Wealth First Portfolio Managers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Wealth First Portfolio Managers Ltd filed with BSE on 05 Jun 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
Wealth First reported consolidated FY26 revenue from operations of Rs 68.4 crore, up 28.7% from Rs 53.2 crore in FY25, with profit after tax of Rs 38.3 crore versus Rs 34.1 crore a year earlier. The company received SEBI approval to establish Lakshya Asset Management Private Limited and an IRDAI license for its insurance broking subsidiary Wealthshield, and completed the reduction of its trading book to zero. Management also reported total assets under advisory of Rs 12,157 crore, up 4.6% year-on-year, and announced a final dividend of Rs 1 per share for Q4 FY26.
Numbers mentioned
Revenue from operations: INR68.4 crores (FY26)
p. 6
“increasing from INR53.2 crores in FY25 to INR68.4 crores in FY26”
Nishil Pandya, page 6 of the filed PDF · View the filing
Profit after tax: INR38.3 crores (FY26)
p. 7
“consolidated profit after tax for FY26 stood at INR38.3 crores as compared to INR34.1 crores in FY25”
Nishil Pandya, page 7 of the filed PDF · View the filing
Revenue from operations: INR16.5 crores (Q4 FY26)
p. 7
“Our consolidated revenue from operations for the quarter stood at INR16.5 crores as compared to a loss of INR3.3 crores in Q4 FY25”
Nishil Pandya, page 7 of the filed PDF · View the filing
Profit after tax: INR10.5 crores (Q4 FY26)
p. 7
“consolidated PAT rising to INR10.5 crores in Q4 FY26 as against a loss of INR4.3 crores in Q4 FY25”
Nishil Pandya, page 7 of the filed PDF · View the filing
Cost-to-income ratio: 29.9% (FY26)
p. 7
“stood at 29.9% in FY26 as compared to 23% in FY25”
Nishil Pandya, page 7 of the filed PDF · View the filing
Total AUA: INR12,157 crores (FY26)
p. 7
“total AUA stood at INR12,157 crores in FY26, representing a year-on-year growth of 4.6%”
Nishil Pandya, page 7 of the filed PDF · View the filing
Net equity inflows of ARR assets: INR386 crores (FY26)
p. 7
“Our net equity inflows of ARR assets remained positive at INR386 crores during FY26”
Nishil Pandya, page 7 of the filed PDF · View the filing
Trail-based AUM: INR5,558 crores (FY26)
p. 7
“Our trail-based AUM, which includes mutual funds, PMS, and AIFs, stood at INR5,558 crores”
Nishil Pandya, page 7 of the filed PDF · View the filing
Fixed deposit AUM: INR234 crores (FY26)
p. 7
“Fixed deposit AUM stood at INR234 crores, which is up 10.6% year-on-year”
Nishil Pandya, page 7 of the filed PDF · View the filing
Bond portfolio AUM: INR4,014 crores (FY26)
p. 7
“Bond portfolio AUM stood at INR4,014 crores, up 7.3% year-on-year”
Nishil Pandya, page 7 of the filed PDF · View the filing
Direct equity AUM: INR2,272 crores (FY26)
p. 7
“Direct equity AUM stood at INR2,272 crores, up 2.2% year-on-year”
Nishil Pandya, page 7 of the filed PDF · View the filing
Insurance book: INR78 crores (FY26)
p. 7
“our insurance book witnessed particularly strong momentum, growing 30% year-on-year to INR78 crores”
Nishil Pandya, page 7 of the filed PDF · View the filing
Employee headcount: 87 professionals (FY26)
p. 7
“We currently have 87 professionals across the group, while RM count increased from 35 in FY25 to 41 in FY26”
Nishil Pandya, page 7 of the filed PDF · View the filing
Total client families: 6,889 (as of March 2026)
p. 8
“Total client families increased 5% year-on-year to 6,889 as of March of 2026, with the addition of 311 new client families during the year”
Nishil Pandya, page 8 of the filed PDF · View the filing
Total clients: 21,746 (FY26)
p. 8
“Overall client base also grew 5% to 21,746 clients, reflecting the addition of 987 individual clients in FY26”
Nishil Pandya, page 8 of the filed PDF · View the filing
Final dividend: INR1 per equity share (Q4 FY26)
p. 8
“the board has declared a final dividend of INR1 per equity share on a face value of INR10 each for Q4 FY26”
Nishil Pandya, page 8 of the filed PDF · View the filing
Total dividend: INR13 per share (FY26)
p. 8
“This takes the total dividend to INR13 per share for FY26, which is approximately 35% of our overall profits”
Nishil Pandya, page 8 of the filed PDF · View the filing
Investment in Lakshya AMC: INR60 crores
p. 8
“As of today, we have already subscribed INR60 crores”
Ashish Shah, page 8 of the filed PDF · View the filing
Wealth First's investment in Lakshya AMC: INR41 crores
p. 8
“Wealth First has subscribed INR41 crores in that”
Nishil Pandya, page 8 of the filed PDF · View the filing
Insurance revenue: INR7.5 crores (FY26)
p. 9
“Insurance delivered top line of roughly around INR7.5 crores for FY 26”
Nishil Pandya, page 9 of the filed PDF · View the filing
Balance sheet inventory: INR134 crores (as of 31st March 2026)
p. 10
“So, 31st March, including all the investments and everything, we have roughly around INR134 crores”
Nishil Pandya, page 10 of the filed PDF · View the filing
Bond inventory: INR27 crores (as of 31/03/2026)
p. 12
“Today our book is only INR27 crores as of 31/03/2026”
Ashish Shah, page 12 of the filed PDF · View the filing
Insurance team size: six people
p. 9
“So right now, we have hired six people as we speak”
Nishil Pandya, page 9 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.
AMC first products SEBI filing — file first products for SEBI approval · by 10th of June
stated firmly by Ashish Shah
p. 9
“We are filing our first products to the SEBI for approval by I think 10th of June, not earlier than 5th to 10th of June”
Ashish Shah, page 9 of the filed PDF · View the filing
Lakshya AMC product launches — at least three products on the floor · coming 12 months
stated as an aspiration by Ashish Shah
p. 9
“our idea is in coming12 months we should have at least three products on the floor”
Ashish Shah, page 9 of the filed PDF · View the filing
Insurance revenue as % of total business revenue — 15% to 20% of total business revenue · FY28
stated as an aspiration by Nishil Pandya
p. 9
“we see insurance revenue to go in the same line, which will like pick up the traction in FY 28, and it can be roughly around 15% to 20% of our total business revenue”
Nishil Pandya, page 9 of the filed PDF · View the filing
Wealthshield insurance business growth — 20% to 25% · next two to three years
stated as an aspiration by Nishil Pandya
p. 9
“our expectation is, we should grow minimum 20% to 25% in the insurance segment”
Nishil Pandya, page 9 of the filed PDF · View the filing
Wealthshield team size — 15 to 20 people · next one year
stated as an aspiration by Nishil Pandya
p. 10
“in next one year, on the Wealthshield front, we expect roughly around 15 to 20 people”
Nishil Pandya, page 10 of the filed PDF · View the filing
Cost-to-income ratio — less than 30, range of 20 to 30
stated as an aspiration by Nishil Pandya
p. 10
“On a sustainable basis, we are looking at a cost-to-income of less than 30. It will be in a range of between 20 to 30”
Nishil Pandya, page 10 of the filed PDF · View the filing
Wealth business cost-to-income ratio — between 20% to 25%
stated as an aspiration by Nishil Pandya
p. 10
“For the wealth business, it will be definitely between 20% to 25%”
Nishil Pandya, page 10 of the filed PDF · View the filing
Capital deployment for infrastructure expansion — Q3 of FY 27
stated firmly by Nishil Pandya
p. 11
“That will be also in the Q3 of FY 27”
Nishil Pandya, page 11 of the filed PDF · View the filing
Inorganic expansion capital deployment — next three to six months
stated firmly by Nishil Pandya
p. 11
“Partly that will be utilized in next three to six months”
Nishil Pandya, page 11 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 said it had already subscribed Rs 60 crore against a Rs 50 crore minimum net worth requirement and did not expect further capital needs for about a year.
Answered by Ashish Shah
Asked by Parth Vasani: How much has the company invested in setting up the AMC and is more investment expected?
p. 8
“As of today, we have already subscribed INR60 crores”
Ashish Shah, page 8 of the filed PDF · View the filing
Management said products would be filed with SEBI by around June 10th, would be differentiated rather than generic, and targeted at least three products in the coming 12 months.
Answered by Ashish Shah
Asked by Parth Vasani: When will the first AMC fund launch and what does the product pipeline look like?
p. 9
“I think there will not be a single product which we are planning to launch under the Lakshya banner that will be me too or just a general-purpose product”
Ashish Shah, page 9 of the filed PDF · View the filing
Management said insurance revenue was around Rs 7.5 crore in FY26 and could reach 15-20% of total revenue by FY28, with AMC also expected to be a significant contributor once launched.
Answered by Nishil Pandya
Asked by Parth Vasani: How will the revenue mix change as AMC and insurance grow?
p. 9
“AMC once we start, we don't have exact ballpark figure right now, but once we start, we can say it will be also significantly contributor to our top line”
Nishil Pandya, page 9 of the filed PDF · View the filing
Management expects the insurance segment to grow at a minimum of 20-25% over the next two to three years through cross-selling and a dedicated B2B team.
Answered by Nishil Pandya
Asked by Rajvi Shah: What are the growth expectations for the Wealthshield insurance business?
p. 9
“our expectation is, we should grow minimum 20% to 25% in the insurance segment”
Nishil Pandya, page 9 of the filed PDF · View the filing
Management said the ratio is currently elevated due to strategic investments in AMC and insurance but is expected to settle between 20-30%, with the core wealth business between 20-25%.
Answered by Nishil Pandya
Asked by Sakshi Pratap: What is the sustainable cost-to-income ratio expected once new businesses mature?
p. 10
“On a sustainable basis, we are looking at a cost-to-income of less than 30. It will be in a range of between 20 to 30”
Nishil Pandya, page 10 of the filed PDF · View the filing
Management said capital would go toward the AMC, an inorganic expansion opportunity, and infrastructure expansion over the coming months.
Answered by Nishil Pandya
Asked by Vanshi Shah: How will capital be deployed now that the trading book is zero?
p. 11
“we'll deploy into three areas. AMC, we have already capitalized INR41 crores. We are looking for one inorganic expansion in the near future”
Nishil Pandya, page 11 of the filed PDF · View the filing
Management clarified that only the equity trading book was reduced to zero, government bonds remain in the books at a small size, and related profit or loss will be routed through trading activities but expected to be minimal.
Answered by Ashish Shah
Asked by Ashish Pareek: How will government bonds be treated now that the trading book is reduced to zero, and where will gains or losses be booked?
p. 12
“government bonds are still today in the books. We said equity trading book, which was more volatile, that has been made to zero”
Ashish Shah, page 12 of the filed PDF · View the filing
Risks flagged
Trading activity income historically introduced volatility into the earnings profile due to fair value adjustments linked to market movements
p. 6
“it historically introduced volatility into our earnings profile”
Nishil Pandya, page 6 of the filed PDF · View the filing
Equity markets were negative over the past year, and a market correction in Q4 FY26 compressed portfolio valuations and AUA
p. 7
“Additionally, the 12% to 14% market correction specifically in Q4 FY26 compressed the closing portfolio valuation, which further impacted the reported AUA number at the year-end”
Nishil Pandya, page 7 of the filed PDF · View the filing
Cost-to-income ratio increased due to one-time strategic and growth-related expenses
p. 7
“The increase was primarily attributed to certain one-time strategic and growth-related investments, including BSE listing-related expenses, PMS renewal fees, SIF registration fees, elevated CSR obligations, and higher employee benefit expenses”
Nishil Pandya, page 7 of the filed PDF · View the filing
Difficulty in the wealth management industry of exiting bond positions once subscribed
p. 12
“most of the wealth managers are able to get subscribed the bonds, but difficult to get the exit of the bonds”
Ashish Shah, page 12 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.