Anand Rathi Share and Stock Brokers Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Assets Under Custody (AUC) stood at ₹11,30,909 Mn as of Q1 FY27, showing a 21.4% year-on-year (YoY) increase.
  • The number of Active Clients in the broking segment rose, contributing to the notable increase in AUC.
  • Over 70% of Total Active Clients are from Tier 2 and Tier 3 cities.
  • The company maintains a pan-India presence through a mix of own branches and franchisees.

Key drivers of operational performance: Measured and calibrated increase in AUC in line with strategy, strong client loyalty, and a mature client-base unlocking premium potential.

Segment-wise Performance

Revenue is bifurcated into Broking and Non-Broking segments.

  • Broking Segment: Comprises Income from Broking & Related Services.
  • Non-Broking Segment: Comprises Interest on Margin Trading Facility and Distribution Income.
  • The presentation notes a strategic diversification and de-risking of the business model, with a growing contribution from the Non-Broking segment.

Explanation of significant changes in segment performance: Growth was driven by strong expansion in both broking and non-broking segments.

Financial Highlights

Consolidated Figures for Q1 FY27 (Quarter ended June 30, 2026):

  • Revenue from Operations: ₹2,461.03 Mn
  • EBITDA: ₹973.00 Mn
  • PAT (Before Exceptional Items): ₹390.62 Mn
  • PAT (After Exceptional Items): ₹233.51 Mn
  • EPS: Not Specified

Margins:

  • EBITDA Margin: 39.5%
  • PAT Margin (Before Exceptional Items): 15.8%
  • PAT Margin (After Exceptional Items): 9.5%

YoY comparison (Q1 FY27 vs Q1 FY26):

  • Revenue from Operations: Increased 22.4% YoY (from ₹2,011.1 Mn)
  • EBITDA: Increased 30.2% YoY (from ₹747.4 Mn)
  • PAT (Before Exceptional Items): Increased 71.2% YoY (from ₹228.1 Mn)
  • PAT (After Exceptional Items): Increased 2.3% YoY (from ₹228.1 Mn)
  • EBITDA Margin: Improved by 237 basis points YoY (from 37.2%)
  • PAT Margin (Before Exceptional Items): Improved by 453 basis points YoY (from 11.3%)
  • PAT Margin (After Exceptional Items): Decreased by 184 basis points YoY (from 11.3%)

QoQ comparison (Q1 FY27 vs Q4 FY26):

  • Revenue from Operations: Decreased 4% QoQ (from ₹2,560 Mn)
  • PAT (After Exceptional Items): Decreased 44% QoQ (from ₹416 Mn)

Drivers of financial performance: Growth driven by strong expansion in both broking and non-broking segments. The PAT after exceptional items was significantly impacted by an exceptional item of ₹210 Mn in Q1 FY27.

Comparison to market estimates: Not Specified

Key Risks: Not explicitly disclosed in the provided data.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

  • Debt Equity Ratio: 0.81 (was 1.93 as of Q1 FY26)
  • Reserves: Not Specified
  • Current Assets/Liabilities: Not Specified
  • Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: The Debt Equity Ratio improved significantly to 0.81 from 1.93 a year ago.

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Not Specified

Strategic & R&D Initiatives

Investments in Innovation: Not Specified

Expected impact on growth: Not Specified

Strategic Rationale: The strategy focuses on a measured and calibrated increase in AUC, building the Margin Trade Facility as a core growth engine, and achieving a steady increase in Assets Under Management (AUM) across distribution product categories.

Industry Trends & Business Environment

Macro/Industry Trends: Not Specified

Impact on Company: Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: Not directly quoted, but the presentation highlights "Loyalty as a Competitive Edge" and "Unlocking Premium Potential" with a mature client-base.

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

Additional Information

  • ROCE (Annualized): 15.9% for Q1 FY27 (was 18.5% for Q1 FY26)
  • ROE (Annualized): 11.6% for Q1 FY27 (was 17.7% for Q1 FY26)
  • The presentation includes a detailed Profit & Loss account breakdown.
  • An exceptional item of ₹210 Mn was recorded in Q1 FY27.