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Anand Rathi Wealth Ltd.
(ANANDRATHI)
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Rating:69Neutral
Price Target:
₹2,236.00
▲(2.84% Upside)
Action:Downgraded
Date:10/13/26
The score is primarily supported by strong financial performance (rapid multi-year growth, high profitability, and low leverage) and a constructive earnings update with progress against FY2027 guidance and strong net mobilization. This is tempered by weak near-term technical momentum and a demanding valuation (high P/E and low yield), which meaningfully reduce the overall score.
Positive Factors
Strong revenue growth and profitability
Multi-year revenue compounding alongside consistently high net and EBIT margins indicates a scalable wealth-management model with strong operating economics. This profitability can support continued investment in relationship managers, technology and new offerings while preserving earnings resilience.
Negative Factors
Revenue growth has decelerated
The slowdown from earlier exceptional growth rates indicates that maintaining the prior expansion pace may become more difficult as the revenue base increases. If growth moderates further, operating leverage and the company’s ability to compound earnings at historical rates could weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and profitability
Multi-year revenue compounding alongside consistently high net and EBIT margins indicates a scalable wealth-management model with strong operating economics. This profitability can support continued investment in relationship managers, technology and new offerings while preserving earnings resilience.
Read all positive factors
Anand Rathi Wealth Ltd. (ANANDRATHI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹377.90B
Dividend Yield0.33%
Average Volume (3M)53.61K
Price to Earnings (P/E)82.6
Beta (1Y)0.72
Revenue Growth34.70%
EPS Growth32.28%
CountryIN
Employees1,256
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)27.43
Shares Outstanding166,041,280
10 Day Avg. Volume116,586
30 Day Avg. Volume53,608
Financial Highlights & Ratios
PEG Ratio1.93
Price to Book (P/B)25.13
Price to Sales (P/S)20.02
P/FCF Ratio84.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)26.69
Revenue Forecast (FY)₹13.95B
Anand Rathi Wealth Ltd. Business Overview & Revenue Model
Company Description
Anand Rathi Wealth Limited operates as a non-banking firm dedicated to providing comprehensive wealth management services, focusing on the distribution and sale of various financial instruments across India. The company's offerings include a diver...
How the Company Makes Money
The company primarily makes money by delivering wealth management and investment-related services to clients and earning fees and commissions linked to those activities. Key revenue streams typically include: (1) advisory/management fees charged f...
Anand Rathi Wealth Ltd. Earnings Call Summary
Earnings Call Date:Oct 09, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 08, 2027
Earnings Call Sentiment Positive
The call was strongly positive, supported by 16%-23% year-on-year quarterly and H1 growth, record net mobilization, rising client numbers, low attrition, progress against full-year guidance, stable stated margins and multiple expansion initiatives. The main negatives were the market-related mark-to-market loss, higher non-cash charges, the break in the structured-product return streak and the fact that GIFT City revenues have not yet been included in guidance.Positive Updates
Consistent Double-Digit Profit Growth
Management said this was the company’s 20th quarter since listing and that PAT growth year-on-year has exceeded 20% in every quarter since listing, excluding non-business-related items, fair value gains, ESOP expenses and related tax effects.
Negative Updates
Non-Cash Charges Increased
Quarterly non-cash charges, including mark-to-market and related items, were INR 46 crore compared with zero in the corresponding quarter of the prior year. Management said the dispersion between profit before tax of INR 122 crore and the reported figure would reduce, and that ESOP costs would decline dramatically.
Read all updates
Q2-2027 Updates
Positive
Negative
Consistent Double-Digit Profit Growth
Management said this was the company’s 20th quarter since listing and that PAT growth year-on-year has exceeded 20% in every quarter since listing, excluding non-business-related items, fair value gains, ESOP expenses and related tax effects.
Read all positive updates
Company Guidance
For FY 2027, revenue guidance stands at INR 1,415 crore and PAT guidance at INR 460 crore; H1 achieved 49% of revenue guidance and 52% of PAT guidance, with “48% more to go of the INR 460 guided.” Management said it would not revise PAT guidance down if it does not see growth of 20%-25% this two quarters, expects trails to reach 50%, and has a target of 40% PBT and 30% PAT. The AUM target for the year is INR 1.2 lakh crore, with net flows of INR 6,000 crore, INR 7,000 crore, INR 8,000 crore with God's grace for the residual year; for the next two quarters, management said it will try its best to achieve INR 3,000 crore-INR 4,000 crores of net flow, while stating, “Will we get to INR 120,000? Don’t know.” The company is focused on delivering 5%-6% Jensen's Alpha to clients, has not provisioned anything from GIFT City in this year’s 20%-25% PAT growth or revenue guidance, and expects two funds in a couple of months, or the next two, three months latest.Anand Rathi Wealth Ltd. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.35B | 12.53B | 9.81B | 7.52B | 5.49B | 4.17B |
| Gross Profit | 12.47B | 12.03B | 5.61B | 4.30B | 3.23B | 2.40B |
| EBITDA | 6.39B | 5.70B | 4.42B | 3.32B | 2.49B | 1.85B |
| Net Income | 4.55B | 3.96B | 3.00B | 2.25B | 1.68B | 1.27B |
Balance Sheet | ||||||
| Total Assets | 16.02B | 13.29B | 9.61B | 8.80B | 6.24B | 4.80B |
| Cash, Cash Equivalents and Short-Term Investments | 2.95B | 7.67B | 3.47B | 5.74B | 3.19B | 1.60B |
| Total Debt | 692.57M | 834.77M | 793.01M | 516.68M | 367.16M | 392.47M |
| Total Liabilities | 3.04B | 3.17B | 2.74B | 2.18B | 1.44B | 1.25B |
| Stockholders Equity | 12.83B | 9.98B | 6.74B | 6.49B | 4.68B | 3.44B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 2.96B | 2.08B | 2.73B | 672.62M | 1.30B |
| Operating Cash Flow | 0.00 | 3.09B | 2.44B | 2.78B | 841.88M | 1.46B |
| Investing Cash Flow | 0.00 | 252.30M | 459.98M | -2.37B | -426.63M | -774.16M |
| Financing Cash Flow | 0.00 | -1.32B | -2.79B | -720.11M | -641.57M | -464.95M |
Anand Rathi Wealth Ltd. Technical Analysis
Positive
2174.35
Price Trends
2172.64
Positive
2082.05
Positive
1852.48
Positive
Market Momentum
25.74
Negative
68.13
Neutral
93.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ANANDRATHI, the sentiment is Positive. The current price of 2174.35 is above the 20-day moving average (MA) of 2152.05, above the 50-day MA of 2172.64, and above the 200-day MA of 1852.48, indicating a bullish trend. The MACD of 25.74 indicates Negative momentum. The RSI at 68.13 is Neutral, neither overbought nor oversold. The STOCH value of 93.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ANANDRATHI.
Anand Rathi Wealth Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹990.97B | 33.09 | ― | 2.34% | 11.96% | 8.24% | |
77 Outperform | ₹592.04B | 36.40 | ― | 2.38% | 22.78% | 20.44% | |
69 Neutral | ₹377.90B | 82.56 | ― | 0.33% | 34.70% | 32.28% | |
68 Neutral | ₹250.74B | 25.43 | ― | 2.94% | 4.05% | 1.49% | |
66 Neutral | ₹322.11B | 29.22 | ― | 1.60% | 13.03% | 3.59% | |
59 Neutral | ₹405.20B | 32.28 | ― | 1.36% | 24.87% | 7.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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Anand Rathi Wealth Ltd. Corporate Events
Anand Rathi Wealth Files SEBI Demat Compliance Certificate for Q2 FY2026-27
Oct 5, 2026
Anand Rathi Wealth Limited has submitted a compliance certificate to the National Stock Exchange of India and BSE Limited for the quarter ended 30 September 2026, in line with Regulation 74(5) of the SEBI (Depositories and Participants) Regulation...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.