ANAND RATHI SHARE AND STOCK BROKERS LIMITEDPAT +50%, MTF book +38%

Anand Rathi Share and Stock Brokers reported Q2 FY27 revenue from operations of ₹2,732 million, up 20% year-on-year, and profit after tax of ₹419 million, up 50%, a 15% margin.

For the half, revenue rose 21% to ₹5,193 million and profit before exceptional items rose 60% to ₹810 million, while profit after exceptional items was ₹653 million, up 29%. Broking and related services revenue rose 34% in the quarter to ₹1,551 million. The margin trading book grew 38% to ₹14,993 million, against a year-end target of ₹1,750 crore to ₹1,800 crore, at a net interest margin of about 4.5% and with zero NPAs in eight years.

Distribution income lagged assets under management, which grew 29%, as the business moves from upfront commission to trail income, which now covers about 75% of salaries. Employee costs rose about 31% after outsourced staff joined the payroll, and net cash fell as HNI clients moved cash margin into government securities. Management kept its growth aims of 15% to 20% in broking and 30% to 35% in non-broking.