Anand Rathi Wealth vs Aptus Value Housing Q4 FY26

Anand Rathi Wealth delivered a strong Q4 FY26 with revenue of ₹302 crore (+25% YoY) and PAT of ₹92 crore (+25% YoY), marking the 18th consecutive quarter of >20% PAT growth. Full-year revenue reached ₹1,198 crore (+22% YoY) and PAT ₹386 crore (+28% YoY), beating the guided ₹375 crore. AUM crossed ₹1 lakh crore post-quarter end, a key milestone. Management guided FY27 revenue of ₹1,415 crore, PAT of ₹460 crore, and AUM of ₹1.2 lakh crore, implying ~19% PAT growth—conservative versus historical 20-25% range. Net inflows grew only 7% YoY to ₹13,457 crore, reflecting market headwinds, but client attrition remained low at 0.54% AUM lost. Key risk: sustained market weakness could pressure net inflows and AUM growth, impacting revenue visibility.

Guidance read

FY27 Revenue Guidance of ₹1,415 Cr: Management guided FY27 revenue at ₹1,415 crore, implying ~18% growth over FY26's ₹1,198 crore. FY27 PAT Guidance of ₹460 Cr: PAT guidance for FY27 is ₹460 crore, representing ~19% growth over FY26's ₹386 crore, excluding ESOP and fair value items. FY27 AUM Guidance of ₹1.2 Lakh Cr: AUM target for FY27 is ₹1.2 lakh crore, up from ~₹1 lakh crore achieved post-Q4. Bonus Issue 1:1 and Final Dividend ₹7/Share: Board approved 1:1 bonus share issuance and final dividend of ₹7 per share, subject to shareholder approval.

Risk read

Key risks include ESOP Cost Volatility — A ₹39.3 crore ESOP charge was booked in Q4, concentrated among KMPs. Future charges could impact reported PAT if market price rises further.; Net Inflow Slowdown — Net inflows grew only 7% in FY26, and management acknowledged this is not a strong number. Sustained market weakness could further pressure inflows.; Regulatory Impact on Trail Commissions — New SEBI total expense ratio (TER) structure may compress distributor payouts. Management downplayed impact as 2-4 bps, but it remains a headwind.; Concentration in Mutual Fund Revenue — Mutual fund distribution revenue constitutes ~41% of total revenue. Any regulatory or competitive pressure on trail commissions could affect margins..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Aptus Value Housing Finance delivered a strong Q4 FY26 with disbursements of ₹1,242 crore (highest ever, +17% YoY) and PAT growth of 26% YoY to ₹261 crore. AUM grew 21% YoY to ₹13,117 crore, driven by higher ticket sizes (discontinued sub-₹7 lakh loans) and expansion into Maharashtra and Odisha. Spreads improved 10bps to 9% due to lower cost of funds (8.1%). Collection efficiency rose to 100.5%, though GNPA increased to 1.52% (vs 1.19% in FY25) mainly from NBFC portfolio. Management guided for 22-24% AUM growth in FY27 and sustained ROE above 20%, supported by 60 new branches and connector channel. Risk: rising competition in Tamil Nadu and potential yield compression from calibrated lending rates.

Guidance read

AUM growth of 22-24% in FY27: Management expects sustainable AUM growth driven by new branches, higher ticket sizes, and connector channel. ROE above 20% sustainable: Management confident of maintaining ROE above 20% despite slight yield compression, supported by productivity gains. Credit cost guidance of 0.5% ±0.1%: Credit cost expected to remain in the range of 40-60 bps, consistent with FY26. Opex to AUM ratio of 2.6-2.8%: Operating expenses as a percentage of AUM to be maintained within this range, with investments in technology.

Risk read

Key risks include Intense competition in Tamil Nadu — Competitors poaching staff and high attrition could impact growth and collection efficiency in Tamil Nadu.; Yield compression from rate cuts — Calibrated lending rate reductions for incremental housing loans may reduce spreads by 15-20bps, impacting profitability.; Rising GNPA in NBFC portfolio — GNPA increased to 1.52% due to higher stress in NBFC segment (20-30bps higher than housing), requiring stronger collection efforts.; Potential increase in borrowing costs — Management noted incremental cost of funds may rise slightly, which could offset some spread benefits..

Promise ledger

Scorecard data is being built as historical quarters are processed.