Anand Rathi after Q4 🚀 what next?

Market Chatter
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Anand Rathi reported a very strong quarter:

  • Profit up ~126% YoY to ~₹41.5 crore

  • Revenue up ~28% YoY

  • Margins improved significantly, with strong contribution from non-broking segments

What stands out is where the growth is coming from:
less dependence on pure broking, and more from margin funding, distribution, other stable revenue streams

I Was checking what projections can look like going forward-
If this trend sustains,

  • Earnings could become less cyclical (not fully dependent on market volumes)

  • Margin expansion could continue and profit growth > revenue growth

  • Strong growth in MTF + AUM suggests operating leverage still in play

Basically, I think that the business is slowly shifting from:
market-dependent broking to diversified financial services model

But things to watch:

  • Broking revenues are still weak in volatile markets

  • Growth is currently driven by a few high-performing segments

  • Needs consistency; one strong quarter isn’t enough

Net-net if execution continues like this, the company could justify premium valuations as a diversified financial play, not just a broker. Will be watching the next couple of quarters closely

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