Anand Rathi Wealth Ltd. · NSE:ANANDRATHI
Anand Rathi Wealth — Q3 FY26 Earnings Presentation
47 slides from Anand Rathi Wealth's earnings presentation, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION Q u a r t e r & N i n e M o n t h s E n d e d 3 1 st D e c e m b e r 2 0 2 5 Strategise. Build. Grow. Over a decades of uncomplicating private wealth
Slide 2: In Loving Memories - Chethan Shenoy
IN LOVING MEMORIES - WITH DEEP RESPECT AND REMEMBRANCE You Will Be Loved, Missed o Chethan Shenoy lived with the purpose, led with & Remembered, Always! grace, gave with an open heart, and walked his path with faith – a rare blend of professionalism, generosity, and spirit. He was a true believer! o
Slide 3: Index
INDEX Consolidated Highlights New Businesses 4-10 38-40 Private Wealth Business Annexures 11-32 41-45 Future Unlocking of India’s wealth story 33-37 3 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 4: Consolidated Highlights
ANANDRATHI Private Wealth. uncomplicated
Slide 5: Quick Glance
QUICK GLANCE Growth Growth (Rs. Crs.) Q3FY25 Q3FY26 9MFY25 9MFY26 Y/Y% Y/Y% Revenue from Operations 237.0 289.6 22.2 717.1 861.0 20.1 Total Revenue 244.1 305.7 25.2 739.0 896.9 21.4 Employee Benefit Expenses 100.6 121.7 20.9 318.8 361.4 13.4 Other Expenses 39.4 48.7 23.6 115.1 139.9 21.6 Total Cost
Slide 6: Financial Performance for Q3 FY26
FINANCIAL PERFORMANCE FOR Q3 FY26 AUM Total Revenue Profit After Tax (Rs. Crs.) (Rs. Crs.) (Rs. Crs.) & Margins 30% Y/Y 25% Y/Y 30% Y/Y 32.7% 99,008 306 31.6% 100 244 76,402 77 Dec-24 Dec-25 Q3FY25 Q3FY26 Q3FY25 Q3FY26 6 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 7: Financial Performance for 9M FY26
FINANCIAL PERFORMANCE FOR 9M FY26 Total Revenue Profit After Tax Return on Equity (Rs. Crs.) (Rs. Crs.) & Margins (ROE)* 21% Y/Y 29% Y/Y 253 bps 32.7% 897 30.7% 47.3% 294 44.8% 739 227 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 *Annualized basis 7 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATIN
Slide 8: Business Performance for Q3 & 9M FY26
BUSINESS PERFORMANCE FOR Q3 & 9M FY26 Total Net Inflows Equity Mutual Fund Monthly SIP Inflows Product wise AUM mix (Rs. Crs.) Net Inflows (Rs. Crs.) (Rs. Crs.) 30% -6% -25% 76,402 99,008 87 3,445 3,253 2,715 14% 15% 2,037 5% 5% 67 26% 28% Q3FY25 Q3FY26 Q3FY25 Q3FY26 10% 4% 5,831 6,082 10,078 9,145
Slide 9: Market Share – Equity Mutual Fund
MARKET SHARE – EQUITY MUTUAL FUND* Net Inflows Period Industry ARWL Market Share FY20 83,787 153 0.18% FY25 4,17,053 7,706 1.85% 9MFY26 2,56,079 6,082 2.38% Mar-19 AUM Market Share Dec-25 1.01% 1.46% • Increasing market share in net inflows and better mark-to-market (MTM) gain will lead to a rise in
Slide 10: Actuals vs Guidance
ACTUALS v/s GUIDANCE Actuals for Guidance given for FY26 Achieved % of Particulars 9M FY26 (Rs. Crs.) guidance (Rs. Crs.) Revenue 1175 897 76% Profit after tax 375 294 78% Asset under management (AUM) 1,00,000 99,008 99% Note: All the above numbers are on consolidated basis 10 Strategise. Build. Gro
Slide 11: Private Wealth Business
ANANDRATHI Private Wealth. uncomplicated
Slide 12: Key Operational Highlights for Q3FY26
KEY OPERATIONAL HIGHLIGHTS FOR Q3FY26 Relationship Active Client AUM Per RM Clients Per RM AUM (Rs. Crs.) Managers (Nos.) Families (Nos.) (Rs. Crs.) (Nos.) 96,650 393 13,262 383 246 11,426 74,574 34 30 195 Dec-24 Dec-25 Dec-24 Dec-25 Dec-24 Dec-25 Dec-24 Dec-25 Dec-24 Dec-25 12 Strategise. Build. Gr
Slide 13: Three Important Stakeholders
THREE IMPORTANT STAKEHOLDERS Employees • Lowest regret RM attrition in industry 1 • Consistent incentive payout structure for last 19 years • Great place to work for 8 years • A robust capability-building program that delivered more than 29,000 person-hours in 3 9MFY26. Shareholders • Consistent and
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 0 110 137 Q3FY25 Q3FY26 72% 6 77% 92 ` 93 1 181 9MFY25 9MFY26 18% 163 15% These 6 RMs had an average tenure of 8.3 years with ARWL. 10% 8% So far, we have retained 86% of their AUM and No. of RMs AUM (%) No. of
Slide 15: Focused on More Rewarding HNI Segment
FOCUSED ON MORE REWARDING HNI SEGMENT Share in AUM 28.6% Rs. 50 Crores These were mostly HNIs when they were on- boarded and have subsequently elevated as (14.8%) & above UHNIs over a period 51.9% Target Segment – slower and difficult Rs. 5-50 Crores to build but more sustainable and (48.7%) scalabl
Slide 16: What Do Clients Seek from Wealth Management Firms?
WHAT DO CLIENTS SEEKS FROM WEALTH MANAGEMENT FIRMS? Survey of 5,637 investors Across locations, age groups and risk profiles Priorities as per survey results Best risk adjusted return 5,245 Top three priorities Risk Adjusted Returns Responsiveness & Services 3,549 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 Dec’25 CAGR Growth in % Value of Rs.10 Crs. Invested ARWL Strategy 16.01% 57.32 Nifty 50 12.24% 38.88 Differential Performance 3.77% 18.44 Beta to Nifty 50 0.55 Jensen’s Alpha 6.35% Key Takeaway: • A survey was con
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 1,82,000 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 Vintage (AUM – Rs. Crs.) Client Attrition (% of AUM lost) 11,426 13,262 74,574 96,650 0.14% 0.12% 21% 19% 41% 40% Q3FY25 Q3FY26 0.41% 79% 81% 0.31% 59% 60% Dec-24 Dec-25 Dec-24 Dec-25 9MFY25 9MFY26 > 3 Year 0 to 3 Year > 3 year
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 Buy-Back Particular (Rs / Share) (Rs. Crs.) (Rs / Share) (Rs. Crs.) (Rs / Share) (Rs. Crs.) (Rs. Crs.) 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
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 23 Strategise. Build. Grow. OVER A DECADES UN
Slide 24: Board of Directors: Non-Independent Directors
BOARD OF DIRECTORS : NON -INDEPENDENT DIRECTORS Mr. Anand Rathi Mr. Pradeep Kumar Gupta Mr. Rakesh Rawal Chairman & Non-Executive Director Non-Executive Director Executive Director & CEO 24 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 25: Board of Directors: Independent Directors
BOARD OF DIRECTORS : INDEPENDENT DIRECTORS Mr. Mohan Tanksale Mr. Ramesh Chandak Mr. K. G. Somani Smt. Sudha Navandar (Feb-2021 to Feb-2026) (Mar-2021 to Mar-2026) (Mar-2021 to Mar-2026) (Mar-2021 to Mar-2026) Mr. Adesh Gupta Mr. Debashish Panda Mrs. Deena Mehta (From 12-Jan-2026) (From 12-Jan-2026)
Slide 26: 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 27: Key Personnel
KEY PERSONNEL Mr. Rajesh Bhutara Ms. Sonali Rawal Chief Financial Head – NRI Officer (CFO) Mr. Chirag Muni Ms. Tejal Shah Head – Business Head - Human Resource Process 27 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 28: Key Personnel
KEY PERSONNEL 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 28 Strategise. Build. Grow. OVER A DECADES UNCO
Slide 29: Key Personnel
KEY PERSONNEL 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 29 Strategise. Build. Grow. OVER A DECAD
Slide 30: 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 31: 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 32: Geographical Presence
GEOGRAPHICAL PRESENCE International Presence – Dubai & UK 32 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 33: Future Unlocking of India's Wealth Story
Future Unlocking of India’s Wealth Story
Slide 34: 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)* 80.2 90.5% 60.6% 36.0% 37.2% 23.8 9.8% 12.8% 6.1% Mar-19 Dec-25 India Brazil Japan Germany UK USA
Slide 35: 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 36: 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 37: 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 38: New Businesses
ANANDRATHI Private Wealth. uncomplicated
Slide 39: Digital Wealth: Scaling Up with 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.) 2,359 6,858 5,772 1,827 Dec-24 Dec-25 Dec-24 Dec-25 39 Strategise. Build. Grow. OVER A DECADES UNCOMPLICATING PRIVATE WEALTH
Slide 40: 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) 1,62,409 23 6,850 22 6,27
Slide 41: Annexures
ANANDRATHI Private Wealth. uncomplicated
Slide 42: 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 43: Consolidated Profit & Loss Account Summary
CONSOLIDATED PROFIT & LOSS ACCOUNT SUMMARY Particulars (Rs. Crs.) Q3 FY25 Q3 FY26 Y/Y % 9MFY25 9MFY26 Y/Y % MF – Equity & Debt 108.7 130.2 19.7% 303.4 366.2 20.7% Other financial products 126.7 157.8 24.5% 409.0 489.9 19.8% IT enabled services 1.6 1.6 3.7% 4.7 4.9 5.0% Others 7.1 16.1 127.8% 21.8 35
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
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
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