• Event Type: Q1 FY27 Earnings Conference Call hosted by EY, including analyst Q&A session.
  • Event Date and Time: Held on July 15, 2026 (specific time not mentioned in transcript).
  • Purpose: Discussion of quarterly results for Q1 FY27 ended June 30, 2026, and business outlook.
  • Timing Relative to Earnings: Call held after results announcement and investor presentation upload to exchanges.
  • Management Participants: Mr. Pradeep Gupta (Chairman and Managing Director), Mr. Roop Kishor Bhootra (Whole-Time Director), Mr. Tarak Shah (Chief Financial Officer), and other team members.
  • Presentation Availability: Results and investor presentation were published on exchanges and available on company website at https://anandrathi.com/investors. Transcript was subsequently filed with exchanges on July 20, 2026.
  • UPSI Statement: Standard forward-looking statement disclaimer was provided indicating that some statements may be forward-looking and subject to risks and uncertainties.

Financial Highlights Discussed

  • Financial Period: Q1 FY27 (April-June 2026)
  • Total Revenue: ₹2,461 million, representing 22.37% YoY growth
  • EBITDA: ₹973 million with 30.19% YoY growth and margin of 39.54%
  • PAT (before exceptional): ₹391 million, growing 71.22% YoY with margin of 16%
  • PAT (after exceptional): ₹233.51 million, growing 2.35% YoY with margin of 9.49%
  • Exceptional Item: ₹209.96 million expense for client securities fraud restoration
  • Assets Under Custody: ₹1.13 lakh crores, growing 21.44% YoY
  • MTF Book: ₹13,318 million, growing 55% YoY
  • Distribution AUM: ₹94,791 million, growing 25.82% YoY
  • Revenue Mix: 52% broking, 29% non-broking (MTF + distribution), remaining other income
  • Employee Base: 2,263 employees, up from 2,148 in Q1 FY26
  • Client Loyalty: 57% of clients associated for over 3 years
  • Debt-Equity Ratio: 0.81 as of June 30, 2026
  • Credit Rating: Upgraded to A1+ for short-term facilities, A+ for long-term facilities

Forward-Looking Statements and Strategic Themes

  • MTF Book Guidance: Target of ₹1,750-1,800 crores by FY27-end (from current ₹1,330 crores)
  • Distribution AUM Guidance: 40% growth targeted for FY27
  • Revenue Mix Target: Maintain 50-50 broking to non-broking ratio
  • Revenue Growth Guidance: 15-25% annually with PAT growth of 30-35%
  • Digital Initiatives: Focus on AI-led insights, digital onboarding, and integration with UPI, Account Aggregator, eSign, and DigiLocker
  • Expansion Plans: Dubai subsidiary establishment for NRI services (approved, licensing in process)
  • GIFT City Presence: Existing subsidiary operational but focused on NRI services rather than international investing for domestic clients

Fraud Incident Disclosure

  • Nature: Fraudulent off-market transfer from demat accounts of two dormant clients
  • Amount Recognized: ₹209.96 million exceptional expense including previous quarter contingent liability
  • Actions Taken: Reported to depositories, stock exchanges, and filed FIR with Economic Offence Wing (EOW)
  • Recovery Efforts: EOW traced money trail and attached assets/bank accounts; insurance claim filed for eligible losses
  • Process Enhancement: Hired external consultant for process review and strengthening internal controls

Additional Notes

  • Attachments: Transcript was enclosed with regulatory filing as follow-up to July 15, 2026 audio link intimation
  • Macro Context Discussed: Q1 market environment included geopolitical tensions, FII outflows of ₹1.43 lakh crores, monsoon deficit recovery, regulatory changes (SEBI derivative measures, RBI capital market exposure framework)
  • Industry Trends: Demat accounts reached 23 crores, MF AUM at ₹82.2 lakh crores, SIP additions at 66 lakhs in June