Anand Rathi Financial Services Ltd

What Anand Rathi Financial Services Ltd does

Anand Rathi Financial Services Ltd is part of the Anand Rathi Group, a Mumbai-headquartered diversified financial services conglomerate founded in 1994 by Anand Rathi (former BSE President, 1999-2001) and Pradeep Gupta. The group operates across more than 10 lakh registered customers and 145+ own branches in India, organized into multiple regulated and associate entities covering stock broking (Anand Rathi Share and Stock Brokers Ltd, listed on NSE/BSE in September 2025), investment banking (Anand Rathi Advisors Limited, SEBI INM000010478), institutional equities, private wealth management, insurance broking, commodities broking, NBFC/lending (Anand Rathi Global Finance Limited), housing finance, and international financial services through the GIFT City IFSC platform.

The group's core technology is a multi-asset trading platform supporting equity, commodity, currency, mutual funds, PMS, structured products, and insurance, with institutional equities supported by a 34-member research team covering 150+ mid and small-cap companies and investment banking staffed by a 70-member team. Distribution is hybrid: 145+ own branches, a franchisee network, digital account-opening at open-account.anandrathi.com, and affiliate offices in Hong Kong and New York for international institutional coverage.

Revenue is generated across multiple streams: transaction-fee-based stock broking, usage-based interest income from margin trading (₹11,019 million book in Q4 FY26, +61% YoY), transaction-fee distribution income from mutual funds and IPOs (+44% in Q4 FY26), professional-services fees from investment banking, commission-based insurance broking, and subscription/recurring fees from private wealth management. Q4 FY26 revenue at the listed broking entity grew 28% YoY to ₹256 crore with EBITDA margins of 43.2%, while full-year FY26 revenue reached ₹932 crore and net profit ₹129 crore, though full-year core broking revenue declined 6.8% amid weak investor sentiment and FII outflows, offset by the rapid MTF and distribution-income expansion.

Name

Anand Rathi Financial Services Ltd

Legal name

Anand Rathi Financial Services Limited

Website

https://rathi.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Anand Rathi Financial Services is part of the Mumbai-based Anand Rathi Group (founded 1994), a diversified Indian financial services conglomerate offering stock broking, wealth management, investment banking, institutional equities research, insurance broking, commodities, NBFC lending, and housing finance to 10 lakh+ retail, HNI, and institutional clients through 145+ branches across India.

Ownership category

akta.pro rank

Product category

Financial Services and Brokerage

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Agency Equity Execution (Cash Equities) (FSACAFAA)

akta.pro secondary industries

Fund Depositary (UCITS/AIFMD & Trustee Oversight) (FSAAAOAC), Private Banking Advisory & Discretionary Portfolio Management (FSABADAD), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG), Active Crypto Asset Managers (Discretionary) (FSADAHAA), Liquidity Provisioning & Principal Trading (Bank/Dealer) (FSACANAI), Thematic / Sector-Focused Multi-Manager Platforms (FSANAGAH)

Keywords

• Stock broking services
• Investment banking advisory
• Wealth management services
• Insurance broking services
• Institutional equities research

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Stock Broking: Core broking revenue from equity, commodity, and currency trading. Full-year FY26 broking revenues declined 6.8% due to weak investor sentiment and FII outflows.
2. Margin Trading Facility: Interest income from margin trading facility. Grew 61% to ₹11,019 million in Q4 FY26, offsetting decline in core broking revenue.
3. Distribution Income: Revenue from distribution of mutual funds, IPOs, and other financial products. Grew 44% in Q4 FY26.
4. Investment Banking: Fees from M&A advisory, capital market fund-raising, private placements, and structured finance solutions.
5. Insurance Broking: Commission income from insurance distribution through Anand Rathi Insurance Brokers Limited.
6. Private Wealth Management: Fee-based wealth management services for high-net-worth individuals.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Anand Rathi Financial Services Ltd is part of the Anand Rathi Group, a diversified Indian financial services conglomerate providing stock broking, wealth management, investment banking, insurance broking, commodities trading, and NBFC lending across equity, commodity, currency, mutual funds, PMS, structured products, and insurance segments. The group serves retail investors, high-net-worth individuals, corporate clients, and domestic/international institutions through 145+ owned branches, a multi-asset trading platform, and a 34-member research team covering 150+ mid and small-cap companies.

Product overview

Anand Rathi Financial Services Ltd is part of the Anand Rathi Group, a diversified financial services conglomerate offering a comprehensive suite of products across investment services, institutional equities, investment banking, insurance broking, NBFC operations, private wealth management, and commodities trading. The group operates through multiple subsidiary and associate companies including Anand Rathi Share and Stock Brokers (core investment/trading platform), Anand Rathi Advisors Limited (investment banking/M&A), Anand Rathi Global Finance Limited (SME lending/construction finance), Anand Rathi Insurance Brokers, AR GIFTCity (global investing), and Private Wealth Management divisions. The group leverages a network of 145+ branches and serves over 10 lakh registered customers across India, with institutional equities backed by a 34-member research team covering 150+ mid and small-cap companies, and investment banking staffed by a 70-member team offering M&A, capital market fundraising, and structured finance solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Services (Stock Broking)
• Anand Rathi Insurance Brokers Limited
• Anand Rathi Advisors Limited (Investment Banking)
• Institutional Equities
• AR GIFTCity
• Anand Rathi Global Finance Limited (NBFC)
• Private Wealth Management
• Anand Rathi Commodities Limited
• Anand Rathi Wealth Services Limited
• Anand Rathi Housing Finance Limited
• Anand Rathi International Ventures (IFSC) Private Limited

Quantifiable outcome

• 126% YoY surge in Q4 FY26 net profit to Rs 41.5 crore
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor.

• Lalithaa Jewellery Mart LtdminorChannel Partner/ Reseller/ DistributorAnand Rathi Advisors and Equirus Capital serve as book-running lead managers for Lalithaa Jewellery's ₹1,700 crore IPO
• Amagi Media Labs LtdminorChannel Partner/ Reseller/ DistributorAnand Rathi issued a positive outlook on Amagi Media Labs IPO, connecting media companies to audiences via cloud-native technology
• Vidya WiresminorChannel Partner/ Reseller/ DistributorAnand Rathi assigned 'Subscribe – Long Term' rating to Vidya Wires IPO alongside SBI Securities

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• JM Financial: Indian financial services group spanning institutional equities, investment banking, wealth management, broking, and NBFC lending. Comparable to Anand Rathi in mid-market IB focus, diversified revenue streams, and combined capital markets plus credit orientation.
• Motilal Oswal Financial Services: Indian integrated financial services group with parallel offerings across retail and institutional broking, wealth management, investment banking, asset management, and NBFC, with a similar pan-India branch distribution model. Closely comparable in mix of revenue streams, mid/small-cap research emphasis, and founder-led culture.
• ICICI Securities: Large Indian securities firm offering retail broking, institutional equities, investment banking, wealth management, and distribution. Directly comparable in service mix and target segments, though backed by the ICICI Bank parent giving it a stronger retail deposit-funding and cross-sell channel.
• IIFL Securities: Listed Indian financial services group offering broking, wealth management, investment banking, loans, and distribution across a large branch network. Directly comparable in product breadth, customer segmentation across retail/HNI/institutional, and dependence on Indian capital market cycles.
• Sharekhan (BNP Paribas): Indian retail and institutional broking franchise owned by BNP Paribas, offering trading, wealth, and distribution across an extensive branch and digital footprint. Directly comparable to Anand Rathi's full-service retail broking and wealth strategy.
• Edelweiss Financial Services: Indian financial services group offering credit, broking, wealth, asset management, and insurance via a network of subsidiaries. Comparable in multi-subsidiary structure and product breadth, though with a more wholesale credit tilt versus Anand Rathi's retail-led distribution.
• Geojit Financial Services: Indian financial services firm offering retail broking, wealth management, and distribution with a multi-branch footprint and a Middle East focus. Comparable as a mid-sized integrated Indian broker competing in retail/HNI segments, though smaller in scale than Anand Rathi.
• Angel One: Listed Indian retail-focused broking platform rapidly scaling active clients on a low-cost digital model. Comparable as a competitor for retail broking share, illustrating both the digital headwind and the opportunity set Anand Rathi must defend or pivot toward.

Broad incumbents

• Kotak Securities: Broking and distribution arm of Kotak Mahindra Group, combining retail broking, institutional equities, and wealth with the parent's banking balance sheet. Overlaps with Anand Rathi's offerings but is embedded in a larger banking/financial conglomerate rather than a focused mid-market franchise.
• HDFC Securities: Retail and institutional broking and distribution arm of HDFC Group, benefiting from the parent bank's large deposit and mortgage franchise. Comparable in product mix but with materially larger distribution scale and parent balance sheet than Anand Rathi.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/anand-rathi-securities
• Xx.com/rathi_online
• Facebookfacebook.com/anandrathigrp

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anand Rathi Financial Services Ltd