Anand Rathi Wealth Ltd. · NSE:ANANDRATHI
Anand Rathi Wealth — Q2 FY2027 Earnings Presentation
46 slides from Anand Rathi Wealth's earnings presentation, Oct 9, 2026
Slide 1: Exchange filing cover letter
Ref No: 65/2026-27 Date: 09th October, 2026 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 2026
ANAND RATHI WEALTH LIMITED INVESTOR PRESENTATION Quarter & Half Yearly ended 30th September 2026 THE PEOPLE BEHIND Uncomplicated Wealth 1
Slide 3: Index
Index 01 Consolidated Highlights 02 Private Wealth Business 03 Future Unlocking of India’s Wealth Story 04 Digital Businesses 05 Annexures 2
Slide 4: Building a Wealth Management Business
Building a Wealth Management Business It is not a capital race — it is a credibility marathon 1 Wealth Management Is Not a Capital Business 5 Transparency with Clients Is Non-Negotiable • A relationship manager cannot handle thousands of • Zero secrets with the client about how much you clients. ear
Slide 5: Consolidated Highlights
01 Consolidated Highlights
Slide 6: Quick Glance
Quick Glance Consolidated Financial Highlights · Rs. Crores Particulars Q2FY26 Q2FY27 Y/Y% H1FY26 H1FY27 Y/Y% Revenue from Operations 297.4 344.0 15.7% 571.4 666.0 16.6% Total Revenue 307.0 356.6 16.1% 591.2 693.0 17.2% Employee Benefit Expenses 124.9 141.4 13.2% 239.7 271.6 13.3% Other Expenses 48.
Slide 7: Financial Performance For Q2FY27
Financial Performance For Q2FY27 Consolidated Financial Highlights · Rs. Crores Trail Revenue Total Revenue Profit After Tax & Margin 18% Y/Y 16% Y/Y 22% Y/Y 34.2% 32.5% 145 122 357 123 100 307 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Financial results presented above adjusted to exclude fair value
Slide 8: Financial Performance For H1FY27
Financial Performance For H1FY27 Consolidated Financial Highlights · Rs. Crores Total Revenue Profit After Tax & Margin Asset Under Management 17% Y/Y 23% Y/Y 18% Y/Y 34.3% Equity MF SP Debt MF Others 32.8% 91,568 1,08,377 693 238 15% 17% 591 194 5% 4% 27% 26% 53% 53% H1FY26 H1FY27 H1FY26 H1FY27 Sep
Slide 9: Business Performance For Q2 & H1FY27
Business Performance For Q2 & H1FY27 Consolidated Financial Highlights · Rs. Crores Equity Mutual Funds Total Net-Inflows Monthly SIP Inflows Net-Inflows 39% 39% 110 4,186 2,867 3,002 2,062 89 Q2FY26 Q2FY27 Q2FY26 Q2FY27 1% 18% 6,825 6,928 4,769 4,045 H1FY26 H1FY27 H1FY26 H1FY27 Sep-25 Sep-26 8
Slide 10: Market Share – Equity Mutual Fund
Market Share – Equity Mutual Fund Category II Growth/Equity Oriented Schemes — AMFI Data NET INFLOWS MARKET SHARE Period Industry (Cr) ARWL (Cr) Market Share FY20 83,787 153 0.18% FY25 4,17,053 7,706 1.85% Q1FY27 90,321 1,902 2.11% AUM MARKET SHARE Period Industry (Cr) ARWL (Cr) Market Share Mar-19
Slide 11: Actuals Vs. Guidance — FY27
Actuals Vs. Guidance — FY27 Guidance Actuals Achieved Particulars Given for FY27 for H1FY27 % of Guidance (Rs. Cr) (Rs. Cr) Revenue 1,415 693 49% Profit after tax 460 238 52% Asset under management (AUM) 1,20,000 1,08,377 Actuals for H1FY27 & Guidance given for FY27 exclude fair value gains on inves
Slide 12: Private Wealth Business
02 Private Wealth Business
Slide 13: Key Operational Highlights For Q2FY27
Key Operational Highlights For Q2FY27 Asset Under Relationship Management Active Client Families AUM Per RM Client Per RM Managers (Rs. Cr) (Nos.) (Rs. Cr) (Nos.) (Nos.) 14,309 1,05,847 431 12,781 246 386 89,357 231 33 33 Sep-25 Sep-26 Sep-25 Sep-26 Sep-25 Sep-26 Sep-25 Sep-26 Sep-25 Sep-26 12
Slide 14: Three Important Stake Holders
Three Important Stake Holders Lowest regret RM attrition in the industry Consistent incentive payout structure for last 19 years 1 Employees Great place to work for 8 years A robust capability-building program that delivered more than 12,000 person- hours in H1FY27. Portfolio returns of ~14%-15% wit
Slide 15: Increasing Share of RMs Managing Higher AUM
Increasing Share of RMs Managing Higher AUM Bucket wise AUM of RMs Bucket wise AUM of RMs Regret RM Attrition* 2 2 137 158 Q2FY26 Q2FY27 77% 80% 88 83 4 2 190 161 H1FY26 H1FY27 14% 12% 9% 8% One of the lowest regret RM attrition in the industry No. of RMs AUM (%) No. of RMs AUM (%) Sep-25 Sep-26 *RM
Slide 16: Focused on More Rewarding HNI Segment
Focused on More Rewarding HNI Segment Share in AUM 31.0% Rs. 50 Crores These were mostly HNIs when they were on-boarded and have subsequently (15.7%) & above elevated as UHNIs over a period 49.6% Target Segment – slower and Rs. 5-50 Crores difficult to build but more (51.3%) sustainable and scalable
Slide 17: What Do Clients Seek From Wealth Management Firms?
What Do Clients Seeks From Wealth Management Firms? SURVEY OF 6,298 i n v e s t o r s A c r o s s l o c a t i o n s , a g e g r o u p s a n d r i s k p r o f i l e s To p 3 P R I O R I T I E S Best risk adjusted return Risk Adjusted Returns Responsiveness & Services Lower Risk w.r.t. Nifty Client Se
Slide 18: Performance of ARWL Strategy
Performance of ARWL Strategy Performance of the Portfolio since inception – Jun’13 to Sep’26 CAGR Growth in % Value of Rs.10 Crs. Invested ARWL Strategy 14.81% 52.99 Nifty 50 10.49% 27.79 Differential Performance 4.32% 25.21 Beta to Nifty 50 0.59 Jensen’s Alpha 5.97% Key Takeaway: • A survey was con
Slide 19: Advantages of Client Vintage And Stickiness
Advantages of Client Vintage And Stickiness Client Vintage Client Vintage Client Attrition (Nos.) (AUM – Rs. Cr) (% of AUM Lost) 12,781 14,309 89,357 1,05,847 0.17% 0.09% 20% 17% 40% 38% Q2FY26 Q2FY27 0.26% 80% 83% 0.20% 60% 62% Sep-25 Sep-26 Sep-25 Sep-26 H1FY26 H1FY27 > 3 Year 0 to 3 Year > 3 year
Slide 20: Consistent & Market Agnostic Performance
Consistent & Market Agnostic Performance Consolidated PAT Growth Sr. No. Period Nifty Performance (Rs. Cr) (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 34.3% 10.7%
Slide 21: Consistently Rewarding Shareholders
Consistently Rewarding Shareholders Interim Dividend Final Dividend Total Dividend Buy-Back Year (Rs. / Share) (Rs. Cr) (Rs. / Share) (Rs. Cr) (Rs. / Share) (Rs. Cr) (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 5
Slide 22: Sources of Growth
Sources of Growth 4 3 2 1 Wallet Share New Clients New RMs Organic Greater asset share from Addition of new client Addition of new Return on investment the existing client families relationship managers - gets added to AUM families addition of new cities 21
Slide 23: ARWL Journey 2002–2021
ARWL Journey Our Journey · 2002 – 2021 2002 2012 2015 2018 2021 Feroze Azeez joined; Listed on BSE & Started as a Mutual introduced Structured Crossed AUM of Number of RMs NSE; crossed AUM Fund Distributor Products ₹5,000 Crores reached 150 of ₹25,000 Crores 2007 2013 2016 2019 Crossed AUM of Rakesh
Slide 24: ARWL Journey 2023–2026
ARWL Journey Our Journey · 2023 – 2026 2023 2025 Crossed AUM of ₹35,000 Crossed AUM of ₹80,000 Cr; Crores RMs reached 380 2024 2026 Crossed AUM of ₹50,000 Cr; Crossed AUM of ₹1,00,000 Cr; RMs reached 300 RMs reached 400 23
Slide 25: Board Of 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 INDEPENDENT DIRECTORS Mr. Adesh Gupta Mr. Debashish Panda Mrs. Deena Mehta Independent Director Independent Director
Slide 26: Key Leadership Personnel
Key Leadership Personnel Mr. Rakesh Rawal Mr. Feroze Azeez Mr. Jugal Mantri Executive Director & CEO Joint Chief Executive Officer Group Chief Financial Officer PGDM (Derivatives & Finance), SDM MMS, Jamnalal Bajaj Institute of Institute for Management Development; Rank-holder Chartered Accountant;
Slide 27: Key Personnel
Key Personnel Mr. Rajesh Bhutara Mr. Chirag Muni Chief Financial Officer Chief Process Officer Mr. Chintak Shah Ms. Tejal Shah Head – NRI Head - Human Resource 26
Slide 28: Key Personnel
Key Personnel Non-Independent Directors 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 27
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 28
Slide 30: Geographical Presence
Geographical Presence Uncomplicating Wealth India Across Borders Ahmedabad 1 11 Lucknow 2 Bengaluru 12 Mumbai 3 Chennai 13 Nagpur International Presence 4 Chandigarh 14 Nashik 5 Coimbatore 15 New Delhi United Kingdom Dubai 6 Gurugram 16 Noida 7 Hyderabad 17 Pune 8 Mangaluru 18 Visakhapatnam 4 9 Jodh
Slide 31: Future Unlocking of India's Wealth Story
03 Future Unlocking of India's Wealth Story
Slide 32: 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 (Rs. Lakh Cr.) (Equity AUM to GDP Ratio – India V/S Other Economies)* 87.1 99.0% 63.3% 35.3% 37.6% 23.8 10.2% 13.3% 6.9% Mar-19 Aug-26 India Brazil Japan Germany UK USA
Slide 33: Huge Market Potential
Huge Market Potential Strong macro-economic trends and a growing HNI families expected to drive growth in the Indian wealth Increasing HNI population in India solutions space INDIAN MARKET CAP EQUITY MUTUAL FUND NO OF HNIs INDIVIDUAL TAX-PAYERS EARNINGS > Rs. 1 Cr. 550 45 12.1 4,30,000 Rs. Lakhs Cro
Slide 34: 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 Crores 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
Slide 35: 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 Cr) % Share 1.2% 0.5% 46.1% 2.3% 0.1% 15.2% 23.8% 0.0% 10.6% 0.
Slide 36: Digital Businesses
04 Digital Businesses
Slide 37: 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: ₹10 lakhs – ₹5 Crores. Asset Under Management Number of Clients 2,531 7,584 6,570 2,211 Sep-25 Sep-26 Sep-25 Sep-26 36
Slide 38: OFA – Leveraging Technology To Cater To The Retail Segment
OFA – Leveraging Technology To Cater To The Retail Segment Key Functionalities : Subscription Model, MFD and his Clients get access to our platform. (MFD/IFAs – Web + Mobile, MFD’s Clients – Mobile) MFDs/IFAs* Platform Assets Platform Clients (Nos.) (Rs. Cr) (Nos. lakhs) 1,65,748 24 6,898 6,790 23 1
Slide 39: Annexures
05 Annexures
Slide 40: Historical Trends
Historical Trends Consolidated Financial Highlights · Rs. Crores Total Revenue Profit After Tax Asset Under Management 23% CAGR 31% CAGR 26% CAGR 1,198 386 93,037 284 18,393 59 FY19 FY26 FY19 FY26 FY19 FY26 Financial results presented above adjusted to exclude fair value gains on investments, ESOP e
Slide 41: Consolidated Profit & Loss Account Summary
Consolidated Profit & Loss Account Summary Consolidated Financial Highlights · Rs. Crores Particulars Q2 FY26 Q2 FY27 Y/Y % H1FY26 H1FY27 Y/Y % MF – Equity & Debt 123.0 144.5 17.5% 236.0 276.0 17.0% Other financial products 172.8 197.9 14.5% 332.1 386.7 16.4% IT enabled services 1.6 1.6 (0.6%) 3.2 3
Slide 42: Consolidated Balance Sheet As on 30th Sep, 2026
Consolidated Balance Sheet As on 30th Sep,2026 Consolidated Financial Highlights · Rs. Crores Assets Sep-26 Mar-26 Equity & Liabilities Sep-26 Mar-26 Non - Current Assets Total Equity Share capital 83.0 41.5 Property Plant & Equipments 118.3 119.9 Other equity 1,200.3 956.6 Goodwill 2.5 2.5 Non-cont
Slide 43: Historical Profit & Loss Account Summary
Historical Profit & Loss Account Summary Consolidated Financial Highlights · Rs. Crores Particulars (Rs. Cr) FY21 FY22 FY23 FY24 FY25 FY26 MF – Equity & Debt 90.2 154.0 189.9 266.6 406.4 494.1 Other financial products 170.6 258.8 353.9 452.1 526.4 648.2 IT enabled services 4.5 4.8 4.9 5.6 6.3 6.5 Ot
Slide 44: Historical Balance Sheet
Historical Balance Sheet Consolidated Financial Highlights · Rs. Crores Assets (Rs. Cr) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Equity & Liabilities (Rs. Cr) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Non - Current Assets Total Equity Property plant & equipments 7.2 80.8 92.5 90.5 119.4 119.9 Share
Slide 45: Safe Harbor
SAFEHARBOR HARBOR ANANDRATHI SAFE Private Wealth. uncomplicated 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, recommendati
Slide 46: Thank You
Thank You For further information, please contact our Investor Relations team. Mr. Rajesh Bhutara Mr. Vishal Sanghavi Chief Financial Officer Head – Investor Relations rajeshbhutra@rathi.com vishalsanghavi@rathi.com +91 98920 52454 +91 98920 52454 ANAND RATHI WEALTH LIMITED · BSE · NSE · CIN L67120M