Financial Services · NSE: ANANDRATHI
Anand Rathi Wealth
Q2 FY27 earnings call · Guided by management
Call held 12 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹39,601Cr
- P/E
- 87.1×
- 1Y return
- +53.99%
- From 52W high
- −0.4%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 344 | 297 | +15.7% | 322 | +6.8% |
| PBTProfit before tax | 117 | 134 | -12.8% | 206 | -43.3% |
| Net profit | 89 | 99 | -10.5% | 163 | -45.3% |
| EPS (₹) | 5.30 | 12.03 | -55.9% | 9.67 | -45.2% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
More figures from the call
“I have to have my PAT above 30%”
“We have a target of generating net flows of INR6,000 crores - INR7,000 crores - INR8,000 crores, with God's grace, for the residual year.”
“Arun sir, namaste, sir. We have a target of INR1.2 lakh crores for the year on the AUM bit.”
“So, will we get to 1,20,000, don't know, but will we get to the net flow of INR3,000 crores, INR4,000 crores for the next two quarters. We will try our best.”
“Today we have 431 relationship managers, still having a capacity to handle 8,000 more clients.”
“The next 100 RMs are already identified and being trained to be promoted in the next 1 year, 1.5 years”
In short
- 01FY27 revenue guidance stands at Rs 1,415 crore; 49% delivered in H1.
- 02PAT guidance of Rs 460 crore for FY27; 52% achieved in H1, not revised down.
- 03H1 FY27 PAT rose about 23% to Rs 238 crore; revenue rose 17% to Rs 693 crore.
- 04Q2 net flows of Rs 4,186 crore, up 39%; target of Rs 6,000-8,000 crore net flows for rest of year.
- 05AUM target of Rs 1.2 lakh crore for the year; management unsure it will be reached.
- 06Management targets PBT margin above 40% and PAT margin above 30%.
- 07Mutual fund licence application expected to be filed by 20 October; AMC to be a wholly owned subsidiary.
- 08GIFT City approval received; two funds planned in a couple of months, not in guidance.
Segments
Digital wealth: Digital wealth AUM reached Rs 2,531 crore; clients up 15% to 7,584
Feroze Azeez · Joint Chief Executive Officer · p. 4
Digital wealth: Digital wealth AUM reached Rs 2,531 crore; clients up 15% to 7,584
“reached INR 2,531 crores, and the number of clients increased 15% to 7,584.”
Omni Financial Advisor: OFA SaaS platform has about 6,898 subscribers
Feroze Azeez · Joint Chief Executive Officer · p. 4
Omni Financial Advisor: OFA SaaS platform has about 6,898 subscribers
“OFA business, Omni Financial Advisor business, which is a SaaS platform, has close to about 6,898 subscribers”
Structured products (MLD): MLD business does not worry management; called scalable
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 5
Structured products (MLD): MLD business does not worry management; called scalable
“So, does it worry me? No. Does it require professional management to be able to make sure it is not worrisome? The answer is yes. So, is it scalable? The answer is a big yes.”
Structured products (MLD): No structured product issued since December 2012 has lost money at maturity
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 6
Structured products (MLD): No structured product issued since December 2012 has lost money at maturity
“None of them in the history of Anand Rathi's issuance from 2012 December have ever lost money at maturity.”
Structured products (MLD): Structured products: 90% modelled success, 94%-95% actual over 14 years
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 17
Structured products (MLD): Structured products: 90% modelled success, 94%-95% actual over 14 years
“That's what, like most of the products which we have designed and launched from the last 14 years would have shown a probability of 90% of the victory, but actual transpired is 94%-95%.”
Demand
Q2 net new money of Rs 4,186 crore, up 39% year-on-year
Feroze Azeez · Joint Chief Executive Officer · p. 3
Q2 net new money of Rs 4,186 crore, up 39% year-on-year
“we collected new fresh moneys of INR 4,186 crores, which is up 39% from the last year's number”
Highest ever quarterly equity mutual fund net flow of Rs 2,867 crore, up 39%
Feroze Azeez · Joint Chief Executive Officer · p. 3
Highest ever quarterly equity mutual fund net flow of Rs 2,867 crore, up 39%
“Second, we recorded our highest ever quarterly equity mutual fund net flow, again, in the last 20 years we have not been able to achieve that, and with your support and client support, we have achieved INR 2,867 crores, up 39%.”
Highest ever monthly client acquisition in September
Feroze Azeez · Joint Chief Executive Officer · p. 4
Highest ever monthly client acquisition in September
“Third, we recorded our highest ever monthly client acquisition in the month of September”
Private wealth: 1,500 net new client families in 12 months; total 14,309
Feroze Azeez · Joint Chief Executive Officer · p. 4
Private wealth: 1,500 net new client families in 12 months; total 14,309
“during the last 12 months, we have added 1,500 new client families on the net basis, bringing our total client families to 14,309.”
References have been 50%-70% of clients
Feroze Azeez · Joint Chief Executive Officer · p. 8
References have been 50%-70% of clients
“references have always been 50%-70% of our clientele.”
Margins and costs
ESOP cost expected to reduce sharply
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 5
ESOP cost expected to reduce sharply
“So, to answer your question, will the ESOP cost reduce? Yes, dramatically, yes.”
UHNI clients: No fee discount for large clients
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 7
UHNI clients: No fee discount for large clients
“Absolutely. I get if not the same, marginally better maybe, I've not checked, but we don't give any discount on fee.”
Excess margin would be reinvested in the business
Feroze Azeez · Joint Chief Executive Officer · p. 9
Excess margin would be reinvested in the business
“I would bring it back down by investing in things which I think which will keep my business up and running and consistently running 20 years from now.”
Technology costs not expected to go up
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 9
Technology costs not expected to go up
“So, point one, is our technology going to become more efficient, our costs are going to go up? I don't think it'll go up.”
CFO says all margins maintained; no treasury risks
Rajesh Bhutara · Chief Financial Officer · Q&A · p. 9
CFO says all margins maintained; no treasury risks
“No. We have maintained all the margin. No treasury wise risks in our case”
Acquisitions and new business
Operations started in London; regulatory approvals received for GIFT City
Feroze Azeez · Joint Chief Executive Officer · p. 4
Operations started in London; regulatory approvals received for GIFT City
“Also, last quarter we started operations in London, UK, and we have received requisite regulatory approvals to commence operations in GIFT City, India.”
GIFT City: Nothing from GIFT City included in this year's 20%-25% PAT growth or revenue guidance
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 11
GIFT City: Nothing from GIFT City included in this year's 20%-25% PAT growth or revenue guidance
“for my first 20%-25% PAT growth or revenue guidance for this year, I have not provisioned anything.”
GIFT City: GIFT City licence to be used to bring money into India
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 11
GIFT City: GIFT City licence to be used to bring money into India
“we will use that license as of course expected and the license in nature as well, to bring money to India.”
GIFT City: GIFT City business to stay inward-only, short and long term
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 12
GIFT City: GIFT City business to stay inward-only, short and long term
“So yes, sir, always inward so far, long term also inward.”
Mutual fund (AMC): Mutual fund licence application expected to be filed by 20 October
Rajesh Bhutara · Chief Financial Officer · Q&A · p. 12
Mutual fund (AMC): Mutual fund licence application expected to be filed by 20 October
“We're already in preparation, almost data is prepared. So, mostly in the -- up to 20th of October, we can file.”
Dividends and buybacks
Interim dividend of Rs 4 per share declared
Feroze Azeez · Joint Chief Executive Officer · p. 3
Interim dividend of Rs 4 per share declared
“Continuing our policy of rewarding shareholders, the Board of Directors have declared an interim dividend of INR 4 per share”
Rs 4 dividend is on about 16 crore shares after bonus
Feroze Azeez · Joint Chief Executive Officer · p. 3
Rs 4 dividend is on about 16 crore shares after bonus
“and after a bonus, so INR 4 per share of the new 16-odd crores shares which are outstanding.”
Management
One regret RM attrition in H1 FY27
Feroze Azeez · Joint Chief Executive Officer · p. 4
One regret RM attrition in H1 FY27
“I would say one regret attrition we've had in H1 FY27.”
One-offs
Risks
Structured products (MLD): Some structured products delivered 6%-7% instead of full 14%-15% this year
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 6
Structured products (MLD): Some structured products delivered 6%-7% instead of full 14%-15% this year
“But that streak broke in this year and some products didn't deliver the full 14%-15%, but delivered 6%-7%.”
Rs 2,000 crore mark-to-market loss on AUM this quarter
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 14
Rs 2,000 crore mark-to-market loss on AUM this quarter
“So, there is INR 2,000 crores mark-to-market loss this quarter.”
SEBI mutual fund PMS change not seen as competitive threat
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 19
SEBI mutual fund PMS change not seen as competitive threat
“No, sir. No, sir. Not at all.”
Nifty down 5%; company's overall assets would have fallen about 1.5%
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 14
Nifty down 5%; company's overall assets would have fallen about 1.5%
“Okay, so Nifty is down 5%, our total overall assets would have fallen about 1% and 1/2%.”
AUM called the most volatile guidance, dependent on external variables
Feroze Azeez · Joint Chief Executive Officer · Q&A · p. 14
AUM called the most volatile guidance, dependent on external variables
“our most volatile guidance, which is AUM, because it depends on Trump sir and so many other external variables, is the most volatile one”
Other
H1 FY27 adjusted PAT up about 23% to Rs 238 crore; revenue up 17% to Rs 693 crore
Feroze Azeez · Joint Chief Executive Officer · p. 3
H1 FY27 adjusted PAT up about 23% to Rs 238 crore; revenue up 17% to Rs 693 crore
“after-tax PAT grew by about 23% year-on-year to INR 238 crores, while revenue increased 17% year-on-year to INR 693 crores.”
Q2 FY27 consolidated net profit Rs 122 crore, up 22% year-on-year
Feroze Azeez · Joint Chief Executive Officer · p. 3
Q2 FY27 consolidated net profit Rs 122 crore, up 22% year-on-year
“Similar for the Q2 FY27, we reported a consolidated profit, net profit of INR 122 crores, registering a year-on-year growth of 22%.”
Q2 FY27 total revenue up about 16% to Rs 357 crore
Feroze Azeez · Joint Chief Executive Officer · p. 3
Q2 FY27 total revenue up about 16% to Rs 357 crore
“Total revenue during this period rose by about 16% to INR 357 crores.”
Private wealth: Client attrition by AUM lost at 0.17% in Q2 and 0.26% in H1 FY27
Feroze Azeez · Joint Chief Executive Officer · p. 4
Private wealth: Client attrition by AUM lost at 0.17% in Q2 and 0.26% in H1 FY27
“Client attrition rate in terms of AUM lost remained low, 0.17% for Q2 FY27, and 0.26% for half year FY27.”
Client acquisition to be by referrals and walk-ins only within 3 years
Feroze Azeez · Joint Chief Executive Officer · p. 8
Client acquisition to be by referrals and walk-ins only within 3 years
“People either have to walk up to us or they have to be referred. That's the destination model in 3 years.”
Sources
- Earnings call transcript, Q2 FY27 Filed 16 Oct 2026 · 20 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.

