Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Oct - Q2/H1 FY27 results: PAT up 25%, AUM ₹1,08,377 crore; interim dividend ₹4 per share.
Source: Bse
Anand Rathi Wealth Limited (ANANDRATHI)
Small CapFinancial Services stocks · Small cap · NSE
Anand Rathi Wealth Limited (ARWL) is a wealth management firm, an AMFI-Registered Mutual Fund Distributor, focused on private wealth. It also operates a B2B2C digital wealth business and a SaaS platform for financial advisors. The company emphasizes consistent, market-agnostic performance and client-centric growth.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result09 Oct, 05:49 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 -3.0% / mo · MACD + · near 52W high
Stock trend: 56
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANANDRATHID candles · FIT view+20.9%Latest close ₹2163.90 on 2026-10-19
Bar
+0.2%
RSI
54
MACD hist
4.81
52W pos
89%
2026-10-19O ₹2159.70H ₹2172.00L ₹2143.50C ₹2163.90Vol 2.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANANDRATHINifty Financial ServicesNifty 500
- ANANDRATHI
- +3.9%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +9.5 pp
Chart stats
19 Oct 2026- From 52W high
- -4.6%
- 52W range position
- 89%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹104 Cr
- 20D price channel
- ₹2,007 - ₹2,234.7
₹2,268.4
₹1,353.9 - ₹2,268.4
₹51.9
Latest completed session
20-session average
24.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +15.8% · PAT -10.7% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-209.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 2/100PAT -11% YoY · margin compression · Rev +16% YoY · +7% QoQ
Filed 09 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹344 Cr | +15.8% | +6.8% |
| EBITDA | ₹116.9 Cr | -14.7% | +7.5% |
| Operating margin | 34.0% | -1203 bps | +23 bps |
| PAT | ₹89.3 Cr | -10.7% | -45.2% |
| PAT margin | 25.9% | -772 bps | -2468 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 78.90
- P/B
- 27.94
- EV/EBITDA
- 75.01
- Market Cap
- 35860.00Cr
Profitability
- ROE
- 47.30%
- ROCE
- 59.20%
- ROA
- 28.46%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 31.57×
- Altman Z
- 9.02
- Book Value
- 77.30
Cash Flow
- FCF Yield
- 0.96%
- FCF Positive Y
- 7/5
- OCF
- 281.00 Cr
- EPS TTM
- 27.39
Shareholding
- Promoter Hold
- 40.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,253+27.9% vs prev
Net Profit
₹ CrLatest: 397+31.9% vs prev
Return on Equity
%Latest: 39.7-11.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 60% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.9%
3M return
+3.9%
6M return
+19.8%
1Y return
+35.9%
RS 1D
+1
RS 20D
-3
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 11.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
01 Apr 2026
S2 age
142 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 155.57+1.24%
RS vs Nifty 500156
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth18/25
Quality20/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
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 -209.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
78.9
PB
27.9
EV/EBITDA
75.0
ROE
47.3%
ROCE
59.2%
FCF Yield
1.0%
Debt/Equity
0.1
MoS
-209.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-209.8%
Previous: -209.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹218.26
-891.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹698.45
-209.8% MoS
PEG
1.71
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NUVAMA
Small
Nuvama Wealth Management Limited
Wealth Management
match 91
40
29.0
27.4%
-11%
WATCHLIST
360ONE
Mid
360 ONE WAM LIMITED
Wealth Management
match 83
27
35.2
14.4%
-35%
OVERVALUED
WEALTH
Small
Wealth First Portfolio Managers Limited
Wealth Management
match 80
57
27.6
28.2%
-9%
FAIR VALUE
CHOLAHLDNG
Small
Cholamandalam Financial Holdings Limited
Holding Company
match 29
51
9.6
17.5%
+62%
FAIR VALUE
IIFL
Small
IIFL Finance Limited
NBFC
match 28
38
10.4
12.6%
+59%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-20T07:15:32.494Z
Management commentary snapshot
ARWL reports strong Q2 & H1 FY27 results with PAT growth >20% YoY, revenue up 16-17% YoY. Achieved highest ever quarterly net flows (INR 4,186 Cr) and equity mutual fund net flows (INR 2,867 Cr), alongside record monthly client acquisition in September.
The company continues its streak of >20% YoY PAT growth, demonstrating market-agnostic performance. Strong net flows and client acquisition, coupled with strategic expansions into GIFT City and a planned AMC, support the long-term growth thesis despite market volatility.
Growth engines
Client Referrals & Community Events
Acquisition through client referrals and low-cost community events remains a core strategy, with 165 events conducted.
Digital Wealth Business
Digital wealth business (B2B2C) registered 14% YoY AUM growth and 15% client increase.
OFA Business (SaaS Platform)
Omni Financial Advisor (OFA) business has 6,898 subscribers and INR 1.66 crores platform assets.
GIFT City Operations
Received regulatory approvals to commence operations in GIFT City, India, targeting NRI investments into India.
Capacity and execution
London Operations
Started operations in London, UK, last quarter.
GIFT City Operations
Received requisite regulatory approvals to commence operations in GIFT City, India.
Mutual Fund License Application
Expected to file mutual fund license application by this month end (October 2026).
Tailwinds
Client Trust in Volatile Markets
Clients shared more moneys when portfolios held up during bad times, leading to highest net flows.
Client Pragmatism in Equities
Clients pragmatically bought more equity, showing a 39% increase in equity mutual fund purchases.
Relative Portfolio Performance
Clients refer friends when their portfolios do relatively better than aggressive strategies.
Headwinds
Market Volatility
Management noted a 'challenging environment' and Nifty fell 5% in the last quarter.
ESOP Expenses
Sharp increase in employee cost from ESOPs in Q4 FY26, impacting current period, though expected to decline.
Risk radar
MLD Business Perception
Public perception of MLD business, despite management's confidence in consistent returns and no capital loss at maturity.
Market Volatility Impact on AUM
AUM is the most volatile guidance as it depends on external variables like market performance.
Management accountability
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.
Analyst reading lens
Compare BOTH
The document provides both Q2 and H1 FY27 results compared to the previous year (YoY), indicating a focus on long-term trends and consistent growth. QoQ is also relevant for sequential momentum in net flows and client additions.
Sector KPIs management disclosed
PAT Growth (H1 FY27)
PAT grew by about 23% year-on-year to INR 238 crores.
PAT Growth (Q2 FY27)
Consolidated net profit of INR 122 crores, registering a year-on-year growth of 22%.
Revenue Growth (H1 FY27)
Revenue increased 17% year-on-year to INR 693 crores.
Revenue Growth (Q2 FY27)
Total revenue during this period rose by about 16% to INR 357 crores.
Management forward view
Consistent Growth Target
Targeting PAT growth above 20-25% and revenue guidance of INR 1,415 crores for FY27.
Shareholder Rewards
Board declared an interim dividend of INR 4 per share.
Reinvestment in Business
Will reinvest in strengthening verticals if PBT increases beyond target, rather than showing higher operating leverage.
Focus on India Inward Investments
GIFT City operations will focus on bringing global capital into India, not outward investments, to maintain focus.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT & Revenue Guidance | 49% of full-year revenue guidance (INR 1,415 crores) and 52% of PAT guidance (INR 460 crores) achieved in H1 FY27. | Achievement of full-year revenue and PAT guidance. |
| Net Flows | Highest ever quarterly net flow of INR 4,186 crores in Q2 FY27. | Ability to achieve targeted net flows of INR 6,000-8,000 crores for the remaining year. |
| AUM Target | AUM crossed INR 1.08 lakh crores, an 18% YoY growth. | Progress towards the INR 1.2 lakh crores AUM target, considering market volatility. |
| Mutual Fund License | Application for mutual fund license expected by October 2026 end. | Successful filing and subsequent developments regarding the mutual fund license. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 96th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
91 docs text-extracted · 39 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Financial Services: 96th pctile, median 62 · Small: 96th pctile, median 66
Evidence depth
Financial-only
91 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
69
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸Promoter holding fell 2.2%.
- ▸OPM spread across recent quarters is 17.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Anand Rathi Wealth Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Oct - Intimation of Schedule of Q2 & H1 FY27 Earnings Conference Call for Investors and Analysts under the SEBI (LODR), Regulations, 2015
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Oct - Newspaper Publication of Un-audited Consolidated Financial Result for the Second Quarter and Half Year ended 30th September, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30(LODR) - Intimation Of Receipt Of Certificate Of Registration By Anand Rathi FME (IFSC) Private Limited 14 Sep - ARFME received IFSCA registration on 14 Sep 2026 to commence fund management at GIFT City.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation of meeting of Group of Individual Investor/Institutional investors/Analysts in Anand Rathi G200 Summit
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 2 Sep - Anand Rathi Wealth infused ₹5.49 crore into subsidiary ARFME for fund management business on rights basis.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jul - Intimation about schedule of meeting with group of individual investors on 16th July, 2026, 23rd July, 2026 and 30th July, 2026.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Intimation Of Receipt Of In-Principle Approval From International Financial Services Centres Authority (IFSCA) 16 Jul - Wholly owned subsidiary received IFSCA in-principle approval for FME registration at GIFT City, Gujarat.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jul - Intimation of Schedule of Q1 & FY27 Earnings Conference Call for Investors and Analysts under SEBI (LODR) Regulations, 2015
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.