Anand Rathi Share and Stock Brokers Limited Q3FY26 Concall Decoded: 72% PAT growth in a “meh” market—brokers cry, Anand Rathi compounds

1. Opening Hook

While most brokers were busy blaming FIIs, geopolitics, and Mercury in retrograde, Anand Rathi quietly dropped a Q3 that said: “Market dull? Not our problem.”
In a year when Sensex barely stretched and Nifty yawned, this firm decided to grow profits by 72% YoY—because why follow the crowd when you can lap it?

Foreign investors were selling, volumes were patchy, and competition was cutting brokerage to zero. Anand Rathi’s response? Grow AUC by 48%, expand MTF like it’s a buffet, and slash debt like it owed them money.

This wasn’t a “one good quarter” story. This was annuity income flexing, leverage behaving, and management sounding unusually… confident.

Stick around. The real masala is in margins, MTF math, and management’s “no-guidance-but-here’s-everything” guidance 😏

2. At a Glance

Revenue ₹2,482 mn (+21%) – Market sleepy, Anand Rathi caffeinated.
EBITDA ₹1,012 mn (+32%) – Operating leverage finally clocked in on time.
PAT ₹370 mn (+72%) – Profits didn’t just grow, they sprinted.
EBITDA Margin 41% – Cost discipline doing yoga daily.
MTF Book ₹1,232 cr (+46%) – Leverage, but with zero NPAs (rare species).
Debt-Equity down to 0.59x – IPO money doing God’s work.

3. Management’s Key Commentary (Decoded)

“We had yet another successful quarter.”
(Translation: Yes, we know markets were bad. Still crushed it. 😏)

“AUC grew 48% YoY to ₹1,058 billion.”
(Clients trusted us with more money while others fought churn.)

“MTF book grew 46% YoY, zero NPAs.”
(Leverage without stupidity—apparently possible.)

“55% of active clients stayed with us for over 3 years.”
(Sticky clients > flashy ads.)

“71% clients are from Tier-2 & Tier-3 cities.”
(Dalal Street noise, Bharat is the real alpha.)

“We are building a phygital, relationship-led model.”
(No, we are not a discount broker. Please stop asking. 😄)

“We are embedding AI across platforms and RM processes.”
(AI not for buzzwords, but to spy—sorry—understand clients better 🤖)

4. Numbers Decoded

Metric	Q3FY26	YoY	What It Really Means
Revenue	₹2,482 mn	+21%	Growth without market tailwind
EBITDA	₹1,012 mn	+32%	Operating leverage kicking in
PAT	₹370 mn	+72%	Finance cost collapse helped
EBITDA Margin	41%	↑	Scale > costs
MTF Interest	₹438 mn	+46%	Annuity income engine
Distribution Income	₹251 mn	+38%	Quiet but compounding
Debt/Equity

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