Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹297 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 performance despite a 34% Nifty decline. Key drivers included robust equity MF net flows of ₹2,062 crore (+101% YoY) and total net flows of ₹3,262 crore (+28% YoY). AUM reached ₹91,568 crore, with market share in equity MF net flows rising to 2.33% in H1. Management maintained its aspirational AUM guidance of ₹1 lakh crore for FY26, assuming 9-10% market growth. Client attrition remained low at 0.18% for H1. Risks include potential RM attrition from cultural misfits and concentration risk in structured products via Anand Rathi Global Finance, though diversification efforts are underway.
Colored figures show movement against the previous available record.
Guidance to track
- Management retained the aspirational AUM target of ₹1 lakh crore by March 2026, assuming 9-10% market growth and strong net flows.
- H1 FY26 achieved 50.3% of full-year revenue guidance and 52% of PAT guidance, with management confident in meeting targets.
- 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%.
- Management confirmed plans to diversify beyond Anand Rathi Global Finance, having already approved Nuama as an additional issuer.
Risks flagged
- 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.
- 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.
- 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.
Key quotes
- We have delivered the 16th quarter of consistent and market agnostic performance despite the challenging environment with Nifty declining about 34% during both the quarter and the full year.
- If you look at the 1,059 structure products which have matured from December 2020, have given the maximum possible return they could have given.
- We always like to undercommit and overdeliver. In that same theme or the belief we would like to retain it like that especially an AUM number you would not want to up it because it's very difficult for any of us to predict what 31st March 2026 will be like.
Research modules