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Anand Rathi Share and Stock Brokers Ltd. is an established full-service brokerage house in India with over 30 years of experience. It provides broking services, margin trading facility, and distribution of financial products under the ‘Anand Rathi’ brand to a wide range of clients including retail, HNI, UHNI, and institutional investors.
As of March 31, 2025, Anand Rathi operates through a network of 90 branches across 54 cities and 1,125 Authorised Persons across 290 cities. Its assets under custody grew from ₹29,157 Cr in FY23 to ₹81,368 Cr in FY25 (CAGR 67%). Its MTF book grew from ₹376 Cr to ₹685 Cr (CAGR 34.9%). AUM doubled in 2 years to ₹6,459 Cr.
Anand Rathi is a well-established full-service brokerage house with diversified offerings. It has delivered robust financial growth with Revenue/EBITDA/PAT CAGR of 34%, 64%, and 66% respectively from FY23–FY25. However, risks include regulatory challenges, reliance on authorised persons, legal proceedings, and revenue concentration in broking and MTF business. The IPO is priced at P/E 25x, higher than industry average (~16x).
Our expert recommendation: Subscribe for long-term horizon, especially for investors seeking exposure to India’s capital markets growth story.
The price band is Rs.393 to Rs.414 per equity share with Rs.25 employee discount.
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