Anand Rathi Share & Stock Brokers Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 7 Aug 2026 | Capital Markets | Market Cap: ₹3.3K Cr

The company expects the next half of the fiscal year to be better and more robust than the previous year's second half, with strong traction in broking revenue. The company expects the next half of FY26 to be stronger and more robust compared to the last year's second half, indicating improved revenue traction in broking.

From Anand Rathi Share & Stock Brokers Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹512

Market Cap

₹3.3K Cr

P/E Ratio

22.0

How does Anand Rathi Share & Stock Brokers Ltd rank in Capital Markets?

Compare Anand Rathi Share & Stock Brokers Ltd against every Capital Markets company this quarter on revenue, margins and earnings-call signals.

View Capital Markets leaderboard →

Anand Rathi Share & Stock Brokers Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹255 Cr, net profit ₹42 Cr.

Full financials →

📊 Revenue & Sales Performance

→The company expects the next half of the fiscal year to be better and more robust than the previous year's second half, with strong traction in broking revenue.
→Plans to grow the Margin Trading Funding (MTF) book to around INR 1,500 crores by March 2026, up from INR 1,085 crores as of September 2025.
→Aiming to grow Assets Under Management (AUM) in distribution to approximately INR 9,500 crores by March 2026, up from INR 7,736 crores as of September 2025.
→Targeting a balanced revenue mix with broking and non-broking revenues approaching a 50:50 ratio by 2027.
→Distribution revenues, including insurance broking (a newly added segment), are expected to contribute significantly to non-broking income growth.
→Company emphasizes sustainable and consistent growth over time rather than focusing on expanding market share aggressively.

📈 Profitability & Margins

→The company expects the next half of FY26 to be stronger and more robust compared to the last year's second half, indicating improved revenue traction in broking. (Page 11)
→By March 2026, the company aims to grow the Margin Trading Funding (MTF) book to around INR 1,500 crores from INR 1,085 crores as of September 2025, supporting non-broking revenue growth. (Pages 9, 6)
→The management targets achieving a balanced revenue mix of 50% broking and 50% non-broking by 2027, which includes growth in insurance distribution and other financial products. (Page 5, 10)
→Q2 FY26 showed sequential quarter-on-quarter growth: revenue +13%, EBITDA +24%, PAT +22%, reflecting strong operating performance. (Page 5)
→The company anticipates sustainable, consistent growth over time with a focus on client longevity and cross-selling, underpinning steady earnings and profits expansion. (Page 11)

See what Anand Rathi Share & Stock Brokers Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→The transcript does not explicitly mention any specific current or future capital expenditure (capex) or strategic investments.
→The company focused on strengthening working capital through the IPO funds raised (~INR745 crores) primarily to expand the Margin Trading Facility (MTF) and maintain cash margin requirements.
→Expansion plans are more focused on increasing operational reach through RM expansion, online platform enhancement, and business partner channels, especially in Tier 2 and Tier 3 cities.
→They aim to grow the MTF book to INR1,500 crores by March 2026 and increase Assets Under Management (AUM) to around INR9,500 crores.
→Investments are more strategic for broadening product offerings (e.g., insurance broking segment launched recently) and improving client acquisition and retention rather than large capital-intensive investments.
→No direct mention of significant capex or capital investment projects in the transcripts provided.

💰 Fundraising & Capital Structure

→The company raised about INR 745 crores from an IPO on September 30, 2025, primarily to fund working capital and strengthen the margin trading facility.
→Current debt-equity ratio has improved to 0.93 from 2.31, indicating a stronger capital structure.
→Regarding margin trading funding (MTF) growth, the company plans to scale the MTF book to INR 1,500 crores by March 2026.
→To reach this INR 1,500 crore MTF target, around INR 400-450 crores of additional borrowing will be required.
→The company already has borrowing limits of approximately INR 300 crores and room for further debt to support the growth.
→There is no explicit mention of immediate plans for a new equity raise beyond the recent IPO.
→The focus is on utilizing existing capital and available borrowing capacity to fund growth without raising additional equity soon.

See what Anand Rathi Share & Stock Brokers Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

The provided transcript does not explicitly mention the current or expected order book or pending orders for Anand Rathi Share & Stock Brokers Limited. However, relevant business progress and growth metrics include: - MTF (Margin Trading Facility) book stood at INR1,085 crores as of September 30, 2025, with plans to grow to INR1,500 crores by March 2026. - Distribution book AUM is targeted to reach around INR9,500 crores by March 2026. - New corporate agency license acquired for insurance broking, adding to the distribution revenue stream. - Focus on sustainable revenue mix aiming for 50% broking and 50% non-broking revenues by 2027. - Strong client base of approximately 1.73 lakh active clients over half-year 26. - Expansion in Tier 2 and Tier 3 cities through branches and business partners. No direct details on order book or pending orders were discussed in the transcript.

Key Metrics

How does Anand Rathi Share & Stock Brokers Ltd rank vs peers in Capital Markets?

Pro feature

1Anand Rathi Share & Stock Brokers Ltd

See full Capital Markets sector rankings

What ARSSBL's management said in earlier quarters

Others in Capital Markets this season

NAM-INDIA (Q2 FY26)
ETF segment poised for growth with a healthy 20% market share; further expansion possible as market grows, especially in gold and silver ETFs which show…
RIKHAV (Q2 FY26)
100 crores in the next 5 years. Key concall takeaways from Rikhav Securities Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
IEX (Q2 FY26)
Electricity traded volumes grew by 16% in H1 FY '26 despite flat overall power demand, indicating strong market growth potential. Key concall takeaways from…
BSE (Q2 FY26)
15,000 crores reported. Key concall takeaways from BSE Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.

Compare:vs ICICIAMC vs BSE vs GROWW

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Anand Rathi Share & Stock Brokers Ltd Q2 FY26 results?

What is Anand Rathi Share & Stock Brokers Ltd share price analysis?

Anand Rathi Share & Stock Brokers Ltd currently shows a neutral. The stock trades at a P/E of 22.0 with a market cap of ₹3,250 Cr. Investors should review the full earnings analysis for detailed insights.

Is Anand Rathi Share & Stock Brokers Ltd planning capital expenditure?

The transcript does not explicitly mention any specific current or future capital expenditure (capex) or strategic investments.

Keep Anand Rathi Share & Stock Brokers Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.