ROCE is not the right metric to compare the different firms in this industry.
Anand Rathi is in pure-play mutual fund distribution & advisory while others (Nuvama, 360 One) also provide loan against securities & margin funding amongst other services (such as selling their own MF & AIF products). Hence, they will always have debt on their balance sheet i.e. they act like a bank & capture a net interest spread on the loans they provide.
A more useful metric would be to look at is ROE instead of ROCE.
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