HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹726.85 last close on 15 Oct 2026 +2.27%
Research updated
Anand Rathi Wealth Ltd.
NSE: ANANDRATHIFinancial ServicesAsset Management
- Last close
- ₹2,142.60
- Day change
- +₹25.40 (+1.20%)vs
- Market cap
- ₹35,576 crIndian rupees
- Research updated
- 2 reports
About Anand Rathi Wealth
Anand Rathi Wealth Ltd. is an esteemed financial services company known for its expertise in wealth management solutions. Founded in India, this company primarily focuses on providing comprehensive financial advisory services tailored to high-net-worth individuals and institutional investors. Their main objective is to create value through personalized financial planning and investment strategies that align with clients' long-term goals. Anand Rathi Wealth Ltd. offers a robust suite of services, including portfolio management, tax planning, and investment consulting. It operates across various sectors, impacting industries such as banking, finance, and real estate. This adaptability allows the company to tailor investment advice and strategies to a wide range of asset classes, encompassing equities, debt instruments, and alternative investments. In the financial market, Anand Rathi Wealth Ltd. plays a crucial role by channeling investor funds into high-growth opportunities, thereby enhancing overall economic activity. It stands out for its client-centric approach, leveraging local market expertise with a global investment vision. As a prominent player in India, the company contributes significantly to the financial advisory landscape, shaping the wealth management industry with innovative and efficient solutions.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: ANANDRATHI
- Chief executive
- Mr. Rakesh Rawal
- Employees
- 1,256
- Headquarters
- Mumbai, India
- ISIN
- INE463V01026
- Website
- anandrathiwealth.in
Public research · Report of
Business model & financial foundation
Anand Rathi Wealth (NSE: ANANDRATHI), Wealth management and mutual fund distribution: revenue of ₹1,149 crore in FY26 (+22.3% on FY25), an EBITDA margin of 41.9%, net profit of ₹395.9 crore and net cash of ₹488.8 crore.
- Revenue, FY26 (₹ crore)
- 1,149
- consolidated
- Revenue growth, FY26
- +22.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 395.9
- to owners
- Return on equity, FY26
- 47.4%
- on average equity
- Market capitalisation (₹ crore)
- 35,154
- at the close of 16 Oct 2026
Company profile
Anand Rathi Wealth is an Indian private wealth manager serving HNI families (typically INR 5-50 crore of investable assets) through about 430 relationship managers. It earns trail commissions on mutual funds (about 40% of revenue) and distribution income on structured products/market-linked debentures and other financial products (about 55%), with AUM of INR 1,08,377 crore at 30 Sep 2026. It also runs a digital wealth arm and the OFA software platform for mutual fund distributors.
| Item | Value |
|---|---|
| Legal name | Anand Rathi Wealth Limited (formerly Anand Rathi Financial Services Limited (wealth business)) |
| Exchange and ticker | NSE: ANANDRATHI; BSE: 543415 |
| ISIN | INE463V01026 |
| Sector | Financial Services |
| Industry | Wealth management and mutual fund distribution |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | KKC & Associates LLP |
| Market capitalisation | ₹35,154 crore (16 Oct 2026) |
| Shares outstanding | 16.60 crore shares (FY26) |
| Price | ₹2,143 (close, 16 Oct 2026) |
| 52-week range | ₹1,354 - ₹2,268 (to 16 Oct 2026) |
| Website | https://www.anandrathiwealth.in |
Corporate structure and shareholding
Parent: Anand Rathi group (promoters Anand Rathi and Pradeep Gupta families).
| Entity | Holding | Business |
|---|---|---|
| AR Digital Wealth Private Limited | 77.46% | Digital wealth (DFM) for the mass affluent |
| Ffreedom Intermediary Infrastructure Private Limited | 100% | Omni Financial Advisor (OFA) technology platform for MFDs/IFAs |
| Anand Rathi Wealth (UK) Limited | 100% | UK wealth expansion, incorporated Feb 2025 |
| Anand Rathi FME (IFSC) Private Limited | 100% | GIFT City fund management entity for AIFs, incorporated 16 Feb 2026 |
No material subsidiary under the company's policy as of 31 Mar 2026; private wealth in the standalone entity is the business.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 43.11% | 43.11% | 41.37% | 40.95% |
| Promoter holding pledged | 0.01% | 11.42% | 13.83% | 13.97% |
| Foreign institutions | 6.66% | 5.78% | 6.37% | 6.64% |
| Domestic institutions | 9.45% | 9.10% | 10.40% | 10.25% |
| of which mutual funds | 9.12% | 8.77% | 9.23% | |
| Retail | 40.78% | 42.01% | 41.86% | 42.16% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Anand Rathi Wealth (NSE: ANANDRATHI) is a private wealth manager for HNI families. At Sep-26 it had INR 1,08,377 cr AUM, 431 RMs and 14,309 active client families. Revenue from operations is mainly MF trail commissions (Q2 FY27 INR 144.5 cr) and other financial products/structured products (INR 197.9 cr), the latter recognised upfront. It controls client relationships and allocation but not AMC commission schedules or structured-product pricing.
| Peer | Why the dossier compares them |
|---|---|
| 360 ONE WAM (360ONE) | Largest listed Indian wealth manager; UHNI focus, AUM-linked revenue |
| Nuvama Wealth Management (NUVAMA) | Listed wealth and asset services platform; HNI/UHNI wealth franchise |
| Prudent Corporate Advisory Services (PRUDENT) | Listed mutual fund distribution platform; trail-income model like ARWL's MF revenue |
| Motilal Oswal Financial Services (MOTILALOFS) | Diversified broker with a large private wealth business |
| HDFC Asset Management (HDFCAMC) | |
| Computer Age Management Services (CAMS) | Mutual fund industry growth proxy; asset-light capital-markets compounder |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 417.5 | 548.6 | 724.3 | 939.1 | 1,149 |
| Cost of revenue (vendor classification) * | 177.7 | 241.8 | 322.2 | 401.3 | 467.8 |
| Other operating costs (vendor classification) * | 41.4 | 59.7 | 98.3 | 110.4 | 128.3 |
| EBITDA (vendor classification) * | 182.5 | 246.8 | 331.4 | 428.4 | 522.2 |
| EBIT * | 169.4 | 232.3 | 312.1 | 416.0 | 551.6 |
| Finance costs | 2.02 | 3.93 | 6.47 | 11.5 | 15.8 |
| Profit before tax statutory | 167.4 | 228.4 | 305.6 | 404.8 | 535.8 |
| Total tax expense statutory | 40.8 | 59.8 | 79.8 | 104.0 | 138.7 |
| Net profit for year continuing and discontinued | 126.8 | 168.6 | 225.8 | 300.8 | 397.4 |
| Diluted EPS, restated to post-June-2026 bonus share basis (₹) | 30.38 | 40.28 | 13.51 | 18.09 | 23.59 |
| Employee benefits expense including ESOP | 322.2 | 419.9 | 529.9 | ||
| Other expenses statutory excluding finance and depreciation | 98.3 | 119.0 | 137.4 | ||
| Revenue less employee cost less other expenses | 303.8 | 400.2 | 481.5 | ||
| Depreciation and amortisation expense | 19.4 | 25.5 | 34.1 | ||
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 0.85 | 0.96 | 1.53 | ||
| Profit attributable to owners including discontinued | 225.0 | 299.8 | 395.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity attributable to owners | 355.3 | 480.1 | 648.9 | 674.0 | 998.2 |
| Total current and noncurrent borrowings excluding leases | 39.3 | 36.7 | 8.49 | 21.8 | 17.0 |
| Cash and cash equivalents disclosed | 87.1 | 64.8 | 33.1 | 44.1 | 240.9 |
| Trade receivables | 14.9 | 0.15 | 28.2 | 35.4 | 42.8 |
| Trade payables * | 0.00 | 0.31 | 0.02 | 0.07 | 0.14 |
| Net property, plant and equipment * | 13.2 | 51.3 | 132.1 | 97.5 | 119.9 |
| Capital work in progress * | 4.55 | 0.00 | 0.82 | 0.00 | 0.00 |
| Total assets * | 480.2 | 624.1 | 879.7 | 961.4 | 1,329 |
| Current plus noncurrent investments | 112.3 | 243.8 | 264.9 | ||
| Borrowings less disclosed cash less investments | -136.9 | -266.0 | -488.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities as reported | 167.3 | 92.2 | 277.6 | 244.1 | 281.0 |
| Free cash flow (vendor definition) * | 129.7 | 67.0 | 273.1 | 203.4 | 267.6 |
| Dividends paid cash outflow | -27.7 | -45.9 | -50.1 | -66.7 | -107.9 |
| Net PPE purchase cash outflow disclosed | -15.5 | -16.9 | -4.50 | -35.8 | -13.3 |
| Buyback of equity shares excluding expenses and tax | 0.00 | -164.7 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 4.16 | 4.16 | 4.16 | 8.32 | 16.60 |
| ESOP or share-based payment expense memo | 5.70 | 0.00 | 39.3 | ||
| Unrealised investment gain in other income memo | 5.80 | 10.9 | 54.6 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 237.0 | 222.0 | 274.0 | 297.4 | 289.6 | 287.8 | 322.0 | 344.0 |
| Cost of revenue (vendor classification) * | 121.7 | 168.5 | 176.2 | |||||
| Other operating costs (vendor classification) * | 36.5 | 34.5 | 37.2 | |||||
| EBITDA (vendor classification) * | 147.5 | 153.2 | 218.9 | |||||
| EBIT * | 138.9 | 143.7 | 209.8 | |||||
| Finance costs | 3.54 | 3.67 | 3.99 | 4.83 | 3.57 | 3.40 | 3.58 | 3.20 |
| Profit before tax statutory | 104.2 | 99.5 | 126.4 | 134.0 | 135.3 | 140.3 | 206.2 | 116.9 |
| Total tax expense statutory | 26.9 | 25.7 | 32.4 | 34.2 | 35.2 | 36.8 | 43.2 | 27.7 |
| Net profit for period continuing and discontinued | 77.3 | 73.7 | 93.9 | 99.9 | 100.2 | 103.4 | 163.0 | 89.3 |
| Diluted EPS, restated to post-June-2026 bonus share basis (₹) | 4.65 | 4.44 | 5.66 | 6.02 | 6.04 | 6.14 | 9.67 | 5.30 |
| Employee benefits expense including ESOP | 100.6 | 101.1 | 114.8 | 124.9 | 121.7 | 168.5 | 176.2 | 187.6 |
| Other expenses statutory excluding finance and depreciation | 29.4 | 30.0 | 31.4 | 35.0 | 36.5 | 34.5 | 37.2 | 39.6 |
| Revenue less employee cost less other expenses | 107.1 | 90.8 | 127.8 | 137.5 | 131.4 | 84.8 | 108.7 | 116.9 |
| Depreciation and amortisation expense | 6.53 | 7.13 | 7.68 | 8.30 | 8.64 | 9.52 | 9.15 | 9.33 |
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.28 | 0.28 | 0.29 | 0.55 | 0.34 | 0.36 | 0.27 | 0.30 |
| Profit attributable to owners including discontinued | 77.0 | 73.5 | 93.6 | 99.4 | 99.9 | 103.1 | 162.7 | 89.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 57.3% | 31.4% | 32.0% | 29.7% | 22.3% |
| EBITDA margin | 41.9% | 42.6% | 41.9% | ||
| Net margin | 31.1% | 31.9% | 34.5% | ||
| Return on equity | 39.9% | 45.3% | 47.4% | ||
| Return on capital employed | 48.7% | 51.0% | 53.2% | 61.5% | 64.5% |
| Return on assets | 29.9% | 32.6% | 34.6% | ||
| Net debt (₹ crore) | -136.9 | -266.0 | -488.8 | ||
| Net debt / EBITDA | -0.45x | -0.66x | -1.02x | ||
| Interest cover | 83.8x | 59.1x | 48.3x | 36.0x | 34.9x |
| Asset turnover | 1.02x | 0.99x | 0.96x | 1.02x | 1.00x |
| Receivable days | 13 | 0 | 14 | 14 | 14 |
| Payable days (on revenue) | 0 | 0 | 0 | 0 | 0 |
| Cash conversion | 1.23x | 0.81x | 0.71x | ||
| Capex intensity | 3.7% | 3.1% | 0.6% | 3.8% | 1.2% |
| Free cash flow (₹ crore) | 151.9 | 75.3 | 273.1 | 208.3 | 267.6 |
| Dividend payout | 22.2% | 22.2% | 27.3% | ||
| EPS, diluted (₹) | 30.38 | 40.28 | 13.51 | 18.09 | 23.59 |
| Book value per share (₹) | 85.48 | 115.3 | 156.0 | 81.04 | 60.11 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Revenue less employee cost less other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less disclosed cash less investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Revenue less employee cost less other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, restated to post-June-2026 bonus share basis).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Anand Rathi Wealth
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