Anand Rathi Share & Stock Brokers Ltd

₹ 472 1.00%

28 Oct - close price

About

Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a Full-Service broking company.^[1]

Key Points

Business Profile^[1]
Anand Rathi Share and Stock Brokers Limited is a full-service brokerage house providing broking, margin trading facilities, and distribution of investment products. It caters to a diversified client base including retail, HNI, UHNI, family offices, and institutional clients. It is part of the Anand Rathi Group, which has a multi-vertical presence in financial services such as wealth management, lending, insurance broking, and asset management.

Website BSE NSE

Market Cap ₹ 2,976 Cr.
Current Price ₹ 472
High / Low ₹ 795 / 414
Stock P/E 18.7
Book Value ₹ 219
Dividend Yield 1.06 %
ROCE 19.7 %
ROE 14.0 %
Face Value ₹ 5.00

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Pros

Company has been maintaining a healthy dividend payout of 28.1%

Cons

Contingent liabilities of Rs.1,114 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Capital Markets Stockbroking & Allied

Part of BSE Financial Services Nifty IPO

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	211	231	204	200	201	227	248	256	246	273
	135	145	127	127	126	135	147	145	149	173
Operating Profit	76	86	77	73	75	93	101	110	97	100
OPM %	36%	37%	38%	37%	37%	41%	41%	43%	40%	37%
	0	0	0	0	1	1	1	0	-21	0
Interest	30	35	43	39	38	50	46	50	40	38
Depreciation	6	6	6	8	6	7	6	7	5	6
Profit before tax	41	45	29	26	30	38	50	54	31	56
Tax %	25%	27%	25%	28%	25%	26%	26%	23%	26%	25%
	31	33	22	18	23	28	37	42	23	42
EPS in Rs	6.90	7.45	4.86	4.15	5.14	4.45	5.90	6.63	3.70	6.65
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	468	682	846	932	1,023
	353	451	534	553	615
Operating Profit	115	231	311	380	409
OPM %	25%	34%	37%	41%	40%
	1	1	1	2	-19
Interest	49	97	147	184	174
Depreciation	15	20	25	26	25
Profit before tax	51	115	140	172	191
Tax %	26%	33%	26%	25%
	38	77	104	129	144
EPS in Rs	9.37	17.43	23.36	20.61	22.88
Dividend Payout %	0%	0%	60%	24%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	26%
TTM:	23%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	51%
TTM:	76%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-8%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	18%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	20	22	22	31	32
Reserves	245	370	482	1,317	1,352
	432	888	914	840	1,412
	931	1,305	1,947	4,911	1,696
Total Liabilities	1,629	2,585	3,365	7,099	4,491
	56	74	84	78	85
CWIP	0	0	0	0	0
Investments	9	3	6	33	21
	1,563	2,508	3,274	6,989	4,386
Total Assets	1,629	2,585	3,365	7,099	4,491

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15	187	692	725
	-137	-599	-577	-1,146
	108	419	-112	462
Net Cash Flow	-13	6	2	41
Free Cash Flow	2	149	649	706
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	28%	90%	234%	203%

Ratios

Consolidated / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	159	132	109	123
Inventory Days
Days Payable
Cash Conversion Cycle	159	132	109	123
Working Capital Days	-527	-526	-687	-1,006
ROCE %		21%	21%	20%

Insights

In beta

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Jun 2025

Jun 2026

Total Clients
number

xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xxx		xxx	xx	xx	xx	xx	xx
			xxx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xx,xxx
			xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	x,xxx,xxx.xx
			xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
			x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	xx,xxx.xx
			x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
			x,xxx	x,xxx	x,xxx	x,xxx	x,xxx

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Number of Branches (Own)
number

Active Clients (Broking)
number

Assets under Custody
INR Mn

Assets under Distribution (AUM)
INR Mn

MTF Book Size
INR Mn

Number of Authorized Persons
number

Total Employees
number

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Shareholding Pattern

Numbers in percentages

	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	69.90%	69.91%	69.92%	69.62%	69.57%
	2.83%	1.91%	0.82%	0.15%	0.31%
	9.42%	6.10%	4.98%	4.06%	3.62%
	17.87%	22.08%	24.29%	26.17%	26.49%
No. of Shareholders	1,79,117	78,809	80,457	81,900	77,839

	Mar 2026	Sep 2026
	69.92%	69.57%
	0.82%	0.31%
	4.98%	3.62%
	24.29%	26.49%
No. of Shareholders	80,457	77,839

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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