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.
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.
73%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
Quantum and valuation of ARGFL rights subscription, asset sale profit, ESOP fair value
Asked by Manus Agarwal, Bernstein
Management provided specific numbers for subscription amounts, stake percentage, and valuation price.
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Question
I think in the statutory results there is some discussion around subscription to ARGFL shares I want to just understand what is the quantum and how much stake do we have now what valuation this transaction is happening at... second is can you just explain what is the asset sale that is leading to profit being recognized in other income and third is ESOP at fair value.
Firos (Joint CEO) and Jugal (CFO)
The 40 crore rights issue subscription of ARGFL from AR wealth limited is a rights issue where FOS as an individual has participated with 94 crores. Rakkesh has participated with 56 crores and the holding company has participated with 270 crores... we own close to about 8% valuation was 500 rupees a share.
Answered
Medium priority
Clarify if revaluation gain is mark-to-market without sale
Asked by Manus Agarwal, Bernstein
Management confirmed the gain is mark-to-market without sale.
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Question
And just one more thing the revaluation gain that we've booked we've not sold ARGFL shares. This is just mark to market. Is that accurate?
Firos (Joint CEO)
Yes, that is accurate. That is accurate.
Answered
Low priority
Explain the 'credibility marathon' slide in the investor presentation
Asked by Naven Matur, Pioneer Capital
Management explained the slide's six learnings in detail.
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Question
I came across this slide which says that talks about credibility marathon. If you could just throw some light on that I think would help me understand it better.
Firos (Joint CEO)
We have included one interesting slide emanating from a few questions which came when I was speaking to a few industry CEOs... Wealth management is not a capital business. A relationship manager cannot handle thousands of clients. The business is actually a linear business not an exponential business.
Evasive
High priority
How will ESOP cost trend over the next few years?
Asked by Praovia, Equirus
Management did not provide ESOP cost trend, only reiterated PAT guidance excluding ESOP.
no specific ESOP trend givendeferred to PAT guidance excluding ESOP
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Question
This quarter we saw ESOP cost of 39.3 crores. So like can you help us understand how ESOP cost could trend over the next few years.
Firos (Joint CEO)
460 is our PAT guidance before any of those adjustments. So as we have been reporting the number excluding the exceptional item like ESOP as well as on fair value changes the guidance has been given excluding these prog.
Answered
Medium priority
Primary and secondary issuances in mutual funds this quarter
Asked by Praovia, Equirus
Management provided specific numbers for primary and secondary issuances.
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Question
Can you help us what was the primary and the secondary issuances for this quarter in MF?
Firos (Joint CEO)
Currently the gross issuances in this quarter was 1,895 cr compared to 1,815 cr in Q3 FY26 and secondary was 1,1 cr in Q4 FY26 compared to 716 in Q3 FY26.
Answered
Medium priority
Third-party product sales this quarter
Asked by Praovia, Equirus
Management provided the exact third-party sales numbers.
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Question
A few quarters back you highlighted that we have been selling third party products on our platform. So like can you help us understand how much for this quarter we got from third party?
Firos (Joint CEO)
In Q4 it was 168 crores. And for Q3 it was 213 crores.
Partial answer
High priority
Impact of new SEBI T+R structure on mutual fund yield and AMC negotiations
Asked by Niranjan Kumar, Aendas Park
Management acknowledged negotiations but did not quantify the exact impact on yield.
no specific bps impact givenvague quantification
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Question
We make around 1.09% yield on mutual funds right but with the new se structure like new TR structure by sebi which is effective from 1 April so will these be impacted... and have they come for any negotiations regarding the distributor payout.
Firos (Joint CEO)
Do AMC's come for negotiation? The answer is yes. Do I see any material change in 1.09? Not significant... 2 3 4% I don't know the change in bips or will there be any right so will it be significant no.
Partial answer
High priority
Why PAT guidance of 460 cr implies lower growth than historical 20-25% range
Asked by Shiba Goautum, ZS Associates
Management shifted the base year to show 22% growth but did not explain why guidance is below the 25% upper end.
reframed base yeardid not directly address conservatism
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Question
For the financial year 27 the PAT guidance of around 460 crores roughly is around 18 19% which is a bit lower than the stated range like 25%. Is there a specific reason management is being more conservative this year?
Firos (Joint CEO)
460 on a base of 386 is a number which is 18 19% of Pratt growth. But if you also see it from my last year guidance 375 then it'll come into that range of 22%.
Evasive
High priority
Expected net inflow growth in FY27
Asked by Shiba Goautum, ZS Associates
Management did not provide any numerical expectation for FY27 net inflows.
no specific FY27 guidancedeflected to qualitative commentary
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Question
The 13,450 crores of net inflows grew 7% year-on-year. So how does management think about the inflow growth in financial year 27?
Firos (Joint CEO)
Net flow can be a negative one as well... 7% something to write home about? Answer is big no... I'm very happy that we bought equity in the last quarter where everybody was so depressed.
Answered
High priority
Is the ESOP concentrated in KMP and why issued at face value?
Asked by Basis Akarval, One Sign
Management confirmed ESOP is concentrated in KMP and explained the accounting treatment.
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Question
Is the 40 crore ESOP spread out across the company is it concentrated in KMP... stock options are a retention tool and that is why they're given at CMP usually... So that's where my question is.
Firos (Joint CEO)
Yes. So this is with KMP Rakkeshar and me to be more specific if I'm not wrong and it is in the public domain already.
Answered
Medium priority
Most defensible moat in competitive wealth management landscape
Asked by Ashka Jen, Individual
Management provided a detailed explanation of their moat including culture, product selection, and risk-adjusted return focus.
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Question
In an increasingly competitive wealth management landscape with the banks and new age platforms scaling rapidly what do you believe is your most defensible moat and how are you strengthening it over time?
Firos (Joint CEO)
Culture is designed not soon... We don't sell all products. We are not a pharmacy... Calculating Jensen's alpha for clients... We did a survey with 6,000 client HNI families.
Answered
Medium priority
Impact of increased RM attrition on business
Asked by Manov, Individual Investor
Management provided specific attrition numbers and client retention rates.
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Question
It looks like last year it's bumped up a little. I'm just trying to understand if that has any kind of impact on the business.
Firos (Joint CEO)
In FY 2425 we had two people leave they had 2,295 crores of AUM... we retained 203 crores out of the 295 crores which is 69%... in FY 2526 we had seven people leave... 81% retention.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| PAT guidance of 460 crores for FY27 | ₹460 cr | ₹103 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.