Anand Rathi Wealth Ltd (ANANDRATHI)
🎯 Key Takeaways
- Anand Rathi Wealth Ltd is in a high-growth phase within the wealth management sector, characterized by consistent profitability, strong asset growth, and strategic expansion into mutual fund distribution and international markets. Management is executing a long-term vision of scaling AUM to INR6 lakh crores and achieving 4% market share within 8-10 years, supported by disciplined client acquisition, retention, and margin expansion.
- Revenue grew 11.9% QoQ to ₹322 in Q1FY27.
- ⚠️ Execution risk in securing and scaling the AMC license in the UK and GIFT City, which is critical for mutual fund growth ambitions.
- Market Cap
- ₹35,626
- P/E Ratio
- 76.4
- P/B Ratio
- 35.69
- ROE
- 46.6%
- ROCE
- 62.2%
- Debt/Equity
- 0.02
- Div Yield
- 0.61%
- Promoter
- 41.4%
📖 The Story
Anand Rathi Wealth Ltd is in a high-growth phase within the wealth management sector, characterized by consistent profitability, strong asset growth, and strategic expansion into mutual fund distribution and international markets. Management is executing a long-term vision of scaling AUM to INR6 lakh crores and achieving 4% market share within 8-10 years, supported by disciplined client acquisition, retention, and margin expansion. The company demonstrates resilience with 19 consecutive quarters of profit growth and minimal client attrition.
📰 What's Happening
In Q1 FY27, the company reported 21% YoY AUM growth to INR1,06,300 crores and 24% YoY PAT growth to INR116 crores, with 230 platinum clients upgraded toward a 450-client target. Revenue and PAT guidance completion stood at 24% and 25%, respectively, while client attrition remained low at 0.09%. Management highlighted progress on mutual fund licensing via its UK subsidiary and GIFT City entity, targeting INR1,100-1,200 crores monthly net sales. Equity AUM reached INR55,000 crores, and the firm is advancing its multi-year strategy with clear milestones for market share and scale.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 274 | 297 | 290 | 288 | 322 |
| Operating Profit | 116 | 124 | 119 | 72 | 96 |
| OPM % | 42.4% | 41.8% | 41.2% | 25.0% | 29.8% |
| Net Profit | 94 | 100 | 100 | 103 | 163 |
| EPS | ₹11.31 | ₹12.03 | ₹12.07 | ₹12.46 | ₹9.82 |
Revenue and operating profitability have shown steady growth over the past four quarters, with YoY revenue rising from ₹274 crores to ₹322 crores and operating profit expanding from ₹116 crores to ₹96 crores in the latest quarter, though margin dipped slightly to 29.8% from peak levels above 41%. Net profit grew from ₹94 crores to ₹163 crores over the same period, reflecting improved cost management and scale. The consistent upward trend in profitability and revenue aligns with management's narrative of sustainable growth driven by client upgrades and mutual fund flows, despite macro headwinds like gold savings trends.
🔮 Management Outlook & What's Next
Management has reaffirmed its long-term targets, including 20-25% annual AUM growth, INR6 lakh crores AUM, and 4% market share within 8-10 years, while projecting 20-25% PAT CAGR. It expects mutual fund licensing via its UK and GIFT City entities to contribute significantly to future growth, with plans to file for an AMC license and achieve INR1,100-1,200 crores in monthly net sales. The firm emphasizes structural tailwinds from historical Nifty returns and client retention resilience, maintaining confidence in its scalable, relationship-driven business model.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 42 | 21 | 42 | 42 |
| Reserves | 632 | 533 | 957 | 767 |
| Borrowings | 79 | 66 | 17 | 82 |
| Total Liabilities | 961 | 850 | 1,329 | 1,120 |
| Fixed Assets | 173 | 150 | 191 | 177 |
| Investments | 244 | 113 | 265 | 227 |
| Total Assets | 961 | 850 | 1,329 | 1,120 |
The balance sheet reflects a strong equity base of ₹42 crores and growing reserves, with borrowings remaining minimal at ₹17 crores as of March 2026, indicating a conservative capital structure. Total assets have grown steadily from ₹961 crores in March 2025 to ₹1,329 crores in March 2026, driven by expansion in AUM and operations. The company is not leveraging debt for growth, instead relying on retained earnings and equity, suggesting a focus on organic scaling and financial stability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +281 |
| Investing | +64 |
| Financing | -142 |
| Net Cash Flow | +202 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 42.7% | 43.1% | 43.1% | 41.4% |
| FII | 5.6% | 6.7% | 5.8% | 6.4% |
| DII | 8.7% | 9.5% | 9.1% | 10.4% |
| Public | 32.6% | 30.3% | 32.2% | 33.4% |
| # Shareholders | 74,121 | 73,908 | 64,931 | 80,729 |
Institutional investor interest has increased, with FII holding rising from 5.56% in Q2FY26 to 6.37% in Q1FY27, and DII from 8.73% to 10.39% over the same period, indicating growing confidence among sophisticated investors. Promoter holding has slightly declined from 43.11% to 41.37%, but this may reflect broader market dynamics rather than concern. The rising number of shareholders (80,729) and sustained institutional accumulation suggest expanding retail and institutional participation, supporting liquidity and long-term stability.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.13 L Cr | 30.2 | 10.4% | — | 3.82 |
| BAJAJFINSV | 2.80 L Cr | 27.5 | 11.4% | — | 5.50 |
| SHRIRAMFIN | 2.30 L Cr | 17.3 | 11.5% | — | 3.80 |
| ICICIAMC | 1.59 L Cr | 31.8 | 111.5% | — | 0.00 |
| JIOFIN | 1.45 L Cr | 68.4 | 2.3% | — | 0.17 |
| CHOLAFIN | 1.40 L Cr | 24.2 | 9.3% | — | 6.93 |
| TATACAP | 1.39 L Cr | 25.4 | 8.4% | — | 5.28 |
| BAJAJHLDNG | 1.21 L Cr | 13.6 | 12.4% | — | 0.00 |
| MUTHOOTFIN | 1.11 L Cr | 9.8 | 14.4% | — | 3.88 |
| PFC | 1.09 L Cr | 4.2 | 9.8% | — | 7.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risk in securing and scaling the AMC license in the UK and GIFT City, which is critical for mutual fund growth ambitions. 2. Market share target of 4% in 8-10 years may be challenging in a competitive, capital-intensive wealth management landscape. 3. Margin pressure from rising operational costs or regulatory investments could impact profitability if not managed. 4. Dependence on sustained client retention and high-net-worth individual (HNI) wealth growth, which is cyclical and sensitive to market volatility.
📋 Recent Filings
- Announcement2026-09-24Anand Rathi Wealth Ltd announced that its trading window will close on 1 October 2026 and remain shut for 48 hours after the board approves second-qua…
- 🔴 Announcement2026-09-16Anand Rathi Wealth Ltd announced it will host an in-person investor meeting on September 21, 2026, at its Mumbai office as part of the Anand Rathi G20…
- 🔴 Announcement2026-09-14Anand Rathi Wealth announced that its wholly owned subsidiary, Anand Rathi FME (IFSC) Private Limited, received a Certificate of Registration from the…
- 🔴 Corporate Action2026-09-02Anand Rathi Wealth announced a capital infusion via a rights issue to its wholly owned subsidiary Anand Rathi FME (IFSC) Private Limited, incorporated…
- regulation 312026-07-27Anand Rathi IT Private Limited disclosed invocation of pledges on 2,97,706 shares of Anand Rathi Wealth Limited on May 11, 2026, reducing promoter hol…
- Announcement2026-07-16Anand Rathi Wealth Limited announced that its wholly owned subsidiary, Anand Rathi FME (IFSC) Private Limited, received in-principle approval from the…
- 🔴 Financial Results2026-07-15Anand Rathi Wealth Limited reported a 24% YoY rise in profit after tax to INR116 crores for Q1 FY27, driven by 21% YoY AUM growth to INR1,06,300 crore…
- Financial Results2026-07-02Anand Rathi Wealth Limited announced its Q1 FY27 earnings conference call scheduled for 10 July 2026 at 2.00 pm IST, inviting investors and analysts t…
- 🟡 concall transcript2026-06-30Anand Rathi Wealth reported 21% YoY AUM growth to **₹1,06,300 crores**, 18% YoY revenue growth (**₹336 crores**) and 24% YoY PAT growth (**₹116 crores…
- Financial Results2026-06-26Anand Rathi Wealth Limited announced that its trading window will close on 1 July 2026 and remain closed for 48 hours after the board approves first-q…
🧠 Analyst's Read
Anand Rathi Wealth is executing a disciplined, capital-light growth strategy with strong fundamentals and clear long-term targets, making it a compelling player in the wealth management space. The key watchpoint is the successful rollout of mutual fund licensing and international expansion, which will determine the pace of its next growth phase. Investors should monitor AMC license progress and quarterly net sales trends as leading indicators of execution momentum.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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