Anand Rathi Wealth Ltd. · NSE:ANANDRATHI
Anand Rathi Wealth — Q2 FY26 Earnings Presentation
47 slides from Anand Rathi Wealth's earnings presentation, Oct 13, 2025
Slide 1: Submission letter to stock exchanges
Ref No: 65/2025-26 Dated:13th October, 2025 The Manager, The Manager, Listing Department, Listing Department, The National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, 5th Floor, Plot C/1, G Block, Phiroze Jeejeebhoy Tower, Bandra - Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400
Slide 2: Investor Presentation Quarter & Half Yearly Ended 30th September 2025
INVESTOR PRESENTATION Q u a r t e r & H a l f Y e a r l y E n d e d 3 0 th S e p t e m b e r 2 0 2 5 Strategise. Build. Grow. Over a decades of uncomplicating private wealth
Slide 3: Index
INDEX Consolidated Highlights Future Unlocking of India’s 3-9 wealth story 26-30 Private Wealth Business Annexures 10-22 31-45 New Businesses 23-25 2 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 4: Consolidated Highlights
ANANDRATHI Private Wealth. uncomplicated
Slide 5: Quick Glance
QUICK GLANCE (Rs. Crs.) Q2FY25 Q2FY26 Growth y/y% H1FY25 H1FY26 Growth y/y% Revenue from Operations 242.5 297.4 22.6 480.1 571.4 19.0 Total Revenue 249.6 307.2 23.1 495.1 591.4 19.5 Employee Benefit Expenses 109.4 124.9 14.1 218.2 239.7 9.9 Other Expenses 38.0 48.1 26.6 75.7 91.2 20.5 Total Cost 147
Slide 6: Financial Performance for Q2 FY26
FINANCIAL PERFORMANCE FOR Q2 FY26 AUM Total Revenue Profit After Tax (Rs. Crs.) (Rs. Crs.) (Rs. Crs.) & Margins 22% Y/Y 23% Y/Y 31% Y/Y 32.5% 91,568 307 30.6% 100 75,084 250 76 Sep-24 Sep-25 Q2FY25 Q2FY26 Q2FY25 Q2FY26 5 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 7: Financial Performance for H1 FY26
FINANCIAL PERFORMANCE FOR H1 FY26 Total Revenue Profit After Tax Return on Equity (Rs. Crs.) (Rs. Crs.) & Margins (ROE)* 19% Y/Y 29% Y/Y 108 bps 32.8% 591 30.2% 45.5% 194 44.4% 495 150 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 *Annualized basis 6 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATIN
Slide 8: Business Performance for Q2 & H1 FY26
BUSINESS PERFORMANCE FOR Q2 & H1 FY26 Total Net Inflows Equity Mutual Fund Monthly SIP Inflows Product wise AUM mix (Rs. Crs.) Net Inflows (Rs. Crs.) (Rs. Crs.) 28% 101% 75,084 91,568 37% 3,002 2,062 14% 15% 2,336 6% 5% 1,025 80 25% 27% Q2FY25 Q2FY26 Q2FY25 Q2FY26 20% 30% 58 6,827 5,700 4,045 55% 53
Slide 9: Market Share – Equity Mutual Fund
MARKET SHARE – EQUITY MUTUAL FUND* Net Inflows Period Industry ARWL Market Share FY20 94,374 153 0.16% FY25 4,17,053 7,706 1.85% H1FY26 1,73,424 4,045 2.33% Mar-19 AUM Market Share Sep-25 1.02% 1.43% • Increasing market share in net inflows and better mark-to-market (MTM) gain will lead to a rise in
Slide 10: Actuals v/s Guidance
ACTUALS v/s GUIDANCE Actuals for Guidance given for FY26 Achieved % of Particulars H1 FY26 (Rs. Crs.) guidance (Rs. Crs.) Revenue 1175 591 50% Profit after tax 375 194 52% Asset under management (AUM) 1,00,000 91,568 Note: All the above numbers are on consolidated basis 9 Strategise. Build. Grow. OV
Slide 11: Private Wealth Business
ANANDRATHI Private Wealth. uncomplicated
Slide 12: Key Operational Highlights for Q2FY26
KEY OPERATIONAL HIGHLIGHTS FOR Q2FY26 Relationship Active Client AUM Per RM Clients Per RM AUM (Rs. Crs.) Managers (Nos.) Families (Nos.) (Rs. Crs.) (Nos.) 231 89,357 12,781 33 29 73,257 10,977 386 196 374 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 11 Strategise. Build. Gr
Slide 13: Three Important Stakeholders
THREE IMPORTANT STAKEHOLDERS Employees • Near zero regret RM attrition 1 • Consistent incentive payout structure for last 18 years • Great place to work for consecutive 5 years • A robust capability-building program that delivered over 38,000 person-hours of training in 3 FY25 and more than 19,000 p
Slide 14: Increasing Share of RMs Managing Higher AUM
INCREASING SHARE of RMs MANAGING HIGHER AUM Bucket wise AUM of RM Regret RM Attrition* 2 0 134 161 Q2FY25 Q2FY26 4 78% 82% 67 ` 66 76 0 88 H1FY25 H1FY26 12% 10% 97 71 These 4 RMs had an average tenure of 7 7% 6% 2% 2% years with ARWL, and we successfully No. of RMs AUM (%) retained 82% of their AUM
Slide 15: Focused on More Rewarding HNI Segment
FOCUSED ON MORE REWARDING HNI SEGMENT Share in AUM 27.8% Rs. 50 Crores These were mostly HNIs when they were on- (13.9%) boarded and have subsequently elevated as & above UHNIs over a period 51.9% Target Segment – slower and difficult Rs. 5-50 Crores to build but more sustainable and (46.2%) scalabl
Slide 16: What Do Clients Seek from Wealth Management Firms?
WHAT DO CLIENTS SEEKS FROM WEALTH MANAGEMENT FIRMS? Survey of 5,030 investors Across locations, age groups and risk profiles Priorities as per survey results Best risk adjusted return 4,685 Top three priorities Risk Adjusted Returns Responsiveness & Services 3,149 Low Risk w.r.t. Nifty Client servic
Slide 17: Performance of ARWL Strategy
PERFORMANCE OF ARWL STRATEGY Performance of the Portfolio since inception – Apr’14 to Sept’25 CAGR Growth in % Value of Rs.10 Cr Invested ARWL Strategy 16.05% 55.40 Nifty 50 11.94% 36.60 Differential Performance 4.11% 18.80 Beta to Nifty 50 0.55 Jensen’s Alpha 6.56% Key Takeaway: • A survey was cond
Slide 18: Different Product Audits
DIFFERENT PRODUCT AUDITS Clients often have significant wealth outside which is Assets Under Mutual Fund Audit Influence (AUI) Real Estate Lost Folio Audit Audit AUI : ~ Rs 1,76,000 Crs We conduct different product audits Insurance Direct to help clients / prospects to assess Audit Equity Audit how
Slide 19: Audits Automation
AUDITs AUTOMATION Mutual fund & PMS audit: If the audit indicates weaker returns, the system highlights opportunities to adopt our balanced strategy approach, ensuring data-driven and timely portfolio improvement. Lost folio Audit: This audit aims to reconcile your complete MF holdings & helps ident
Slide 20: Advantages of Client Vintage and Stickiness
ADVANTAGES OF CLIENT VINTAGE AND STICKINESS Client Vintage (Nos.) Client (AUM) Vintage Client Attrition (% of AUM lost) 10,977 12,781 0.18% 73,257 89,357 0.09% 21% 20% 41% 40% Q2FY25 Q2FY26 79% 80% 0.28% 59% 60% 0.18% Sep-24 Sep-25 Sep-24 Sep-25 H1FY25 H1FY26 > 3 Year 0 to 3 Year > 3 year 0 to 3 yea
Slide 21: Consistent & Market Agnostic Performance
CONSISTENT & MARKET AGNOSTIC PERFORMANCE ARWL (Consolidated) Sr. No. Period Nifty Performance PAT (Rs. Crs) Growth (Y/Y %) 1 Q1FY23 39.71 33.6% -9.6% 2 Q2FY23 42.95 41.1% 8.3% 3 Q3FY23 43.23 34.9% 5.9% 4 Q4FY23 42.71 23.4% -4.1% 5 Q1FY24 53.23 34.0% 10.5% 6 Q2FY24 57.69 34.3% 2.3% 7 Q3FY24 58.04 34.
Slide 22: Consistently Rewarding Shareholders
CONSISTENTLY REWARDING SHAREHOLDERS Interim Dividend Final Dividend Total Dividend Particular (Rs / Share) (Rs. Cr) (Rs / Share) (Rs. Cr) (Rs / Share) (Rs. Cr) FY22 2.5 20.81 3.0 25.01 5.5 45.82 FY23 2.5 20.84 3.5 29.18 6.0 50.02 FY24 2.5 20.87 4.5 37.65 7.0 58.52 FY25 3.5 29.06 7.0 58.11 10.5 87.17
Slide 23: Sources of Growth
SOURCES OF GROWTH Wallet share New RMs Greater asset share Addition of new from the existing relationship managers - client families addition of new cities 1 2 3 4 New clients Organic Addition of new Return on investment client families gets added to AUM 22 Strategise. Build. Grow. OVER A DECADES UN
Slide 24: New Businesses
ANANDRATHI Private Wealth. uncomplicated
Slide 25: Digital Wealth: Scaling Up with the Use of Technology
DIGITAL WEALTH: SCALING UP WITH THE USE OF TECHNOLOGY Customer Segment: Mass Affluent having existing financial assets: Rs. 10 lakhs – Rs. 5 Crs. AUM (Rs. Crs.) Clients (Nos.) 6,570 2,211 5,454 1,826 Sep-24 Sep-25 Sep-24 Sep-25 24 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 26: OFA – Leveraging Technology to Cater to the Retail Segment
OFA – LEVERAGING TECHNOLOGY TO CATER TO THE RETAIL SEGEMENT Key Functionalities : Subscription Model, MFD and his Clients get access to our platform. (MFD/IFAs – Web + Mobile, MFD’s Clients – Mobile) MFDs/IFAs* (Nos.) Platform Assets (Rs. Crs.) Platform Clients (Nos. lakhs) 1,58,612 23 6,790 1,55,21
Slide 27: Future Unlocking of India's Wealth Story
Future Unlocking of India’s Wealth Story
Slide 28: Increasing Penetration of Mutual Fund Market in India
INCREASING PENETRATION OF MUTUAL FUND MARKET IN INDIA Assets managed by the Indian mutual fund industry Penetration of MF Industry (Equity AUM to GDP (Rs. Lakh Crs) Ratio - India V/S Other Economies)* 82.1% 75.6 58.5% 33.1% 34.2% 23.8 9.3% 11.9% 5.8% Mar-19 Sep-25 India Brazil Japan Germany UK USA W
Slide 29: Huge Market Potential
HUGE MARKET POTENTIAL Strong macro-economic trends and a growing HNI families expected to drive growth in the Indian wealth solutions space Indian Market Cap Data Equity Mutual Fund (Rs. Lakh Crs.) (Rs. Lakh Crs.) There is massive Interest in potential to equities has increase the share gone up as i
Slide 30: Financial Assets of Indian Households
FINANCIAL ASSETS OF INDIAN HOUSEHOLDS Total Equity Mutual Direct Small PF and Govt Financial Mutual Deposits Funds - Insurance Currency Equity Savings Pension Securities assets Funds Others Rs. Lakh Crs. 7.9 3.2 59.9 6.1 10.3 2.4 1.3 24.2 13.9 Mar-15 129.2 11.1 76.3 27.9 13.9 38.6 29.0 154.6 23.3 53
Slide 31: Flow of Annual Household Financial Savings
FLOW OF ANNUAL HOUSEHOLD FINANCIAL SAVINGS Gross Investments Non- Financial Bank Small PF and Govt Trade Mutual Funds (includes Banking Insurance Currency Savings (Rs. Deposits Savings Pension Securities Debt(Net) equity) Deposits Lakh Crs.) % Share 2014-15 12.6 1.2% 0.5% 46.1% 2.3% 0.1% 15.2% 23.8%
Slide 32: Annexures
ANANDRATHI Private Wealth. uncomplicated
Slide 33: Board of Directors
BOARD OF DIRECTORS Mr. Anand Rathi Mr. Pradeep Kumar Gupta Mr. Rakesh Rawal Chairman & Non-Executive Non-Executive Director Executive Director & CEO Director Mr. Mohan Tanksale Mr. Ramesh Chandak Mr. K. G. Somani Mrs. Sudha Navandar Independent Director Independent Director Independent Director Inde
Slide 34: Key Leadership Personnel
KEY LEADERSHIP PERSONNEL Mr. Rakesh Rawal Mr. Feroze Azeez Mr. Jugal Mantri Chief Executive Officer Joint Chief Executive Officer Group Chief Financial Officer Master’s Degree in Management Studies Post Graduate Diploma in Management Rank holder Chartered Accountant and from the Jamnalal Bajaj Insti
Slide 35: Key Personnel – Business Heads
KEY PERSONNEL – BUSINESS HEADS Mr. Niranjan Babu Mr. Rajesh Bhutara Mr. Chethan Shenoy Ramayanam Chief Financial Head – Product and Chief Operating Officer Officer (CFO) Research Mr. Chirag Muni Ms. Sonali Rawal Ms. Tejal Shah Head – Business Head – NRI Head - Human Resource Process 34 Strategise. B
Slide 36: Key Personnel – Unit Heads
KEY PERSONNEL – UNIT HEADS Mr. Arjun Guha Mr. Amitabh Lara Mr. Bharath Rathore Mumbai Mumbai Bengaluru Mr. Suraj Sinha Ms. Protima Dhawan Mr. Adil Chacko Bengaluru Hyderabad Delhi Mr. Manish Srivastava Mr. Swapan Chakraborty Mr. Subhendu Harichandan Delhi Pune Pune 35 Strategise. Build. Grow. OVER A
Slide 37: Key Personnel – Unit Heads
KEY PERSONNEL – UNIT HEADS Mr. Raj Vijeta Sharma Mr. Ashish Bhandia Mr. Rajan Sarkar Dubai Kolkata Kolkata Mr. Krishanu Chaudhary Mr. Mukesh Kumawat Mr. Farooq Nabi Chennai Gurugram Noida Mr. Harpreet Punj Mr. Sudhir Hiran Mr. Hrishikesh Palve Chandigarh Rajasthan Product 36 Strategise. Build. Grow.
Slide 38: ARWL Journey
ARWL JOURNEY 2007 2013 2016 2002 2012 2015 Started as a Mutual Rakesh Rawal, CEO Feroze Azeez Number of RMs Crossed AUM of ₹ Number of RMs Fund Distributor joined and started Joined and reached 50 5,000 Crores reached 100 Private Wealth introduced Structured Products as a ‘Plan B’ in Clients’ portfo
Slide 39: ARWL Journey
ARWL JOURNEY 2019 2023 2025 2018 2021 2024 Crossed AUM of ₹ Number of RMs Listed on BSE and Crossed AUM of ₹ Crossed AUM of ₹ Crossed AUM of ₹ 10,000 Crores. reached 200 NSE. Crossed AUM 35,000 Crores 50,000 Crores. 80,000 Crores. Number of RMs of ₹ 25,000 Crores Number of RMs Number of RMs reached
Slide 40: Geographical Presence
GEOGRAPHICAL PRESENCE Ahmedabad Bengaluru Chennai Chandigarh Coimbatore Gurugram Hyderabad Jabalpur Jodhpur Kolkata Lucknow Mumbai Nagpur Nashik New Delhi Noida Pune • Visakhapatnam 39 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 41: Historical Trends
HISTORICAL TRENDS Profit After Tax Revenue (Rs. Crs.) EPS (Rs.) AUM (Rs. Crs.) (Rs. Crs.) CAGR 23% CAGR 31% CAGR 31% CAGR 27% 301 36 981 77,103 284 59 7 18,393 Mar-19 Mar-25 Mar-19 Mar-25 Mar-19* Mar-25 Mar-19 Mar-25 All financial numbers are on Consolidated basis *EPS has been adjusted post bonus i
Slide 42: Consolidated Profit & Loss Account Summary
CONSOLIDATED PROFIT & LOSS ACCOUNT SUMMARY Particulars (Rs. Crs.) Q2 FY25 Q2 FY26 Y/Y % H1FY25 H1FY26 Y/Y % MF – Equity & Debt 105.7 123.0 16.3% 194.7 236.0 21.2% Other financial products 135.2 172.8 27.8% 282.3 332.1 17.6% IT enabled services 1.5 1.6 5.8% 3.1 3.2 5.6% Others 7.2 9.8 37.2% 15.0 20.1
Slide 43: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET Assets (Rs. Crs) Sep-25 Mar-25 Equity & Liabilities (Rs. Crs) Sep-25 Mar-25 Non - Current Assets Total Equity Share capital 41.5 41.5 Property Plant & Equipments 120.3 119.4 Other equity 767.0 632.5 Goodwill 2.5 2.5 Non-controlling interest 14.5 13.7 Intangible assets 10.2
Slide 44: Historical Profit & Loss Account Summary
HISTORICAL PROFIT & LOSS ACCOUNT SUMMARY Particulars (Rs. Crs.) FY21 FY22 FY23 FY24 FY25 MF – Equity & Debt 90.2 154.0 189.9 266.6 406.4 Other financial products 170.6 258.8 353.9 452.1 526.4 IT enabled services 4.5 4.8 4.9 5.6 6.3 Others 13.9 7.7 10.3 27.6 41.6 Total Revenue 279.2 425.2 558.9 752.0
Slide 45: Historical Balance Sheet
HISTORICAL BALANCE SHEET Assets (Rs. Crs) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Equity & Liabilities (Rs. Crs) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Non - Current Assets Total Equity Property plant & equipments 7.2 80.8 92.5 90.5 119.4 Share capital 13.8 20.8 20.8 20.9 41.5 CWIP 69.0 - 0.0 0.8 0.0 Other e
Slide 46: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Anand Rathi Wealth Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any se
Slide 47: Anand Rathi Wealth Limited contact details
Anand Rathi Wealth Limited CIN: L67120MH1995PLC086696 Mr. Rajesh Bhutara, CFO Mr. Vishal Sanghavi, Head IR rajeshbhutra@rathi.com vishalsanghavi@rathi.com Tel: 022 6281 7003 +91 98920 52454