ANANDRATHI - Anand Rathi Wealth Limited Share Price

Capital Markets

₹1704.80-40.80(-2.34%)

Market Closed as of May 6, 2025, 15:30 IST

What does Anand Rathi Wealth Limited do?

Financial Products Distributor•Financial Services•Small Cap

Anand Rathi Wealth Limited provides financial and insurance services in India. The company distributes equity and debt mutual funds, non-principal protected structured products, and other financial products. It also operates a technology platform for financial advisors, which include client reporting, business dashboard, client engagement, online mutual fund transactions, and goal planning products. The company was formerly known as Anand Rathi Wealth Services Limited and changed its name to Anand Rathi Wealth Limited in January 2021. Anand Rathi Wealth Limited was incorporated in 1995 and is based in Mumbai, India.

Industry Group:Capital Markets

Employees:1,012

Website:anandrathiwealth.in

Pros

Profitability: Very strong Profitability. One year profit margin are 30%.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Size: Market Cap wise it is among the top 20% companies of india.

Growth: Good revenue growth. With NA% growth over past three years, the company is going strong.

Balance Sheet: Strong Balance Sheet.

Cons

Momentum: Stock has a weak negative price momentum.

Smart Money: Smart money looks to be reducing their stake in the stock.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: ANANDRATHI vs Capital Markets

Comprehensive comparison against sector averages

Comparative Metrics

ANANDRATHI metrics compared to Capital

Category	ANANDRATHI	Capital
PE	25.15	24.85
PS	7.62	8.11
Growth	33.5 %	21.8 %

Performance Comparison

ANANDRATHI vs Capital (2022 - 2025)

Key Insights

1. ANANDRATHI is NOT among the Top 10 largest companies in Capital Markets.
2. The company holds a market share of 1.7% in Capital Markets.
3. In last one year, the company has had an above average growth that other Capital Markets companies.

Share Holdings

Understand Anand Rathi Wealth ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-06

Shareholder Name	Holding %
Anand Rathi Financial Services Limited	19.92%
Anand Rathi	9.97%
Trusts	4.79%
Amit Rathi	4.58%
Pradeep Kumar Gupta	4.43%
Feroze Azeez - Azeez Family Trust	2.67%
Priti Pradeep Gupta	2.66%
Feroze Azeez	2.05%
Sbi Small Cap Fund	1.84%
Pradeep Kumar Gupta HUF	1.79%
M/S Jaipur Securities Pvt. Ltd.	1.48%
Navratan Mal Gupta HUF	1.41%
Supriya Rathi	1.15%
Echjay Industries Private	1.07%
Preeti Rawal - Suhas Gupta Family Trust	1.05%
Rakesh Rawal - Rawal Family Trust	1.05%
Munix(India)private	1%
Twelfth Tier Property Limited	0.43%
Anand Rathi IT Private Limited	0.36%
Pooja Maru	0.14%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Income Statement for Anand Rathi Wealth

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-2.6%	228	234	229	177	175	175
Other Income	2.1%	6.38	6.27	7.23	12	4.21	6.02
Total Income	-2.1%	235	240	237	189	179	181
Employee Expense	-8.5%	98	107	107	82	76	79
Finance costs	29.9%	3.52	2.94	1.38	1.83	1.63	1.61
Depreciation and Amortization	10.4%	5.24	4.84	4.39	3.94	3.74	3.34
Other expenses	4.2%	26	25	27	24	21	21
Total Expenses	-5%	133	140	139	112	103	105
Profit Before exceptional items and Tax	1%	102	101	97	77	76	76
Total profit before tax	1%	102	101	97	77	76	76
Current tax	-4%	25	26	26	20	19	19
Deferred tax	98.4%	0.97	-0.9	-0.62	1.94	0.54	0.98
Total tax	4.2%	26	25	25	22	20	20
Total profit (loss) for period	1.4%	76	75	72	56	57	57
Other comp. income net of taxes	9%	-0.51	-0.66	-1.59	0.07	0.04	-0.43
Total Comprehensive Income	1.4%	75	74	71	56	57	56
Earnings Per Share, Basic	1%	18.194	18.02	17.27	13.305	13.64	13.58
Earnings Per Share, Diluted	1%	18.194	18.02	17.25	13.289	13.6	13.54

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Revenue From Operations	31.2%	695	530	404
Other Income	274.8%	26	7.67	5.29
Total Income	33.9%	720	538	409
Employee Expense	33.8%	314	235	186
Finance costs	87.6%	6.44	3.9	2.01
Depreciation and Amortization	18.2%	14	12	11
Other expenses	41.7%	86	61	44
Total Expenses	35.5%	421	311	243
Profit Before exceptional items and Tax	32.9%	300	226	166
Total profit before tax	32.9%	300	226	166
Current tax	36.4%	76	56	40
Deferred tax	48.1%	2.17	1.79	0.19
Total tax	35.1%	78	58	41
Total profit (loss) for period	31.7%	221	168	125
Other comp. income net of taxes	41.1%	-0.03	-0.75	0.09
Total Comprehensive Income	32.5%	221	167	126
Earnings Per Share, Basic	32.3%	53.055	40.36	30.18
Earnings Per Share, Diluted	32.7%	52.989	40.18	30.05

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-2.1%	237	242	238	184	182	183
Other Income	0.3%	7.17	7.15	7.81	13	4.83	6.49
Total Income	-2.4%	244	250	245	197	187	189
Employee Expense	-7.4%	101	109	109	84	78	81
Finance costs	30.3%	3.54	2.95	1.38	1.84	1.64	1.62
Depreciation and Amortization	7.8%	6.53	6.13	5.67	5.21	5.02	4.61
Other expenses	0%	29	29	31	27	24	24
Total Expenses	-4.8%	140	147	146	118	109	111
Profit Before exceptional items and Tax	2%	104	102	99	79	78	78
Total profit before tax	2%	104	102	99	79	78	78
Current tax	-3.8%	26	27	26	20	19	19
Deferred tax	110.5%	1.21	-1	-0.23	2.4	0.91	1.3
Total tax	4%	27	26	26	22	20	20
Total profit (loss) for period	1.3%	77	76	73	57	58	58
Other comp. income net of taxes	12.3%	-0.5	-0.71	-1.63	0.06	0.04	-0.45
Total Comprehensive Income	1.3%	77	76	72	57	58	57
Earnings Per Share, Basic	1.5%	18.578	18.32	17.56	13.62	13.91	13.83
Earnings Per Share, Diluted	1.5%	18.578	18.32	17.54	13.6	13.87	13.78

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Revenue From Operations	31.9%	724	549	417
Other Income	210.7%	28	9.69	8.14
Total Income	34.8%	752	558	426
Employee Expense	33.2%	322	242	191
Finance costs	86.7%	6.47	3.93	2.02
Depreciation and Amortization	12.5%	19	17	16
Other expenses	44.8%	98	68	49
Total Expenses	35.3%	446	330	258
Profit Before exceptional items and Tax	34.4%	306	228	168
Total profit before tax	34.4%	306	228	168
Current tax	36.4%	76	56	40
Deferred tax	10.2%	3.6	3.36	0.48
Total tax	33.9%	80	60	41
Total profit (loss) for period	33.9%	226	169	127
Other comp. income net of taxes	41.3%	-0.08	-0.84	0.08
Total Comprehensive Income	34.7%	226	168	127
Earnings Per Share, Basic	34.6%	54.1	40.46	30.49
Earnings Per Share, Diluted	35%	54.03	40.28	30.36

Cash Flow for Anand Rathi Wealth

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	86.7%
Depreciation	12.5%
Dividend income	-
Adjustments for interest income	202.6%
Share-based payments	158.2%
Net Cashflows from Operations	143.9%
Income taxes paid (refund)	-6.2%
Net Cashflows From Operating Activities	233.7%
Proceeds from sales of PPE	-
Purchase of property, plant and equipment	-106.2%
Proceeds from sales of investment property	-64.7%
Purchase of investment property	-64.7%
Dividends received	-
Interest received	172.9%
Other inflows (outflows) of cash	-548.6%
Net Cashflows From Investing Activities	-445.6%
Proceeds from issuing shares	3.1%
Repayments of borrowings	2.8%
Payments of lease liabilities	-114.4%
Dividends paid	8.9%
Interest paid	100%
Other inflows (outflows) of cash	-
Net Cashflows from Financing Activities	-12%
Net change in cash and cash eq.	-38.2%

Standalone figures (in Rs. Crores) / View Consolidated Data

Finance costs	87.6%
Depreciation	18.2%
Dividend income	-
Adjustments for interest income	292.2%
Share-based payments	158.2%
Net Cashflows from Operations	98.7%
Income taxes paid (refund)	-6.2%
Net Cashflows From Operating Activities	146.3%
Proceeds from sales of PPE	-
Purchase of property, plant and equipment	-77.7%
Proceeds from sales of investment property	-67%
Purchase of investment property	-67%
Dividends received	-
Interest received	255.5%
Other inflows (outflows) of cash	-533.2%
Net Cashflows From Investing Activities	-415.2%
Proceeds from issuing shares	3.1%
Repayments of borrowings	-0.7%
Payments of lease liabilities	-
Dividends paid	8.9%
Interest paid	103.3%
Other inflows (outflows) of cash	-
Net Cashflows from Financing Activities	-11.7%
Net change in cash and cash eq.	-5098.6%

Balance Sheet for Anand Rathi Wealth

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	352.6%	87	20	144	58	176	57
Current investments	28.6%	1.18	1.14	0	0	15	0
Total current financial assets	-10.2%	493	549	430	298	307	160
Total current assets	-9.6%	502	555	439	304	312	166
Property, plant and equipment	-31.5%	90	131	125	110	104	93
Capital work-in-progress	322.2%	1.4	0.82	0	0	0	0
Non-current investments	0%	201	201	197	193	193	193
Total non-current financial assets	1%	208	206	200	197	196	198
Total non-current assets	6.2%	359	338	358	337	328	335
Total assets	-3.7%	861	894	797	644	641	501
Borrowings, non-current	-	0	0	4.16	22	12	17
Total non-current financial liabilities	47.1%	51	35	31	22	20	17
Provisions, non-current	105.9%	5.22	3.05	2.22	3.48	2.54	1.86
Total non-current liabilities	43.6%	57	40	34	26	23	27
Borrowings, current	-56.8%	4.16	8.32	8.3	14	8.28	8.34
Total current financial liabilities	122.4%	110	50	104	24	126	34
Provisions, current	-13.9%	94	109	61	80	46	53
Total current liabilities	27.5%	219	172	175	113	180	94
Total liabilities	30.3%	276	212	209	139	203	121
Equity share capital	0%	21	21	21	21	21	21
Total equity	-14.2%	585	682	588	505	438	381
Total equity and liabilities	-3.7%	861	894	797	644	641	501

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	268.8%	119	33	175	60	199	87
Current investments	28.6%	1.18	1.14	0	0	15	0
Total current financial assets	-8.5%	552	603	478	336	345	194
Total current assets	-7.7%	562	609	486	342	350	201
Property, plant and equipment	-31.3%	91	132	125	111	104	94
Capital work-in-progress	322.2%	1.4	0.82	0	0	0	0
Goodwill	0%	2.9	2.9	2.9	2.9	2.9	2.9
Non-current investments	0%	111	111	107	106	103	104
Total non-current financial assets	1.7%	118	116	110	109	106	108
Total non-current assets	6.7%	289	271	294	276	270	279
Total assets	-3.4%	850	880	780	624	620	480
Borrowings, non-current	-3.4%	0.1	0.13	4.31	23	12	17
Total non-current financial liabilities	5847.1%	51	0.13	31	23	20	17
Provisions, non-current	90.3%	5.89	3.57	2.68	3.89	2.91	2.13
Total non-current liabilities	45%	59	41	34	27	23	27
Borrowings, current	-56.4%	4.21	8.36	8.34	14	8.28	8.34
Total current financial liabilities	168.3%	111	42	105	25	127	30
Provisions, current	-13.9%	94	109	62	80	46	54
Total current liabilities	27.3%	225	177	181	117	184	98
Total liabilities	30.4%	284	218	215	144	207	125
Equity share capital	0%	21	21	21	21	21	21
Non controlling interest	0%	13	13	12	12	12	12
Total equity	-14.4%	567	662	565	480	413	355
Total equity and liabilities	-3.4%	850	880	780	624	620	480

Valuation
Market Cap	7.14 kCr
Price/Earnings (Trailing)	25.15
Price/Sales (Trailing)	7.62
EV/EBITDA	17.1
Price/Free Cashflow	57.08
MarketCap/EBT	18.58

Fundamentals
Revenue (TTM)	936.46 Cr
Rev. Growth (Yr)	30.41%
Rev. Growth (Qtr)	-2.17%
Earnings (TTM)	283.92 Cr
Earnings Growth (Yr)	33.18%
Earnings Growth (Qtr)	1.3%

Profitability
Operating Margin	41.04%
EBT Margin	41.04%
Return on Equity	50.1%
Return on Assets	33.39%
Free Cashflow Yield	1.75%

Investor Care
Dividend Yield	0.61%
Dividend/Share (TTM)	10.5
Shares Dilution (1Y)	0.55%
Diluted EPS (TTM)	68.04

Financial Health
Current Ratio	2.5
Debt/Equity	0.01
Debt/Cashflow	64.4

Summary of Latest Earnings Report from Anand Rathi Wealth

Summary of Anand Rathi Wealth's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Apr 25

Management Outlook:
Anand Rathi Wealth Limited (ARWL) projects revenue guidance of INR 1,175 crores (+20% YoY) and PAT of INR 375 crores (+24% YoY) for FY26. The management emphasizes sustaining 20-25% PAT growth over the long term, driven by consistent execution, low client/RM attrition, and scalable business models. Equity-oriented AUM (53% of total AUM) and structured products remain focal points to deliver market-agnostic returns.

Key Highlights:

FY25 Performance:
- Consolidated revenue grew 30% YoY to INR 981 crores; PAT rose 33% YoY to INR 301 crores.
- AUM surged 30% YoY to INR 77,103 crores, with equity mutual funds contributing 53% (vs. 51% in FY24).
- Net inflows hit INR 12,617 crores (+76% YoY); Q4 FY25 net flows were INR 3,472 crores.
Operational Metrics:
- Client families grew to 11,732 (+1,821 net additions); attrition rate at 0.52% (AUM basis).
- RM attrition <1% (only 2 RMs left in FY25).
- Digital Wealth AUM grew 17% to INR 1,812 crores; OFA platform assets at INR 143,000 crores.
Expansion & Efficiency:
- Plans to grow RM headcount by 50-60 in FY26; leveraging technology to enhance productivity (AUM/RM: ~INR 198 crores).
- International expansion: UK subsidiary incorporation, Bahrain rep office, and Dubai operations to target offshore clients.
Market Strategy:
- Structured products (INR 3,500"“4,000 crores maturing in FY26) and mutual funds remain core, with a focus on volatility-resilient portfolios.
- Reiterated confidence in India's investor-friendly regulations and long-term equity potential.

Dividend & Shareholder Returns: Final dividend of INR 7/share declared (post-bonus), maintaining cumulative payout at INR 14/share for FY25.

Q&A Session

Last updated: Apr 25

Q: How are structured products being placed given the current market scenario, and how is the mutual fund distribution strategy adjusted amid weak market conditions? What is the progress on the UK subsidiary, and how does the RM team expansion plan address high AUM/client per RM metrics?
A: Structured products gain client traction during market volatility due to capped returns and recent maturities delivering maximum coupons. Mutual fund equity inflows grew 67% despite adverse conditions. The UK subsidiary is licensed and awaiting operational activation, with Bahrain expansion planned. RM additions target 50"“60 annually, supported by technology and training to enhance productivity. Existing RMs have unutilized capacity (19 clients per RM), enabling scalable growth without immediate hiring.

Q: Why did Q4 other income increase materially, and how will FY26 PAT guidance of Rs.375 Cr require significant EBITDA margin expansion (44"“45%) through operating leverage?
A: Q4 other income rose due to fair value gains on long-term unlisted investments (Rs.10.8 Cr) and higher interest income from fixed deposits. FY26 guidance assumes moderate operational efficiency (1"“2% margin improvement) via tech investments, office redesign, and process optimization, not drastic cost-cutting. Revenue/PAT growth targets (20%/24%) align with reinvestment in scalability while maintaining 30% PAT margins.

Q: What were the primary/secondary structured product issuances in Q4, and how much is maturing in FY26?
A: Q4 primary structured product issuances totaled Rs.1,392 Cr, secondary Rs.847 Cr. FY26 maturities are projected at Rs.3,500"“4,000 Cr across internal and external issuers, higher than FY25 due to extended product tenures post-2020.

Q: Why did structured product AUM grow 50% YoY while revenue rose only 15"“17%, indicating yield compression? How does Anand Rathi view SEBI's new Specialized Investment Funds (SIF)?
A: Structured product revenue is annualized (~1.18% yield on AUM), not compressed. SIFs are seen as non-viable due to low leverage limits (0.25x), high minimum tickets (Rs.10 lakh), and lack of track record. The focus remains on existing mutual funds and structured products meeting client return targets.

Q: Can the company explain structured product mechanics and risks comprehensively via a dedicated session?
A: A dedicated Zoom session will be organized to explain structured products, emphasizing Black-Scholes-based hedging (delta/gamma/vega management) and historical performance. Products use put spreads calibrated to India's macro environment (high rates/volatility) and are fully hedged by issuers.

Q: What is the total addressable market (TAM) for structured products, and what is the product mix (equity vs. structured) in client portfolios?
A: Structured products address ~35% of client AUM (Rs.35,000 Cr annually if AUM reaches Rs.1 lakh Cr). Portfolios vary by client risk profile: equity mutual funds (45"“65%) and structured products (balance), targeting 14% returns with 0.6 beta.

Q: What market return and flow assumptions underpin FY26 guidance?
A: Guidance uses bottom-up RM/client-level targets, assuming 8% market returns and mutual fund alpha. No top-down market assumptions; revenue/PAT forecasts derive from RM business plans and maturing AUM.

Q: What proportion of flows come from existing vs. new clients, and could GIFT City expansion optimize NRI-related tax efficiency?
A: 63% of FY25 flows came from existing clients, 37% from new families. NRIs contribute 10"“12% of AUM. GIFT City subsidiary plans are under evaluation to tax-efficiently serve NRIs and expand dollar-denominated offerings.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
MOTILALOFS	Motilal Oswal Financial ServicesStockbroking & Allied	39.7 kCr	8.37 kCr	+11.20%	+10.46%	15.83	4.74	+17.44%	+2.56%
360ONE	360 ONE WAMStockbroking & Allied	35.53 kCr	3.68 kCr	+6.43%	+17.88%	35	9.65	+26.65%	+26.25%
NUVAMA	Nuvama Wealth ManagementStockbroking & Allied	20.61 kCr	3.97 kCr	+1.59%	+6.19%	22.64	5.19	-	-

ANANDRATHI - Anand Rathi Wealth Limited Share Price

What does Anand Rathi Wealth Limited do?

Sector Comparison: ANANDRATHI vs Capital Markets

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Income Statement for Anand Rathi Wealth

Cash Flow for Anand Rathi Wealth

Balance Sheet for Anand Rathi Wealth

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Summary of Latest Earnings Report from Anand Rathi Wealth

Is Anand Rathi Wealth Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)