Anand Rathi Q1FY27 PAT Up 23.5% to ₹116 Crore

Consolidated Financial Performance - Q1FY27

Revenue Performance:

Revenue from Operations: ₹322 crore (up 17.5% YoY from ₹274 crore in Q1FY26)
Total Revenue: ₹336 crore (up 18.4% YoY from ₹284 crore in Q1FY26)

Expense Breakdown:

Employee Expenses: ₹130 crore (up 13.4% YoY from ₹114 crore)
Other Expenses: ₹49 crore (up 15.8% YoY from ₹43 crore)
Total Costs: ₹180 crore (up 14.1% YoY from ₹157 crore)

Profitability:

Profit Before Tax (PBT): ₹156 crore (up 23.8% YoY from ₹126 crore)
Profit After Tax (PAT): ₹116 crore (up 23.5% YoY from ₹94 crore)
PAT Margin: 34.4% (improved from 33.0% in Q1FY26)

Asset Under Management (AUM):

Total AUM: ₹1,06,300 crore (up 21.1% YoY from ₹87,797 crore)

Note: Q1FY27 results exclude fair value gains on investments, ESOP expenses, and related tax effects.

Business Performance Metrics

AUM Composition (as of March 2026):

MF - Equity & Debt: ₹51,509 crore (14.6% growth YoY)
Structured Products: ₹26,472 crore (22.8% growth YoY)
Others: ₹15,056 crore (42.0% growth YoY)
Total AUM: ₹93,037 crore (20.7% growth YoY)

Market Share - Equity Mutual Funds (AMFI Data):

March 2025: ₹40,781 crore AUM with 1.38% market share
March 2026: ₹47,238 crore AUM (market share not specified for March 2026)
Industry AUM grew from ₹29,45,306 crore (Mar-25) to ₹31,97,698 crore (Mar-26)

FY27 Guidance vs Q1 Actuals

| Revenue | 1,415 | 336 | 24% |

| Profit After Tax | 460 | 116 | 25% |

| AUM | 1,20,000 | 1,06,300 | N/A |

Guidance and actuals exclude fair value gains on investments, ESOP expenses, and related tax effects.

Dividend History

The company has consistently rewarded shareholders with increasing dividends:

FY22: ₹5.5/share total dividend (₹45.82 crore)
FY23: ₹6.0/share total dividend (₹50.02 crore)
FY24: ₹7.0/share total dividend (₹58.52 crore)
FY25: ₹10.5/share total dividend (₹87.17 crore)
FY26: ₹13.0/share total dividend (₹107.93 crore)

All dividends declared prior to FY25 final dividend have been adjusted for the 1:1 bonus issue in March 2025 for comparability.

Investment Performance

ARWL Strategy Performance (Apr'14 to Jun'26):

CAGR: 15.54%
Value of ₹10 crore invested: ₹58.75 crore
Outperformed Nifty 50 (10.89% CAGR, ₹35.51 crore value)
Differential Performance: 4.65%
Beta to Nifty 50: 0.57
Jensen's Alpha: 6.53%

Business Philosophy Highlights

The presentation outlines the company's core business principles:

1. Wealth management is a credibility marathon, not a capital race

2. Business of patience and time, not speed

3. Requires backward integration (distribution first, manufacturing later)

4. Leadership must include active relationship management roles

5. Absolute transparency with clients about earnings

6. Focus on building rather than buying relationship managers

7. Intergenerational wealth focus over buoyant capital

8. Long-term platform thinking for RM retention

Client Survey Findings

A survey of 6,155 investors across locations, age groups, and risk profiles revealed that risk-adjusted return is a top priority for 90% of investors.

Management and Governance

Board of Directors:

Mr. Anand Rathi (Chairman & Non-Executive Director)
Mr. Pradeep Kumar Gupta (Non-Executive Director)
Mr. Rakesh Rawal (Executive Director & CEO)
Mr. Adesh Gupta (Independent Director)
Mr. Debashish Panda (Independent Director)
Mrs. Deena Mehta (Independent Director)

Key Leadership:

Mr. Rakesh Rawal (Executive Director & CEO)
Mr. Feroze Azeez (Joint Chief Executive Officer)
Mr. Jugal Mantri (Group Chief Financial Officer)
Mr. Rajesh Bhutara (Chief Financial Officer)
Mr. Chirag Muni (Chief Process Officer)
Mr. Chintak Shah (Key Personnel)
Ms. Tejal Shah (Key Personnel)

Historical Financial Trends

Revenue Growth (Consolidated):

FY21: ₹279 crore
FY22: ₹425 crore
FY23: ₹559 crore
FY24: ₹752 crore
FY25: ₹980 crore
FY26: ₹1,253 crore

PAT Growth (Consolidated):

FY21: ₹45 crore
FY22: ₹127 crore
FY23: ₹169 crore
FY24: ₹226 crore
FY25: ₹301 crore
FY26: ₹397 crore