Rikhav Securities just told investors to forget the 20% growth it promised
Revenue guidance collapsed from 20-25% growth to ₹40 cr, a near-total implosion. Management also denied an accounting policy shift it disclosed a year ago.
— 1 earlier story on Rikhav Securities Ltd. →What's new
- Guided to ~₹40 cr full-year revenue, reversing November's 20-25% growth outlook.
- Denied an accounting policy shift it confirmed a year ago.
- Took a ₹22-23 cr loss on cash market bets; capping that exposure at ₹50 cr.
Why this matters
The guidance cut from positive growth to a near-total collapse is the central red flag. The accounting denial compounds the problem by eroding trust in what management says. For a nano-cap, credibility is the only asset.
What we're watching
- Whether the new ₹50 cr cap on cash-market investments sticks.
- The timeline for institutional broking revenue (stated as FY27).
- Any regulatory scrutiny of the accounting-policy reversal.
The full read
Rikhav Securities told investors it expects full-year revenue of about ₹40 cr. That's the new guidance. The old one, from just six months prior, was 20-25% growth. The reversal is unexplained. Compounding the credibility hit, management used the same call to deny an accounting-policy change it had previously disclosed. Separately, a ₹22-23 cr loss on cash-market positions was blamed on timing and geopolitics, and the firm is capping that exposure at ₹50 cr. The strategic pivot to institutional broking is noted, but revenue there is a FY27 story at earliest. The near-term picture is a business in retreat, trying to change the subject.
Questions answered
- How big is the revenue guidance cut?
- The company shifted from guiding for 20-25% revenue growth to guiding for approximately ₹40 crore in total revenue. The filing implies this represents a near-total collapse of its core broking business.
- What was the accounting issue management denied?
- During the call, management denied a shift in accounting policy. This contradicts the same policy change the company disclosed a year earlier, creating a direct inconsistency in its own reporting.
- Why did the company take a ₹22-23 crore loss?
- Rikhav attributed the loss on its cash-market investments to poor market timing and geopolitical tensions. In response, it said it would cap such investments at ₹50 crore.
- What is the new growth strategy?
- The company is reducing its SME market-making exposure and launching an institutional broking segment. However, management said meaningful revenue from the new channel is not expected until FY27.
Story so far
All notes on RIKHAV →- 29 May 2026 · 6:38 PM IST Rikhav Securities just told investors to forget the 20% growth it promised
- 4d ago Rikhav Securities confirms FY26 results