Anand Rathi Q2 FY27: Brokers PAT up 50%, Wealth mixed

What was announced and why it matters

Anand Rathi group companies reported two distinct sets of quarterly numbers for the September 2026 quarter, highlighting how different business models are behaving in the same market cycle. Anand Rathi Share and Stock Brokers Limited (ARSSBL) on 13 October 2026 announced its unaudited consolidated results for the quarter ended 30 September 2026, reporting higher profitability and a stronger contribution from non-broking income. Separately, Anand Rathi Wealth Limited presented its Q2 and H1 FY27 results on October 12, 2026, showing strong client inflows and higher assets under management (AUM), alongside a gap between its adjusted and reported profit figures.

For investors, the details matter because both companies are linked to capital-market activity, but their revenue drivers differ. The broking business reported a sharp rise in PAT despite a more moderate rise in revenue. The wealth business highlighted record inflows and AUM growth, but results were discussed using both “adjusted/business” profit and “reported” profit numbers.

Anand Rathi Share and Stock Brokers: Q2 revenue and profit

ARSSBL reported revenue from operations of ₹273.2 crore for the quarter ended 30 September 2026, up 20.3% year-on-year. Profit after tax (PAT) rose 50.3% year-on-year to ₹41.9 crore. The company also reported EBITDA of ₹99.9 crore for Q2 FY27 with an EBITDA margin of 37%.

The quarter’s numbers suggest operating leverage, with profit growth outpacing revenue growth. The company’s disclosures also point to a more diversified income mix, where non-broking revenues supported overall performance.

ARSSBL: Half-year performance and margins

For the first half of FY27 (H1 FY27), ARSSBL reported revenue from operations of ₹519.3 crore, up 21.2% year-on-year. H1 FY27 EBITDA was ₹197.2 crore, translating into an EBITDA margin of 38%.

PAT before exceptional items for H1 FY27 stood at ₹81 crore, with a PAT margin of 16%. These half-year metrics provide a broader view of performance beyond a single quarter, showing margins holding at the high-30s level on EBITDA and mid-teens on PAT before exceptional items.

ARSSBL: Revenue mix and non-broking drivers

ARSSBL flagged non-broking revenues as a key growth driver in the quarter. Interest income from the Margin Trading Facility (MTF) rose 36.3% year-on-year to ₹49.6 crore. Income from distribution increased to ₹32.7 crore during the quarter.

The mix is important because it shows how broking firms can lean on ancillary income streams when trading-led revenue is volatile. In ARSSBL’s case, both MTF interest and distribution income were specifically highlighted as contributors to a diversified revenue base.

Anand Rathi Wealth: Profit, revenue, and “adjusted” versus “reported”

Anand Rathi Wealth reported a 22% year-on-year rise in consolidated net profit to ₹122 crore for Q2 FY27, alongside an 18% growth in AUM to ₹1,08,377 crore. In the same set of disclosures, it was also reported that adjusted consolidated PAT rose 22% year-on-year to ₹121.9 crore, while revenue increased to ₹356.6 crore.

The company’s quarter was described as strong on profitability and inflows, while revenue was also noted as coming in below forecasts by about 4.43% in one account. For Q2 FY27, revenue from operations was stated at ₹344 crore (up 15.7% year-on-year), while total revenue including other income was stated at ₹357 crore (up 16.1% year-on-year).

However, the coverage also carried a separate “reported” consolidated PAT figure of ₹89.3 crore versus ₹99.8 crore a year earlier, and another report cited net profit falling 9.5% to ₹89.95 crore despite revenue rising. The explanation given for the gap was that adjusted figures exclude fair-value gains on investments, employee stock option (ESOP) expenses and related tax effects.

Anand Rathi Wealth: AUM, inflows, distribution revenue

Anand Rathi Wealth reported record quarterly net inflows of ₹4,186 crore in Q2 FY27, up 39% year-on-year. Equity mutual fund net inflows were also reported at a record ₹2,867 crore, up 39%.

AUM reached ₹1,08,377 crore as of 30 September, up from ₹91,568 crore a year earlier. Mutual fund distribution revenue was reported as growing 18% year-on-year to ₹145 crore in Q2.

Operational indicators were also disclosed in the same coverage: active client families increased 12% to 14,309, and the relationship manager count rose to 431 over the past year.

Dividend and guidance: What the company communicated

The Anand Rathi Wealth board declared an interim dividend of ₹4 per share on a face value of ₹5. The record date was set as October 15, 2026, and the total payout was stated at ₹66.42 crore.

Management also maintained FY27 guidance of ₹1,415 crore in revenue, ₹460 crore in PAT, and AUM of ₹1,20,000 crore. For H1 FY27, total income of ₹693 crore was reported as 49% of the revenue target, and adjusted H1 PAT of ₹237.8 crore was reported as 52% of the profit target.

Key numbers table: Q2 FY27 snapshot

Market impact: What the disclosures indicate

For ARSSBL, the combination of 20.3% year-on-year revenue growth and 50.3% year-on-year PAT growth points to improved profitability in the quarter, with EBITDA margin disclosed at 37%. The company’s emphasis on MTF interest income (₹49.6 crore) and distribution income (₹32.7 crore) indicates that non-broking lines are contributing meaningfully to revenue, which can help smooth performance through varying market conditions.

For Anand Rathi Wealth, the data indicates sustained client acquisition and wallet share gains, reflected in record inflows of ₹4,186 crore and AUM of ₹1,08,377 crore. At the same time, multiple profit figures were reported for the quarter, including ₹122 crore as consolidated net profit and ₹89.3 crore as reported PAT in another account. The stated reconciliation is that the adjusted numbers exclude fair-value gains, ESOP expenses and related tax effects, which means readers need to be clear about which profit definition is being used when comparing periods.

One market datapoint was also reported: Anand Rathi Wealth shares closed at ₹2,045 on the NSE, down 4.39%.

Analysis: Why the quarter’s details matter

The broking and wealth businesses are exposed to different drivers even when both sit within the capital-markets ecosystem. ARSSBL’s results show that profitability can expand faster than topline growth when margin-related income and distribution scale alongside core activity. The company’s H1 FY27 EBITDA margin of 38% and disclosed non-broking income growth help explain how the model can support earnings even when trading conditions change.

In wealth management, the quarter illustrates how headline profitability can look different depending on whether earnings are viewed on an adjusted basis or a reported basis that includes fair-value movements and ESOP-related effects. Alongside that accounting presentation, the operating momentum was conveyed through hard operating numbers: record inflows, rising AUM, and growth in client families and relationship managers. Guidance for FY27 revenue (₹1,415 crore), PAT (₹460 crore) and AUM (₹1,20,000 crore) sets a clear benchmark for progress in the remaining two quarters.

Conclusion

Anand Rathi Share and Stock Brokers reported Q2 FY27 revenue from operations of ₹273.2 crore and PAT of ₹41.9 crore, with non-broking income cited as a growth driver. Anand Rathi Wealth reported strong inflows and AUM growth to ₹1,08,377 crore, declared a ₹4 interim dividend with an October 15, 2026 record date, and reiterated FY27 guidance. Investors tracking the group will likely focus next on how each business sustains margins and on how wealth management profitability is discussed across adjusted and reported measures in subsequent updates.