Rikhav Securities Reports FY26 Net Profit of ₹18.96 Crore

Net Profit (PAT) for FY26: ₹18.96 crore
Total Income for FY26: ₹1,991 crore

Reader Takeaway: Tech investment and institutional client focus offset legacy investment losses, driving future growth.

What just happened

Rikhav Securities Limited announced its financial results for the fiscal year ending March 2026. The company reported a total income of ₹1,991 crore and a net profit after tax (PAT) of ₹18.96 crore. Key financial metrics for FY26 include EBITDA of ₹32.53 crore and an Earnings Per Share (EPS) of ₹4.95.

For the second half of FY26 (H2 FY26), total income stood at ₹1,604 crore, with a net profit of ₹1.20 crore and an EPS of ₹0.31.

Why this matters

The results show a significant impact on profitability due to losses from old cash investments, depreciation, and tax adjustments. However, the company is actively investing in technology, with ₹5.40 crore spent in FY26, adding to a cumulative investment of ₹7.5-10 crore over the last two years. This focus on technology aims to support operational scalability and future growth. The company also added 2,500 new clients in H2 FY26, bringing its active client base to 12,500.

The backstory

Rikhav Securities has been navigating market volatility and regulatory changes, including adapting to SEBI regulations. The company is strategically reducing its exposure to Small and Medium Enterprises (SMEs) and focusing on attracting institutional clients. Key institutional clients onboarded include Kotak Mutual Fund, Bank of India, and RBL Bank, signalling a move towards more stable revenue streams.

What changes now

The company is targeting a 20% growth in brokerage revenue for the upcoming fiscal year, FY27. This guidance suggests management's confidence in its strategic shifts towards institutional business and technological advancements. The client acquisition cost (CAC) is noted at ₹60-70 per account digitally, and approximately ₹500 overall including due diligence.

Risks to watch

A significant concern is the reported loss of ₹20-23 crore from legacy cash market investments, which directly impacted the bottom line. Investors will also need to monitor the company's ability to adapt to evolving SEBI regulations and navigate market volatility, which can affect trading volumes and overall performance.

Peer comparison

While specific peer financial data for FY26 was not provided in the filing, Rikhav Securities' strategic pivot towards institutional clients and technology investment aligns with broader industry trends aimed at enhancing scale and reducing reliance on volatile segments.

Context metrics (time-bound)

• Total Income (FY26): ₹1,991 crore
• Net Profit (PAT) (FY26): ₹18.96 crore
• Tech Investment (FY26): ₹5.40 crore
• Active Clients Added (H2 FY26): 2,500
• Total Active Clients: 12,500
• FY27 Brokerage Growth Target: 20%

What to track next

Investors should track Rikhav Securities' progress in achieving its 20% brokerage growth target for FY27, monitor the impact of its technology investments on operational efficiency, and observe the success of its strategy to onboard more institutional clients.