WEALTH FRST PORT. MG. LTD

Wealth First Portfolio Managers is a B2C wealth advisory that serves retail investors through a team of relationship managers, with no sales targets for RMs and a 100% retail-first model. Its core business is portfolio management and mutual fund distribution, earning trail-based fees on Assets Under Administration (AUA) of ₹12,157 cr as of FY26 spread across 6,889 client families and 21,746 total clients. The AUA mix as of FY25 included bonds of ₹3,741 cr, equity of ₹2,224 cr, and insurance of ₹60 cr, with roughly 80% from retail and 20% from institutional accounts. Core business activity revenue was 97% of total revenue in FY25, while the remaining ~3% came from treasury trading, which has since been wound down to nil. The cost structure is dominated by employee costs at 17.3% of revenue, other operating expenses at 10.5%, and depreciation of 0.6%, reflecting an asset-light, RM-driven model. The firm recently received SEBI approval to operate its own mutual fund AMC branded 'Lakshya' and an IRDAI licence for direct insurance broking under 'Wealthshield', and is in the process of acquiring a 51% stake in Wealth First Advisors (WFAPL), which holds ₹3,746 cr of AUA and 2,800+ client families, to expand distribution reach.