Anand Rathi Share and Stock Brokers Limited (ARSSBL) is a diversified financial services firm headquartered in Mumbai. The company operates a full-service broking platform across India’s major exchanges — NSE, BSE, MCX, and NCDEX — and offers a comprehensive suite of services including research, depository services, mutual fund distribution, and wealth management for retail, high-net-worth, and institutional clients.
Through its wholly owned subsidiary Anand Rathi International Ventures (IFSC) Private Limited, ARSSBL extends trading and investment services to non-resident Indians and family offices from the International Financial Services Centre (GIFT IFSC). The business is backed by a strong promoter group — Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta, and Anand Rathi Financial Services Limited — collectively holding over 98% of the pre-issue equity capital.
IPO Offer Details:
Total Offer Size: ₹7,450 million (fresh issue of equity shares; no offer-for-sale component).
Price Band: ₹393 to ₹414 per Equity Share.
Book Running Lead Managers (BRLMs):
• Nuvama Wealth Management Limited
• DAM Capital Advisors Limited
• Anand Rathi Advisors Limited
Indian Stock‑Broking Industry – A Deep Dive
The Indian stock‑broking industry acts as the gateway between investors and the capital‑markets, providing execution, clearing, and ancillary services across a wide range of tradable instruments. The sector is highly fragmented – ≈ 4,900 SEBI-registered brokers (full‑service, discount, and hybrid) compete for a rapidly expanding retail base while also serving institutional, high‑net‑worth, and foreign participants.
Table: Key Segments
| Key Segments | Description |
| Equity Cash Broking | Traditional buy-sell of shares on a delivery basis. Contributes the largest share of brokerage income (≈54% of total brokerage in FY25). |
| Futures & Options (F&O) | Derivative contracts on equities, indices, commodities, and currencies. Drives higher fee per trade revenue (≈41% of brokerage in FY25) and is the main source of margin funding demand. |
| Commodity & Currency Broking | Trading of physical commodity futures (MCX, NCDEX) and FX contracts. Still a niche (≈4% of brokerage) but growing with commodity price volatility and hedging needs. |
| Margin Trading Facility (MTF) | Leveraged financing for cash equity and F&O positions. Book size grew from INR 3,766 mn (FY23) to INR 6,855 mn (FY25) – a CAGR of ≈35%. |
| Non-Broking / Value-Added Services | Distribution of mutual funds, PMS/AIF, insurance, wealth management, and advisory products. Revenue share rose from 9.7% (FY23) to 13.4% (FY25) and is expected to accelerate as brokers become “one-stop shops”. |
| Discount vs Full Service Brokers | Discount brokers compete on ultra-low transaction fees and digital-only platforms, attracting price-sensitive retail investors. Full-service houses (e.g., Anand Rathi, Motilal Oswal) retain higher margins, relationship-based clients, and cross-sell non-broking products. |
Source: RHP
The Indian broking ecosystem is transitioning from a volume-driven, low-margin business to a higher-margin, relationship-focused model. Robust demographic tailwinds (≈ 55 % of the population under 35 years), rapid digital adoption, and the regulatory push for greater transparency (SEBI QSB framework, tighter margin rules) together underpin a sustained double-digit growth trajectory through FY‑28. Companies that can blend low-cost digital execution with a strong suite of non-broking, advisory, and margin‑funding services are poised to capture the lion’s share of the expanding market.
Table: Growth Snapshot
| Metric | Historical Growth (FY20 → FY25) | Projected Growth (FY25 → FY28) | Comment |
| Industry size (Revenue, INR bn) | 185 → 520 (CAGR ≈16–18%) | 520 → 810–860 (CAGR ≈16–18%) | The market is expected to more than double by FY28, driven by deeper retail penetration and higher margin non-broking services. |
| Active NSE clients (millions) | 10.8 → 49.5 (CAGR ≈32.8%) | 49.5 → ≈65 (CAGR ≈10–12%) | Explosive growth in the last five years as digital onboarding and financial literacy improve; future growth will moderate as the pool of first-time investors shrinks. |
| Margin Trading Facility (MTF) book (INR mn) | 3,766 → 6,855 (CAGR ≈35%) | 6,855 → ≈9,500 (CAGR ≈12–14%) | MTF expansion has been fuelled by higher leverage demand in F&O; regulatory tightening may temper the pace, but the book will keep expanding. |
| Non-broking revenue share | 9.7% (FY23) → 16.8% (FY25) | 13–15% by FY28 | Brokers are diversifying away from pure transaction fees toward wealth management, distribution, and advisory, which are less price elastic. |
| Average Revenue per Active Client (INR ) | (FY23 → FY25): 26,012 → 29,347 (CAGR ≈6.2%) | 7,500 → ≈9,500 (CAGR ≈8–10%) | Higher value client relationships and cross-selling are lifting per-client earnings; future gains will come from deeper product penetration rather than pure volume. |
Source: RHP
Anand Rathi Share & Stock Brokers Limited – Company Overview
Anand Rathi Share & Stock Brokers Limited, incorporated in 1991, is promoted by Anand Nandkishore Rathi, Pradeep Navratan Gupta, and Priti Pradeep Gupta. Headquartered in Mumbai, the company provides retail and institutional broking across equities, commodities, and derivatives, along with depository, wealth management, mutual fund distribution, research, advisory, and insurance broking services.
Its subsidiary, Anand Rathi International Ventures (IFSC) Pvt. Ltd., caters to NRIs and family offices via international exchanges. The company is wholly owned by Anand Rathi Financial Services Ltd. (AR FSL). Under ESOP 2023, it allotted 359,000 shares to 284 employees, representing about 0.08% of post-issue equity.
Competitive positioning
| Dimension | ARSSBL | Peer set (Motilal Oswal, IIFL CAPS, Geojit, Angel One) |
| Revenue (FY2025) | INR 8.47 bn | Motilal Oswal INR 84.2 bn; IIFL INR 25.7 bn; Geojit INR 7.5 bn; Angel One INR 52.5 bn |
| Average revenue per client | INR 29.3 k (highest among peers) | Motilal Oswal INR 24.47k; IIFL INR 27.06k (FY24); Geojit INR 11.99k; Angel One INR 4.36k |
| Client mix | Strong NRI & family office segment via IFSC; >60 branches across India | Mostly domestic retail & HNI |
| Product breadth | Full service (equity, F&O, commodities, mutual funds, insurance, wealth management) + offshore trading | Varies – Angel One focuses on discount broking; Motilal Oswal & IIFL are full-service; Geojit has a strong overseas JV presence. |
| Technology | Proprietary trading platform; integration with IFSC exchanges | Peer platforms range from high-frequency discount engines (Angel) to legacy systems (Motilal) |
| Brand & market perception | Established legacy (30 years), recognized brand in Mumbai & western India. | Motilal Oswal & IIFL have a national brand; Angel One is a fast-growing discount broker. |
Source: RHP
Financial Profile
Strong Revenue Growth: Revenue rose 45.8 % from FY 2023 to FY 2024 and a further 24.1 % to FY 2025, delivering a cumulative 80.77% increase over the three-year window. Expansion of client base and higher trading volumes were the key revenue drivers. Active client numbers grew from 154,470 (FY 2023) to 221,510 (FY 2025), with Tier 2 and Tier 3 cities adding 70% and 38% respectively. The broader geographic footprint lifted the average revenue per client, a metric that ranks highest among the peer set.
Profitability – Margins Gaining Traction: Net profit rose ~174% from FY 2023 to FY 2025, outpacing revenue growth (~81%) and indicating substantial margin expansion. Greater share of margin-rich wealth‑management and insurance‑broking services contributed incremental profit.
Table: Peers Comparison
| Name of Company | Revenue from Operations
(INR in million) |
Closing Price as on Aug 29, 2025 (INR ) | EPS
(Basic) (INR ) |
EPS
(Diluted) (INR ) |
P/E |
| Anand Rathi Share and Stock Brokers Limited | 8,470.04 | 414* | 23.36 | 22.46 | 18.5 |
| Motilal Oswal Financial Services | 84,172.20 | 857.35 | 41.83 | 41.00 | 20.91 |
| IIFL Capital Services Limited | 25,674.31 | 295.35 | 23.06 | 21.89 | 13.49 |
| Geojit Financial Services Limited | 7,493.22 | 71.11 | 6.18 | 6.17 | 11.53 |
| Angel One Limited | 52,476.69 | 2,209.00 | 130.05 | 126.82 | 17.42 |
Source: RHP; * – upper end of price band
Table 1: KPI Comparison
| Company Name | Particulars (Units) | FY 2023 | FY 2024 | FY 2025 | CAGR |
| Anand Rathi Share and Stock Brokers Limited
|
Total number of clients (Number) | 669,602 | 758,214 | 886,644 | – |
| Active Clients (Number) | 154,470 | 175,699 | 221,510 | – | |
| Growth in Active Clients (%) | – | 13.74% | 26.07% | – | |
| Active clients as a % of Total Clients (%) | 23.07% | 23.17% | 24.98% | – | |
| Average Revenue per Client (Broking) (INR ) | 26,012 | 30,922 | 29,347 | – | |
| Margin Trading Facility Book (INR in million) | 3,766.38 | 6,172.93 | 6,855.13 | – | |
| Growth in Margin Trading Facility Book (%) | – | 63.90% | 11.05% | – | |
| Total Assets Under Distribution (INR million) | 31,572 | 49,046 | 64,598 | – | |
| Total Assets Under Distribution – Mutual Funds (INR million) | 26,575.49 | 39,614.56 | 49,494.52 | – | |
| Total Assets Under Distribution – PMS & AIF (INR million) | 4,996.51 | 9,431.34 | 15,103.75 | – | |
| Revenue from Operations (INR million) | 4,678.26 | 6,817.88 | 8,456.98 | 34% | |
| Growth in Revenue from Operations (%) | – | 45.74% | 24.04% | – | |
| EBITDA (INR million) | 1,150.67 | 2,305.84 | 3,112.67 | 64% | |
| EBITDA Margin (%) | 24.60% | 33.82% | 36.81% | – | |
| PAT (INR million) | 377.45 | 772.90 | 1,036.06 | 66% | |
| PAT Margin (%) | 8.05% | 11.31% | 12.23% | – | |
| ROE (%) | 15.32% | 23.50% | 23.12% | – | |
| ROCE (%) | 16.72% | 21.48% | 21.32% | – | |
| Revenue mix – Broking and related services (INR million) | 3,172.67 | 4,578.12 | 5,102.72 | – | |
| Revenue mix – Interest on Margin Trading Facility (INR million) | 542.16 | 759.25 | 1,142.82 | – | |
| Revenue mix – Distribution (INR million) | 507.73 | 563.94 | 783.08 | – | |
| Revenue mix – Other Income from Operations (INR million) | 455.70 | 916.57 | 1,428.36 | – | |
| Motilal Oswal Financial Services
|
Total number of clients (Number in millions) | 5.50 | 7.00 | 12.80 | – |
| Active number of clients (Number in millions) | 0.81 | 0.89 | 1.02 | – | |
| Growth in Active Clients (%) | – | 10.94% | 13.63% | – | |
| Active clients as a % of Total Clients (%) | 14.64% | 12.76% | 7.93% | – | |
| Average Revenue per Client (Broking) (INR ) | 20,897 | 25,393 | 24,469 | – | |
| Margin Trading Facility Book (INR in million) | 13,292.70 | 34,941.50 | 40,813.50 | – | |
| Growth in Margin Trading Facility Book (%) | – | 162.86% | 16.81% | – | |
| Total Assets Under Distribution (INR millions) | 213,000 | 237,150 | 315,510 | – | |
| Total Assets Under Distribution – Mutual Funds (INR millions) | 57,510 | – | – | – | |
| Total Assets Under Distribution – PMS & AIF (INR millions) | 51,120 | – | – | – | |
| Strength of research team (Number) | – | 100 | 100 | – | |
| Revenue from Operations (INR million) | 41,771.00 | 71,047.10 | 83,390.50 | 41% | |
| Growth in Revenue from Operations (%) | – | 70.09% | 17.37% | – | |
| EBITDA (INR million) | 18,765.00 | 40,805.00 | 45,453.10 | 56% | |
| EBITDA Margin (%) | 45.00% | 57.43% | 54.51% | – | |
| Profit after tax (INR million) | 9,328.00 | 24,456.00 | 25,081.80 | 64% | |
| PAT Margin (%) | 22.00% | 34.07% | 29.80% | – | |
| Debt / Equity Ratio | (8.39) | 0.50 | 0.91 | – | |
| Return on Equity (RoE) (%) | (353.09%) | (58.99%) | 8.78% | – | |
| Return on Capital Employed (RoCE) (%) | (90.98%) | (2.83%) | 20.41% | – | |
| Net Working Capital (INR million) | 12,931.10 | 8,097.90 | 6,752.50 | – | |
| Net Working Capital Days (Days) | 234.23 | 97.64 | 39.11 | – | |
| Order Book (INR million) | 43,870.00 | 60,230.00 | 90,960.00 | – | |
| Contracted Capacity (MW-DC) | 3,400.00 | 3,300.00 | 4,400# | – | |
| Commissioned capacity (MW-DC) | NA | NA | NA | – | |
| Total MW of O&M Portfolio served (MW-DC) | 6,400.00 | 7,670.00 | 8,700.00 | – | |
| Revenue mix – Broking and related services (INR million) | 16,824.90 | 22,681.80 | 24,833.00 | – | |
| Revenue mix – Interest on Margin Trading Facility (INR million) | 1,455.60 | 2,865.30 | 6,150.30 | – | |
| Revenue mix – Distribution (INR million) | 1,211.60 | 1,990.60 | 3,584.50 | – | |
| Revenue mix – Other Income from Operations (INR million) | 675.70 | 606.30 | 486.40 | – | |
| Geojit Financial Services Limited
|
Total number of clients (Number in millions) | 1.29 | 1.39 | 1.52 | – |
| Active number of clients (Number in millions) | 0.24 | 0.25 | 0.25 | – | |
| Growth in Active Clients (%) | – | 4.76% | (0.06%) | – | |
| Active clients as a % of Total Clients (%) | 18.26% | 17.77% | 16.23% | – | |
| Average Revenue per Client (Broking) (INR ) | 8,869.04 | 11,485.73 | 11,988.78 | – | |
| Margin Trading Facility Book (INR in million) | 2,474.91 | 4,675.53 | NA | – | |
| Growth in Margin Trading Facility Book (%) | – | 88.92% | NA | – | |
| Total Assets Under Distribution – Mutual Funds (INR millions) | 84,600 | 122,000 | 147,280 | – | |
| Total Assets Under Distribution – PMS & AIF (INR millions) | 4,500 | 10,840 | 17,710 | – | |
| Strength of research team (Number) | – | – | – | – | |
| Revenue from Operations (INR million) | 4,392.95 | 6,141.34 | 7,476.60 | 30% | |
| Growth in Revenue from Operations (%) | – | 39.80% | 21.74% | – | |
| EBITDA (INR million) | 1,475.15 | 2,279.99 | 2,844.38 | 39% | |
| EBITDA Margin (%) | 33.58% | 37.13% | 38.04% | – | |
| PAT (INR million) | 1,009.63 | 1,493.81 | 1,724.87 | 31% | |
| PAT Margin (%) | 22.56% | 23.94% | 23.03% | – | |
| ROE (%) | 13.00% | 16.00% | 16.01% | – | |
| ROCE (%) | 15.00% | 17.00% | 19.40% | – | |
| Revenue mix – Broking and related services (INR million) | 2,089.55 | 2,834.95 | 2,957.30 | – | |
| Revenue mix – Interest on Margin Trading Facility (INR million) | 330.05 | 457.09 | 800.60 | – | |
| Revenue mix – Distribution (INR million) | 987.84 | 1,516.44 | 2,044.70 | – | |
| Revenue mix – Other Income from Operations (INR million) | 6.45 | 13.41 | 18.78 | – | |
| IIFL Capital Services Limited
|
Total number of clients (Number in millions) | 3 | 3 | – | – |
| Active number of clients (Number in millions) | 0.44 | 0.44 | 0.48 | – | |
| Growth in Active Clients (%) | – | (7.68%) | (0.46%) | – | |
| Active clients as a % of Total Clients (%) | 16.03% | 14.80% | – | – | |
| Average Revenue per Client (Broking) (INR ) | 15,801 | 27,063 | – | – | |
| Margin Trading Facility Book (INR in million) | 4,905.86 | 9,164.28 | 9,308.50 | – | |
| Growth in Margin Trading Facility Book (%) | – | 86.80% | 1.57% | – | |
| Total Assets Under Distribution (INR millions) | 196,000 | 261,000 | 313,000 | – | |
| Total Assets Under Distribution – Mutual Funds (INR millions) | 68,600 | 104,400 | 143,980 | – | |
| Total Assets Under Distribution – PMS & AIF (INR millions) | 47,040 | 62,640 | 62,600 | – | |
| Number of fundamental research reports (Number) | – | 40 | 44 | – | |
| Strength of research team (Number) | – | – | – | – | |
| Revenue from Operations (INR million) | 13,521.00 | 21,613.00 | 24,050.13 | 33% | |
| Growth in Revenue from Operations (%) | – | 59.85% | 11.28% | – | |
| EBITDA (INR million) | 4,650.00 | 8,744.00 | 9,970.62 | 46% | |
| EBITDA Margin (%) | 34.39% | 40.46% | 41.46% | – | |
| PAT (INR million) | 2,498.00 | 5,133.00 | 7,128.80 | 69% | |
| PAT Margin (%) | 18.00% | 23.00% | 27.77% | – | |
| ROE (%) | 19.00% | 29.00% | 33.17% | – | |
| ROCE (%) | 23.00% | 28.00% | 29.49% | – | |
| Revenue mix – Broking and related services (INR million) | 7,599.99 | 12,017.35 | – | – | |
| Revenue mix – Interest on Margin Trading Facility (INR million) | 867.78 | 1,150.30 | – | – | |
| Revenue mix – Distribution (INR million) | 2,436.01 | 3,869.20 | – | – | |
| Revenue mix – Other Income from Operations (INR million) | – | – | – | – | |
| Angel One Limited
|
Total number of clients (Number in millions) | 13.80 | 22.20 | 31.00 | – |
| Active number of clients (Number in millions) | 4.28 | 6.30 | 7.58 | – | |
| Growth in Active Clients (%) | 17.07% | 47.19% | 20.24% | – | |
| Active clients as a % of Total Clients (%) | 31.03% | 28.39% | 24.45% | – | |
| Average Revenue per Client (Broking) (INR ) | 4,859 | 4,628 | 4,360 | – | |
| Margin Trading Facility Book (INR in million) | 10,051.84 | 14,841.23 | 36,987.75 | – | |
| Growth in Margin Trading Facility Book (%) | – | 47.65% | 149.22% | – | |
| Total Assets Under Distribution (INR millions) | – | 49,400 | – | – | |
| Number of fundamental research reports (Number) | – | 46 | 45 | – | |
| Strength of research team (Number) | – | – | – | – | |
| Revenue from Operations (INR million) | 30,016.00 | 42,717.00 | 52,383.79 | 32% | |
| Growth in Revenue from Operations (%) | – | 42.31% | 22.63% | – | |
| EBITDA (INR million) | 12,928.00 | 16,915.00 | 19,808.84 | 24% | |
| EBITDA Margin (%) | 43.00% | 40.00% | 37.81% | – | |
| PAT (INR million) | 8,900.00 | 11,255.00 | 11,720.81 | 15% | |
| PAT Margin (%) | 29.00% | 26.00% | 22.34% | – | |
| ROE (%) | 41.00% | 37.00% | 27.07% | – | |
| ROCE (%) | 44.00% | 30.00% | 21.88% | – | |
| Revenue mix – Broking and related services (INR million) | 20,805.05 | 29,169.64 | 33,043.03 | – | |
| Revenue mix – Interest on Margin Trading Facility (INR million) | 2,566.58 | 2,821.19 | 6,073.35 | – | |
| Revenue mix – Distribution (INR million) | 313.07 | 413.76 | 1,039.23 | – | |
| Revenue mix – Other Income from Operations (INR million) | – | – | – | – |
Source: RHP
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