Rikhav Securities H1 FY26 Concall Decoded: “When a Small Broker Thinks Like a Fintech Unicorn”
1. Opening Hook
In a world where discount brokers fight over ₹20 trades, Rikhav Securities quietly decided to act like it’s running Goldman Sachs—just with fewer people and more enthusiasm. The company, a 30-year-old name in broking and SME market making, reported a flashy 300% revenue surge but a reality-check on profits.
The management, led by the ever-upbeat Hitesh Lakhani, painted a picture of “digital transformation” where the app has 1,800 users—not exactly Zerodha numbers, but hey, it’s progress. They even promised ₹100 crore PAT in five years. That’s either ambition or caffeine talking. Read on; it only gets spicier. ☕
EBITDA ₹25.96 Cr: Margins thinner than bid-ask spreads.
PAT ₹17.75 Cr: Profits stayed steady despite hyperactive turnover.
MTF Book ₹10 Cr: Growing 30–40% every six months—leverage meets optimism.
Digital App Users ~1,800: Small but “paperless and seamless,” says tech head proudly.
SME Market Making: 40–45 IPOs annually—keeping small caps liquid and lively.
3. Management’s Key Commentary
“Our total income stood at ₹386.67 crore; EBITDA ₹25.96 crore; PAT ₹17.75 crore.” (Translation: We trade a lot; profit’s still modest, but volume looks sexy 😏)
“MTF book is ₹10 crore, expected to grow 30–40% every half year.” (Because nothing says ‘financial stability’ like more leverage.)
“Our app now has 1,500–1,800 active users.” (One small tap for man, one giant leap for Mulund.)
“We expect 20–25% growth annually and ₹100 crore PAT in five years.” (Manifestation goals: active.)
“We’ve reduced exposure to SME market making.” (Translation: we learned that illiquid stocks are scarier than horror films.)
“Cyber audits every three months, no breaches yet.” (Probably because hackers can’t find us in the SME segment.)
“Prop trading drives most profits currently.” (Because clients come and go, but your own trades never argue.)
