Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
Anand Rathi Share and Stock Brokers Limited (ARSSBL)
Small CapFinancial Services stocks · Small cap · NSE
Anand Rathi Share and Stock Brokers Limited is a financial services company offering broking, margin trading, and distribution services. It operates through a pan-India network of own branches and authorized persons, serving a mature client base across various cities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Oct, 04:51 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 +1.8% / mo · MACD −
Stock trend: 40
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ARSSBLD candles · FIT view-16.3%Latest close ₹483.80 on 2026-10-19
Bar
-3.8%
RSI
38
MACD hist
-4.86
52W pos
18%
2026-10-19O ₹502.80H ₹503.80L ₹475.00C ₹483.80Vol 3.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ARSSBLNifty Financial ServicesNifty 500
- ARSSBL
- -7.9%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -2.4 pp
Chart stats
19 Oct 2026- From 52W high
- -39.1%
- 52W range position
- 18%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹17.1 Cr
- 20D price channel
- ₹475 - ₹574.7
₹794.9
₹416 - ₹794.9
₹20.8
Latest completed session
20-session average
43.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +20.4% · PAT +49.8% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model+17.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 77/100Rev +20% YoY · PAT +50% YoY · +11% QoQ · operating leverage · margin compression
Filed 13 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹273.2 Cr | +20.4% | +11.1% |
| EBITDA | ₹99.9 Cr | +7.4% | +2.9% |
| Operating margin | 36.5% | -445 bps | -345 bps |
| PAT | ₹41.9 Cr | +49.8% | +82.3% |
| PAT margin | 15.3% | +302 bps | +600 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.80
- P/B
- 2.29
- EV/EBITDA
- 10.52
- Market Cap
- 3152.00Cr
Profitability
- ROE
- 14.00%
- ROCE
- 19.70%
- ROA
- 3.21%
- Dividend Y
- 1.00%
Growth (CAGR)
- Revenue 5Y
- 21.59%
- EPS 5Y
- 39.52%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 2.35×
- Altman Z
- 1.67
- Book Value
- 219.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 725.00 Cr
- EPS TTM
- 22.88
Shareholding
- Promoter Hold
- 69.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 932+10.2% vs prev
Net Profit
₹ CrLatest: 129+24.0% vs prev
Return on Equity
%Latest: 9.6-53.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 39% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
-3.6%
3M return
-7.9%
6M return
-19.1%
1Y return
-7.4%
RS 1D
-5
RS 20D
-7
Sector rank
#10
Industry rank
#13
Stage evidence
- Price is 8.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
260 observations
19 Oct 2026Value 112-2.41%
RS vs Nifty 500112
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth25/25
Quality9/20
Balance Sheet3/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 17.1%.
- Growth contributes 25/25 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
19.8
PB
2.3
EV/EBITDA
10.5
ROE
14.0%
ROCE
19.7%
FCF Yield
—
Debt/Equity
1.0
MoS
+17.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+17.1%
Previous: +17.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
47
47
47
47
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹335.77
-44.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹583.44
+17.1% MoS
PEG
0.45
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GEOJITFSL
Small
Geojit Financial Services Limited
Broking
match 97
27
27.5
7.3%
-532%
OVERVALUED
ARIHANTCAP
Small
Arihant Capital Markets Limited
Broking
match 93
20
25.0
7.7%
-300%
OVERVALUED
EMKAY
Small
Emkay Global Financial Services Limited
Broking
match 92
18
40.1
4.5%
-127%
OVERVALUED
DBSTOCKBRO
Small
DB (International) Stock Brokers Limited
Broking
match 91
31
36.9
4.2%
-40%
OVERVALUED
INDOTHAI
Small
Indo Thai Securities Limited
Broking
match 90
86
7.2
28.7%
+76%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-08T07:48:03.544Z
Management commentary snapshot
ARSSBL reported strong Q1 FY27 YoY growth in revenue (+22.4%), EBITDA (+30.2%), and PAT before exceptional items (+71.2%), driven by broking and non-broking segments. However, PAT after exceptional items grew only 2.3% YoY and declined 44% QoQ due to a significant exceptional item.
The company demonstrated robust operational growth across key metrics like AUM, AUC, and MTF book. Revenue and EBITDA growth were strong YoY. The significant exceptional item in Q1 FY27, which reduced reported PAT growth, warrants further scrutiny, but core business performance remains solid.
Current business mix
Revenue Mix for the quarter ending June 30, 2026
Latest issuer-disclosed distribution across 4 reported categories.
Broking and related services52.0%
Interest on Margin Trading Facility18.0%
Distribution Income11.0%
Other Income from Operations19.0%
Growth engines
Margin Trade Facility (MTF) Segment
MTF Book grew 55% YoY to ₹13,318 Mn, with MTF clients increasing 52% YoY to 8,868, indicating strong traction.
Distribution Income Growth
Total AUM increased 26% YoY to ₹94,791 Mn, leading to a 31% YoY rise in distribution income to ₹275 Mn.
Broking Segment Expansion
Active clients in the broking segment increased 15% YoY to 88,424, contributing to a 21% YoY rise in Assets under Custody.
Diversified Business Model
Management highlights a steady increase in the share of the Non-Broking segment, aiming to diversify and derisk the business model.
Capacity and execution
Pan-India Network
The company operates a network of 98 branches and 1,071 Authorized Persons spread across 319 cities as of June 30, 2026.
Tailwinds
Mature Client Base
~85% of the clientele is over 30 years of age, which typically translates into higher investible corpuses requiring multiple product offerings.
Strong Client Loyalty
~57% of the clientele has remained with the company for more than 3 years, indicating enduring relationships and retention.
Tier 2/3 City Penetration
Over 70% of total active clients hail from Tier 2/3 cities, suggesting potential for growth in these markets.
Risk radar
Exceptional Items Impacting Profitability
A significant exceptional item of ₹210 Mn in Q1 FY27 led to a 44% QoQ and 184 bps YoY decline in PAT margin (after exceptional items).
Decline in Capital Efficiency Ratios
Annualized ROCE and ROE declined YoY (ROCE 15.9% vs 18.5%; ROE 11.6% vs 17.7%) despite strong operational growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY shows underlying business growth trends, while QoQ highlights sequential momentum and the impact of the exceptional item on PAT.
Sector KPIs management disclosed
Assets under Management (AUM)
Total Assets under Management stood at ₹94,791 Mn, representing a 25.8% increase YoY.
Assets under Custody (AUC)
Assets under Custody reached ₹11,30,909 Mn, marking a 21.4% increase YoY.
Margin Trading Facility (MTF) Book
The outstanding MTF Book grew to ₹13,318.46 Mn, a 54.6% increase YoY.
Interest on MTF Book
Interest on MTF Book was ₹428 Mn in Q1 FY27, up 52% YoY from ₹281 Mn in Q1 FY26.
Management forward view
Growth Drivers
Management states that growth is driven by strong expansion in both broking and non-broking segments.
Diversification Strategy
Management aims for a steady increase in the share of the Non-Broking segment to diversify and derisk the business model.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT (after exceptional items) | ₹233.51 Mn (Q1 FY27) | Reversal of QoQ decline and sustained YoY growth, indicating the exceptional item was truly one-off. |
| Exceptional Items | ₹210 Mn (Q1 FY27) | Recurrence or magnitude of future exceptional items, as they significantly impact reported PAT. |
| Debt Equity Ratio | 0.81 (Q1 FY27) | Continued prudent leverage management, maintaining the improved ratio. |
| Non-Broking Segment Share | 29% of revenue (MTF + Distribution) | Continued increase in the share of non-broking segments as part of the diversification strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 49th percentile within Financial Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
29 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Financial Services: 49th pctile, median 62 · Small: 36th pctile, median 66
Evidence depth
Financial-only
29 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
47
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 69.6%.
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 0.99.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Anand Rathi Share and Stock Brokers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Jul - Bombay High Court quashed ₹4.94 crore arbitral award; company seeks legal remedies.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - CARE reaffirmed ₹200 crore commercial paper at A1+; bank facilities and MLD ratings withdrawn.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jun
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.