Arihant Capital Q1: consolidated PAT jumps ~69% YoY to ₹21.5 Cr as trading gains rebound
PAT +69.2% YoY · revenue +53.5% · margins expanding
₹77.91 Cr
+53.5% YoY
₹21.49 Cr
+69.2% YoY
27.53%
+2.5pp YoY
₹1.96
Arihant Capital Markets posted a strong first quarter on a consolidated basis, with net profit rising to ₹21.49 Cr from ₹12.70 Cr a year ago (+69% YoY) on revenue of ₹77.91 Cr versus ₹50.77 Cr (+53% YoY). The print is clean — no exceptional items this quarter — so reported and adjusted growth are the same. Net profit margin expanded to ~27.5% from ~25.0% a year ago, so profit grew faster than revenue: operating leverage in a market-linked broking business.
Q1 FY-2027 vs prior quarters
The swing was driven by treasury/trading income: net gain on fair value changes more than doubled to ₹15.09 Cr (from ₹6.89 Cr YoY), while the core fees & commission line rose to ₹40.10 Cr (from ₹25.61 Cr) and interest income grew to ₹22.71 Cr (from ₹18.26 Cr). By segment, Broking & Related Activities did the heavy lifting with segment profit of ₹33.71 Cr (up from ₹18.49 Cr), while the smaller Financing business was roughly flat at ₹0.89 Cr. Costs scaled with activity — finance cost up to ₹7.40 Cr and fee/commission expense up to ₹24.12 Cr — but revenue outpaced them.
The stock went into the print at ₹81.25, up 15% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records.
The QoQ optics are outsized (PAT of ₹21.49 Cr vs ₹0.50 Cr reported in Q4) but reflect a weak base: Q4 FY26 carried a ₹8.08 Cr mark-to-market loss on fair-value changes, so the sequential surge is largely a markets/treasury-cycle artifact rather than a structural step-up — appropriate to read the YoY as the real signal. The standalone entity tells the same story (PAT ₹18.92 Cr vs ₹12.18 Cr YoY, revenue ₹75.13 Cr), with the ~₹2.6 Cr consolidated uplift coming from subsidiaries and the associate; the two bases do not diverge materially.
W1
Fair-value/trading gains (₹15.09 Cr this quarter) — the most volatile line; watch if markets turn
W2
NCLT approval and completion of the Composite Scheme of Arrangement (NSE/BSE NOC already received)
W3
Sustainability of ~27.5% NPM if broking volumes normalise from a strong quarter
Unit in source ₹ Lakhs, converted to ₹ Cr (÷100). Consolidated PBT ₹28.16 Cr is stated after adding ₹0.96 Cr share of associate (Electrum Capital) profit; no exceptional items this quarter (prior Q4 had -₹0.39 Cr exceptional). Clean digitally-signed statement, both standalone and consolidated present.