By BullScreen Editorial Team 
Anand Rathi Share and Stock Brokers Limited reported a robust performance in its Q4 results 2026, posting sharp growth in profitability and steady expansion across business segments, reflecting resilience amid evolving market conditions.
The company’s total revenue from operations rose 28.1% year-on-year to ₹2,556.5 million in the fourth quarter, while full-year revenue climbed 10.2% to ₹9,321.6 million. Earnings before interest, tax, depreciation and amortization (EBITDA) jumped 51.4% YoY in Q4 to ₹1,103.3 million, indicating improved operating efficiency. Profit after tax (PAT) recorded a standout increase of 125.7% YoY in the quarter to ₹415.5 million, making the Q4 results 2026 particularly notable for investors.
Margins also strengthened, with EBITDA margin reaching 40.7% for FY26, up 392 basis points, and PAT margin rising to 13.8%. The improved profitability came despite a 25% rise in finance costs, driven largely by growth in the margin trading facility (MTF) book.
The broking business remained a key contributor, accounting for 51% of revenue. Assets under custody increased 16% YoY to ₹9,44,155.3 million, while the client base grew 12.7% to nearly one million users. Notably, over 70% of active clients are from Tier 2 and Tier 3 cities, highlighting the firm’s deep penetration beyond metro markets. Client retention also remained strong, with 55% of users associated for over three years.
Non-broking segments showed accelerated momentum. The MTF book surged 60.7% YoY to ₹11,019.3 million, while assets under distribution grew 20.6% to ₹77,876.2 million. Distribution income also increased significantly to ₹1,129 million in FY26, reflecting the company’s push toward diversified revenue streams.
The balance sheet strengthened considerably, with total assets more than doubling to ₹70,993 million. The debt-equity ratio improved sharply to 0.62 from 1.80, indicating better financial stability.
The Q4 results 2026 underline Anand Rathi’s strategic shift toward high-margin, non-broking services such as distribution and MTF. Expansion into insurance distribution further broadens its offerings and reduces reliance on trading income.
Overall, the Q4 results 2026 highlight a company balancing growth with diversification, positioning itself to benefit from rising retail participation and deeper financial inclusion across India.
| Category | Key Metric / Insight | FY26 Performance |
|---|---|---|
| Revenue Mix | Broking Contribution | 51% of total revenue |
| Non-Broking Contribution (MTF + Distribution) | 28% (up from 23% in FY25) | |
| Finance Costs | Total Finance Cost | ₹1,841 Mn (↑ 25% YoY) |
| Reason | Growth in MTF book | |
| Employee Expenses | Employee Benefits Cost | ₹3,033 Mn (↑ 11% YoY) |
| Profitability | Profit Before Tax (PBT) | ↑ 22% YoY |
| Efficiency | Improved operational efficiency | |
| Balance Sheet | Total Assets | ₹70,993 Mn (more than doubled YoY) |
| Debt-Equity Ratio | Improved to 0.62 (from 1.80) | |
| Total Equity | ₹13,481 Mn (significant increase) |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/520a02df-27bd-4fc6-8f59-a184e33ccf33.pdf