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Rikhav Securities Ltd (544340)

📊 BSE: 544340 🏢 Stockbroking & Allied 📢 Latest filing: 28 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Rikhav Securities' revenue was ₹1,596 Cr (+609.3% year on year, +320.0% on the previous half-year), and net profit ₹1.0 Cr (against a loss a year earlier); the operating margin was -0.1%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹1,596	+609.3%	+320.0%
Operating profit	₹-2.0	loss narrowed	to loss
Net profit	₹1.0	from loss	-94.4%
EPS (₹)	0.31	from loss	-93.3%
Operating margin	-0.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Rikhav Securities Schedules 31st AGM for September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 05:27 PM

Rikhav Securities Limited has issued notice for its 31st Annual General Meeting (AGM) to be held on September 22, 2026, via Video Conferencing. The meeting agenda covers ordinary business, including the adoption of audited financial statements for FY26 and the re-appointment of Ms. Bharti Hitesh Lakhani as a Director retiring by rotation. The cut-off date to determine e-voting eligibility has been fixed as September 15, 2026.

31st AGM scheduled for September 22, 2026, at 12:00 PM IST via VC/OAVM
Cut-off date for remote e-voting set as September 15, 2026
Ordinary business includes re-appointment of Ms. Bharti Hitesh Lakhani (holding 15,83,760 shares)
Adoption of standalone and consolidated audited financial statements for FY ended March 31, 2026

💡 Shareholders as of September 15, 2026, may participate in e-voting on the ordinary resolutions ahead of the AGM on September 22, 2026.

Rikhav Securities Files FY26 Annual Report: Total Income at ₹1,991.6 Cr, PAT at ₹18.9 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 05:18 PM

Rikhav Securities Limited has submitted its Annual Report for FY26 pursuant to Regulation 34(1) of SEBI LODR. For the full year FY26, the company recorded total income of ₹1,991.6 Cr, EBITDA of ₹32.5 Cr, and a net profit (PAT) of ₹18.9 Cr (EPS of ₹4.9). The company deployed approximately ₹5.40 Cr towards software systems and tech infrastructure enhancements. Operational metrics highlighted 23,000+ total clients, 8,000-9,000 monthly active trading clients, 99% client retention, and market-making support for 46+ SME IPOs annually.

Delivered FY26 total income of ₹1,991.6 Cr with EBITDA of ₹32.5 Cr and PAT of ₹18.9 Cr
Invested approximately ₹5.40 Cr in computer software and technology upgrades during FY26
Maintained market-maker status supporting 46+ SME IPOs annually on BSE and NSE platforms
Total client base crossed 23,000+ with 8,000–9,000 monthly active trading clients and 99% retention

💡 Review the full annual report disclosures ahead of the Annual General Meeting and monitor upcoming quarterly performance to assess scaling of the Margin Trading Facility (MTF) and proprietary trading yields.

Rikhav Securities Fixes 31st AGM on Sept 22, 2026; Appoints Internal Auditor for FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 05:15 PM

Rikhav Securities held a Board meeting on August 20, 2026, approving several routine governance and administrative matters. The company scheduled its 31st Annual General Meeting (AGM) for September 22, 2026, to be held via audio-visual means. Additionally, the Board appointed M/S ATMS & Co. LLP as the Internal Auditor for FY 2026-27 and approved the re-appointment of Ms. Bharti Hitesh Lakhani as Non-Executive Director, subject to retirement by rotation. M/s MNB & Co. LLP was appointed as the scrutinizer for the AGM voting process.

31st Annual General Meeting scheduled for September 22, 2026 via video/audio visual means
Appointed M/S ATMS & Co. LLP as Internal Auditor for Financial Year 2026-27
Approved re-appointment of Ms. Bharti Hitesh Lakhani (DIN: 01077839) as Non-Executive Director liable to retire by rotation
Appointed M/s MNB & Co. LLP, Practicing Company Secretary, as Scrutinizer for the AGM

💡 Track the upcoming AGM on September 22, 2026, and the release of the detailed Annual Report for FY26 to review operational metrics and strategic expansion progress.

Rikhav Securities Appoints ATMS & Co. LLP as Internal Auditor for FY27; AGM on Sept 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 05:09 PM

Rikhav Securities Limited announced that its Board of Directors met on August 20, 2026, and approved the appointment of M/s ATMS & Co. LLP as the company's Internal Auditor for FY 2026-27. The Board also approved the re-appointment of Ms. Bharti Hitesh Lakhani as Non-Executive Director (retiring by rotation) and appointed M/s MNB & Co. LLP as the Scrutinizer. The company's 31st Annual General Meeting (AGM) has been scheduled for September 22, 2026, via video conferencing.

Appointment of M/s ATMS & Co. LLP as Internal Auditor for FY 2026-27 approved on August 20, 2026
31st Annual General Meeting scheduled for September 22, 2026, through Audio Visual means
Re-appointment of Ms. Bharti Hitesh Lakhani (DIN: 01077839) as Non-Executive Director subject to shareholder approval
Appointment of M/s MNB & Co. LLP, Practicing Company Secretary, as Scrutinizer for the AGM voting

💡 Track proceedings and shareholder voting outcomes of the 31st AGM scheduled for September 22, 2026.

1.3% Equity Pledged by Promoter Hitesh Himatlal Lakhani for Margin Trade

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Aug 2026, 03:47 PM

Promoter Hitesh Himatlal Lakhani has pledged 4,98,048 shares of Rikhav Securities Ltd, representing 1.3% of the total share capital, on August 3, 2026. This filing is a revision to a previous disclosure dated August 4, 2026, to correct a clerical error regarding the pledgee's name. The shares are encumbered in favor of NU Investors Technologies Pvt Ltd for the purpose of 'Margin Trade'. The promoter's total individual holding stands at 6.45%, while the overall promoter group holds 64.1%.

4,98,048 shares pledged, accounting for 1.3% of the company's total equity
Promoter Hitesh Himatlal Lakhani holds a total of 24,69,720 shares (6.45% stake)
Pledge was created on August 3, 2026, specifically for Margin Trade purposes
Revised disclosure corrects the pledgee name from the company itself to NU Investors Technologies Pvt Ltd
Overall promoter group holding remains stable at approximately 64.1%

💡 Investors should monitor the total percentage of promoter shares pledged; while 1.3% is currently low, significant increases in pledging for margin trading can increase stock volatility during market downturns.

1.3% of share capital pledged by Promoter Hitesh Lakhani for Margin Trade

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Aug 2026, 03:40 PM

Promoter Hitesh Himatlal Lakhani has disclosed the creation of a pledge on 4,98,048 shares, representing 1.3% of Rikhav Securities Ltd's total share capital. The pledge was created on August 3, 2026, in favor of NU Investors Technologies Pvt Ltd for the purpose of 'Margin Trade'. This filing is a revision to a previous disclosure to correct a clerical error where the company's own name was inadvertently listed as the lender. The promoter's individual holding remains at 6.45% (24,69,720 shares).

4,98,048 shares pledged, equivalent to 1.3% of the total share capital of the company.
Pledge created on August 3, 2026, specifically for Margin Trade purposes.
Promoter Hitesh Himatlal Lakhani holds a total of 24,69,720 shares or 6.45% of the company.
Revised filing corrects the lender name from Rikhav Securities Ltd to NU Investors Technologies Pvt Ltd.
Total promoter group holding was last reported at 64.06% as of March 2026.

💡 Monitor the trend of promoter pledging; while 1.3% is currently low, any significant increase in encumbered shares can lead to volatility if the lender invokes the pledge during market corrections.

1.3% Equity Pledged by Promoter Hitesh Lakhani for Margin Trade Purposes

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:31 PM

Promoter Hitesh Himatlal Lakhani has created a pledge on 4,98,048 equity shares of Rikhav Securities Ltd, representing 1.3% of the company's total share capital. The encumbrance was created on August 03, 2026, in favor of the company's own Depository Participant (DP) unit. The stated reason for the pledge is 'Margin Trade,' indicating the shares are being used as collateral for trading activities. This promoter holds a total of 6.45% stake in the company, meaning approximately 20% of his personal holding is now encumbered.

4,98,048 shares pledged by promoter Hitesh Himatlal Lakhani on August 03, 2026
1.3% of the total share capital is now encumbered under this specific pledge
The promoter holds a total of 24,69,720 shares, representing a 6.45% stake
Pledge created in favor of Rikhav Securities Limited (DP) for Margin Trade purposes
Prior to this event, the promoter had zero encumbered shares

💡 Investors should monitor if other members of the promoter group (who collectively hold 64.1%) also begin pledging shares, which could increase risk during market volatility.

99.55 Lakh Shares Open Offer: Independent Directors Committee Issues Recommendation

🟡 NEUTRAL ⭐ 4/10

M&A 📅 22 Jul 2026, 03:42 PM

The Committee of Independent Directors (IDC) of Rikhav Securities Ltd has issued its formal recommendation regarding the open offer for up to 99,55,920 equity shares. The offer is being made by the Lakhani family (Acquirers 1-4) and associated Persons Acting in Concert (PACs) under SEBI (SAST) Regulations. This procedural filing confirms that the IDC's views have been published in national and regional newspapers as of July 22, 2026. Investors should review the published recommendation to evaluate the fairness of the offer price relative to the current market valuation.

Open offer involves the acquisition of up to 99,55,920 equity shares of the Target Company
IDC recommendation published on July 22, 2026, in Financial Express, Jansatta, and Pratahkal
Acquisition led by M/s B D Lakhani, B N Lakhani, H D Lakhani, and N D Lakhani
Compliance filing under Regulation 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Total of 4 Acquirers and 4 Persons Acting in Concert (PACs) involved in the transaction

💡 Investors should check the specific offer price mentioned in the IDC's newspaper publication to compare it with the current market price and determine whether to tender their shares.

₹47.75 per share Open Offer for 26% stake in Rikhav Securities Ltd

🟡 NEUTRAL ⭐ 9/10

M&A 📅 20 Jul 2026, 07:42 PM

The Lakhani family (Acquirers) and Persons Acting in Concert (PACs) have issued a formal Letter of Offer to acquire up to 99,55,920 equity shares of Rikhav Securities Ltd. This represents 26% of the company's voting capital at a fixed price of ₹47.75 per share, payable in cash. The tendering period for shareholders is scheduled to open on July 24, 2026, and will conclude on August 6, 2026. The total estimated value of the offer is approximately ₹47.54 crore, which represents about 19.4% of the company's net worth of ₹245 crore.

Offer price fixed at ₹47.75 per share for 26% of the voting capital
Tendering period scheduled from July 24, 2026, to August 6, 2026
Total acquisition size of 99,55,920 fully paid-up equity shares
Completion of all requirements and payment of consideration by August 20, 2026

💡 Compare the offer price of ₹47.75 with the current market price; if the market price is significantly higher, tendering may not be beneficial. Monitor the tendering window from July 24 to August 6 for participation through your broker.

5.10% Equity Released: Rikhav Securities Promoters Release 19.53 Lakh Pledged Shares

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 15 Jul 2026, 03:24 PM

Promoters of Rikhav Securities Ltd have released a total of 19,53,048 equity shares from pledge, representing 5.10% of the company's total share capital. The release involves three promoter entities: Hitesh Himatlal Lakhani, Hitesh Himatlal Lakhani HUF, and Himatlal J. Lakhani HUF. These shares were previously encumbered with NU Investors Technologies Pvt Ltd for margin purposes, which is no longer required due to quarterly stock retention. The actual release occurred on June 2, 2026, though it was reported to the exchange on July 15, 2026.

Total of 19,53,048 shares (5.10% of total capital) released from pledge
Himatlal J. Lakhani HUF released the largest portion of 12,75,000 shares (3.33%)
Hitesh Himatlal Lakhani and his HUF released 4,98,048 and 1,80,000 shares respectively
The release date was June 2, 2026, following a change in margin requirements
Shares were released by the lender/entity NU Investors Technologies Pvt Ltd

💡 Investors should note the reduction in promoter pledge as a positive sign of reduced financial encumbrance, though they should monitor if new pledges are created in subsequent quarters for margin needs.

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💰 Financial Performance

Revenue Growth by Segment

Total income grew 196.8% from INR 110.45 Cr in FY24 to INR 327.87 Cr in FY25. For H1 FY26, total income reached INR 386.67 Cr. Growth is driven by diversified operations including retail/institutional broking, proprietary trading, and market making.

Geographic Revenue Split

Currently concentrated in Maharashtra and Gujarat; however, the company is expanding nationwide through digital channels and franchise models to diversify regional revenue contribution.

Profitability Margins

FY25 Net Profit stood at INR 28.28 Cr (implied from EPS). H1 FY26 PAT was INR 17.75 Cr on INR 386.67 Cr income, representing a net margin of 4.59%. Profitability is influenced by the high volume of stock-in-trade purchases required for proprietary trading.

EBITDA Margin

H1 FY26 EBITDA was INR 25.96 Cr, resulting in an EBITDA margin of 6.71%. Core profitability is driven by operational excellence and disciplined risk management in trading activities.

Capital Expenditure

The company raised INR 88.82 Cr through its BSE SME IPO on January 22, 2025. These funds are primarily allocated for working capital requirements to support proprietary trading and Margin Trading Facility (MTF) expansion.

Credit Rating & Borrowing

Liquidity is rated as 'Adequate' by Brickwork Ratings. The company has no long-term borrowings. Historical gearing (D/E) was 1.76x in FY20, but the recent capital infusion from the IPO has significantly strengthened the capital structure.

⚙️ Operational Drivers

Raw Materials

As a financial services firm, 'raw materials' consist of capital for proprietary trading and stock-in-trade. Purchases of stock-in-trade reached INR 364.45 Cr in FY25, representing 111% of total income.

Import Sources

Not applicable as the company provides financial services and trades on Indian exchanges (NSE, BSE, MCX).

Key Suppliers

Primary 'suppliers' are the national exchanges (NSE, BSE, MCX) which provide the trading infrastructure and liquidity for market-making activities.

Capacity Expansion

Current team size is 195+ members. Expansion is focused on digital infrastructure and quantitative strategy development to handle higher trading volumes and a larger client base.

Raw Material Costs

Stock-in-trade purchase costs were INR 364.45 Cr in FY25. These costs are highly volatile as they depend on market opportunities and proprietary trading strategies.

Manufacturing Efficiency

Maintains a high client retention rate of 99% and an ARPU of INR 28,900+, indicating high operational efficiency in client management.

Logistics & Distribution

Distribution is handled digitally via the 'Rikhav Plus' mobile application and a network of franchise partners.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved by expanding beyond Maharashtra and Gujarat via digital marketing and franchise models. The company is scaling its Margin Trading Facility (MTF) and targeting institutional brokerage empanelment with FDIs and banks. Proprietary trading will focus on algorithm-driven arbitrage and delta-hedging for consistent returns.

Products & Services

Equity and derivatives trading, Mutual Fund distribution, IPO application services, Margin Trading Facility (MTF), and Depository services.

Brand Portfolio

Rikhav Securities, Rikhav Plus (Online trading application).

New Products/Services

Recently launched Margin Trading Facility (MTF) and paperless KYC portal; MTF is expected to be a major revenue contributor by providing interest income on client leverage.

Market Expansion

Targeting nationwide retail participation through digital channels and sub-broker networks, moving beyond its core Maharashtra and Gujarat markets.

Market Share & Ranking

Registered market maker supporting approximately 46 new IPOs annually on the exchanges.

Strategic Alliances

Expanding through franchise partnerships and sub-broker networks to drive retail participation.

🌍 External Factors

Industry Trends

The industry is seeing a 20% CAGR in retail participation and a rapid shift toward mobile-first, algorithm-driven trading platforms. Rikhav is positioning itself as a digitally enabled provider to capture this shift.

Competitive Landscape

Faces intense competition from discount brokers (e.g., Zerodha, Groww) and traditional bank-led brokerages.

Competitive Moat

Moat is built on 30+ years of experience, a 99% client retention rate, and a niche in IPO market making. These advantages are sustainable due to high switching costs for active traders and established exchange relationships.

Macro Economic Sensitivity

Highly sensitive to Indian capital market cycles and retail investor sentiment, which is currently supported by 150 million+ demat accounts.

Consumer Behavior

Shift toward DIY digital investing and increased demand for leverage through MTF products.

Geopolitical Risks

Global geopolitical tensions can cause sudden market volatility, impacting proprietary trading margins and client trading activity.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI Stock Broker Regulations 1992, PMLA guidelines (monitored via Trackwhizz), and exchange-specific compliance norms for market making.

Environmental Compliance

Minimal ESG compliance costs as a service-based financial entity.

Taxation Policy Impact

Subject to standard Indian corporate tax rates; fiscal policy changes regarding STT (Securities Transaction Tax) directly impact trading volumes.

Legal Contingencies

No major concerns or observations were raised by the previous statutory auditor upon resignation. Secretarial audit for FY25 confirmed compliance with all applicable statutory provisions.