Anand Rathi Shar Q2 FY27 Results (NSE: ARSSBL)

13 Oct 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The trajectory is shifting toward more resilient, diversified earnings: Q2 revenue reached ₹2,732 million (+20.3% YoY) and EBITDA ₹999 million at a 37% margin, while MTF interest grew 36.3% to ₹496 million, distribution income reached ₹327 million and the MTF book expanded 38.2% to ₹14,993 million. PAT rose 50.3% to ₹419 million after exceptional items, but the absence of EPS and disclosure of the exceptional item's amount and nature limits earnings-quality assessment.

P&L walk

Consolidated revenue was ₹2,732 million, up 20.3% YoY, while EBITDA was ₹999 million at a 37% margin; PAT reached ₹419 million, up 50.3% YoY after exceptional items, with growth led by broking momentum, MTF interest and distribution income.

Key positives

• Revenue from operations reached ₹2,732 million, up 20.3% YoY despite a volatile market backdrop, while broking and related services grew 34.0% YoY.
• MTF interest income rose 36.3% YoY to ₹496 million as the MTF book increased 38.2% YoY to ₹14,993 million, supporting non-broking growth.
• Distribution income reached ₹327 million and AUM grew 29.2% YoY to ₹99,990 million, indicating increasing contribution from diversified revenue streams.
• EBITDA was ₹999 million at a 37% margin, and trail-based revenues covered 76% of employee costs, improving recurring-revenue visibility.

Key concerns

• PAT of ₹419 million was reported after exceptional items, but the Q2 amount and nature of the exceptional item were not disclosed in this release.
• EPS was not disclosed, preventing a PAT-to-per-share cross-check and assessment of dilution or minority-interest effects.
• The filing provides no standalone comparison, cash-flow data, balance-sheet metrics or depreciation information, limiting assessment of earnings conversion and capital intensity.

View original filing

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