evenfolio

Financial Services · NSE: ANANDRATHI

Anand Rathi Wealth

Price as of 12 Nov 2026
2,385.000.00%

Q2 FY27 earnings call · Guided by management

Call held 12 Oct 2026 · Read the filing on NSEFiling

₹1,415​CrRevenue · FY27Azeez · p. 3
50​%Trails share · Structured products (MLD)Azeez · Q&A · p. 6
₹460​CrPAT · FY27Azeez · p. 3
20–25​%PAT growth · near-termAzeez · Q&A · p. 6
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 FY27Q2 FY26YoYQ1 FY27QoQ
Revenue344297+15.7%322+6.8%
PBTProfit before tax117134-12.8%206-43.3%
Net profit8999-10.5%163-45.3%
EPS (₹)5.3012.03-55.9%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

Revenue · FY27Rs 1,415 CrFY27 revenue guidance at Rs 1,415 crore; 49% delivered in H1
Profit growth · FY2720-25%Management not worried about near-term 20%-25% PAT growth
Net profit · FY27Rs 460 CrFY27 PAT guidance of 460; 52% achieved in first 6 months
Margin · long term40%PBT margin target above 40%

More figures from the call

Company · Guidance
30​%PAT margin
“I have to have my PAT above 30%”
Feroze Azeez · Joint Chief Executive Officerp. 9
Company · Guidance
₹6,000–8,000​CrNet flows · H2 FY27
“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.”
Feroze Azeez · Joint Chief Executive Officer · Q&Ap. 14
Company · Guidance
₹1,20,000​CrAUM · FY27
“Arun sir, namaste, sir. We have a target of INR1.2 lakh crores for the year on the AUM bit.”
Feroze Azeez · Joint Chief Executive Officer · Q&Ap. 14
Company · Guidance
₹3,000–4,000​CrNet flows · next two quarters
“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.”
Feroze Azeez · Joint Chief Executive Officer · Q&Ap. 14
Company · Capacity
8,000​clientsSpare client capacity
“Today we have 431 relationship managers, still having a capacity to handle 8,000 more clients.”
Feroze Azeez · Joint Chief Executive Officer · Q&Ap. 16
Company · Capacity
100​RMsRM additions · next 1 year, 1.5 years
“The next 100 RMs are already identified and being trained to be promoted in the next 1 year, 1.5 years”
Feroze Azeez · Joint Chief Executive Officer · Q&Ap. 16

In short

  1. 01FY27 revenue guidance stands at Rs 1,415 crore; 49% delivered in H1.
  2. 02PAT guidance of Rs 460 crore for FY27; 52% achieved in H1, not revised down.
  3. 03H1 FY27 PAT rose about 23% to Rs 238 crore; revenue rose 17% to Rs 693 crore.
  4. 04Q2 net flows of Rs 4,186 crore, up 39%; target of Rs 6,000-8,000 crore net flows for rest of year.
  5. 05AUM target of Rs 1.2 lakh crore for the year; management unsure it will be reached.
  6. 06Management targets PBT margin above 40% and PAT margin above 30%.
  7. 07Mutual fund licence application expected to be filed by 20 October; AMC to be a wholly owned subsidiary.
  8. 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
“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
“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
“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
“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
“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
“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
“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
“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
“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 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
“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
“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
“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
“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
“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
“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
“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
“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
“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
“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
“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
“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
“I would say one regret attrition we've had in H1 FY27.”

One-offs

Q2 non-cash charges of Rs 46 crore

Rajesh Bhutara · Chief Financial Officer · Q&A · p. 10
“Non-cash charges, INR46 crores.”

Non-cash charges were zero in the same quarter last year

₹0​Cr
Rajesh Bhutara · Chief Financial Officer · Q&A · p. 10
“Last year is zero.”

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
“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
“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
“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
“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
“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
“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
“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
“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
“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
“People either have to walk up to us or they have to be referred. That's the destination model in 3 years.”

Sources

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.

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