ANANDRATHI
Small CapAnand Rathi Wealth Limited
Financial Services
Anand Rathi Wealth Limited is a wealth management firm focused on High Net Worth Individuals (HNIs) in India. It offers holistic wealth management solutions, emphasizing a relationship-driven, trust-based business model and backward integration, prioritizing distribution before product manufacturing.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +30% YoY · PAT +39% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹288 Cr | +29.7% | -0.7% |
| EBITDA | ₹85 Cr | -6.6% | -35.1% |
| Operating margin | 29.0% | -1200 bps | -1600 bps |
| PAT | ₹103 Cr | +39.2% | +3.0% |
| PAT margin | 35.8% | +243 bps | +128 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ANANDRATHI reported strong FY26 performance with PAT up 28.4% YoY to Rs 385.7 Cr and Total Revenue up 22.3% YoY to Rs 1,198.5 Cr. AUM grew 20.7% YoY to Rs 93,037 Cr, missing FY26 guidance. Q4FY26 PAT grew 24.9% YoY to Rs 92.0 Cr.
The company delivered robust financial performance in FY26, with strong revenue and PAT growth. AUM growth was solid but fell short of its own ambitious guidance. The focus on the HNI segment and consistent shareholder returns are positives, but the AUM miss warrants attention.
Product wise AUM mix (Mar-26)
Latest issuer-disclosed distribution across 4 reported categories.
Return on Investment
Portfolio returns get added to AUM, contributing to growth.
Addition of New Client Families
Growth is driven by onboarding new client families.
Greater Asset Share from Existing Clients
Increasing wallet share from existing client families is a key growth driver.
Addition of New Relationship Managers
Expansion through new RMs and presence in new cities drives AUM growth.
Relationship Managers (RMs)
Number of RMs increased to 401 in Mar-26 from 380 in Mar-25.
Active Client Families
Active Client Families increased to 13,395 in Mar-26 from 11,732 in Mar-25.
Digital Wealth Clients
Digital Wealth clients grew to 7,106 in Mar-26 from 6,087 in Mar-25.
OFA Platform MFDs/IFAs
MFDs/IFAs on the OFA platform increased to 6,906 in Mar-26 from 6,447 in Mar-25.
Increasing Mutual Fund Penetration
India's MF industry has huge scope for penetration compared to the global average, which is 4x of India.
Growing HNI Population
HNI population in India is expected to grow at a CAGR of 13.8% from 2024 to 2027E.
Shift to Equities
Interest in equities has gone up as it is one of the few asset classes that can deliver double-digit returns.
Untapped Financial Assets
Almost 54% of Indian household financial assets are in low but guaranteed returns, with 8% in cash, indicating potential for wealth management.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and annual performance trends. QoQ comparison is relevant for tracking sequential momentum in AUM, net inflows, and profitability, especially in a dynamic market.
AUM
AUM stood at Rs 93,037 Cr as of Mar-26, up 20.7% YoY from Rs 77,103 Cr in Mar-25.
PAT Margin
PAT Margin was 30.5% in Q4FY26 and 32.2% for FY26.
Return on Equity (ROE)
ROE was 46.7% for FY26, an increase of 215 bps YoY from 44.6% in FY25.
Total Net Inflows
Total Net Inflows were Rs 7,969 Cr for FY26, up 7% YoY from Rs 7,706 Cr in FY25.
FY27 Revenue Guidance
Management guides for FY27 Revenue of Rs 1,415 Cr (excluding fair value gains, ESOP, and related tax effects).
FY27 PAT Guidance
Management guides for FY27 PAT of Rs 460 Cr (excluding fair value gains, ESOP, and related tax effects).
FY27 AUM Guidance
Management guides for FY27 AUM of Rs 1,20,000 Cr (excluding fair value gains, ESOP, and related tax effects).
Wealth Management Philosophy
Management states wealth management is a 'slow compounding trust business' and 'not a capital race', emphasizing patience and time.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | Rs 93,037 Cr (FY26), 20.7% YoY growth, missed FY26 guidance of Rs 1,00,000 Cr. | Achievement of FY27 AUM guidance of Rs 1,20,000 Cr and sustained organic growth. |
| PAT Margin | 32.2% (FY26). | Consistency in PAT margins, especially given employee benefit expenses growth of 16.8% YoY in FY26. |
| Relationship Manager (RM) Attrition | Regret RM attrition of 1% in Q4FY26 (7 RMs with AUM > Rs 40 Cr). | Continued low regret RM attrition and retention of AUM from departing RMs. |
| Net Inflows | Total Net Inflows of Rs 7,969 Cr (FY26), up 7% YoY. | Acceleration in net inflows, particularly in Equity Mutual Funds, to drive AUM growth towards guidance. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +3.4% / mo · near 52W low
Technical chart
ANANDRATHIweekly · 1Y-14.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 20. Wait for confirmation.
- SMA20 rising (~3.3% over last month) — short-term momentum positive.
- RSI(14) at 20 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -120.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 100th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 18%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Financial Services: 100th pctile, median 62 · Small: 99th pctile, median 65
87 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 73.60
- P/B
- 29.18
- EV/EBITDA
- 47.07
- Market Cap
- 29100.00Cr
Profitability
- ROE
- 47.30%
- ROCE
- 59.20%
- ROA
- 29.87%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 36.63×
- Altman Z
- 9.68
- Book Value
- 60.10
Cash Flow
- FCF Yield
- 1.19%
- FCF Positive Y
- 7/5
- OCF
- 281.00 Cr
- EPS TTM
- 23.83
Shareholding
- Promoter Hold
- 43.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.