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View Claim Ledger →Anand Rathi Wealth Limited — 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.
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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.
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AUM
₹1,00,000 Cr
+22% YoY
AUM crossed ₹1 lakh crore post-quarter, up from ~₹82,000 Cr in FY25.
Client Families
13,395
+1,600 YoY
Net addition of 1,600 client families in wealth management segment.
Client Attrition Rate
0.54%
Flat YoY
AUM lost to attrition was 0.54% for FY26, consistent with prior year.
Net Inflows
₹13,457 Cr
+7% YoY
Full-year net inflows grew 7% to ₹13,457 crore, impacted by market volatility.
What Changed vs Last Quarter
NEW
FY27 Revenue Guidance of ₹1,415 Cr
Management guided FY27 revenue at ₹1,415 crore, implying ~18% growth over FY26's ₹1,198 crore.
NEW
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.
NEW
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.
UPDATED
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.
DROPPED
Revenue guidance of ₹1,175 crore and PAT guidance of ₹375 crore for FY26
H1 FY26 achieved 50.3% of full-year revenue guidance and 52% of PAT guidance, with management confident in meeting targets.
DROPPED
PAT margin target of 30-33%
Management indicated PAT margin should remain in the 30-33% range for the next couple of years, with a mandate to keep it above 30%.
DROPPED
Diversification of structured product issuers
Management confirmed plans to diversify beyond Anand Rathi Global Finance, having already approved Nuama as an additional issuer.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
RISK GONE
RM attrition from cultural misfits
Four RMs left in H1 due to cultural issues in one location, though 79% of their assets were retained. Further attrition could occur if similar issues arise.
RISK GONE
Concentration risk in structured products via Anand Rathi Global Finance
An analyst raised concern about high concentration of structured product issuance through a single NBFC. Management acknowledged the risk and is diversifying, but it remains a key investor concern.
RISK GONE
Market downturn impacting AUM and revenue
AUM guidance of ₹1 lakh crore depends on market performance; a sharp Nifty decline could delay achievement. Management assumes 9-10% market growth, which may not materialize.
Fast read
Guidance and risk preview
Management guided FY27 revenue at ₹1,415 crore, implying ~18% growth over FY26's ₹1,198 crore.
A ₹39.3 crore ESOP charge was booked in Q4, concentrated among KMPs.
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