Anand Rathi Wealth Ltd(ANANDRATHI)

NSE: ANANDRATHIBSE: 543415

₹ 2,221+0.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 36,878 crWebsite: www.rathi.com/wealthUpdated: 24 Oct 2026

About

Anand Rathi Wealth Ltd is a pure-play private wealth firm, in business since 2002, serving HNI and UHNI families whose investable surplus is typically over ₹5 Crores, mainly through mutual funds and structured products. AUM reached Rs 1,08,377 cr in Q2 FY27, up 18.4% YoY, across 14,309 active client families served by 431 relationship managers. FY26 revenue from operations was Rs 1,148.83 cr.^[1][2][3]

Business segments

Reports a single segment, services for distribution and sale of financial products, with revenue from operations of Rs 1,148.83 cr in FY26 vs Rs 939.09 cr in FY25.^[1][4]
Private Wealth is the flagship business, serving HNI and UHNI families whose investable surplus is typically over ₹5 Crores.^[1]
Digital Wealth, a B2B2C mass-affluent platform, had 7,584 clients in Sep-26 vs 6,570 in Sep-25.^[2][5]
OFA, a SaaS platform for independent advisors run by subsidiary FIINFRA, had 6,906 MFD/IFA subscribers at 31 March 2026, up from 6,447 a year earlier.^[1]

Products and revenue mix

Plan A uses mutual funds as the core vehicle for long-term wealth creation. Plan B adds structured products to stabilise the portfolio.^[1]
Mutual fund distribution income rose from ₹154 Crores in FY22 to ₹494 Crores in FY26. Its share of revenue went from 36% to 41% over the same period.^[1]
MF equity and debt revenue was Rs 144.5 cr in Q2 FY27, up 17.5% YoY from Rs 123.0 cr. Other financial products earned Rs 197.9 cr, up 14.5% from Rs 172.8 cr.^[2]
Trail revenue was ₹145 cr in Q2 FY27, up 18% YoY.^[2]
All 1,059 structured products that matured from December 2020 through Sep-25 paid the maximum possible return on each product.^[6]
The company is adding third-party structured product issuers: in Q3 FY26, INR 213 crores of INR 1,815 crores in primary issuances came from Nuvama, against nil in Q3 FY25.^[7]

AUM and flows

AUM was Rs 1,08,377 cr in Q2 FY27, up 18.4% YoY from Rs 91,568 cr. 'Others' AUM grew 42.1% to Rs 19,322 cr.^[2]
Consolidated AUM was ₹93,037 Crores at 31 March 2026, up 21% YoY. Consolidated net inflows rose 7% to ₹13,457 Crores in FY26.^[1]
Equity MF net inflows were ₹4,186 cr in Q2 FY27.^[2]
At Mar-26, Private Wealth held equity MF AUM of INR 51,509 crores (+14.6% YoY) and structured products AUM of INR 26,472 crores (+22.8% YoY).^[8]
Structured product primary issuances were INR 2,187 crores in Q1 FY27 vs INR 1,704 crores in Q1 FY26.^[5]

Relationship managers and productivity

The company had 431 relationship managers in Sep-26 vs 386 a year earlier. AUM per RM rose from Rs 231 cr to Rs 246 cr.^[2]
It added 21 RMs on a net basis in FY26, taking the total to 401. Regretted RM attrition stayed below 2% for the year.^[1]
Regret RM attrition was 8% in H1 FY27 vs 9% earlier.^[2]
Over 80 research analysts work with the RMs. The company had 1,256 employees at 31 March 2026.^[1]

Clients and market share

Active client families rose to 14,309 in Q2 FY27 from 12,781 a year earlier. The count was 13,395 at 31 March 2026, up 14%.^[2][1]
The Platinum ultra-HNI sub-segment had about 230 families in Q1 FY27, up from 211 at Mar-26.^[5]
The company's share of Category II equity MF AUM rose to 1.54% in Jun-26 from 1.38% in Mar-25.^[2]
Its equity MF net inflow market share (Category II) rose to 2.30% in FY26 from 0.18% in FY20.^[5]
Client attrition in AUM terms was 0.09% in Q1 FY27 vs 0.11% in Q1 FY26, and 0.54% for FY26.^[5]

Expansion and new initiatives

The UK wholly owned subsidiary holds FCA authorisation as a Non-MiFID Adviser and Arranger, and the parent put GBP 5,00,000 of capital into it.^[1]
The UK subsidiary began operations in Q1 FY27 with a fund-of-funds structure of 11 schemes aimed at UK-resident NRIs.^[5]
Anand Rathi FME (IFSC) Pvt Ltd was incorporated in GIFT City on 16 February 2026 to set up and manage AIFs.^[1]
The company has a representative office in Dubai and is seeking regulatory approvals for Bahrain and for operations in GIFT City.^[1]
In Q1 FY27 the board approved an application for an AMC (mutual fund manufacturing) licence.^[5]
The company targets 450 - 500 Platinum ultra-HNI families within two years, from 211 at Mar-26.^[8]

Management targets

The FY27 AUM target is INR 1,20,000 crores. The long-term aspiration is 20 - 25% AUM CAGR.^[5]
FY27 guidance is total revenue of INR 1,415 crores and PAT of INR 460 crores, both excluding fair value gains and ESOP.^[5]
Management targets net profit growth of 20% or more a year from four growth pillars.^[1]
The long-term target for equity MF net inflow market share is 4%, over an 8 - 10 year horizon.^[5]

Recent developments

The company sold its entire stake in Freedom Wealth Solutions, which ceased to be a subsidiary on 17 December 2025.^[1]
For FY26 the board recommended a 1:1 bonus issue, a final dividend of ₹7, and raising authorised capital to Rs 100 crore.^[1]

Market Cap

₹36,878 Cr

High / Low

₹2,267 / 1,354

Stock P/E

81.1

Price / Book

28.7

Book Value

₹60

EPS

₹23.8

No. of Shares

16.6 Cr

ROE

47.3%

Sales

₹1,149 Cr

Net Profit

₹397 Cr

Promoter holding

41.0%

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