NSE: ANANDRATHI · BSE: 543415
ANAND RATHI WEALTH LTD
Distributes and advises on financial products for Indian households, earning advisory fees on assets it manages and distribution commissions on products it places. Total assets under advice stood at ₹1,06,300 crore as of Q1 FY27, served by 417 relationship managers across 13,941 client families, with ₹2,743 crore of net inflows added that quarter. The mutual fund distribution franchise held 2.47% of Category II (equity-oriented) net flows in FY26, up from 0.18% in FY19-20, and the firm also places market-linked debentures (₹2,187 crore of primary issuances in Q1 FY27, up 8% YoY, plus ₹968 crore of secondary trades). Two technology-led extensions sit alongside the core advisory: a B2B2C 'Digital Wealth' arm with ₹2,526 crore of AUM and 7,320 clients, and an 'OFA' SaaS platform with 6,890 subscribers sitting on ₹1.66 lakh crore of platform assets. Backward-integration steps in motion include a SEBI mutual fund sponsor application, a newly commenced UK subsidiary, and an in-principle GIFT City fund-management entity approval. The cost base is dominated by people — employee costs run at 46.1% of revenue — making the model light on capital (capex 1.2% of revenue) but dependent on retaining relationship managers; client attrition in Q1 FY27 was 0.09% of AUM lost and reported RM attrition was zero. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wealth advisory fees on AUM, Mutual fund distribution, Market-linked debenture (MLD) distribution, Digital Wealth (B2B2C), OFA SaaS platform. Asset-light, people-driven wealth advisory and financial product distribution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 417 | 549 | 724 | 939 | 1,149 |
| EBITDA (ex other income) | 177 | 239 | 304 | 400 | 481 |
| margin % | 42.4 | 43.5 | 41.9 | 42.6 | 41.9 |
| Owners' profit | 127 | 168 | 225 | 300 | 396 |
| EPS, as reported (₹) | 30.49 | 40.46 | 54.10 | 36.17 | 36.17 |
| ROE % · ROCE % | 35.7 · 44.4 | 35.1 · 45.8 | 34.1 · 44.4 | 43.7 · 54.4 | 39.3 · 50.0 |
| Debt / equity (x) | 0.07 | 0.08 | 0.01 | 0.03 | 0.02 |
| Cash from operations | 146 | 84 | 278 | 244 | 281 |
| Capex | (3) | (17) | 0 | (36) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 242 | 237 | 222 | 274 | 297 | 290 | 288 | 322 |
| Profit before tax | 102 | 104 | 99 | 126 | 134 | 135 | 140 | 206 |
| Net profit | 76 | 77 | 74 | 94 | 100 | 100 | 103 | 163 |
| EPS (₹) | 18.32 | 18.58 | 8.87 | 11.31 | 12.03 | 12.07 | 12.46 | 9.82 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ANAND RATHI WEALTH LTD ◆ | 37,509 | 48.7 | 37.07 | 63.6 | 39.3 | 48.6 | — | 68.0 |
| PRUDENT CORP ADV SER LTD | 11,914 | 48.6 | 13.50 | — | 25.2 | — | — | 31.6 |
| DHARNI CAPITAL SERVICES LIMITE | 113 | 16.9 | 4.36 | 18.8 | 18.1 | 22.6 | — | 63.0 |
| SODHANI CAPITAL LIMITED | 52 | 19.2 | — | — | — | 17.7 | — | — |
| VEDANT ASSET LIMITED | 16 | 21.4 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.7 | 19.2 | 54 of 58 | 7% |
| P/B | 37.1 | 2.8 | 64 of 65 | 2% |
| ROCE | 48.6 | 16.0 | 1 of 33 | 100% |
| ROE | 39.3 | 11.4 | 3 of 65 | 97% |
| Debt / Equity | 0.0 | 0.0 | 15 of 30 | 52% |
| EBITDA margin | 68.0 | 45.7 | 14 of 64 | 79% |
| Revenue growth | 17.5 | 23.1 | 35 of 58 | 40% |
| Profit growth | 73.6 | 17.6 | 14 of 61 | 78% |
| Market cap | 37509 | 946 | 9 of 69 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Virtual investor meeting scheduled for 29 October 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Postal ballot on business expansion and related party transactions | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Q2 FY27 Call: 22% PAT Growth, Record Rs 4,186 Cr Inflows, AMC Plan | investor communications | medium | — | — |
| 16 Oct 2026 · Promoter shifts pledged shares from Suresh Rathi Sec to Yes Bank | ownership changes | high | — | — |
| 16 Oct 2026 · AR Wealth promoter transfers pledged shares between brokers; net pledge unchanged at 5.33% | ownership changes | high | — | — |
| 15 Oct 2026 · Anand Rathi Wealth to meet individual investors on 22 Oct 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Audio recording of Q2 FY27 earnings call uploaded to website | investor communications | low | — | — |
| 10 Oct 2026 · Newspaper publication of Q2 and H1 FY27 results with interim dividend | compliance | minimal | — | — |
| 9 Oct 2026 · Q2 FY27 Investor Presentation: Revenue Rs 357 Cr, PAT up 22% | investor communications | medium | — | — |
| 9 Oct 2026 · Anand Rathi Wealth declares Rs 4 interim dividend; Q2 profit up 30% | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.