Arihant Capital Markets Limited (ARIHANTCAP) share price

₹79.00 on NSE as of 2026-09-11. +3.31% on the day. market cap ₹866 Cr. P/E 21.3. 52-week range ₹58.19 to ₹117.13. Financial Services.

Arihant Capital Q1 FY27: Revenue of ₹78 Cr Lands One Quarter After a ₹0.5 Cr Profit Print

At a glance

Arihant Capital Markets reported consolidated sales of ₹78 Cr for the quarter ended June 2026, against ₹51 Cr in the June 2025 quarter and ₹49 Cr in the March 2026 quarter. Net profit came in at ₹21 Cr, versus ₹13 Cr a year earlier and ₹0.5 Cr in the immediately preceding quarter. EPS for the quarter was ₹1.96.

Operating profit was ₹35 Cr at a 45% margin — the highest quarterly margin in the last ten quarters on record, and a long way from the 16% printed in March 2026. The March quarter carried a tax rate of 67% and an exceptional item of ₹0.39 Cr, per the filed results, which is where much of that ₹0.5 Cr profit went.

The full year to March 2026 tells a different arc: sales of ₹206 Cr against ₹247 Cr the year before, and net profit of ₹31 Cr against ₹59 Cr. Borrowings rose from ₹96 Cr to ₹239 Cr over the same year, while cash from operating activity ran at negative ₹122 Cr and financing brought in ₹153 Cr.

Sitting behind all of this is a composite scheme of arrangement approved by the board in August 2025 — a demerger, an amalgamation, and two slump sales, all still working through approvals. BSE and NSE cleared it in June 2026, per the company's filing.

Also in the last twelve months: 50 lakh warrants converted into equity for promoters, a 50% dividend recommendation, and a CFO resignation. Section 5 handles the traffic.

Introduction

Incorporated in 1992, Arihant Capital Markets Ltd provides stock and commodities broking, PMS, financial services, real estate, insurance broking and related activities. The company is registered with SEBI under the stock brokers and sub-brokers regulations, is a member of BSE, NSE, MCX and NCDEX, is a depository participant with both CDSL and NSDL, holds SEBI registrations as a Research Analyst and Merchant Banker, and is an AMFI-registered mutual fund distributor. That is a long list of licences for a company with a market capitalisation of ₹836 Cr.

The corporate structure has been busy. The consolidated results cover four wholly-owned subsidiaries — Arihant Futures and Commodities, Arihant Financial Services, Arihant Capital (IFSC) and Arihant Elite Financial Solutions — plus two step-down subsidiaries in Arihant Investment Banking Services and Arihant Money Marvel Wealth Management, and a 29.53% associate stake in Electrum Capital Private Limited. The associate contributed ₹0.96 Cr to consolidated profit this quarter.

In August 2025 the board approved a draft composite scheme: Arihant Financial Services amalgamates into the parent, the parent demerges into Arihant Elite Financial Solutions on a 1:1 share basis with AEFSL to be listed, and two businesses transfer by slump sale — Merchant Banking at ₹5.98 Cr and Distribution at ₹0.57 Cr. RBI issued its NOC in March 2026, and the exchanges cleared it in June 2026. The NCLT process under Sections 230 and 232 follows.

Alongside that, the registered office shifted within Indore, Arpit Jain was re-appointed Joint MD from January 2026 for four years and five months, and Jitendra Jain was re-appointed as an Independent Director for five years.

The June 2026 results were approved at a board meeting on July 24, 2026, which ran from 4:00 PM to 5:45 PM. One hour and forty-five minutes to sign off on a quarter that quintupled profit sequentially.

Business model

Arihant acts as a stock and commodities broker executing trades for clients spanning retail customers including high net worth individuals, mutual funds, financial institutions and corporates. The company is present in 200+ cities with 750+ investment centres and 2 lakh+ customers.

The revenue plumbing is visible in the filed results, and it is four taps rather than one. For the June 2026 quarter, consolidated revenue from operations of ₹77.91 Cr splits into interest income of ₹22.71 Cr, fees and commission income of ₹40.10 Cr, net gain on fair value changes of ₹15.09 Cr, and dividend income of ₹0.01 Cr. That fourth line is the one to hold on to: gain on fair value changes was ₹15.09 Cr this quarter, negative ₹8.08 Cr in the March 2026 quarter, and ₹1.28 Cr for the full year to March 2026. A revenue line that can be positive fifteen, negative eight, or roughly zero is not a revenue line most businesses would recognise.

Segment disclosure splits it two ways instead: Broking & Related Activities at ₹76.95 Cr and Financing Activities at ₹1.32 Cr for the quarter, before ₹0.36 Cr of inter-segment revenue. Financing contributed ₹0.89 Cr of segment profit before finance costs; broking contributed ₹33.71 Cr. So the second segment is a rounding error wearing a segment's uniform.

Beyond execution, the shelf is wide. Merchant banking as a Category I merchant banker covers sell-side and buy-side M&A, equity and debt capital markets, private placements and restructuring, strategic advisory, corporate finance, valuation and debt syndication. Institutional broking serves 80+ institutional clients across mutual funds, hedge funds, insurance companies, pension funds, bank treasuries and foreign portfolio investors. Retail gets equities, derivatives, currency, commodities, mutual funds, fixed income, gold and NPS. HNIs get Arihant Platinum, PMS and financial planning. NRIs get most of the above with extra paperwork.

In FY23 the company launched Arihant Plus, an app offering advanced charts with actionable trading and advanced orders including GTT, basket, bracket, cover and SIP. Total app installs stood at 64,705, with 80,182 NSE active clients and average daily turnover of ₹8,172 Cr.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Arihant Capital Markets Limited.

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