Wealth First Portfolio Managers Ltd(WEALTH)

NSE: WEALTHBSE: 544536

₹ 821-5.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 875 crWebsite: www.wealth-firstonline.comUpdated: 24 Oct 2026

About

Wealth First Portfolio Managers is a wealth advisory and distribution firm. It serves client families through relationship managers and distributes mutual funds, PMS/AIF, bonds, direct equity, fixed deposits and insurance. Total assets under advisory were ₹12,157 cr as of March 2026, and revenue from operations was ₹68.4 cr in FY26. The company is adding an asset management company (Lakshya AMC) and an insurance broking subsidiary (Wealthshield).^[1][2]

Assets under advisory

Total AUA was ₹12,157 cr at Mar-26, up 4.6% YoY. Management said all of the growth came from net inflows, during a 12-14% equity market correction in Q4 FY26.^[1]
Trail-based AUM (MF, PMS, AIF) was ₹5,558 cr at Mar-26, compared with ₹6,099 cr at Dec-25.^[1][3]
Equity net inflows into ARR assets were ₹386 cr in FY26.^[1]
AUA mix at Dec-25: Mutual funds ₹5,941 cr (+6.2% YoY), Bonds ₹3,890 cr (+7.7%), Direct equity ₹2,564 cr (+7.5%), Fixed deposits ₹232 cr (+38.2%), PMS + AIF ₹159 cr (+103.9%).^[3]

Revenue streams

Trail-based revenue was ₹49.8 cr in FY26, up 5.0% YoY, and ₹12.5 cr in Q4 FY26, up 9.0% YoY.^[1]
Business activity income was Rs.48.8 Cr in 9M FY26, up 7.8% YoY.^[3]
Insurance contributed about ₹7.5 cr of revenue in FY26. The insurance premium book grew 30% YoY to ₹78 cr.^[1]
Trading income was Rs.3.1 Cr in 9M FY26, compared with Rs.11.2 Cr in 9M FY25, as the trading book was wound down.^[3]

Balance-sheet book

The equity trading book was reduced to zero by Q4 FY26. A bond inventory of ₹27 cr is kept for liquidity.^[1]

Clients and advisers

Client families grew 5% to 6,889 in FY26.^[1]
Total clients were 21,487 at Dec-25, with 979 new clients added during the year.^[3]
Relationship managers rose from 35 in FY25 to 41 in FY26. Nearly 80% have more than five years with the company.^[1]
81% of clients had been with the firm for more than 5 years, as of Sep-25.^[4]

Efficiency

The cost-to-income ratio was 29.9% in FY26. Management's target is 20-25% once the AMC and insurance businesses mature.^[1]

New businesses

SEBI gave final approval for Lakshya Asset Management. Wealth First invested ₹41 cr for a 69.7% stake, and the JV partners (founders of Benchmark AMC) hold 30.3%. Total capitalisation is ₹61 cr.^[1]
Lakshya AMC planned to file its first products with SEBI by June 10, 2026, and targets at least three products within 12 months.^[1]
Wholly owned Wealthshield Insurance Brokers holds an IRDAI direct broker licence (Life & General). Its team is planned to grow to 15-20 people within a year.^[1][4]
An index-based PMS product for NRI clients in the US and Canada was launched under the existing PMS licence. Management described it as early stage.^[1]

Expansion plans

Management plans one inorganic acquisition or expansion within three to six months of the Q4 FY26 call.^[1]
Capex for infrastructure expansion is planned for Q3 FY27.^[1]
The company is expanding beyond Gujarat and expects one or two large market presences outside the state in the coming months.^[1]
Insurance revenue targets 15-20% of total revenue by FY28.^[1]

Recent developments

SEBI granted in-principle approval to set up a mutual fund, reported in Q1 FY26.^[5]
The BSE listing was completed in Q2 FY26, with related one-time costs.^[4]
Dividend policy: at least 30% of consolidated PAT, paid annually.^[1]

Market Cap

₹875 Cr

High / Low

₹1,440 / 690

Stock P/E

28.1

Price / Book

6.2

Book Value

₹141

EPS

₹36.3

No. of Shares

1.07 Cr

ROE

27.7%

Debt / Equity

0.00

Sales

₹68 Cr

Net Profit

₹38 Cr

Promoter holding

74.0%

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