Anand Rathi Share & Stock Brokers (ARSSBL): Q2 PAT recovers to ₹419.39 million as fraud charge drops out; revenue stays above 20% YoY
On 13 October 2026, Anand Rathi Share and Stock Brokers (NSE: ARSSBL, BSE: 544530) reported Q2FY27 consolidated revenue of ₹2732.14 million, a 20.2% increase over the year-ago quarter. Net profit stood at ₹419.39 million — up 50.3% YoY — because the ₹209.96 million exceptional fraud-compensation charge recorded in Q1 did not recur. The operating margin eased to 20.55% from 21.28% sequentially (source: Q2FY27 results filing, 13 October 2026).
The Q1 fraud charge masked operating momentum
In the 14 July 2026 Q1FY27 filing, revenue was ₹246.1 Cr, 22% above Q1FY26, while operating margin expanded to 21.3% from 15.2% a year earlier. A ₹20.9 Cr exceptional item — tied to off-market fraud compensation — left net profit broadly flat at ₹23.4 Cr (filing dated 14 July 2026). On the Q1 concall (20 July 2026, BSE filing), management disclosed pre-exceptional PAT of ₹39.1 Cr, a 71% YoY rise.
Q2 normalisation: profit recovers, margin edges down
The 13 October 2026 Q2 release showed revenue growing 11% sequentially to ₹2732.14 million. EBITDA reached ₹999 million, translating to a 37% margin on total income, while the operating margin slipped to 20.55% from 21.28% a quarter earlier (source: Q2FY27 exchange filing, 13 Oct 2026). With the exceptional charge absent, PAT rose to ₹419.39 million.
Management’s stated targets
During the 20 July 2026 concall, the company set out two goals: the margin‑trade‑financing (MTF) book is expected to reach ₹1,750–1,800 Cr by FY27‑end, and distribution AUM is guided to grow 40%. For reference, the Q1 filing placed the MTF book at ₹1,331 Cr (up 55% YoY) and total AUM at ₹9,479 Cr (+26% YoY). These are disclosed goals, not forecasts by Alpha Inflection.
Other filing‑visible developments
On 16 June 2026, the company informed BSE that it had invested ₹1.5 Cr in a rights issue of its wholly owned IFSC subsidiary, Anand Rathi International Ventures (IFSC) Private Limited, maintaining 100% ownership (shareholding filing, 16 June 2026). On 7 July 2026, CARE Ratings reaffirmed a short‑term rating of CARE A1+ on the ₹200 Cr commercial paper programme and, at the company’s request, withdrew ratings on certain bank facilities and market‑linked debentures (rating filing, 7 July 2026).
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 14 Jul 2026 | Q1 FY27: Revenue ₹2,461 Mn (+22% YoY), EBITDA ₹973 Mn (+30% YoY, 39.5% margin), but PAT after exceptional item of ₹157 Mn only ₹233.5 Mn (+2% YoY) — underlying operating strength masked by one-off drag. | filing | |
| 14 Jul 2026 | Q1FY27 consolidated PAT plunges 85% YoY to ₹23 Cr (adjusted for ₹210 Cr exceptional fraud compensation), masking robust operating momentum; standalone OPM expands 300bps YoY to 40%, but core pre-exceptional PAT growth is only +4% YoY. | filing | |
| 14 Jul 2026 | Q1FY27 PAT (before exceptional) jumps 71% YoY to ₹39.1 Cr, driven by 22% revenue growth and 237bps EBITDA margin expansion; MTF book surges 55% YoY to ₹1,331 Cr, AUM +26% to ₹9,479 Cr. | filing | |
| 14 Jul 2026 | Q1FY27: Revenue ₹246.1Cr (+22% YoY), operating margin expands to 21.3% (vs 15.2% YoY), but net profit flat at ₹23.4Cr due to ₹20.9Cr exceptional fraud compensation; EPS ₹3.71 vs ₹5.14 YoY from dilution. | filing | |
| 13 Oct 2026 | Consolidated revenue rose to ₹2732.14 million, +20.2% YoY and +11.0% QoQ, while PAT increased to ₹419.39 million, +50.3% YoY, as the prior-quarter ₹209.96 million fraud-related exceptional charge did not recur; operating margin eased to 20.55% from 21.28% QoQ. | filing | |
| 16 Jun 2026 | Anand Rathi Share and Stock Brokers invests Rs 1.5 crore in its wholly owned subsidiary through a rights issue, maintaining 100% ownership. | Anand Rathi Share and Stock Brokers Limited subscribed to a rights issue of its wholly owned subsidiary, Anand Rathi International Ventures (IFSC) Private Limited, acquiring 15,00,000 equity shares at Rs 10 each for a total cash consideration of Rs 1.5 crore, thereby maintaining its 100% shareholding. | filing |
| 7 Jul 2026 | CARE Ratings reaffirms Anand Rathi Share and Stock Brokers' commercial paper rating at CARE A1+ and withdraws ratings on bank facilities and market-linked debentures at the company's request. | CARE Ratings has reaffirmed the short-term rating of CARE A1+ on Anand Rathi's ₹200 crore commercial paper programme, and withdrawn the ratings on its long-term/short-term bank facilities and market-linked debentures, based on the company's request and no-objection certificates from bankers. | filing |
| 20 Jul 2026 | Q1FY27 revenue up 22% YoY, PAT before exceptional items up 71%, but management recognized ₹21 Cr exceptional loss from fraudulent off-market transfers; guidance for MTF book to reach ₹1,750–1,800 Cr by FY27 end and distribution AUM to grow 40%. | filing | |
| 13 Oct 2026 | Q2FY27 revenue rose to ₹2,732 million (+20.3% YoY), EBITDA reached ₹999 million at a 37% margin and PAT ₹419 million (+50.3% YoY), with MTF and non-broking revenues deepening diversification. | filing |
Quick answers
- What did Anand Rathi Shar disclose?
- On 13 October 2026, Anand Rathi Share and Stock Brokers (NSE: ARSSBL, BSE: 544530) reported Q2FY27 consolidated revenue of ₹2732.14 million, a 20.2% increase over the year-ago quarter. Net profit stood at ₹419.39 million — up 50.3% YoY — because the ₹209.96 million exceptional fraud-compensation charge recorded in Q1 did not recur.
- What are the key numbers?
- In the 14 July 2026 Q1FY27 filing, revenue was ₹246.1 Cr, 22% above Q1FY26, while operating margin expanded to 21.3% from 15.2% a year earlier. A ₹20.9 Cr exceptional item — tied to off-market fraud compensation — left net profit broadly flat at ₹23.4 Cr (filing dated 14 July 2026).
- What does Anand Rathi Shar say comes next?
- During the 20 July 2026 concall, the company set out two goals: the margin‑trade‑financing (MTF) book is expected to reach ₹1,750–1,800 Cr by FY27‑end, and distribution AUM is guided to grow 40%. For reference, the Q1 filing placed the MTF book at ₹1,331 Cr (up 55% YoY) and total AUM at ₹9,479 Cr (+26% YoY).
Research and educational content only. Not investment advice. Drafted from regulatory filings and published automatically — see our editorial policy.