Anand Rathi Q2 Results: Profit Jumps 50% to ₹42 Crore as MTF Grows

Anand Rathi Q2 results came from Anand Rathi Share and Stock Brokers Limited (NSE: ARSSBL), and to be clear, this is the broker, not Anand Rathi Wealth. Profit grew a lot faster than revenue. The board cleared unaudited numbers for the quarter and half-year ended September 30, 2026, on October 13, as per its NSE board-meeting outcome filing. Consolidated profit after tax came in at ₹419.39 million (₹41.94 crore), up 50.3% year-on-year from ₹279.01 million. For the rest of the day, see our stock market today India hub.

Anand Rathi Q2 results: the numbers that matter

These are consolidated figures, taken from the exchange filing and the company’s October 13 press release:

• Revenue from operations: ₹2,732.14 million (₹273.21 crore), up 20.3% YoY from ₹2,272.02 million.
• Profit after tax: ₹419.39 million (₹41.94 crore), up 50.3% YoY. The investor presentation rounds this to ₹419.4 million.
• EBITDA: ₹998.6 million (about ₹99.9 crore), with a 36.5% margin (press release rounds the margin to 37%).
• MTF book: ₹14,993 million (₹1,499.3 crore), up 38.2% YoY. MTF interest income rose 36.3% to ₹496 million; distribution income was ₹327 million.
• AUM / AUC: assets under management ₹99,990 million (₹9,999 crore, +29.2% YoY); assets under custody ₹11,54,190 million (₹1,15,419 crore, +13.2% YoY).

The CNBC-TV18 headline put the profit jump at 48%, to ₹42.3 crore. So which is right? Both, really. CNBC’s number matches standalone PAT of ₹423.00 million (₹42.3 crore), up 48.0% from ₹285.87 million in the filing, not the consolidated 50.3%. Its 20.1% revenue growth also tracks standalone revenue (+20.10%). Consolidated revenue rose 20.25%.

Where the growth came from, and the first half

Management credited both broking and non-broking lines. Broking and related services revenue rose 34.0% YoY in the quarter, and non-broking revenue was up 21%. Two details from Wholetime Director Roop Kishor Bhootra in the press release stand out: trail-based revenues now cover 76% of employee costs, and about 55% of clients have stayed with the firm for more than three years.

Over H1 FY27 (April–September 2026), consolidated revenue from operations grew 21.2% YoY to ₹5,193.17 million. PAT after exceptional items was ₹652.90 million (+28.7% YoY). An exceptional charge of ₹209.96 million landed in Q1 FY27 alone, and before exceptional items, half-year PAT was ₹810 million (+59.7% YoY). H1 EBITDA stood at ₹1,972 million, a 38% margin.

How the stock reacted, and our read

According to The Economic Times, the stock closed at ₹543.70 on the NSE on October 13, down 1.25% from ₹550.60. It was down 13.07% for 2026 so far, with a market cap of about ₹3,428.92 crore. Our take: this brokerage is leaning on MTF interest and distribution to grow profits, even when broking volumes swing around. Our guide on how to analyse quarterly results of a company covers why we keep consolidated and standalone lines apart. And for comparing growth rates properly, read YoY vs QoQ growth.