Anand Rathi Wealth Limited — Q2 FY26
Anand Rathi Wealth delivered a strong Q2 FY26 with revenue of ₹307 crore (+23% YoY) and PAT of ₹99.89 crore (+31% YoY), marking the 16th consecutive quarter of consistent perfor...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
How does Anand Rathi retain AUM despite RM attrition?
Asked by Akash Sha, AJ W
Management explained the specific attrition reasons and quantified retention rate.
Read the exchange
Question
our RM attrition has increased but we have still managed to retain most of the AUM part... what client retention controls do we have in place that help us minimize the risk of failing loss.
Feroze Aziz (CEO)
RM attrition in our company is reasonably low... we had to let go of two and the other two left themselves... we've been able to retain about 79% of the four people so far of the assets.
Answered
High priority
Is the AUM guidance of 1 lakh crore still intact?
Asked by Akash Sha, AJ W
Management confirmed guidance unchanged and gave current AUM figure.
Read the exchange
Question
guidance of one lakh cr. So is it still intact or are we trying I mean can we increasing the guidance?
Feroze Aziz (CEO)
We'll retain the guidance of one lakh cr. It's an aspirational number. We are at 9,91,568. We'll keep that as one lakh. We always like to undercommit over deliver.
Answered
High priority
How will growth be sustained as AUM base increases?
Asked by Bhavin Pandi, MK Investment Managers Limited
Management acknowledged base effect and explained growth sustainability.
Read the exchange
Question
once a sort of crosses one lakh two lakh K the beta effect would come in when we look at growth. So how do we look at growth you know once the beta effect comes in?
Feroze Aziz (CEO)
Critical mass is important... will we increase the rate of growth? I don't think so because with the base being larger the quantum of rupee value is higher but percentages may not increase.
Answered
Medium priority
What is the mix of flows from existing vs new families?
Asked by Bhavin Pandi, MK Investment Managers Limited
Management provided specific split and explained philosophy.
Read the exchange
Question
perspective on flows from the existing families and new client additions. Have we seen the mix change where you know new families are contributing more?
Feroze Aziz (CEO)
65 is existing currently and 35 is new. Why is it 65 35? It could also be 50/50. But we are very relaxed when we attract a client.
Partial answer
High priority
What is the revenue mix between mutual funds and structured products?
Asked by Arun Gopal, Individual Investor
Management gave a range but not a precise current percentage.
approximate range given, not exact figure
Read the exchange
Question
we wanted to know the revenue stream and the product mix between the revenue stream between mutual funds and structured products.
Feroze Aziz (CEO)
We had guided that we will get to 50/50 over a period of time... we might be at how much shall we 43 44 somewhere somewhere in the 43 44 kind of range.
Answered
High priority
Where does management see Anand Rathi in five years?
Asked by Arun Gopal, Individual Investor
Management provided specific revenue and client gain targets.
Read the exchange
Question
where do you and the team see Anandra in the next five years?
Feroze Aziz (CEO)
We plan for September 2030's revenue... if I grow my business at 25% I need 289 crores... from a client side we have a target of making 1 lakh 25,000 crores of mark-to-market gain for our clients.
Partial answer
Medium priority
How will management address declining RM retention?
Asked by Jotihi, Capita
Management acknowledged attrition but gave no concrete retention strategy.
no specific retention plan detailsattributed to cultural issues without quantification
Read the exchange
Question
the biggest strength or one of the biggest strength has always been the acetation rate and if my observation has been right it is going down... how do you plan about working on this?
Feroze Aziz (CEO)
These attrition numbers which you see are not going to last. There are some differences on the cultural side... you can expect some attrition where there are cultural misfits but not an exodus is my belief.
Answered
High priority
Is there enough good credit to sustain structured product growth?
Asked by Priyam, Thrietra Asset Managers
Management expressed high confidence and scalability view.
Read the exchange
Question
as this category grows is there enough good credit available A and B um do you think that the yield on structured products will remain the same or will it come down?
Feroze Aziz (CEO)
Anand Rathi Global Finance our confidence there is 99.99% because of the kind of management and their liquidity... is this business scalable to 1 lakh cr or 1 and a half lakh cr? my judgment yes very very easily.
Answered
High priority
Will management diversify structured product counterparties beyond Anand Rathi Global Finance?
Asked by Sonic Sha, S PMS
Management confirmed diversification plans and named a new counterparty.
Read the exchange
Question
in terms of the structured products our concentration risk is high in terms of you know the Anunnati global financials... if we can look at diversifying...
Feroze Aziz (CEO)
Is diversification on the cards? The answer is a big yes. Have we approved one more just now again Nuama... we are looking at diversification. Point noted so you will hear some more news from us.
Answered
Medium priority
Why did equity MF inflows as a share of total inflows increase to 70%?
Asked by Mahek, MK Global
Management explained the process-driven allocation leading to higher MF inflows.
Read the exchange
Question
if I look at the net inflows the equity MF inflows as a portion of the overall inflows constitutes around 70% roughly for Q1 Q2 F26 as compared to 52% for the earlier quarter... could you give any particular reason for that?
Feroze Aziz (CEO)
When the market is down, the gap in mutual fund becomes larger... when you allocate money as per a process rather than a top-of-mind recall... you'll buy more mutual funds.
Answered
Medium priority
Why did finance expenses increase 21% sequentially?
Asked by Mahek, MK Global
Management provided specific reasons and amounts for the increase.
Read the exchange
Question
if I look at your finance expenses that have increased sequentially by around 21%. So what could be the reason for that?
Feroze Aziz (CEO) / Kalpesh (CFO)
as and when the lease rentals get renewed... there were larger number of lease rentals got renewed and as per Ind AS 116 part of the lease rental has to be booked under finance charges... we have taken some car loans of about 10 cr rupees last year 20 cr rupees.
Answered
High priority
Can the current growth and ROE be sustained without new platforms?
Asked by Shinik Ma, Indo Ads
Management outlined growth engines and acknowledged potential normalization.
Read the exchange
Question
Do you see this performance without any new platforms to be created continue in the next two to three years as well and primarily focusing on how you're delivering on deep pad growth and also very high ROE?
Feroze Aziz (CEO)
Our attempt is to keep the ROE high... we believe that the four engines... new RMs, existing RM, new clients, existing clients... in our firm belief is for long periods of time 20 to 25. But with the base going up... can these 30s normalize to in the 2025 range? The answer is yes.