Anand Rathi Share & Stock Brokers Ltd(ARSSBL)

NSE: ARSSBLBSE: 544530

₹ 446.25-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,814 crWebsite: www.anandrathi.comUpdated: 24 Oct 2026

About

Anand Rathi Share and Stock Brokers Limited (ARSSBL) is an Indian full-service stockbroker offering broking services, margin trading facility and distribution of investment products. In FY26 the company reported revenue of ₹932.16 crore. As of Q2 FY27 it served 10,49,536 total clients through 99 branches and 1,071 Authorised Persons across 314 cities.^[1][2][3]

Business segments

Broking contributed 57% of revenue in Q2 FY27, non-broking (MTF interest and distribution) 29%, and other operating income 13%.^[3]
Broking contributed 52% of revenue in Q1 FY27, down from 55% in Q1 FY26.^[4]
Management targets a 50-50 revenue mix between broking and non-broking segments over the medium term.^[4]

Key operating numbers

Assets under Custody were ₹11,54,190.4 Mn in Q2 FY27, up 13.2% YoY.^[3]
Total clients reached 10,49,536 in Q2 FY27, up 9.6% YoY; active broking clients were 98,179 in Q2 FY27.^[3]
Active broking clients on NSE stood at 88,424 in Q1 FY27, up 15% YoY.^[4]
In H1 FY27, 36% of brokerage income came through digital platforms, up from 28% in FY22.^[3]
Distribution AUM was ₹99,989.9 Mn in Q2 FY27, up 29.2% YoY and 4% QoQ; mutual funds were 75.6% and PMS & AIF 24.4%.^[3]
Distribution income for full-year FY26 was ₹1,129 Mn, reflecting 44.1% YoY growth.^[5]

Margin Trading Facility (MTF) book

MTF book reached ₹14,992.9 Mn in Q2 FY27, up 38.2% YoY; Q2 FY27 MTF interest was ₹496 Mn across 9,191 MTF clients.^[3]
MTF book had a yield of approximately 14% in Q1 FY27.^[4]
MTF book had zero NPAs as of March 31, 2026; eligible stock basket restricted internally to fewer than 1,000 stocks vs. 2,000+ allowed by the exchange.^[5]
Management targets an MTF book of ₹1,750 - 1,800 crores by March 2027.^[4]

Distribution and products

Distribution covers mutual funds, insurance products (health and term), and other third-party financial products.^[6]
Company secured a corporate agency licence for insurance in Q2 FY26, adding life and general insurance to its distribution portfolio.^[6]
Management is evaluating dollar-denominated mutual funds and other products for distribution to its NRI client base.^[4]

Distribution reach and customers

Network of 99 branches and 1,071 Authorised Persons across 314 cities as of Q2 FY27.^[3]
Authorised Persons contributed 78.4% of operating revenue in Q2 FY27, up from 74.8% in Q2 FY26.^[3]
71% of total active clients were from Tier 2 and Tier 3 cities as of September 30, 2025.^[6]
Five new branches were opened in Q3 FY26, predominantly in North India's Tier 2 and Tier 3 cities.^[7]

Capital structure

Debt-equity ratio was 1.02x in Q2 FY27, vs 0.93 in Q2 FY26.^[3]
Credit rating was upgraded to A1+ (short-term) and A+ (long-term) during Q1 FY27.^[4]
Management plans to increase leverage toward 1.5 - 2x debt-equity to fund MTF book and working capital growth.^[4]

Recent developments

On September 28, 2026, the company allotted 1,085 secured, unlisted, redeemable non-convertible debentures aggregating ₹10,85,00,000 through private placement.^[8]
A final dividend of Rs 5 per share (100% of face value) was proposed for FY26.^[1]
In Q1 FY27, fraudulent off-market transfers hit two dormant client demat accounts; the company restored securities at a cost of ₹209.96 Mn, booked as an exceptional item, commissioned an EY forensic audit and filed an FIR.^[4]
Board resolved in Q1 FY27 to set up a Dubai subsidiary to serve UAE-based NRI investors; regulatory licensing is underway.^[4]
Company raised ₹745 crore through its IPO in September 2025 to fund MTF and working capital, reducing debt-equity from 2.31 to 0.93 at that time.^[6]

Market Cap

₹2,814 Cr

High / Low

₹795 / 414

Stock P/E

19.5

Price / Book

2.0

Book Value

₹215

EPS

₹20.6

No. of Shares

6.27 Cr

ROE

9.6%

Sales

₹932 Cr

Net Profit

₹129 Cr

Promoter holding

69.6%

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