Anand Rathi Share and Stock Brokers Limited Earnings Summary — Q4 FY2026

• Revenue for the quarter reached a multi-period high of ₹256 Crores, marking a steady 3.2% sequential growth.
• Operating margins expanded to a record 43% in Q4 FY2026, up from 37% in the same quarter last year, driven by operational leverage.
• Net profit surged by 133% year-over-year compared to the ₹18 Crores reported in March 2025, reflecting significant earnings momentum.
• The board is considering a fresh fund infusion of up to ₹500 Crores via Non-Convertible Debentures (NCDs) to support further expansion.
• Interest expenses remains a significant headwind, rising to ₹50 Crores in the current quarter, reflecting higher borrowing for the MTF book.
• FY26 full-year operating profit reached ₹380 Crores, demonstrating consistent scale-up from previous years.

The company is focusing on scaling its HNI/UHNI advisory services and expanding its network of authorized persons. The proposed ₹500 Crores NCD issuance indicates an aggressive push to grow the loan book or margin funding capabilities.

Improving

Consistently expanding margins and triple-digit YoY profit growth suggest the company is successfully navigating market cycles while optimizing its cost structure.

Bullish on operational efficiency as margins reached 43%; however, the market-linked nature of the brokerage business and rising interest costs for financing activities remain key monitoring points.