BSE: 544340
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. 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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.4 | 15.1 | 1 of 33 | 100% |
| ROCE | 10.5 | 12.6 | 10 of 16 | 40% |
| Market cap | 188 | 409 | 26 of 42 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Board approves reclassification of promoter group entities to public category | ownership changes | high | — | — |
| 5 Oct 2026 · 9 promoter group entities seek reclassification to public category | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closure ahead of H2 FY26 results announcement | compliance | minimal | — | — |
| 25 Sept 2026 · Disclosure of analysts/investors meeting held on Sep 24, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Rikhav Securities 31st AGM: Both resolutions passed with near-unanimous support | compliance | minimal | — | — |
| 22 Sept 2026 · 31st AGM held via video conference; FY26 accounts and director re-appointment considered | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Rikhav Securities schedules investor/analyst meeting on 24 Sept | board shareholder meetings | low | — | — |
| 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 | — | — |
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.