margin Trading Facility (MTF), Depository services. Cyclical, capital-markets-linked broker with a material proprietary trading book.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 318 | 1,976 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.51 | 4.95 |
| ROE % · ROCE % | — · 14.9 | — · 12.7 |
| Debt / equity (x) | — | — |
| Cash from operations | (188) | 65 |
| Capex | (1) | (6) |
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 225 | 380 | 1,596 |
| Profit before tax | (34) | 24 | 2 |
| Net profit | — | — | — |
| EPS (₹) | 9.40 | 4.64 | 0.31 |
| 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 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 4,335 | 11.9 | 1.63 | 6.5 | 12.2 | — | 26.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Promoter Group N D Lakhani acquires 0.70% stake in Rikhav Securities | ownership changes | medium | — | — |
| 11 Sept 2026 · Promoter group H D Lakhani acquires 2.66 lakh shares of Rikhav Securities | ownership changes | medium | — | — |
| 11 Sept 2026 · Promoter Group B N Lakhani acquires 2.66 lakh shares of Rikhav Securities | ownership changes | high | — | — |
| 11 Sept 2026 · Promoter group B D Lakhani acquires 0.70% in Rikhav Securities | ownership changes | high | — | — |
| 28 Aug 2026 · Notice of 31st AGM on 22 September 2026 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Rikhav Securities FY26 Annual Report: Revenue surges, PAT falls | results | high | — | — |
| 20 Aug 2026 · Board meeting outcome: auditor appointed, director re-appointed, AGM set for Sep 22 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Board appoints internal auditor, fixes AGM date for Sept 22 2026 | management changes | medium | — | — |
| 11 Aug 2026 · Promoter pledges 1.3 percent stake for margin trade | ownership changes | medium | — | — |
| 10 Aug 2026 · Promoter Hitesh Lakhani pledges 1.3% stake for margin trade; revised disclosure | ownership changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 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) | 3.3 | 15.4 | 1 of 37 | 100% |
| ROCE | 10.5 | 12.6 | 10 of 16 | 40% |
| Market cap | 184 | 507 | 26 of 42 | 39% |
| 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.
