Company Overview

Rikhav Securities Limited is a diversified Indian stock-market services firm incorporated in 1995 and formally launched in 2005. The company got listed on the BSE SME platform on January 22, 2025, with an IPO of ₹88.82 Cr. The company operates through multiple business segments including equity broking, derivatives trading, proprietary trading, market-making, depository services, mutual fund distribution, and Margin Trading Facility (MTF).

Financial Performance - H1 FY27

Total Income: ₹869.07 Cr (compared to FY26: ₹1,991.62 Cr, FY25: ₹327.77 Cr, FY24: ₹110.60 Cr)

Revenues: ₹857.11 Cr

Other Income: ₹11.97 Cr

EBITDA: ₹24.47 Cr

Net Profit (PAT): ₹13.60 Cr

EPS: ₹3.55

Net Worth: ₹259.06 Cr as of September 30, 2026

Business Segment Performance

Trading Volumes: ₹73,363 Cr handled across equity, F&O, and commodity segments

MTF Interest Income: ₹0.93 Cr (H1 FY27) - already exceeding full FY26 MTF income of ₹0.76 Cr

Advisory Fees: ₹3.15 Cr (new income stream)

Revenue Breakdown

Business & Investment Activities: ₹849.88 Cr (H1 FY27)

Brokerage & Commission: ₹6.85 Cr (H1 FY27)

  • Cash Market: ₹5.26 Cr
  • F&O: ₹1.55 Cr
  • Currency & Commodity: ₹0.04 Cr

Demat Operations & Other Income: ₹12.35 Cr

Operational Metrics

Active Depository Clients: 18,700+

Market Making Clients: 46 SME clients annually

Client Retention: Over 99% of active clients retained

Exchange Memberships: Member of NSE & BSE (Cash & Derivatives segments), Clearing member on NCL & ICCL (BSE)

Business Segments Detail

Equity Broking: Member of NSE & BSE, trading access via Rikhav Plus App, serves corporates, HNIs (Resident & NRI), and retail investors

Derivatives Trading: Futures & Options trading on NSE & BSE with hedging and arbitrage strategies

Proprietary Trading: Algorithm-driven arbitrage, delta-hedging and short-term strategies targeting mid-teens returns

Market Making: Registered Market Maker with BSE (since 2012) and NSE (since 2016), supports 40-45 SME IPOs annually providing two-way quotes

Depository Services: Registered Depository Participant with CDSL, services offered to both broking & non-broking clients

Mutual Fund Distribution: Offers equity, debt, hybrid, and ELSS schemes through centralized platform with strong HNI and corporate network

Margin Trading Facility: Officially approved by BSE & NSE, enables clients to trade beyond available capital by leveraging their holdings

Technology Infrastructure

  • Low-latency, high-efficiency trading system
  • Automated, VaR-based risk management framework
  • Mobile trading app and paperless KYC/account-opening portal
  • Aadhaar-based e-KYC platform for digital onboarding

Growth Strategy and Future Plans

  • Digital Client Acquisition: Investment in digital marketing to drive online client onboarding
  • Online Joint Account Facility: Introduction of digital joint account opening process
  • Strategic Capital Reallocation: Reduction in market investments to increase focus on proprietary trading, brokerage business, and MTF
  • Technology Upgrades: Development of quantitative strategies for prop and client trading, enhancements to research and back-office systems
  • Institutional Business Development: Growth in institutional brokerage via empanelment with foreign direct investors (FDIs) and banks
  • Geographical Expansion: Expansion beyond Maharashtra and Gujarat through digital channels, franchise partnerships, and sub-broker networks

Leadership Team

Mr. Hitesh Himatlal Lakhani: Chairman & Managing Director, 40+ years experience, Chartered Accountant

Mr. Rajendra N. Shah: Whole-Time Director & Chief Financial Officer, 40+ years experience, B.Com. graduate

Mr. Monil Rajendra Shah: Executive Director, 7+ years experience, B.Com., leads mutual-fund offerings

Ms. Bharti Hitesh Lakhani: Non-Executive Director, 35+ years experience, B.Com.

Mr. Manish Lalitkumar Jain: Non-Executive Independent Director, 35+ years experience, B.Com. with ICAI intermediate certification

Mr. Tarang Madanjit Mehta: Non-Executive Independent Director, 50+ years experience, B.Com., LLB, ICSI Company-Secretary

Market Context

The presentation highlights India's growing financial services industry with:

  • Gross savings at 30.2% of GDP in 2023
  • Projected 58.4% growth in Ultra High Net Worth Individuals (12,069 to 19,119) between 2022-2027
  • Mutual fund AUM of ₹64.97 trillion (US$780.7 billion) as of July 2024, with 6x growth over past decade
  • 17.78 crore total investor folios with 4.46 crore new investors in FY24 alone
  • ₹11 lakh crore raised through stock and bond markets (Apr-Dec 2024)
  • 40 IPOs raising ₹51,365 crore in H1 FY25

Risk Factors

The document contains standard forward-looking statements disclaimer noting that actual results could differ materially due to: performance of Indian and international economies, industry performance, competition, strategy implementation, growth and expansion levels, technological changes, changes in revenue/income/cash flows, market preferences, and market risks.