ANANDRATHIWEALTH / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Anand Rathi Wealth · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-04-24Back to quarter ↗

Questions audited

11

Answered directly

73%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Manus Agarwal · Bernstein

direct

Quantum and valuation of ARGFL rights subscription, asset sale profit, ESOP fair value

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.

Manus Agarwal · Bernstein

direct

Clarify if revaluation gain is mark-to-market without sale

Yes, that is accurate. That is accurate.

Naven Matur · Pioneer Capital

direct

Explain the 'credibility marathon' slide in the investor presentation

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.

Praovia · Equirus

evasive

How will ESOP cost trend over the next few years?

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.

Praovia · Equirus

direct

Primary and secondary issuances in mutual funds this quarter

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.

Praovia · Equirus

direct

Third-party product sales this quarter

In Q4 it was 168 crores. And for Q3 it was 213 crores.

Niranjan Kumar · Aendas Park

partial

Impact of new SEBI T+R structure on mutual fund yield and AMC negotiations

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.

Shiba Goautum · ZS Associates

partial

Why PAT guidance of 460 cr implies lower growth than historical 20-25% range

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%.

Shiba Goautum · ZS Associates

evasive

Expected net inflow growth in FY27

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.

Basis Akarval · One Sign

direct

Is the ESOP concentrated in KMP and why issued at face value?

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.

Ashka Jen · Individual

direct

Most defensible moat in competitive wealth management landscape

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.

Manov · Individual Investor

direct

Impact of increased RM attrition on business

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.