Anand Rathi Wealth Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Anand Rathi Wealth Ltd filed with BSE on 14 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Anand Rathi Wealth reported FY26 revenue of INR 1,198 crores (up 22% excluding fair value and ESOP effects) and PAT of INR 386 crores, up 28% year-on-year against a guided INR 375 crores. The company crossed INR 1 lakh crores of AUM after the fiscal year-end and announced a 1:1 bonus issue plus a final dividend of INR 7 per share, both subject to shareholder approval. Management issued FY27 guidance of INR 1,415 crores revenue, INR 460 crores PAT, and INR 1,20,000 crores AUM.
Numbers mentioned
AUM: INR1 lakh crores (as of April 2026)
p. 3
“As of yesterday's date, we have crossed INR1 lakh crores of AUM post the recent positive movement in the equity markets.”
Feroze Azeez, page 3 of the filed PDF · View the filing
Total revenue (excluding fair value gains and ESOP effects): INR 1,198 crores (FY26)
p. 3
“our total revenue grew by 22%, and we ended the year at INR 1,198 crores with a PAT growth of 28% for the year, ending at INR 386 crores against the INR 375 crores guided”
Feroze Azeez, page 3 of the filed PDF · View the filing
PAT: INR 386 crores (FY26)
p. 3
“our total revenue grew by 22%, and we ended the year at INR 1,198 crores with a PAT growth of 28% for the year, ending at INR 386 crores against the INR 375 crores guided”
Feroze Azeez, page 3 of the filed PDF · View the filing
Net flow: INR 13,457 crores (FY26)
p. 4
“the net flow of last year grew by 7% only, INR 13,457 crores is what we collected new”
Feroze Azeez, page 4 of the filed PDF · View the filing
New client families added: 1,600 (last 12 months)
p. 4
“we have added 1,600 new client families on a net basis, bringing our total number to 13,395 individual families”
Feroze Azeez, page 4 of the filed PDF · View the filing
Client attrition rate (AUM): 0.54% (FY26)
p. 4
“Client attrition rate in terms of AUM lost for FY '26 is 0.54% for the full year.”
Feroze Azeez, page 4 of the filed PDF · View the filing
Digital wealth business AUM growth: 22% year-on-year to INR 2,218 crores (FY26)
p. 4
“Digital wealth business, which is a B2B2C business, registered an AUM growth of 22% year-on-year to INR 2,218 crores and the number of clients increased by 17% to 7,106.”
Feroze Azeez, page 4 of the filed PDF · View the filing
OFA platform assets: INR1.47 lakh crores (year ended 31st March 2026)
p. 4
“The OFA business, Omni Financial Advisors business, which is a SaaS platform, has 6,906 subscribers with a platform assets of INR1.47 lakh crores for the year ended 31 st March 2026.”
Feroze Azeez, page 4 of the filed PDF · View the filing
Consolidated total revenue (excluding fair value/ESOP): INR 302 crores (Q4 FY26)
p. 4
“our consolidated total revenue for the Q4 FY '26 stood at INR 302 crores compared to INR 241 crores for Q4 FY '25, registering a 25% Y-o-Y growth”
Jugal Mantri, page 4 of the filed PDF · View the filing
Profit after tax: INR 92 crores (Q4 FY26)
p. 4
“Profit after tax stood at INR 92 crores depicting a 25% Y-o-Y growth compared to INR 74 crores in Q4 FY '25.”
Jugal Mantri, page 4 of the filed PDF · View the filing
PAT margin: 30.5% (Q4 FY26)
p. 4
“Profit after tax margin remained flat at 30.5% for Q4 FY '26, which was at the same level in Q4 FY '25 too.”
Jugal Mantri, page 4 of the filed PDF · View the filing
Reported total revenue: INR 356 crores (Q4 FY26)
p. 4
“total revenue for Q4 FY '26 was INR 356 crores, showing a growth of 47.6% and PAT was INR 103 crores, showing a growth of 40%.”
Jugal Mantri, page 4 of the filed PDF · View the filing
Mutual fund distribution revenue: INR 494 crores (FY26)
p. 4
“Mutual fund distribution revenue also grew by 22% Y-o-Y to INR 494 crores in FY '26.”
Jugal Mantri, page 4 of the filed PDF · View the filing
PAT margin: 32.2% (FY26)
p. 4
“Profit after tax margin improved from 30.7% in FY '25 to 32.2% for FY '26.”
Jugal Mantri, page 4 of the filed PDF · View the filing
Return on equity: 46.74% (FY26 annualized)
p. 4
“Return on equity on an annualized basis stood at best in industry at 46.74% for FY '26.”
Jugal Mantri, page 4 of the filed PDF · View the filing
Reported total revenue: INR 1,253 crores (FY26)
p. 5
“total revenue for FY '26 was reported at INR 1,253 crores, showing a growth of 28% and PAT was shown at INR 397 crores, depicting a growth of 32%.”
Jugal Mantri, page 5 of the filed PDF · View the filing
ESOP expense: INR 39.3 crores (Q4 FY26)
p. 6
“there is a -- in this Q4 FY '26, the company has taken a hit of INR 39.3 crores.”
Jugal Mantri, page 6 of the filed PDF · View the filing
Gross MLD issuance: INR 1,895 crores (Q4 FY26)
p. 8
“the gross issuances in this quarter was INR 1,895 crores compared to INR 1,815 crores in Q3 FY '26.”
Jugal Mantri, page 8 of the filed PDF · View the filing
Secondary MLD issuance: INR 1,101 crores (Q4 FY26)
p. 8
“secondary was INR 1,101 crores in Q4 FY '26 compared to INR 716 crores in Q3 FY '26.”
Jugal Mantri, page 8 of the filed PDF · View the filing
Third-party product revenue: INR 168 crores (Q4 FY26)
p. 8
“So in Q4, it was INR 168 crores. And for Q3, it was INR 213 crores.”
Jugal Mantri, page 8 of the filed PDF · View the filing
Platinum segment client families: about 211 families (current)
p. 14
“Now we have almost about 211 families.”
Feroze Azeez, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR 1,415 crores · FY27
stated firmly by Feroze Azeez
p. 4
“We have given FY '27 revenue guidance of INR 1,415 crores and PAT guidance of INR 460 crores”
Feroze Azeez, page 4 of the filed PDF · View the filing
PAT — INR 460 crores · FY27
stated firmly by Feroze Azeez
p. 4
“we are guiding you INR 1,415 crores and INR 460 crores for PAT and INR 1,20,000 crores of AUM for the year ending FY '27 is our guidance”
Feroze Azeez, page 4 of the filed PDF · View the filing
AUM — INR 1,20,000 crores · FY27
stated firmly by Feroze Azeez
p. 4
“we are guiding you INR 1,415 crores and INR 460 crores for PAT and INR 1,20,000 crores of AUM for the year ending FY '27 is our guidance”
Feroze Azeez, page 4 of the filed PDF · View the filing
PAT growth — 20% to 25%
stated as an aspiration by Feroze Azeez
p. 9
“Rakesh sir has guided for long periods of time, the 20% to 25% range, unless God has other plans. This seems intact.”
Feroze Azeez, page 9 of the filed PDF · View the filing
Platinum segment client families — 450 to 500 · next 2 years
stated as an aspiration by Feroze Azeez
p. 14
“you will see my projection of the platinum number of clients in the next 2 years is about 450 to 500.”
Feroze Azeez, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the INR 40 crore rights issue subscription at INR 500 a share for roughly 8% holding, and confirmed the ESOP hit relates to KMP including Rakesh sir and Feroze.
Answered by Jugal Mantri
Asked by Manas Agrawal: What is the quantum and valuation of the ARGFL rights issue subscription, and is the ESOP concentrated in KMPs?
p. 4
“the company has come up with a rights issue, the NBFC Anand Rathi Global Finance Limited. And Anand Rathi Wealth Limited is holding about 8% in Anand Rathi Global Finance Limited, and it has only subscribed to its entitlement.”
Jugal Mantri, page 4 of the filed PDF · View the filing
Feroze confirmed the ESOP is held by KMP, specifically Rakesh sir and himself.
Answered by Feroze Azeez
Asked by Manas Agrawal: Is the ESOP spread across the company or concentrated in KMP?
p. 11
“this is with KMP, Rakesh sir and me to be more specific, if I'm not wrong. And it is in the public domain already.”
Feroze Azeez, page 11 of the filed PDF · View the filing
Management said PAT guidance of INR 460 crores excludes ESOP and fair value adjustments and did not provide a specific ESOP cost projection.
Answered by Jugal Mantri
Asked by Prabhav Shah: How will ESOP costs trend over the coming years?
p. 8
“as we have been reporting the number, excluding the exceptional item like ESOP as well as on fair value changes, the guidance has been given, excluding these provisions.”
Jugal Mantri, page 8 of the filed PDF · View the filing
Management said any yield impact would be minor, a few basis points, and confirmed that AMCs do approach for negotiations.
Answered by Feroze Azeez
Asked by Niranjan Kumar: Will the new SEBI TER structure impact mutual fund yields, and do large AMCs negotiate distributor payouts?
p. 8
“Do AMC's come for negotiation, the answer is yes. Do I see any material change in 1.09, not significant.”
Feroze Azeez, page 8 of the filed PDF · View the filing
Management attributed the apparent lower growth to using the higher FY26 base rather than the originally guided base, and said net inflow growth of 7% was not something to celebrate but reflected self-imposed conservatism in counting flows.
Answered by Feroze Azeez
Asked by Shubham Gautam: Why is FY27 PAT guidance growth lower than the historical 20-25% range, and how does management view net inflow growth for FY27?
p. 9
“INR 460 crores on a base of INR386 crores is a number which is 18 - 19% of PAT growth. But if you also see it from my last year guidance, INR 375 crores, then it will come into that range of 22%.”
Feroze Azeez, page 9 of the filed PDF · View the filing
Management detailed that seven RMs left with INR 1,212 crores of AUM on resignation date, but the firm retained 81% of those clients' assets excluding market movement.
Answered by Feroze Azeez
Asked by Manav: Did increased attrition of relationship managers in FY26 impact the business?
p. 15
“seven people left and their AUM on the date of resignation had INR 1,212 crores. Without the market movement, we have INR 987 crores with us of the same families whom these seven were managing.”
Feroze Azeez, page 15 of the filed PDF · View the filing
Management said it plans to open branches but only where an internal RM has ties to that location, and confirmed it will not use a franchise model.
Answered by Feroze Azeez
Asked by Vikas Arora: Is the company looking to open new branches, and would it use a franchise model?
p. 15
“We will open branches in those places where we have somebody to send back.”
Feroze Azeez, page 15 of the filed PDF · View the filing
Risks flagged
Potential yield compression from new SEBI TER structure and AMC payout negotiations, though management views the impact as small
p. 9
“Now, if there is a squeeze, it can be of 2,4 , 5 BPS. It can happen at any time.”
Feroze Azeez, page 9 of the filed PDF · View the filing
Client and product failures can drive attrition of assets in the wealth management business
p. 15
“Clients in a wealth management outfit in my experience, leave for two reasons. One is product failures.”
Feroze Azeez, page 15 of the filed PDF · View the filing
Relationship manager attrition can lead to loss of client assets
p. 15
“The other is RM attrition. RM attrition could create.”
Feroze Azeez, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.