Wealth First records ₹13.5 crore highest quarterly trail revenue

Wealth First Portfolio Managers Limited recorded its highest quarterly trail revenue of ₹13.5 crore in September 2026, supported by trail base assets under management of ₹6,438 crore. Quarterly trail revenue was ₹12.9 crore in September 2025, while trail base AUM increased by ₹427 crore over the 12-month period.

What drove Wealth First's record quarterly trail revenue?

Wealth First's record quarterly trail revenue was accompanied by trail base AUM rising to ₹6,438 crore in September 2026 from ₹6,011 crore in September 2025. Trail revenue increased to ₹13.5 crore from ₹12.9 crore a year earlier, a ₹0.6 crore increase. Management separately said trail-based revenue rose 4.7% year on year to ₹25.9 crore during H1 FY27.

The presentation tracks trail revenue and trail base AUM over several periods. Trail base AUM increased from ₹2,885 crore in September 2022 to ₹6,438 crore in September 2026, a ₹3,553 crore rise. The company labels the trail base AUM growth at 22.2%, while the quarterly and half-yearly trail-revenue charts each carry a 21.4% growth label.

Quarterly trail revenue increased from ₹7.1 crore in September 2023 to ₹12.9 crore in September 2024, then remained at ₹12.9 crore in September 2025 before reaching ₹13.5 crore in September 2026. The latest increase followed a much larger expansion in trail base AUM between September 2023, when it was ₹3,494 crore, and September 2024, when it reached ₹5,896 crore.

How has Wealth First's trail revenue changed over time?

Wealth First reported ₹25.9 crore of half-yearly trail revenue in H1 FY27, compared with ₹24.7 crore in H1 FY26 and ₹24.0 crore in H1 FY25. Management described the H1 FY27 result as 4.7% year-on-year growth. Over the period from H1 FY23, half-yearly trail revenue increased by ₹14 crore from ₹11.9 crore.

Trail base AUM added ₹427 crore between September 2025 and September 2026, compared with a ₹115 crore increase in the preceding 12 months. Quarterly trail revenue rose ₹0.6 crore in the latest year, after no change between September 2024 and September 2025. The presentation does not disclose a trail-fee rate, the product composition of trail base AUM, or a calculation connecting additions to AUM with incremental revenue.

Which Wealth First asset classes contributed to AUA growth?

Wealth First reported total assets under advisory, or AUA, of ₹13,798 crore at September 2026, up 9.7% year on year and 1.1% quarter on quarter. Mutual funds were the largest disclosed asset class at ₹6,196 crore, followed by bonds at ₹4,500 crore and direct equity at ₹2,605 crore. These three asset classes totalled ₹13,301 crore at September 2026.

Bonds posted the largest absolute year-on-year increase, rising by ₹730 crore from ₹3,770 crore in September 2025 to ₹4,500 crore in September 2026. Portfolio management services and alternative investment funds, or PMS + AIF, recorded the largest disclosed percentage rise, increasing 68.7% to ₹242 crore from ₹143 crore. Mutual funds increased by ₹328 crore year on year, but changed by only ₹2 crore from ₹6,194 crore in June 2026.

Fixed deposits moved lower, declining to ₹174 crore in September 2026 from ₹217 crore a year earlier and ₹191 crore in June 2026. The insurance premium book rose from ₹70 crore in September 2025 to ₹82 crore, while direct equity rose by ₹99 crore to ₹2,605 crore. The total AUA increase of ₹1,219 crore year on year was therefore led in absolute terms by bonds, rather than by the faster-growing PMS + AIF segment.

What is Wealth First planning to expand next?

Wealth First has entered into a share purchase agreement to acquire a 51% stake in Wealth First Advisors Private Limited, or WFA, to strengthen its Mumbai presence. The presentation shows combined platform AUM of about ₹9,000 crore for FY26 and an aim of about ₹20,000 crore by FY31. The FY31 figure is an objective shown by the company, not reported AUM.

In insurance broking, Wealth First reported 119 point-of-sale, or POS, personnel onboarded and 72 referral associates. Management said Wealthshield Insurance Brokers had moved beyond its initial team-building phase and was focusing on distribution-network activation and business generation. The company also cited motor retail acquisition, renewals and cross-selling, while describing a GIFT City product tie-up as under discussion.

Lakshya Asset Management has resubmitted the Scheme Information Document for its flagship exchange-traded fund, or ETF, after incorporating Securities and Exchange Board of India feedback. Management also said it was advancing preparations for separate proposed international-fund offerings for Indian residents and non-resident Indians, or NRIs, subject to approvals. The presentation gives no launch date, revenue contribution or AUM target for either initiative.

Conclusion

Wealth First's September 2026 presentation shows that trail base AUM of ₹6,438 crore coincided with record quarterly trail revenue of ₹13.5 crore, while H1 FY27 trail-based revenue reached ₹25.9 crore. Total AUA stood at ₹13,798 crore, with mutual funds the largest disclosed asset class and bonds making the largest year-on-year absolute addition.

The next disclosures to watch are progress on the proposed 51% WFA acquisition, the company's stated combined-platform AUM aim of about ₹20,000 crore by FY31, and regulatory outcomes for the ETF and proposed international-fund offerings. Management has also identified distribution productivity, product launches and commercialisation of newer businesses as priorities after reporting 119 POS personnel and 72 referral associates in insurance broking.