Anand Rathi Q4 Profit Doubles to Rs 41 Crore on Diversification
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- Anand Rathi Share & Stock Brokers reported Q4 net profit of Rs 41 crore, more than double the year-ago quarter, while Q4 EBITDA rose 51% YoY to Rs 110 crore and EBITDA margin expanded to 43.2% from 36.5%.
- Anand Rathi posted FY26 revenue of Rs 932 crore (+10% YoY), full-year EBITDA of Rs 380 crore (+22%) and net profit of Rs 129 crore (+25%), with FY26 EBITDA and PAT margins at 40.7% and 13.8% respectively.
- Non-core verticals offset a 7% decline in broking revenues: margin trading facility (MTF) interest income grew over 50% YoY in Q4 and distribution income rose 34%, lifting the overall revenue mix toward higher-margin businesses.
- Assets under management climbed 21% YoY to Rs 7,788 crore and the MTF book expanded 61% to Rs 1,102 crore, though active client count slipped 3.9% YoY to 212,841.
- The board proposed a dividend of Rs 5 per share for FY26, citing its 300-plus city footprint and rising demand for margin funding and distribution services as the base for continued non-broking momentum.
Why it matters: Anand Rathi's results show a mid-tier brokerage successfully decoupling earnings from broking cyclicality: while traditional broking revenue fell 7% on volatile markets, a 61% surge in the MTF book and 34% jump in distribution income pushed Q4 net profit up 2x and FY26 PAT up 25%, validating the diversification bet for peers weighing similar shifts.
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