Anand Rathi Share & Stock Brokers Q4 Results: Profit more than doubles to Rs 41 crore despite market crash

Anand Rathi Share and Stock Brokers reported a sharp surge in profitability for the March quarter despite a broader market crash, with consolidated net profit rising 126% year-on-year to Rs 41.5 crore, driven by strong traction in non-broking businesses and higher margin expansion. Revenue from operations for the quarter stood at Rs 256 crore, up 28% from a year earlier, according to the company’s earnings release.

Operating performance remained robust during the quarter, with EBITDA increasing 51% YoY to Rs 110 crore. EBITDA margin expanded to 43.2% compared to 36.5% in the corresponding period last year.

For the full financial year FY26, the brokerage firm reported revenue of Rs 932 crore, marking a 10% increase over the previous year. EBITDA for the year rose 22% to Rs 380 crore, while net profit climbed 25% to Rs 129 crore. Margins also improved on an annual basis, with EBITDA margin at 40.7% and PAT margin at 13.8%.

The company’s performance was supported by strong growth in its non-core segments. Interest income from margin trading facility (MTF) grew over 50% YoY in Q4, while distribution income rose 34%. Other income from operations also saw healthy growth, indicating diversification beyond traditional broking revenues.

Despite a decline in broking revenues during the year, which fell 7% amid volatile market conditions and subdued investor sentiment, the company managed to offset the impact through expansion in high-margin verticals. This shift in revenue mix played a key role in boosting overall profitability.

Operational metrics also reflected steady growth. Assets under management rose 21% YoY to Rs 7,788 crore, while the MTF book expanded 61% to Rs 1,102 crore, highlighting increased client participation and deeper engagement with financing products. However, active client count saw a marginal decline of 3.9% YoY to 212,841.The company’s board has proposed a dividend of Rs 5 per share for FY26.Management indicated that FY26 was marked by geopolitical uncertainties, global trade shifts and foreign institutional outflows, which weighed on broking activity. However, the firm remains focused on strengthening client relationships and leveraging its diversified business model to navigate market volatility.

Looking ahead, Anand Rathi expects continued momentum in its non-broking businesses, supported by rising demand for margin funding and distribution services. The company also highlighted its expanding footprint across more than 300 cities as a key driver for long-term growth.