Anand Rathi Share and Stock Brokers Limited (ARSSBL) share price

₹490.25 on NSE as of 2026-09-11. -2.35% on the day. market cap ₹3,090 Cr. P/E 19.4. 52-week range ₹418.10 to ₹773.95. Financial Services.

What the company does

ARSSBL was incorporated on November 22, 1991, and was listed on the stock exchange on September 30, 2025. The company offers stock broking, margin trade funding and distribution as its key services. The company is also a trading member of National Stock Exchange of India Ltd, BSE Ltd, Multi Commodity Exchange and National Commodity and Derivatives Exchange and GIFT CITY IIBX exchange. Retail clients and high networth individuals (HNIs) clients were the target customer segment of ARSSBL, and they are spread across 90 branches with 1,100 authorised persons and sub brokers and more than 2,000 employees; it has more than 9.9 lakh customers.

Filed by CRISIL, page 5.

Anand Rathi Share & Stock Brokers Q1 FY27: Revenue Up 22%, Profit Flat — And a ₹21 Crore Reason Why

At a glance

For the quarter ended June 2026, Anand Rathi Share & Stock Brokers posted revenue of ₹246 crore, up 22.2% from ₹201 crore a year earlier and down 3.8% from ₹255 crore in the prior quarter. Operating profit rose to ₹97 crore, a 29.5% year-on-year gain. Then the bottom line refused to move: net profit landed at ₹24 crore, up 0.6% year-on-year and down 44% sequentially from ₹42 crore.

The gap between a 22% revenue line and a flat profit line has a specific cause. The company booked an exceptional expense of ₹209.96 million — roughly ₹21 crore — to restore securities to two Depository Participant clients who lost shares to fraudulent off-market transfers. Profit before that item and tax was ₹525 million (standalone), up 72% year-on-year per the results statement; profit after the exceptional item was ₹314 million.

EPS came in at ₹3.73 for the quarter, against ₹5.27 a year ago. That drop sits alongside near-flat PAT because the share count changed after the September 2025 IPO — more shares, same profit, smaller slice each.

The market currently pays 22.8x on Screener's trailing basis, against an industry 20.6x. What the operating engine did and what one fraud line did to the headline are both on the page below.

Introduction

Incorporated in 1991 as Navratan Capital and Securities Private Limited, the company took its present name in 2008 and is the broking arm of the broader Anand Rathi Group, a diversified financial-services house spanning wealth management, lending, insurance broking and asset management. It listed on the BSE and NSE in September 2025, raising ₹745 crore through its IPO, with the fresh issue earmarked for working capital and general corporate purposes.

The three-decade franchise runs a full-service model — equity, derivatives, commodity and currency broking, margin trading, and distribution of third-party investment products — serving retail, HNI, UHNI, family-office and institutional clients. As of March 2026, per ICRA, it served about 10 lakh clients through 2,200-plus employees and around 1,100 associates across 98 branches, with roughly 1.5 lakh NSE active clients, placing it among the country's top 25 brokers.

The recent stretch has been busy on the corporate-action front. The July 14 board meeting cleared the Q1 numbers, approved an NCD programme of up to ₹500 crore, waved through material related-party transactions with two group entities, and approved incorporating a wholly owned subsidiary in Dubai to serve UAE-based NRI clients. ICRA reaffirmed its A+/A1+ ratings on July 6 and enhanced the rated bank-line amount to ₹1,950 crore.

Business model

Three engines, one balance sheet. First, broking: buying and selling on behalf of clients across cash equity, derivatives, commodities and currency — the classic exchange-member business that lives and dies by turnover. Second, the Margin Trading Facility, where the company lends clients money against eligible collateral so they can take larger cash-delivery positions; the MTF book stood at roughly ₹1,332 crore at end-June, up 55% year-on-year per management. Third, distribution: reselling other people's mutual funds, AIFs, PMS, bonds and fixed deposits and pocketing a trail, with distribution AUM around ₹9,479 crore.

The strategic pitch, per management, is a "near 50-50 mix" between broking and non-broking over the medium term — a deliberate attempt to make earnings depend less on how many people feel like trading castor seed futures this month. In Q1, management put the split at 52% broking and 29% non-broking, with the balance from other operating income.

The reach skews away from metros. Per the company's own disclosures, over 70% of active clients come from Tier 2/3 cities, and roughly 85% of clients are over 30 — an older, higher-corpus base that management frames as ripe for cross-selling. Client stickiness is real: about 57% have stayed more than three years. A broker whose customers don't churn is running a different sport from the discount houses fighting over first-year traders, and the numbers say Anand Rathi knows which sport it picked.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Anand Rathi Share and Stock Brokers Limited.

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