NSE: WEALTH · BSE: 544536
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Portfolio management & advisory fees (97%), Treasury trading. Asset-light, fee-based B2C wealth advisory with growing mutual fund and insurance broking operations
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 29 | 54 | 53 | 68 |
| EBITDA (ex other income) | 19 | 43 | 39 | 49 |
| margin % | 65.4 | 79.5 | 72.7 | 72.2 |
| Owners' profit | 0 | 0 | 0 | 39 |
| EPS, as reported (₹) | 12.98 | 40.06 | 32.05 | 36.29 |
| ROE % · ROCE % | 18.5 · 24.2 | 36.1 · 46.6 | 26.6 · 35.0 | 22.5 · 30.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 20 | 16 | 10 | 75 |
| Capex | (0) | (0) | (0) | (2) |
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 | 20 | 16 | (3) | 25 | 21 | 6 | 17 | 14 |
| Profit before tax | 19 | 12 | (5) | 21 | 15 | 1 | 14 | 14 |
| Net profit | 15 | 9 | (4) | 16 | 11 | 1 | 10 | 10 |
| EPS (₹) | 14.23 | 8.70 | (4.03) | 14.98 | 10.39 | 1.05 | 9.87 | 9.69 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD ◆ | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.7 | 19.0 | 45 of 76 | 41% |
| P/B | 5.2 | 1.0 | 95 of 105 | 10% |
| ROCE | 30.3 | 1.8 | 5 of 83 | 95% |
| ROE | 22.5 | 1.3 | 6 of 111 | 96% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | 97.5 | 25.6 | 17 of 91 | 82% |
| Revenue growth | (42.3) | (4.1) | 62 of 85 | 27% |
| Profit growth | (34.7) | (0.2) | 68 of 109 | 38% |
| Market cap | 881 | 26 | 6 of 113 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Wealth First schedules first extraordinary meeting for 21 November 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Board approves 51% target stake purchase and share swap | capital market events | medium | — | — |
| 26 Oct 2026 · Board approves Rs 52.10 crore purchase of 51% target stake | strategic transactions | medium | — | — |
| 26 Oct 2026 · Board approves 51% target stake purchase and 12.10 crore share issue | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board to consider preferential share or warrant issue on 26 Oct | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on 26 Oct to consider preferential share or warrant issuance | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Wealth First Portfolio Managers to hold virtual analyst and investor meet on Oct 14 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Schedule of analyst and investor meeting on 13 October 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Wealth First infuses Rs 1 Cr into wholly-owned subsidiary via rights issue | strategic transactions | medium | — | — |
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.