Anand Rathi Wealth Limited (ANANDRATHI)
Small CapFinancial Services stocks · Small cap · NSE
Anand Rathi Wealth Limited is an AMFI-registered Mutual Fund Distributor specializing in private wealth management. The company focuses on a relationship-driven, patient approach, emphasizing building relationship managers (RMs) organically and maintaining transparent client-centricity. It primarily serves High Net Worth Individuals (HNIs) and Ultra HNIs.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +18% YoY · PAT +73% YoY · +12% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹322 Cr | +17.5% | +11.8% |
| EBITDA | ₹109 Cr | -14.8% | +28.2% |
| Operating margin | 34.0% | -1300 bps | +500 bps |
| PAT | ₹163 Cr | +73.4% | +58.3% |
| PAT margin | 50.6% | +1631 bps | +1486 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Anand Rathi Wealth reported robust Q1FY27 results, with AUM up 21.1% YoY to Rs. 1,06,300 Cr, Total Revenue growing 18.4% YoY to Rs. 336.4 Cr, and PAT increasing 23.5% YoY to Rs. 115.9 Cr. PAT margin expanded to 34.4%. The company is on track to achieve 24% of its FY27 revenue guidance and 25% of its PAT guidance in Q1.
The company's consistent performance, marked by strong AUM growth, net inflows, and expanding margins, reinforces its long-term wealth management thesis. Its focus on organic RM development and client retention appears effective, supporting sustained growth despite market fluctuations. Meeting FY27 guidance will be key.
AUM by Product Mix (June 2026)
Latest issuer-disclosed distribution across 4 reported categories.
Wallet Share
Greater asset share from existing client families contributes to AUM growth.
New Clients
Addition of new client families drives AUM expansion.
New Relationship Managers
Addition of new relationship managers and expansion into new cities supports business growth.
Return on Investment
Portfolio returns generated for clients get added to the AUM, contributing to organic growth.
Relationship Managers
The company increased its Relationship Manager count to 417 in Q1FY27 from 382 in Q1FY26.
AUM Milestone
The company crossed an AUM of Rs. 1,00,000 Cr in 2026.
Increasing Mutual Fund Penetration
India's equity AUM to GDP ratio (8.8%) is significantly lower than the global average (>4x), indicating huge scope for growth in professionally managed financial assets.
Growing HNI Population
The number of HNIs in India is projected to reach 12.1 Lakhs by 2027E (17.9% CAGR), driving demand for wealth solutions.
Expanding Equity Mutual Fund Market
The equity mutual fund market is estimated to reach Rs. 45 Lakh Crores by FY27E (27.10% CAGR).
Relationship Manager Attrition
Aggressive hiring alone does not build a wealth business; it takes nearly five years for an RM to become successful, implying high costs for attrition.
Regulatory Changes
The company operates under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is subject to changes in financial services regulations.
Market Volatility
While the company claims 'consistent & market agnostic performance', its business is inherently linked to capital market performance, which can be volatile.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Year-over-year comparison is essential for assessing the company's growth trajectory and performance against the previous fiscal year's quarter. Quarter-over-quarter comparison is relevant for evaluating sequential momentum in AUM, net inflows, and operational metrics like RM additions and client families.
Asset Under Management (AUM)
AUM stood at Rs. 1,06,300 Cr in Q1FY27, marking a 21.1% increase year-over-year from Rs. 87,797 Cr in Q1FY26.
Profit After Tax (PAT)
PAT for Q1FY27 was Rs. 115.9 Cr, a 23.5% increase year-over-year from Rs. 93.8 Cr in Q1FY26. (Excludes fair value gains on investments, ESOP expenses, and related tax effects).
PAT Margin
PAT Margin expanded to 34.4% in Q1FY27, up from 33.0% in Q1FY26.
Total Net-Inflows
Total Net-Inflows for Q1FY27 were Rs. 3,824 Cr, a 39.4% increase year-over-year from Rs. 2,743 Cr in Q1FY26.
Focus on Intergenerational Wealth
Management emphasizes focusing on intergenerational wealth rather than buoyant capital, indicating a long-term perspective.
Client Transparency
Transparency with clients about earnings is non-negotiable, protecting the franchise and fostering true client centricity.
Organic RM Development
Management believes in building RMs rather than buying them, as RMs do not scale like startups and require significant time to become successful.
Consistent Incentive Structure
A consistent incentive payout structure for RMs over 19 years aims to ensure long-term retention and motivation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM | Rs. 1,06,300 Cr (Q1FY27) | Progress towards FY27 guidance of Rs. 1,20,000 Cr. |
| Profit After Tax (PAT) | Rs. 115.9 Cr (Q1FY27) | Progress towards FY27 guidance of Rs. 460 Cr. |
| Total Net-Inflows | Rs. 3,824 Cr (Q1FY27) | Sustained growth in net inflows to support AUM expansion. |
| Relationship Managers (RMs) | 417 (Q1FY27) | Continued growth in RM count and AUM per RM, alongside low regret RM attrition. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +5.8% / mo · MACD +
Technical chart
ANANDRATHIdaily · 1Y · AUTO-30.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 62. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~5.4% over last month) — short-term momentum positive.
- RSI(14) at 62 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 41% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 19.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.8%.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -185.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Small: 98th pctile, median 66
85 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸Promoter holding fell 1.3%.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 79.20
- P/B
- 36.87
- EV/EBITDA
- 74.05
- Market Cap
- 36793.00Cr
Profitability
- ROE
- 47.30%
- ROCE
- 59.20%
- ROA
- 35.14%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 30.80×
- Altman Z
- 9.33
- Book Value
- 60.10
Cash Flow
- FCF Yield
- 0.94%
- FCF Positive Y
- 7/5
- OCF
- 281.00 Cr
- EPS TTM
- 28.01
Shareholding
- Promoter Hold
- 41.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.