Analysts/Institutional Investor Meet/Con. Call Updates

July 20, 2026 To, To, BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Mumbai- 400001 Bandra (E), Mumbai - 400051 Scrip Code: 544530 Symbol: ARSSBL Dear Sir/ Madam, Subject: Earnings Conference Call Transcript for the First Quarter Ended June 30, 2026 held on July 15, 2026 Dear Sir/Madam, This is in continuation to our letter dated July 15, 2026, wherein we had informed regarding the audio link of the earnings call with analysts/investors for the first quarter ended June 30, 2026. In this regard, we are enclosing herewith copy of the earnings conference call transcript for the first quarter ended June 30, 2026, held on July 15, 2026. The transcript is also available on the Company’s website at https://anandrathi.com/investors We request you to kindly take the above on record. Thanking you. Yours faithfully, For Anand Rathi Share and Stock Brokers Limited Chetan Prajapati Company Secretary and Compliance Officer Membership No.: A39130 Enclosed: As above Anand Rathi Share and Stock Brokers Limited Registered & Corporate Office: Express Zone, A Wing, 10th Floor, Western Express Highway, Diagonally, Opp. Oberoi Mall, CIN : L67120MH1991PLC064106 Dindoshi, Goregaon (East) Mumbai 400 063, Maharashtra, India. Tel : +91 22 6281 7000  E-mail: secretarial@rathi.com Website: www.anandrathi.com “Anand Rathi Share and Stock Brokers Limited Q1 FY 27 Earnings Conference Call” July 15, 2026 MANAGEMENT: MR. PRADEEP GUPTA – CHAIRMAN AND MANAGING DIRECTOR – ANAND RATHI SHARE AND STOCK BROKERS LIMITED MR. ROOP KISHOR BHOOTRA – WHOLE-TIME DIRECTOR – ANAND RATHI SHARE AND STOCK BROKERS LIMITED MR. TARAK SHAH – CHIEF FINANCIAL OFFICER – ANAND RATHI SHARE AND STOCK BROKERS LIMITED MODERATOR: MR. CYRIL PAUL – EY Page 1 of 14 Anand Rathi Share and Stock Brokers Limited July 15, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Anand Rathi Share and Stock Brokers Limited Q1 FY27 Earnings Conference Call hosted by EY. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing '*' then '0' on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Cyril Paul from EY. Thank you and over to you, sir. Cyril Paul: Thank you, Swapnali. Good evening everyone and welcome to the Q1 FY27 earnings call of Anand Rathi Share and Stock Brokers Limited. The company has published its results and uploaded the investor presentation on the exchanges yesterday and you can also find them on the company's website. Before we start, a disclaimer: some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ from those anticipated. Such statements are made on management beliefs and assumptions based by information currently available to the management. Audiences are cautioned not to place undue reliance on these forward-looking statements while making their investment decisions. And on that note, let me introduce you to the management. We have with us Mr. Pradeep Gupta, Chairman and Managing Director; Mr. Roop Kishor Bhootra, Whole-Time Director; Mr. Tarak Shah, Chief Financial Officer; and other members of the team. Without further ado, I'd like to hand over the call to Mr. Gupta for his opening remarks. Thank you and over to you, sir. Pradeep Gupta: Thank you, Cyril. Good evening to all of you and a warm welcome to our first earnings call for the new financial year. FY27 has commenced against a backdrop of both challenges and opportunities. The Indian equity markets navigated a complex operating environment during Quarter 1 FY27, shaped by heightened geopolitical tensions, global macroeconomic uncertainties and elevated volatility. The West Asia crisis and the sustained uncertainty around the Strait of Hormuz led to a temporary spike in crude oil prices, exerting second-order pressure on input costs across industries globally and contributing to currency volatility. Foreign outflow continued through the quarter totaling roughly about ₹1.43 lakh crores across April-June quarter compared with the ₹1.31 lakh crores during Jan-March 26 quarter. India's monsoon began with a sharp 40% rainfall deficit in June due to El Niño, though early July has seen a recovery that has narrowed the shortfall to around 20% below normal, supporting a catch-up in Kharif sowing activity. While these developments weighed on risk sentiment and kept investors cautious, the Indian economy and capital markets have continued to demonstrate remarkable resilience, supported by strong domestic liquidity, healthy macroeconomic fundamentals and sustained participation from domestic investors. Page 2 of 14 Anand Rathi Share and Stock Brokers Limited July 15, 2026 This confidence was reflected in the market performance with benchmark indices gaining roughly about 6% to 7% sequentially. Retail investors continue to participate in the capital market story, as demonstrated by India's demat account base increased to 23 crores in June. Also the mutual fund industry, yet another barometer of investor sentiment, continued its strong growth trajectory with industry AUM reaching to ₹82.2 lakh crores in June 26 from ₹73.73 lakh crores in March 26, highlighting continued investor preference for market-linked saving avenues. This is also sustained with new SIP additions during the June month touching to about 66 lakh compared to 53 lakh during month of March. It is encouraging to note that this positive sentiment was not limited to investors alone. Corporate India also continued to demonstrate confidence in the capital market as reflected in a strong pipeline of about 42 companies filing draft offer documents with SEBI during the quarter, reaffirming the continued attractiveness of Indian capital market as a platform for growth and capital formation. It is pertinent to note that the broking industry is transitioning into a phase of more measured activity following the exceptional growth witnessed over the last few years. While the investor base continued to expand, accompanied with growth in cash market turnover sequentially by roughly about 13%, moderation is seen in the trading activity in the derivative segment, indicating the incremental participation is increasingly being driven by long-term investing rather than purely trading-led activities. A key driver of this transition has been the evolving regulatory framework. Both SEBI and the RBI have been taking a series of calibrated measures aimed at strengthening market resilience, improving risk discipline, reducing excessive leverage and enhancing investor protection within the financial system. SEBI's measures in the equity derivative segment, including upfront collection of option premium, tighter expiry day margin treatment, enhanced intraday position monitoring, higher contract sizes and rationalizing of weekly expiries are aimed at curbing excessive speculative activities and improving investor protection. In parallel, the RBI's revised capital market exposure framework, now effective from July 1st, 2026, introduces a more principle-based approach to bank lending to capital market intermediaries, resulting in increase in the working capital significantly. Now speaking about our company, I am happy to report that our business model remains well aligned to the evolving regulatory environment. With our focus strategy centered around maintaining a diversified revenue mix and a strong focus on client-led businesses, we believe we are well poised to navigate these changes while continuing to create long-term value for our stakeholders. The effectiveness of this strategy is clearly reflecting i [Showing first 8,000 characters — download PDF for full document]