ARSSBL’s 37.42% Q1 margin trails Financial Services peer median
Standalone profit was driven mainly by operating income, while other income remained small at Rs 0.55 cr.
Filed 27 Jul 2026, 18:20 IST · after market close · Anand Rathi Share & Stock Brokers Ltd (ARSSBL)
Key takeaways
- Standalone operating profit was Rs 75.21 cr on revenue of Rs 201.02 cr, implying a 37.42% operating margin.
- The 37.42% operating margin was 35.43 percentage points below the 72.85% median for 49 Financial Services peers.
- Other income was only Rs 0.55 cr against profit before tax of Rs 31.05 cr, so reported profit was not materially supported by non-operating income.
Price around the results
Operating profit led the standalone Q1 result
Anand Rathi Share & Stock Brokers reported standalone revenue of Rs 201.02 cr and operating profit of Rs 75.21 cr in Q1FY26. The resulting 37.42% operating margin shows that the quarter generated most of its profit before finance costs and tax from operations. With no sequential or year-on-year comparison provided, the scale of the quarter’s change cannot be assessed.
Finance costs absorbed a sizeable part of operating profit
Expenses were Rs 125.8 cr, leaving Rs 75.21 cr of operating profit, while interest expense was Rs 38.33 cr. Depreciation of Rs 6.38 cr further reduced profit before tax to Rs 31.05 cr. Other income was Rs 0.55 cr, so the reported result does not appear dependent on a large non-operating contribution; the 24.74% tax rate was also reported without a comparison period.
Margin was below the reported peer set
ARSSBL’s 37.42% operating margin was 35.43 percentage points below the 72.85% median among 49 Financial Services peers that had reported the same quarter. It ranked 10th from the bottom in that comparison. No quarter trend or prior-period driver data was provided, so there is no basis to describe the margin’s direction.
Presentation gives a later MTF business marker
A company investor presentation reported 31,085 Margin Trade Facility clients and an interest-on-MTF-book figure of 8,148 in Q2FY26. These figures provide a later operating marker for the MTF segment, rather than a Q1FY26 comparison. The results were filed after market close, and no market reaction was available.
Q1FY26 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY26 |
|---|---|
| Revenue | ₹201 cr |
| Other income | ₹1 cr |
| Expenses | ₹126 cr |
| Operating profit | ₹75 cr |
| Operating margin (%) | 37.42% |
| Interest | ₹38 cr |
| Depreciation | ₹6 cr |
| Profit before tax | ₹31 cr |
| Tax | ₹8 cr |
| Net profit | ₹23 cr |
| EPS (₹) | ₹5.27 |
Operating margin of 37.42% compares with a Financial Services sector median of 72.85% across 49 peers that have reported Q1FY26.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The Margin Trade Facility segment had 31,085 clients and an interest-on-MTF-book figure of 8,148 in Q2FY26.
What to watch
- Whether standalone operating margin holds above 37.42%.
- Whether MTF clients move from the 31,085 reported for Q2FY26.
- Whether the interest-on-MTF-book figure moves from 8,148.