Rikhav SecuritiesShare price, financial results, shareholding and management
- Market cap
- ₹192 cr
- Stock P/E
- 10.1peers 24.1
- Book value
- ₹64
- Price to book
- 0.78
- EV / operating profit
- -
- Market cap to sales
- 0.10
- ROCE · FY26
- 13.0%
- ROE · FY26
- 8.1%
- ROE, 3-year average
- 19.0%
- Operating margin · FY26
- 1.6%peers 49.6%
- Sales growth, 3 years
- 242.9%
- Profit growth, 3 years
- -0.1%
- Debt to equity
- 0.04peers 0.00
- Borrowings
- ₹9 cr
- Interest cover
- 6.2×
- Cash from business / op. profit
- 203%
- Debtor days
- 3
- Pledged
- 0.00%
- Promoter holding
- 66.76%
- Change in promoter holding
- +2.71 pts
- Shareholders
- 1,693
- 52-week high / low
- ₹72 / ₹34
- Dividend yield
- 0.00%
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Rikhav Securities share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 41,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +0.0%
- 3 months
- +6.4%
- 6 months
- -1.0%
- 1 year
- -26.9%
- Traded a day, 20 days
- ₹0.19 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +522% | -20% |
| 3 years, a year | +243% | -0% |
| Latest half, H2 FY26 | +609% | - |
About Rikhav Securities: business, products and customers
Rikhav Securities is a Mumbai stockbroker that trades shares and derivatives with its own money, handles buying and selling for retail and wealthy clients, and keeps prices quoted in newly listed small company shares. Its shares trade on BSE SME.
Rikhav Securities, started in 1995, is a member of NSE, BSE and MCX, clears its own trades, runs demat accounts with CDSL and offers mutual funds, IPO applications and margin trading loans to more than 23,000 retail and HNI clients, mostly in Maharashtra and Gujarat. It has been a registered market maker for small companies on BSE since 2012 and on NSE since 2016, quoting both ways in their shares after listing. Its biggest activity is trading with its own money in shares, futures, options and commodities, using arbitrage and delta hedging strategies.
Since October 2024 the company holds the shares it trades as stock in trade, so the full value of shares it sells counts as revenue: shares sold made up ₹1,870.1 cr of FY26 revenue from operations of ₹1,976.0 cr, against shares bought for ₹1,885.5 cr. Revenue therefore jumped about six times in FY26 while profit fell; what earns money is the gap between buying and selling, futures and options gains, brokerage, fees and interest on deposits. The FY25 auditor drew attention, as an emphasis of matter, to the move of equity shares from long term investments into stock in trade.
Read more about the business
Trading and market making need collateral, so most of the company's fixed deposits are pledged for bank guarantees given to the exchanges or placed as exchange margin, and money owed to clients sits on its balance sheet. The company says it charges the same brokerage as discount brokers and adds a personal dealer. The offer document compared it with four listed stockbrokers: Alacrity Securities, Angel One, Share India Securities and Pune E-Stock Broking.
From the offer document, the FY25 and FY26 annual reports filed on BSE, the June 2026 investor presentation and the May 2026 results call.
Read the deeper study ↓In its favour
- Sales have grown very fast: 243% a year over three years.
- It brings in more cash than it shows as profit: ₹65 cr against ₹19 cr in FY26.
- It has little debt for its size: debt to equity 0.04.
- The promoters own a large part of the company: 66.76%.
To watch
- The benami property case: begun in FY24, decided for the company by the Adjudicating Authority, now on the department's appeal; the FY25 auditor's annexure said no such case was pending, the FY25 notes said one was (Annual report FY26, p.42; Annual report FY25, p.40 and p.46).
- The income tax appeals, including ₹4.5 cr for FY2021-22; the offer document said the scrutiny for AY2023-24 asked the company to explain alleged unrecorded cash payments to jobbers and arbitragers (Annual report FY26, p.42; Offer document, p.288).
- Whether the ₹4.33 cr SLBM profit is booked and the cash market investment stays within the ₹50 cr the company has set (Annual report FY26, p.22; Earnings call, May 2026, p.5).
- The request to reclassify a holder from the promoter group to the public category, received on 5 October 2026 (BSE announcements, 5 and 6 October 2026).
- Its borrowings rose a lot last year: ₹9 cr, from ₹0 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Rikhav Securities revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Rikhav Securities half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 93 | 225.06 | 379.91 | 1,596 |
| Expenses | 31 | 262.14 | 360.71 | 1,598 |
| Operating profit | 62 | -37.09 | 19.20 | -2 |
| OPM | 66.0% | -16.5% | 5.0% | -0.1% |
| Interest | 3 | 3.19 | 1.75 | 4 |
| Depreciation | 0 | 0.36 | 0.41 | 1 |
| Profit before tax | 62 | -33.97 | 23.80 | 2.31 |
| Net profit | 51 | -27 | 17.76 | 1.20 |
Rikhav Securities profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 23 | 36 | 49 | 111 | 317.92 | 1,976 |
| Expenses | 15 | 17 | 26 | 56 | 293.26 | 1,944 |
| Operating profit | 8 | 18 | 23 | 55 | 24.65 | 32 |
| OPM | 34.0% | 52.0% | 47.0% | 50.0% | 7.8% | 1.6% |
| Other income | 10 | 7 | 5 | 0 | 9.85 | 15.66 |
| Interest | 4 | 3 | 3 | 3 | 5.90 | 5 |
| Depreciation | 0 | 0 | 0 | 1 | 0.69 | 1 |
| Exceptional and other items | -1 | · | · | · | · | -15.56 |
| Profit before tax | 13 | 22 | 25 | 51 | 28.03 | 26.10 |
| Tax rate | 23.1% | 18.2% | 24.0% | 17.6% | 15.6% | 27.4% |
| Net profit | 10 | 18 | 19 | 42 | 23.67 | 18.96 |
| EPS ₹ | 3.19 | 5.87 | 6.37 | 14.07 | 7.51 | 4.95 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Rikhav Securities profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 34.0% | 52.0% | 47.0% | 50.0% | 7.8% | 1.6% |
| Tax rate | 23.1% | 18.2% | 24.0% | 17.6% | 15.6% | 27.4% |
| ROCE | · | 54.9% | 28.6% | 38.0% | 16.8% | 13.0% |
| ROE | · | 47.4% | 22.2% | 35.9% | 13.0% | 8.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Rikhav Securities debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Rikhav Securities balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | · | 5 | 15 | 15 | 19 | 19 |
| Reserves | · | 71 | 80 | 124 | 207 | 226 |
| Net worth | · | 76 | 95 | 139 | 226 | 245 |
| Borrowings | · | 15 | 10 | 40 | 0 | 9 |
| Other liabilities | · | 90 | 83 | 115 | 65 | 144 |
| Total liabilities | · | 181 | 188 | 294 | 291 | 398 |
| Fixed assets | · | 1 | 2 | 2 | 2 | 7 |
| Capital work in progress | · | 0 | 0 | 0 | 0 | 0 |
| Investments | · | 72 | 98 | 131 | 0 | 0 |
| Other assets | · | 108 | 88 | 161 | 289 | 391 |
Rikhav Securities cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | -37 | -9 | 109 | -185 | 65 |
| Cash from investing | · | 76 | 1 | -97 | 137 | -7 |
| Cash from financing | · | -18 | -8 | -3 | 18 | 3 |
| Net cash flow | · | 21 | -16 | 9 | -30 | 61 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | · | 70 | 41 | 14 | 12 | 3 |
| Inventory days | · | · | · | · | 160 | 20 |
| Days payable | · | · | · | · | 90 | 17 |
| Cash conversion cycle | · | 70 | 41 | 14 | 82 | 6 |
| Working capital days | · | -819 | -542 | -345 | 69 | 1 |
Rikhav Securities peers and competitors
Listed SME companies in the same industryBy sales, Rikhav Securities is number 1 of the 6 listed SME companies in capital markets.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Rikhav Securities | 192 | 10.1 | 1,976 | 19 | 1.6% | 0.04 |
| Pune E - Stock Broking | 457 | 22.8 | 67 | 20 | 50.0% | 0.30 |
| Beacon Trusteeship | 155 | 22.3 | 34.2 | 7 | 33.6% | 0.00 |
| Dharni Capital Services | 113 | 24.1 | 12.5 | 4.7 | 49.6% | 0.15 |
| Vedant Asset | 16 | 39.4 | 5 | 0.4 | 11.7% | 0.00 |
| Sodhani Capital | 58 | 24.5 | 4.8 | 2.4 | 69.6% | 0.00 |
| Median of the 5 others | 113 | 24.1 | 12.5 | 4.7 | 49.6% | 0.00 |
Rikhav Securities shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Rikhav Securities shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|
| Promoters | 60.27% | 64.56% | 64.05% | 66.76% |
| Foreign investors (FIIs) | 3.72% | 0.59% | - | - |
| Indian institutions (DIIs) | 2.69% | 1.74% | - | - |
| Number of shareholders | 1,889 | 1,867 | 1,791 | 1,693 |
Rikhav Securities study: the business from its own documents
Read from 7 of the company's own documentsRikhav Securities key facts from the filings
Each figure with the document it comes from
- Shares sold in FY26
- ₹1,870.1 cr
- Value of shares sold from its own trading book, 94.6% of revenue from operations; the shares bought cost ₹1,885.5 cr.Annual report FY26, p.50 to p.51
- Loss on share trading
- ₹22.9 cr
- FY26 loss from share trading that the board's report gives as the main reason profit fell.Annual report FY26, p.22
- Futures, options and commodity trades
- ₹54.3 cr
- Profit on these trades in FY26, after a loss of ₹0.43 cr in FY25.Annual report FY26, p.50
- Brokerage and commission
- ₹23.0 cr
- FY26 income from client broking, up from ₹14.5 cr; 94.2% of it came from the cash market.Annual report FY26, p.50; Investor presentation, June 2026, p.35
- Market making fees
- ₹2.7 cr
- FY26 fees for making markets in SME shares, up from ₹1.4 cr; the company says it supports over 46 SME listings a year.Annual report FY26, p.6 and p.50
Show 5 more facts
- Fixed deposits
- ₹228.6 cr
- At March 2026, of which ₹152.5 cr is under lien for bank guarantees and ₹72.0 cr placed against exchange margins (our arithmetic).Annual report FY26, p.50
- Shares held for trading
- ₹104.1 cr
- Listed shares in stock at March 2026, against ₹111.2 cr a year earlier.Annual report FY26, p.49
- Taxes in dispute
- ₹5.7 cr
- Service tax and income tax under dispute at March 2026, the largest ₹4.5 cr of income tax for FY2021-22, in appeal.Annual report FY26, p.42
- Clients
- 23,000+
- Total client base, with 8,000 to 9,000 trading in a month.Annual report FY26, p.3
- IPO money
- ₹71.6 cr
- Raised by the company through 83,28,000 new shares at ₹86 on listing in January 2025; ₹28.8 cr was unspent at March 2025.Annual report FY25, p.47; Annual report FY26, p.3
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 results call the company said it has cut its cash market investment and will keep it to no more than ₹50 cr from FY27, selling SME shares taken up in listings within a week. It expects about 20% growth in brokerage and clients and 20 to 25% growth in algorithmic and delta hedging income in FY27, has opened branches at Lucknow, Nashik and Gorakhpur, and has started ETF market making for Kotak Mutual Fund. The FY26 annual report says an unrealised SLBM profit of ₹4.33 cr was not booked and is expected to be realised in the following period.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Rikhav Securities earns from broking for clients and making markets in small company shares, but most of its profit comes from trading with its own money.
Its weak spots are that its own trading swings with the market, and that in broking it competes on price with large discount brokers.
WatchCan it set its own prices?No. The company says it charges the same brokerage as discount brokers and competes on personal service instead.
AverageHow strong is it against rivals?It has a long record, exchange memberships, its own clearing and years as a market maker, but it is a small broker next to the large listed ones it compares itself with.
AverageWho are its customers?Thousands of retail and HNI clients, mainly in two states, with institutions only just added; much of the profit comes from its own trading rather than from customers.
WatchDoes it need a lot of money?Yes. Trading and market making tie up money in shares and in deposits pledged to banks and exchanges.
AverageCan it keep finding new work?Clients and market making mandates keep coming with market activity, and it is adding margin loans, institutional broking and ETF market making, all still small.
WatchDo good and bad years swing a lot?Yes. Profit has fallen for two years as share trading lost money in weak markets.
Who runs Rikhav Securities?
Promoters, directors and officers; tap a name for the background
HHHitesh Himatlal LakhaniPromoter, Chairman and Managing Director · holds 6.45%
Passed the chartered accountancy exam in 1986 and has been a director since April 2006, overseeing planning, finance and strategy. Paid a salary of ₹0.15 cr in FY26. The offer document lists interests in Virang Enterprises, Rikhav BPO & Software Services, AHL Investment Consultants, PJS Securities LLP, H.H. Lakhani LLP and two HUFs; AHL Investment Consultants and Virang Enterprises lease office premises to the company.
Offer document, p.181, p.183 and p.195; Annual report FY26, p.36, p.45 and p.46RNRajendra Navalchand ShahPromoter, Whole-Time Director and Chief Financial Officer
B.Com from the University of Bombay (1984) and a director since April 2006, running day to day operations. Appointed Chief Financial Officer on 25 February 2025 in place of Hemant Hasmukh Shah, who ceased on that date. The offer document states Monil Rajendra Shah is the son of Rajendra N Shah. Paid a salary of ₹0.09 cr in FY26.
Offer document, p.181 and p.183 to p.184; Annual report FY25, p.25; Annual report FY26, p.45BHBharti Hitesh LakhaniPromoter, Non-Executive Director · holds 4.14%
B.Com from Kelkar Education Trust's college (1988) and a director since July 2021; the annual report states Bharti Hitesh Lakhani is the spouse of Hitesh Himatlal Lakhani. A director of Virang Enterprises, Rikhav Enterprises, AHL Investment Consultants, RSL Insurance Brokers and four other private companies; the offer document shows a Mulund branch office leased from Bharti Hitesh Lakhani. Up for re-appointment at the September 2026 AGM.
Offer document, p.162 and p.184; Annual report FY26, p.21 and p.46DHDeep Hitesh LakhaniPromoter, Head of Technology · holds 5.98%
Leads technology and spoke for the company on the May 2026 results call. The offer document lists interests in Dweep Enterprises, Parth Investment Consultants and PJS Securities LLP; Parth Investment Consultants received professional fees of ₹0.10 cr from the company in FY26, and Deep Hitesh Lakhani drew a salary of ₹0.02 cr.
Offer document, p.197; Annual report FY26, p.29, p.45 and p.46; Earnings call, May 2026, p.2MRMonil Rajendra ShahPromoter, Executive Director
B.Com from K J Somaiya College (2017) and an NISM certified mutual fund distributor, leading mutual fund distribution and client engagement. Executive Director since November 2021 and re-appointed at the 2025 AGM; held no shares at the offer document and is a promoter by virtue of being an executive director.
Offer document, p.181, p.183 and p.197; Annual report FY26, p.10 and p.33VRVaishali R ShahPromoter · holds 5.17%
The offer document says Vaishali R Shah does not take part in day to day operations and has no industry experience; the FY26 related party disclosures show a salary of ₹0.03 cr.
Offer document, p.196; Annual report FY26, p.29 and p.46HHHitesh Himatlal Lakhani HUFPromoter (Hindu undivided family) · holds 3.90%
A Hindu undivided family formed in 1991 with Hitesh Himatlal Lakhani as karta, named a promoter in the offer document.
Offer document, p.198; Annual report FY26, p.46TMTarang Madanjit MehtaIndependent Director, chair of the audit and nomination committees
B.Com, LL.B. and a qualified company secretary; earlier Vice President in compliance and legal at Angel Broking for about two years and with Edelcap Securities, now a practising lawyer at the Bombay High Court. Independent director since September 2023.
Offer document, p.182 to p.184; Annual report FY26, p.24MLManish Lalitkumar JainIndependent Director, chair of the stakeholders' committee
B.Com (1991) who passed the CA intermediate exam in 1994; on the board since January 2006, and the offer document describes Manish Lalitkumar Jain as responsible for maintaining the company's client and investor relations.
Offer document, p.183; Annual report FY26, p.24 to p.25Rikhav Securities latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹1,596 cr (+609%), net profit ₹1.2 cr (-) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 64.05% to 66.76%.
Rikhav Securities announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate in terms of Regulation 74(5) of the Securities Exchange Board of India (Depositories and Participants) Regulations, 2018PDF ↗
- OthersRe-classification from 'Promoter and Promoter Group' Category to 'Public' category pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure RePDF ↗
- Company UpdateReceipt of request for reclassification from ''Promoter and Promoter Group'' category to ''Public'' CategoryPDF ↗
- AGM/EGMSubmission of the 31st Annual General Meeting Voting results along with Scrutinizer''s ReportPDF ↗
- AGM/EGMProceedings of 31st Annual General Meeting held on September 22, 2026 through Video Conference (VC)/ Other Audio-Visual Means (OAVM)PDF ↗
- Company UpdateDisclosure under the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015: Intimation of Analysts/ Investors meetingPDF ↗
Rikhav Securities annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Rikhav Securities share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Rikhav Securities' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (3,82,92,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Rikhav Securities
What does Rikhav Securities do?
Rikhav Securities is a Mumbai stockbroker that trades shares and derivatives with its own money, handles buying and selling for retail and wealthy clients, and keeps prices quoted in newly listed small company shares. Its shares trade on BSE SME.
What is the share price of Rikhav Securities?
₹50 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Rikhav Securities?
₹192 cr at the close on 6 Nov 2026, on 3,82,92,000 shares.
What is the P/E of Rikhav Securities?
10.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Rikhav Securities' revenue and profit?
Revenue ₹1,976 cr and profit after tax ₹19 cr in FY26.
Who are the promoters of Rikhav Securities?
Hitesh Himatlal Lakhani, Rajendra Navalchand Shah, Bharti Hitesh Lakhani, Deep Hitesh Lakhani, Monil Rajendra Shah, Vaishali R Shah, Hitesh Himatlal Lakhani HUF; promoters held 66.76% at 30 Sept 2026.
What is Rikhav Securities' website?
www.rikhav.net
More SME companies like Rikhav Securities
Other listed SME companies in capital markets, the closest in size first, each read from its own documents.
- Beacon TrusteeshipBEACON · NSE Emerge · Capital Markets · listed 2024Market cap ₹154 cr
- Dharni Capital ServicesDHARNI · BSE SME · Capital MarketsMarket cap ₹118 cr
- Pune E - Stock BrokingPESB · BSE SME · Capital MarketsMarket cap ₹469 cr
- Sodhani CapitalSODHACAP · BSE SME · Capital MarketsMarket cap ₹57 cr
- Vedant AssetVEDANTASSET · BSE SME · Capital MarketsMarket cap ₹16 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 earnings call transcript, 1 investor presentation, 6 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.