Overview

Detailed Summary

Anand Rathi Wealth Limited is a listed Indian private-wealth manager offering objective-driven wealth solutions to HNIs and UHNIs, distribution of mutual funds and structured products, a digital wealth business and an OFA platform for MFDs/IFAs, with operations across major Indian cities and international presence in Dubai and the UK.
FY26 was a strong year: consolidated total revenue (ex-exceptionals) rose 22% year-on-year to ₹1,198 crore and PAT grew 28% to ₹386 crore, with PAT margin improving to ~32.2% and annualized ROE at an industry-leading 46.7%, reflecting high operating leverage in the business model.
AUM expanded materially: reported AUM rose ~20.7% year-on-year to ₹93,037 crore as of 31 March 2026 and the company later communicated that market movement pushed AUM past ₹1,00,000 crore post-quarter; management has given FY27 guidance of ₹1,20,000 crore AUM, indicating continued growth ambition.
Digital and platform businesses are scaling: the digital wealth vertical recorded AUM of ₹2,218 crore with 7,106 clients, while the OFA platform has 6,906 subscribers and platform assets of ~₹1.47 lakh crore, representing a significant distribution and SaaS-adjacent avenue for future fee diversification.
Governance and shareholder returns remain shareholder-friendly: ARWL has a track record of dividends, buy-backs and announced a 1:1 bonus (subject to shareholder approval) for FY27, while management emphasizes transparency, relationship-driven growth and conservative guidance ('under-commit, over-deliver').

Sector: Capital Markets
Industry: Financial Products Distributor
Market Cap: 34,766 Cr
Volatility: Low Risk
P/E Ratio: 74.8
Industry P/E: 42.8
PEG Ratio: 4.3
P/B Ratio: 34.6
52W High: 2,215.35
52W Low: 1,217.45

Sales CAGR

1Y: 30.34%
3Y: 27.85%
5Y: 34.26%
10Y: —

Profit CAGR

1Y: 33.20%
3Y: 32.52%
5Y: 54.67%
10Y: —

ROE

TTM: 39.66%
3Y: 37.69%
5Y: 36.47%
10Y: —

ROCE

TTM: 51.03%
3Y: 48.13%
5Y: 46.62%
10Y: —

Technicals

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Forecasts

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Peers

Financial Services Financial Services Capital Markets

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
360ONE		1096.35	44,589 Cr	36.66	4.53	1.09	12.37	10.32	4.47
NUVAMA		1928.00	35,331 Cr	33.94	8.61	0.72	25.26	14.91	3.02
BAGMANE		103.52	35,190 Cr	39.20	0.99	0.00	0.00	0.00	—
ANANDRATHI		2083.15	34,561 Cr	74.32	34.63	0.31	39.66	51.03	35.11
ABSLAMC		1145.00	33,073 Cr	33.92	8.19	2.23	24.13	30.72	22.08
ANGELONE		333.55	30,470 Cr	33.30	4.98	7.40	14.96	12.11	3.83
CDSL		1428.50	29,856 Cr	65.45	15.23	0.89	23.27	30.91	18.81
Median: 7 Co.	—	1145.00	34,561 Cr	36.66	8.19	0.89	23.27	14.91	11.64

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	184	238	242	237	222	274	297	290	288	322
Expenses	111	139	138	130	131	146	160	158	203	213
Interest	1.84	1.38	2.95	3.54	3.67	3.99	4.83	3.57	3.40	3.58
Financing Profit	71	97	101	104	87	124	133	128	81	105
Financing Margin %	38.69	40.76	41.72	43.68	39.27	45.18	44.60	44.15	28.28	32.63
Other Income	13	7.81	7.15	7.17	19	10	9.81	16	68	110
Depreciation	5.21	5.67	6.13	6.53	7.13	7.68	8.30	8.64	9.52	9.15
Profit Before Tax	79	99	102	104	99	126	134	135	140	206
Tax %	28.03	25.81	25.33	25.79	25.87	25.67	25.53	26.03	26.25	20.95
Net Profit	57	73	76	77	74	94	100	100	103	163
EPS in Rs	3.43	4.38	4.58	4.65	4.44	5.66	6.02	6.04	6.14	9.67
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue	277	332	265	417	549	724	939	1,149	1,197
Expenses	179	225	196	240	310	421	539	667	734
Interest	6.11	3.30	2.89	2.02	3.93	6.47	12	16	15
Financing Profit	92	103	67	175	235	297	389	466	447
Financing Margin %	33.18	31.17	25.11	41.96	42.78	41.05	41.39	40.54	37.35
Other Income	7.60	4.59	14	8.14	10	28	42	104	205
Depreciation	16	21	18	16	17	19	25	34	36
Profit Before Tax	83	87	63	168	228	306	405	536	616
Tax %	29.68	29.15	29.04	24.38	26.18	26.11	25.70	25.88	24.27
Net Profit	58	62	45	127	169	226	301	397	467
EPS in Rs	—	—	—	22.49	10.12	13.57	18.04	23.85	27.86
Dividend Payout %	0.00	0.00	46.55	36.23	29.79	25.91	38.71	27.58	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	14	14	21	21	21	42	42
Reserves	110	172	228	323	447	628	632	957
Borrowings	0.60	42	33	25	17	8.49	22	17
Other Liabilities	106	182	65	112	139	222	266	314
Total Liabilities	231	409	340	480	624	880	961	1,329
Fixed Assets	50	74	55	124	136	152	188	191
CWIP	32	65	69	0.00	0.00	0.82	0.00	0.00
Investments	0.00	101	102	104	106	111	243	264
Other Assets	150	168	114	253	383	615	531	874
Total Assets	231	409	340	480	624	880	961	1,329

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	67	140	-18	146	84	278	244	281
Cash from Investing Activity	-42	-152	74	-77	-42	-237	46	64
Cash from Financing Activity	-14	28	-19	-46	-64	-72	-279	-142
Net Cash Flow	11	17	37	22	-22	-32	11	202

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	48.69%	48.20%	48.03%	48.09%	47.99%	47.99%	47.27%	42.72%	42.72%	43.11%	43.11%	41.37%
FIIs	1.84%	3.00%	4.86%	5.02%	5.32%	5.74%	5.37%	4.90%	5.56%	6.66%	5.78%	6.78%
DIIs	10.26%	9.16%	8.78%	8.33%	7.96%	7.81%	7.20%	8.40%	8.74%	9.46%	9.10%	9.41%
Public	39.21%	39.64%	38.34%	38.57%	38.73%	38.45%	40.17%	43.98%	42.99%	40.77%	42.01%	42.44%
Total Shareholders	37,141	44,369	44,307	68,256	54,189	52,392	53,058	59,186	74,121	73,908	64,931	74,777

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY27

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

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