AR
Anand Rathi Share
Mainboard₹746 Cr issue
+4.35%
Listing gain over issue price
Issue size
₹746 Cr
1 lot at cut-off
₹14,904
Lot size
36shares
Allotment
26 Sept 2025
Listing
30 Sept 2025
Listing performance
Issue price
₹414
Listed at
₹432
Listing-day close
₹445.65
Latest price
₹568.8
Listing gain
+4.35%
Return since listing
+37.39%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹29
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sept 2025 | ₹29 | +7.00% | ₹800 | ₹443 | ₹1,044 |
| 29 Sept 2025 | ₹31 | +7.49% | ₹800 | ₹445 | ₹1,116 |
| 28 Sept 2025 | ₹32 | +7.73% | ₹900 | ₹446 | ₹1,152 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 30 Sept 2025
- Face value
- ₹5 per share
- Issue price
- ₹414 per share
- Lot size
- 36 shares
- Total issue size
- ₹746 Cr
- Market cap at offer price
- ₹2,596 Cr
- Promoter holding
- 98.06% → 69.90% pre-issue → post-issue
- ISIN
- INE549H01021
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- Express Zone, A Wing, 10th Foor, Western Express Highway, Goregaon (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 53,26,086 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 36 shares per lot, in multiples, at ₹414
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 36 | ₹14,904 |
| Retail (max) | 13 | 468 | ₹1,93,752 |
| S-HNI (min) | 14 | 504 | ₹2,08,656 |
| S-HNI (max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (min) | 68 | 2,448 | ₹10,13,472 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
53,26,086
Anchor portion
₹221 Cr
at ₹414 per share
Valuation and performance
Valuation at offer price
₹414 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.17 | 16.52 |
| P/E (×) | 17.87 | 25.06 |
| Price to book (×) | 4.68 | — |
| Market cap | — | ₹2,596 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.12%
- ROCE
- 21.32%
- Debt / equity
- 1.80
- PAT margin
- 12.23%
- EBITDA margin
- 36.81%
- NAV per share
- ₹113.57
- Price to book
- 4.68
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Anand Rathi Share
Anand Rathi Share and Stock Brokers Limited is an established full-service brokerage house in India with over 30 years of experience. The Company provides broking services, margin trading facility and distribution of investment products under the brand 'Anand Rathi' to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. The Company categorises its offerings and services as: (i) broking services; (ii) margin trading facility; and (iii) distribution of investment products. The Company has three decades of track record, comprehensive product offerings, and focus on serving key demographics. In Fiscal 2025, the Company's revenue from operations was ₹8,456.98 million with net profit after tax of ₹1,036.06 million.
Company Analysis
from RHPAnand Rathi is an established full-service brokerage house in India providing broking services, margin trading facility, and distribution of financial products to retail, high net worth, ultra-high net worth individuals and institutions.
Anand Rathi Share and Stock Brokers Limited is an established full-service brokerage house in India with over 30 years of experience. The Company provides broking services, margin trading facility and distribution of investment products under the brand 'Anand Rathi' to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. The Company categorises its offerings and services as: (i) broking services; (ii) margin trading facility; and (iii) distribution of investment products. The Company has three decades of track record, comprehensive product offerings, and focus on serving key demographics. In Fiscal 2025, the Company's revenue from operations was ₹8,456.98 million with net profit after tax of ₹1,036.06 million.
Financial services - BrokingSecurities trading and exchange servicesInvestment advisory and distribution
Objects of the Issue
- Funding long-term working capital requirements of our Company ₹5,500.00 million p.28
- General corporate purposes [●] (not to exceed 25% of Gross Proceeds) p.28
- Long-term working capital requirements p.73
- General corporate purposes p.73
- Funding long-term working capital requirements of our Company ₹5,500.00 million p.148
- General corporate purposes p.148
- Funding long-term working capital requirements of the Company, particularly for Margin Trading Facility business p.225
- General corporate purposes ₹ 7,450.00 million p.427
Issue Structure
- Total Issue
- Up to [●] Equity Shares, aggregating up to ₹7,450.00 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹7,450.00 million
- Offer for Sale
- Not Applicable
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹5 each
Business Model
The Company earns revenue through three main segments: (1) Broking and related services - income from investment offerings across equity cash segment, futures and options segment, commodity, and currency trading segments; (2) Margin Trading Facility Business - interest income from providing margin trading facility that allows clients to leverage their eligible collaterals; (3) Distribution - income from distribution of financial products. In Fiscal 2025, Broking and related services contributed 60.34% of revenue from operations, Interest on Margin Trading Facility contributed 13.51%, and Distribution and other income contributed the remainder.
Business Segments
Broking and related services provided by the Company including income from investment offerings across equity cash segment, futures and options segment, commodity, and currency trading segments, including income from delayed payment charges and depository income
Margin trading facility that the Company offers to its clients enabling them to leverage their eligible collaterals by funding their requirements in the cash delivery segment of equities
Distribution of financial products including distribution of investment products
Provides broking services across equity, commodity, derivatives and currency segments and margin trading facility lending to clients. The company processes daily transactions and offers online and digital platforms for investors.
Distributes financial products of third-party institutions including mutual funds, structured products and portfolio management services on a non-exclusive basis to clients.
Provides stock broking services including equity cash segment broking, derivatives trading, commodities trading, and includes delayed payment charges and depository income
Provides margin trading facility to clients in the cash segment, enabling clients to leverage their investments. MTF book represents outstanding margin funding provided to clients.
Distributes financial products including mutual funds, portfolio management services, and alternative investment funds, earning trail revenue on assets under distribution
Other operational income not covered in broking, MTF, and distribution segments
Provides broking services across equity cash, futures and options, commodities, and currency trading segments
Provides margin trading facility to enable clients to leverage eligible collaterals for funding trading requirements in equity cash delivery segment
Provides distribution services of mutual funds, corporate fixed deposits, structured products, non-convertible debentures/bonds, market-linked debentures, alternative investment funds, bonds, and portfolio management services
Comprises primarily interest on fixed deposits, interest on government securities, interest on bonds, interest on financial assets and other operating income
Stock broking, commodities broking, currency derivatives broking, and margin trading facility
Distribution of mutual fund schemes and sponsorship of mutual funds for management of investor funds
Solicitation and procurement of insurance business for all classes of insurance including life insurance, general insurance, and health insurance, acting as a corporate agent
Distribution of portfolio management services
Bullion trading and international stocks trading through subsidiary in GIFT City
Provides broking services across equity cash, cash-intraday, futures and options, commodity and currency segments to retail, HNI, UHNI and institutional clients through branches, Authorised Persons and online platforms. Includes algorithmic trading services, IPO subscription assistance, securities lending and borrowing services, and research recommendations.
Provides margin trading facility to enable clients to leverage eligible collaterals by funding their trading requirements in the equity cash delivery segment. Funding availability is determined by stock exchange margin requirements.
Provides distribution of third-party financial products including mutual fund schemes, alternative investment funds, structured products, corporate fixed deposits, non-convertible debentures, bonds, and portfolio management services through relationship management team and digital platforms.
Comprises mainly interest on fixed deposits, interest on government securities, interest on bonds, interest on financial assets, rent income, and miscellaneous income.
Stock broking and related services including brokerage, depository operations, mutual fund distribution activities, referral commission, distribution and sale of financial products, marketing and advisory services, and business support services. Includes interest on delayed payment by clients.
Interest earned on margin funding loans provided to clients for trading
Income from distribution of mutual funds and other financial products
SWOT Analysis
Strengths
- • Established full-service brokerage with 30+ years of track record(p.27)
- • Diversified revenue streams across broking, margin trading, and distribution(p.27)
- • Strong financial performance with consistent revenue growth(p.30)
- • Growing active client base in the broking segment(p.48)
- • Healthy profitability with strong return on equity(p.30)
- • Multi-channel distribution including physical and digital platforms(p.48)
- • Significant revenue contribution from Broking and Margin Funding businesses(p.49)
- • Large and growing active client base(p.51)
- • Established relationship management as core client acquisition model(p.52)
- • Strong brand and reputation of the Anand Rathi group(p.52)
- • Strong revenue growth trajectory(p.68)
- • Growing distribution business with diversification benefits(p.62)
- • Highest ARPC amongst peer set(p.158)
- • Full service brokerage house with diversified revenue streams(p.158)
- • Pan India presence combined with robust digital capabilities(p.158)
- • Established brand with 3+ decade legacy and experienced leadership(p.158)
- • Strong track record of financial performance and consistent growth(p.158)
- • Strategic use of MTF Business to drive higher ARPC(p.158)
- • Highest ARPC among peer set(p.219)
- • Strong client vintage and retention with 44.88% having 5+ years relationship(p.219)
- • Mature client demographic with 84.36% above 30 years(p.219)
- • Diversified revenue streams reducing broking dependency(p.221)
- • Strong MTF growth with zero NPAs(p.220)
- • Established 30+ year brand with strong promoter group(p.217)
- • Pan-India presence with 90 branches and 1,125 Authorised Persons(p.222)
- • Strong financial performance with 65.68% PAT CAGR(p.223)
- • Diversified financial services capabilities across multiple asset classes(p.244)
- • Long operational history with 34 years since incorporation in 1991(p.246)
- • Multiple regulatory registrations and memberships across exchanges(p.246)
- • Recognized brand and established market presence with awards(p.247)
- • Strong parent company backing through established holding company(p.248)
- • Experienced management team with significant financial services background(p.256)
- • Established market position with 30+ years of operational track record(p.347)
- • Highest average revenue per client (ARPC) among peer set(p.348)
- • Strong revenue growth trajectory at 34.45% CAGR(p.348)
- • Robust profit after tax growth at 65.68% CAGR(p.349)
- • Pan-India multi-channel distribution network(p.348)
- • Strong digital revenue contribution of 36.65% of brokerage income(p.351)
- • Comprehensive product offerings across asset classes(p.347)
- • Strong revenue growth from diversified income streams(p.365)
- • High Return on Equity demonstrating operational efficiency(p.363)
- • Significant growth in margin funding loans and client deposits(p.365)
- • Profitability growth substantially outpacing revenue growth(p.367)
- • Strong cash generation from operations(p.369)
Weaknesses
- • Regulatory compliance issues with NCDs potentially exceeding 200 unique holders(p.40)
- • Pending 'fit and proper' person compliance proceeding against key promoter(p.41)
- • Recent cyber security and data breach compliance failures(p.42)
- • High dependence on broking and MTF segments for revenue(p.31)
- • Significant litigation exposure from group company ARCL in NSEL matter(p.45)
- • Group company ARCL barred from commodity derivatives broker registration(p.43)
- • High attrition rate of Authorised Persons creating revenue risk(p.49)
- • Significant revenue dependence on limited channels (25.38% from Authorised Persons in FY2025)(p.49)
- • Company liability for actions of Authorised Persons(p.50)
- • Untraceable corporate records and past filing inaccuracies(p.52)
- • Reliance on key management personnel for business success(p.52)
- • High proportion of unsecured loans from related parties(p.56)
- • Negative cash flows from investing activities across three fiscals(p.58)
- • Data security breach impacting client confidentiality(p.66)
- • Pledged promoter shareholding creating control risk(p.67)
- • Delayed statutory dues payment history(p.64)
- • High reliance on borrowings to fund MTF book(p.151)
- • Corporate records untraceable with inadvertent filing inaccuracies(p.48)
- • Potential non-compliance regarding NCD holder limits(p.35)
- • High concentration in equity cash segment at 54.33% of brokerage income(p.221)
- • Significant decline in active clients using MTF relative to total active clients(p.220)
- • PAT margin compression from 11.31% to 12.23% despite revenue growth(p.223)
- • Modest growth in active clients at 26.07% YoY in FY25(p.223)
- • High employee strength growth required for expansion(p.226)
- • High dependence on parent company for brand usage with ongoing fees(p.278)
- • No dividend history over three fiscal years despite profitability(p.287)
- • Significant related-party transactions and potential conflicts of interest within group(p.276)
- • Subsidiary with minimal accumulated profits not contributing to consolidated results(p.250)
- • High employee cost dependency representing 32.22% of revenue(p.350)
- • Significant debt burden with net debt to equity ratio of 1.71(p.362)
- • High interest expense burden at ₹1,467.11 million reducing profitability(p.350)
- • Margin pressure with brokerage income declining from 58.02% to 50.77% of revenue(p.350)
- • Decline in Authorised Persons from 1,587 to 1,125, representing network concentration risk(p.350)
- • Exposure to credit risk on margin trading facility book of ₹6,855.13 million(p.336)
- • Significant increase in finance costs straining profitability(p.366)
- • Rising employee benefits expense limiting margin expansion(p.366)
- • Material litigation and regulatory exposure involving promoters and directors(p.395)
- • Pending SEBI show cause notice for alleged regulatory violations(p.378)
- • Cyber security incident affecting large client base(p.382)
- • High dependence on client leverage and regulatory financing limits(p.366)
Opportunities
- • Strong industry growth outlook with CAGR of 16-18% over 2-3 years(p.27)
- • Surge in retail investor participation evidenced by rising active clients(p.27)
- • Significant growth in margin trading facility market(p.27)
- • Expansion into new products and segments per regulatory permitting(p.44)
- • Distribution of financial products as growing revenue segment(p.27)
- • India's young demographic inclined toward digital solutions and wealth creation(p.63)
- • Scaling distribution business for revenue growth(p.62)
- • Expansion of Authorised Persons network(p.50)
- • Increasing active client base monetization(p.51)
- • Capital markets growth from India's economic development(p.79)
- • Growing MTF market with strong industry growth trajectory(p.151)
- • Shift in household savings towards capital markets(p.180)
- • Increasing per capita income driving future growth(p.179)
- • Rising participation of youth in India's capital markets(p.180)
- • India's GDP growth expected to remain resilient at 6.4-6.5%(p.178)
- • Focus on infrastructure and growth in Union Budget(p.178)
- • MTF market growing at 87% CAGR with significant untapped potential(p.225)
- • AUM from mutual funds, PMS and AIFs growing at 43.04% CAGR(p.225)
- • Tier 2, Tier 3 cities represent 72.79% of active clients and growing share(p.225)
- • Expanding relationship-based broking demand and personalized services(p.226)
- • Low capital market penetration at 4-5% presents market expansion opportunity(p.200)
- • Digital transformation and GenAI deployment for risk management and sales(p.226)
- • Expansion of insurance broking services following recent regulatory approval(p.246)
- • Growth in algorithmic trading and technology-driven services(p.247)
- • Expansion through international financial services center operations(p.246)
- • Development of technology-enabled distribution channels including mobile applications(p.244)
- • Portfolio Management Services expansion following recent commencement(p.246)
- • Growing Indian equity market with NSE daily turnover increasing 38.23% to ₹1,129.6 billion(p.350)
- • Expansion through international subsidiary in GIFT-IFSC serving NRIs and family offices(p.348)
- • Scope to monetize increasing digital platform adoption and technology infrastructure(p.348)
- • Growing demographic focus with 84.36% of active clients above 30 years(p.347)
- • Distribution income growing potential with ₹783.08 million revenue at 9.26% of total(p.351)
- • Expansion of mutual fund distribution business(p.365)
- • Growth in portfolio management and alternative investment fund distribution(p.365)
- • Increasing equity market participation and trading volumes(p.365)
- • Expansion through authorized persons channel(p.366)
- • New services and business expansion into insurance distribution(p.401)
Threats
- • Trading volumes and margins subject to regulatory restrictions on brokerage fees(p.48)
- • Intense competition from other broking firms with potential margin compression(p.48)
- • Market cyclicality and sensitivity to macroeconomic conditions(p.48)
- • Regulatory framework changes affecting F&O trading and revenue(p.45)
- • Downturn or disruption in securities markets affecting investor participation(p.48)
- • Reputational risk from group company litigation and regulatory actions(p.45)
- • Regulatory and licensing dependencies(p.50)
- • Dependence on Indian exchanges for trading execution(p.51)
- • Intense competition in broking industry(p.62)
- • Risk of dis-intermediation through discount brokers(p.63)
- • Downturn or disruption in securities markets(p.79)
- • Economic slowdown impact on capital market activity(p.79)
- • Interest rate volatility affecting margin funding revenues(p.68)
- • Geopolitical and external risks to Indian markets(p.79)
- • Regulatory changes affecting distribution commissions(p.67)
- • Technology disruption and system failures(p.59)
- • Industry MTF growth outpacing company's MTF growth rate(p.150)
- • Global economic uncertainties and supply chain challenges(p.178)
- • External factors affecting fund deployment and utilization(p.149)
- • Intense competition from discount brokers and larger players(p.235)
- • SEBI regulatory changes constraining margins and profitability(p.199)
- • 91% of individual traders incur losses in equity derivatives, impacting participation(p.195)
- • Market volatility impact on investor confidence and trading volumes(p.181)
- • Declining FPI inflows with 779 billion net outflows in 2025(p.187)
- • Currency derivatives segment experiencing significant decline(p.197)
- • Downward pressure on broking margins from uniform transaction fees(p.203)
- • Regulatory changes and compliance requirements in financial services(p.244)
- • Competition from similar businesses operated by promoter group entities(p.285)
- • Pledging of major shareholding as security affecting control(p.277)
- • Market cyclicality and economic factors affecting financial services demand(p.287)
- • Dependence on fixed deposits with exchanges and credit facilities subject to lien(p.305)
- • Extensive regulatory framework dependence on multiple regulators including SEBI, BSE, NSE(p.349)
- • Material exposure to Indian equity market performance volatility(p.350)
- • Susceptibility to macroeconomic shocks and geopolitical risks(p.350)
- • Potential for significant regulatory changes and increased compliance costs(p.349)
- • Competitive intensity with peer brokerage houses and emerging fintech disintermediation(p.349)
- • Contingent liabilities for bank guarantees of ₹3,773.40 million outstanding(p.322)
- • Regulatory uncertainty around promoter fitness and disqualification clauses(p.378)
- • Restricted ability to onboard new clients due to regulatory action(p.378)
- • Potential impact of NCD issuance violations on regulatory standing(p.379)
- • Rising interest rate environment increasing finance costs(p.366)
- • Market cyclicality and economic sensitivity affecting trading volumes(p.373)
- • Dependence on equity market activity and regulatory changes affecting broking(p.377)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anand Nandkishore Rathi | Individual Promoter | 2 equity shares held as nominee of Anand Rathi Financial Services Limited | — |
| Pradeep Navratan Gupta | Individual Promoter | 2 equity shares held as nominee of Anand Rathi Financial Services Limited | — |
| Priti Pradeep Gupta | Individual Promoter | 2 equity shares held as nominee of Anand Rathi Financial Services Limited | — |
| Anand Rathi Financial Services Limited | Corporate Promoter | 43,845,408 equity shares (98.06%) | — |
| Anand Rathi Financial Services Limited (ARFSL) | Corporate Promoter | 98.06% | — |
| Anand Nandkishore Rathi | Individual Promoter (Nominee of ARFSL) | — | — |
| Pradeep Navratan Gupta | Individual Promoter (Nominee of ARFSL) | — | — |
| Priti Pradeep Gupta | Individual Promoter (Nominee of ARFSL) | — | — |
| Anand Rathi Financial Services Limited | Corporate Promoter | 98.06% | — |
| Anand Nandkishore Rathi | Promoter | — | — |
| Pradeep Navratan Gupta | Promoter | — | — |
| Anand Rathi Financial Services Limited | Corporate Promoter | — | — |
| Anand Rathi Financial Services Limited | Corporate Promoter | 98.06% | — |
| Anand Nandkishore Rathi | Individual Promoter | — | — |
| Pradeep Navratan Gupta | Individual Promoter | — | — |
| Priti Pradeep Gupta | Individual Promoter | — | — |
| Anand Rathi Financial Services Limited and its nominee | Promoter/Holding Company | 100.00% | — |
Leadership
Pradeep Navratan Gupta · Chairman and Managing Director
Tarak Kumarpal Shah · Chief Financial Officer
Chetan Pravinbhai Prajapati · Company Secretary and Compliance Officer
Roop Kishor Bhootra · Executive Director
Vishal Jugal Kishore Laddha · Executive Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.