Anand Rathi Share and Stock Brokers reported a 48.4% year-on-year increase in consolidated net profit to ₹42.3 crore for the September quarter, while revenue from operations grew 20.1% to ₹273 crore, supported by growth across its broking and non-broking businesses.
The company’s performance came amid heightened market volatility driven by geopolitical developments and regulatory changes. However, investor participation remained resilient, supported by domestic inflows and continued growth in mutual fund assets, Chairman and Managing Director Pradeep Gupta said.
The quarter was characterised by heightened market volatility arising from geopolitical issues and regulatory changes. Despite these headwinds, investor participation remained resilient, supported by sustained domestic inflows and continued growth in mutual fund assetsCHAIRMAN AND MANAGING DIRECTOR PRADEEP GUPTA SAID
Revenue from operations rose to ₹273.2 crore in the second quarter of financial year 2026-27, compared with ₹227 crore in the year-ago period. For the first half of FY27, revenue from operations increased 21.2% year-on-year to ₹519.3 crore, reflecting continued business momentum despite volatile market conditions.
MTF business and distribution income support growth
Growth was broad-based, with revenue from broking and related services increasing 34% year-on-year in the September quarter. Non-broking revenue rose 21%, reinforcing the company’s strategy of diversifying its revenue streams and increasing the contribution of recurring income.
Interest income from the margin trading facility (MTF) business grew 36.3% year-on-year to ₹49.6 crore, while distribution income rose to ₹32.7 crore. The company’s MTF book expanded 38.2% to ₹1,499.3 crore, indicating increased activity in its margin funding business.
Assets under management (AUM) increased 29.2% year-on-year to ₹9,999 crore, while assets under custody (AUC) rose 13.2% to ₹1,15,419 crore. The growth in these measures reflects an expansion in the company’s managed assets and custody base.
Gupta said the company continued to invest in technology to improve the customer experience, supported by its physical network and client relationships.
Trail-based revenue strengthens earnings visibility
Wholetime Director Roop Kishor Bhootra said the company’s operating performance reflected the strength of its diversified business model. EBITDA stood at ₹99.9 crore in the September quarter and ₹197.2 crore in the first half of FY27, with margins of 37% and 38%, respectively.
We continued to expand our trail-based revenues, which now cover 76% of our employee costs, further strengthening the resilience and visibility of our earnings profileWHOLETIME DIRECTOR ROOP KISHOR BHOOTRA SAID
He also highlighted the contribution from MTF interest and distribution income to the company’s earnings mix. According to Bhootra, 55% of the company’s clients have been associated with it for more than three years, underscoring the role of long-standing client relationships in its business.
For the first half of FY27, profit after tax (PAT) rose 28.7% year-on-year to ₹65.3 crore, according to Bhootra’s statement. He also said PAT before exceptional items grew 59.7% to ₹81 crore during the period.
“Going forward, we will remain focused on deepening client relationships, strengthening our technology infrastructure, and broadening our product and advisory capabilities,” Bhootra said, adding that these efforts would support sustainable growth and long-term value creation.
The company’s expanding MTF business, higher broking revenue and growing distribution contribution point to a broader earnings base, with management continuing to focus on technology, client retention and recurring revenue streams.