Anand Rathi Share IPO Q2 FY26: 24% Revenue Jump, 34% PAT Rise, P/E 25x — Broking Ka IPO, Ya Sirf Brokerage On You?
1. At a Glance
Anand Rathi Share & Stock Brokers wants ₹745 crore from you. 100% fresh issue, no OFS drama. Promoter stake dilution: from 98% → 70% (finally, some liquidity). FY25 revenue up 24%, PAT up 34%, ROE at 23% — nice. But IPO band at ₹393–414 = 25x earnings, in a broking industry where Zerodha offers free trades and Finfluencers offer free advice on Instagram.
2. Introduction
If you’ve ever been cold-called at lunch with “Sir, demat account kholna hai?” there’s a good chance it was from Anand Rathi’s sales army. Founded in 1991, this firm is a veteran of India’s broking street.
Unlike discount brokers (Zerodha, Groww), Anand Rathi is a full-service house: branches, agents, margin funding, relationship managers, and a “we’ll hold your hand while charging you extra” model.
They serve Tier-1 to Tier-3 cities, with 90 branches, 1,125 authorized agents, and a 30+ year brand legacy. Basically, your dad’s generation knows them; your generation knows Zerodha.
Now they’re hitting Dalal Street to raise ₹745 crore. Why? To fund working capital (₹550 crore) — i.e., more juice for margin trading funding (MTF) and day-to-day liquidity. Because let’s be honest, in broking, leverage = profits.
Question: Do you really want to invest in a broker who earns more when you over-trade?
