Anand Rathi Wealth Limited (NSE: ANANDRATHI) Q3 2026 Earnings Call dated Jan. 13, 2026
Corporate Participants:
Feroze Azeez — Joint Chief Executive Officer
Jugal Mantri — Group Chief Financial Officer
Vishal Sanghavi — Head of Investor Relations
Analysts:
Unidentified Participant
Mahek Shah — Analyst
Lalit Deo — Analyst
Sunil Shah — Analyst
Rochin Charan — Analyst
Nayan Kaba — Analyst
Anand Parekar — Analyst
Bhavin Pande — Analyst
Shayantan P — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Earnings Call of Anand Rathi Wealth Limited for Quarter Three and Nine months ended 31st December 2025, hosted by Anand Rathi Wealth Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand over the conference to Mr. Feroze Azeez, Joint CEO of Anand Rathi Wealth Limited. Thank you, and over to you, sir.
Feroze Azeez — Joint Chief Executive Officer
Thank you, Swapnali. Good afternoon, everyone, and thank you for joining the earnings conference call for the quarter and nine months ending 31st December 2025.
We are here joined by the Group CFO, Mr. Jugal Mantri; the CFO, Mr. Rajesh Bhutara; and the Head of Investor Relations, Mr. Vishal Sanghavi.
Of course, you might have heard or read about we having lost one of our core constituents. Both emotionally and professionally, it’s a very, very damaging blow for us, Mr. Chethan Shenoy, who was the product Head. For me, personally, it’s been a very big loss because I’ve been his friend and colleague for 21 big years. He is one person who started the product team practically. He was the oldest product team member. The 160-member team was built brick by brick by him. So we feel very sad that we don’t have him since November with us. His legacy will always be an integral part of our culture.
In his memory, we’ve opened a Mangalore office, which has been his hometown to give shradhanjali to him, and we will fulfill all his professional dreams he had for Anand Rathi Wealth Limited as a group of professionals.
Now coming to the company’s performance, our profit after tax for the quarter three grew by 30% year-on-year and crossed the INR100 crore mark for the first time. The total revenue grew by 25% year-on-year of the same quarter last year and reached a INR306 crore number.
As guided earlier, our company has had this aspiration of being consistent, and this becomes our 17th quarter, where we have delivered a PAT growth Y-o-Y greater than 20%, and we also have indicated a certain expectation of our shareholders that we will try and deliver market-agnostic performances being a financial services company. We have tried our best to do that and with God’s grace succeeded this 17th time as well.
During the nine month period FY ’26, PAT grew by about 29% year-on-year to INR294 crores, while the revenue increased 21% to INR897 crores. During the first nine months of FY ’26, we have achieved 76% of our full year revenue guidance, which is INR1,175 crores, and we hold the same guidance. And 78% of our full year PAT guidance has been penetrated into, which was and which remains INR375 crores.
Now I’ll hand over the call to Mr. Jugal Mantri to give you all the business and financial performance of the company in detail. Jugal sir, over to you, sir
Jugal Mantri — Group Chief Financial Officer
Thanks, Feroze bhai. Good afternoon, everyone, and wish you all a very happy 2026. First, I will give brief about the business performance.
Total AUM grew by 30% year-on-year to INR99,008 crores as on December 31st, 2025. During nine months FY ’26, our total net inflows registered a Y-o-Y growth of 10%, reaching INR10,078 crores and equity mutual fund net inflow achieved Y-o-Y of 4% to INR6,082 crores.
In our flagship Private Wealth business, in the last 12 months, we added 1,800-plus new client families on a net basis, bringing our total number of client families to 13,262. Client attrition rate in terms of AUM lost for the nine months of FY ’26 was just 0.31%.
Digital Wealth business, which is B2B2C business, registered AUM growth of 29% Y-o-Y to INR2,359 crores and number of clients increased 19% to 6,858.
OFA business, which is a SaaS platform has 6,850 subscribers with platform assets of INR1.62 lakh crores at the end of nine months ended 31st December 2025.
Now let me give you all brief about Q3 FY ’26 consolidated financial performance.
Our consolidated total revenue for the quarter three FY ’26 stood at INR306 crores compared to INR244 crores in Q3 FY ’25, registering a 25% Y-o-Y growth. Our profit after tax stood at INR100 crores, registering a 30% Y-o-Y growth compared to INR77 crores in Q3 FY ’25. Profit after tax margin for Q3 FY ’26 was at 32.7% as compared to 31.6% for Q3 FY ’25.
Now to move ahead, let me give you all the brief about nine months ended 31st December 2025 financial performance. The revenue for nine months FY ’26 stood at INR897 crores compared to INR739 crores in nine months FY ’25, registering a 21% year-on-year growth.
Mutual fund distribution revenue also grew by 21% Y-o-Y to INR366 crores in nine months FY ’26. Profit after tax also grew by 29% Y-o-Y to INR294 crores for nine months FY ’26 compared to INR227 crores for nine months FY ’25. Profit after tax margin was 32.7% for nine month FY ’26, which has improved from 30.7% for nine months FY ’25.
Return on equity on an annualized basis stood at 47.33% for nine month FY ’26 compared to 44.8% in the corresponding period last year.
Now I would like to request all participants to — and request the moderator to open the floor for question-and-answer. Over to you, Swapnali.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Pranay Sethi [Phonetic] from Alpha Capital. Please go ahead.
Unidentified Participant
Hi sir, this is Pranay from Alpha Capital. I have two questions for you. The first one being your competitors are doing a mix of both advisories and distribution model. So why are you guys still sticking to the distribution model?
My second question being last time around INR4,000 price is where you guys came out with a bonus, right? And currently, looking at the price, I think we’re just heading towards the same price. So do we expect another bonus at the INR4,000 level?
Feroze Azeez
Pranay, thank you for your questions. The first one is a very interesting question, very frequently asked to me, why is Anand Rathi Wealth Limited one of the few, if not the only one, who has chosen only a distribution, not an advisory.
We strongly believe that a company ideally cannot demarket and do it — do both at once. Why is that so? Because if you look at other wealth players, some of them listed, some of them unlisted. Unlisted, I’ve had conversations across trends, not more than 8%, 10% or some people, 3%, 4% comes from advisory. The rest of it comes from distribution.
When a company does both, if you go to a client and say I’m doing advisory with you, but if 95% of commission is coming from the same company, the kind of biases which can spill over are unprecedented. That’s point one.
Point two, the very reason why advisory is there is to remove bias. But actually, product category level bias has come. Money has moved out of mutual funds after Direct has been started and PMS and AIF form a large portion of HNI portfolio, which are lesser tax efficient. That’s point two.
Point three, the day when somebody wants to do advisory, he should stop taking any commission whatsoever in the company. And today, we have INR1,175 crores of revenue aspiration, all comes from distribution.
So unless the day I’m confident that or I want to bring all the INR1,000 crores, INR2,000 crores of revenue from the client’s bank account till that time, you shouldn’t — I don’t think you should smudge, the very purpose of advisory is to be transparent. It cannot be used to create opaqueness. And that’s why you see SEBI having brought in so many amendments from first — from 2013 because people — industry is not wanting to follow it in the spirit correctly. That’s the first question.
Second, of course, corporate action is, of course, the Board’s discretion. But again, it’s a smart observation that if the decision of a bonus was to increase or decrease the share price for better retail participation, the price fortunately or unfortunately has come back to similar levels when it was being discussed. So any — if the decision variable is same, I think there is a case for the Board to consider.
Unidentified Participant
Thank you.
Operator
Thank you. The next question is from the line of Bhavin Pande from Emkay Wealth. Please go ahead.
Unidentified Participant
[Technical Issues]
Operator
Sorry to interrupt in between. Bhavin, your voice is not audible.
Unidentified Participant
[Technical Issues]
Operator
No, it is still not audible.
Unidentified Participant
Okay. Can you hear me now?
Operator
It is breaking in between.
Unidentified Participant
Okay. [Technical Issues]
Operator
No, it is not audible.
Feroze Azeez
Swapnali, we will go to the next question and come back to Bhavin.
Operator
Bhavin, I would request you to kindly rejoin the queue again. Thank you. The next question is from the line of Mahek from Emkay Global. Please go ahead.
Mahek Shah
Yeah, hi. Thank you for the opportunity. So I have two questions here. Firstly, which is on the income generated from the other financial products, which stands at around INR158-odd crores for the quarter. So we see there has been a sequential decline of around 9%. So could you help us just understand what would be the reason for the same?
And secondly, on the regret RM attrition, which has been there. I see that has been — the number has been constant for the last three quarters, which is at two RM attritions per quarter. So I just wanted to know your thoughts behind the same. Yeah.
Feroze Azeez
Correct. So I’ve not been able to comprehend your first question. Vishal ji, what is that other products — revenue from other products has declined 9%. So we do very few products in mutual funds and structures…
Vishal Sanghavi
So that is a very marginal decline because the primary issuances, which was in Q2, that was like about INR1,979 crores. And that is — in the Q3, it was INR1,800 crores. So the fund raise out of the non-PP SP sale was slightly lower. That is why the income is down by 9% [Phonetic].
Feroze Azeez
Thank you, Vishal ji.
Mahek Shah
Okay. Yeah Thank you so much. And on the second question is on RM attrition.
Feroze Azeez
Yeah. So I’ll bring you back as a shareholder or a prospective shareholder. I think it’s a good question to get into such minutest details in terms of revenue changes. But I think what is the primary question I would expect my shareholder to look at is whether my earnings will grow consistently. Will the ratios be different? If the market is down, I’ll sell more mutual funds, the market is up marginally, more structured products get sold and so on and so forth.
So I’m going to design my business as a company only from a client’s portfolio standpoint, not from what revenue I expect from each stream of business. That’s what you should expect. I am — I know I could have finished the question there. But to design or any shareholder’s expectation from Anand Rathi Wealth over the next few years if not decades has to revolve around client [Foreign Speech] right.
Coming back to the attrition point, last year we lost about 3 RMs. This year we have had to let go out — we have had some to let go but some of them regret attrition is six to two [Phonetic] a quarter. Our thought is that if you remember a few quarters back I told that there will be some cultural misfits whom we will have to let go of. That was one.
Second, of course there are some RMs who leave for better opportunities and we try to counsel them that in this business it doesn’t make any sense to start wealth management again from zero in a new platform like Feroze, if he manages money I would never want to restart my life from zero because this business is proportionate to time. So in spite of that you will have some people leaving and then this responsibility shifts to the client.
And the RM who takes a handover of the relationship so far INR1,115 crores is what the assets these six people were managing a little early, but INR978 crores of that asset still remains with us which is an 88% retention. That’s the current status. That might be a little exaggerated, prettier number. You have to look at the number for the last year three people left us. INR446 crores was the AUM on the day of resignation. INR346 crores is what remains? So we have lost about INR99 crores of assets to competition due to RM attrition. Does it answer?
Mahek Shah
Get it, sir. Thank you so much sir, for the detailed answer. Thank you so much.
Operator
Thank you. The next question is from the line of Lalit Mohan Deo from Equirus Securities. Please go ahead.
Lalit Deo
Hi, sir. Congrats on a good quarter. Sir, just coming back on this issuance numbers. So I just wanted to understand like these are like primary issuances [Phonetic]. What were the secondary issuances during this quarter?
Feroze Azeez
One second Lalit bhai, we’ll figure that out.
Jugal Mantri
The secondary issuances for 31st December ’25 quarter was INR716 crores compared to INR991 crores in Q2 FY ’26 and INR589 crores in Q3 FY ’25. Does it answer your question, Mr. Lalit?
Lalit Deo
Yes, sir. Yes, sir. And just last — secondly, like last quarter that we have highlighted that for the distribution of structured products, we have started distributing product of another company also. So just wanted to understand within this INR1,800 crores, how much would be from the second party, like what will be the share?
Jugal Mantri
See out of INR815 crores, INR213 crores were from the third party compared to nil in the Q3 FY ’25.
Lalit Deo
Thanks. I will join back the queue. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Naman Shah [Phonetic], an Individual Investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Operator
Yes, please.
Unidentified Participant
Yes. So my question was regarding employee cost. It was around 45% for FY ’25 of top line. In nine months FY ’26, it is close to 42% of top line. So is it expected to remain around 42%? And why has that come down from 45% to 42%?
Jugal Mantri
So Naman, that is the advantage of operating leverage that once you have the capacity and now more and more RMs, they have been garnering and adding number of clients as well as higher pocket share — wallet shares of their client, you will find that the employee cost in percentage terms, gradually, it will come down bit by bit, but that improvement on account of operating leverage will definitely be visible, and it is purely on account of that. Feroze bhai, you can add to this.
Feroze Azeez
No. Correct. Yes Naman, like Jugal ji rightly pointed out some RMs are in build phase. If we currently have 393 relationship managers initial part where the company takes a couple of years for a person to get into the bonus category. Once he gets into bonus category he or she, they become a lot more efficient. Once that happens there is some degree of operating leverage. So that’s absolutely right like Jugal ji said.
The second is we also like to — of course in my — in the previous calls you would have heard me say that don’t expect too much operating leverage. Having said which the purpose is when we get some operating leverage we want to reinvest that money in making our several departments more and more robust. That’s what Rakesh sir has guided us that the operating leverage reinvest [Foreign Speech]. So don’t expect too much operating leverage to be delivered. But yeah, some degree of operating leverage will move from one head of cost to another to make sure that we can sustain the guidance of 20%, 25% for not the previous 17, but the next 17.
Unidentified Participant
Okay. So no further questions from me.
Feroze Azeez
Thank you, Naman bhai.
Operator
Thank you. The next question is from the line of Sunil Shah from SRE PMS. Please go ahead.
Sunil Shah
Yeah. Good afternoon, Feroze and everybody in the team. My — it’s not more of a question, but just about loss of Chethan Shenoy, that’s really sad for the entire organization. Certain things just cannot — you cannot do anything about it. But can we have some learning from this?
My thoughts are that if — do we have some kind of policy in the organization, an HR policy or something that any employee who is in the company for more than a decade has given a big tenure of his life working for the company. So in case any such event happens, we have some kind of term insurance policy, which the company is paying for the staff and then the family of the person is compensated. This is completely off discussion just like a research guy, but more of a humanitarian and an investor, I’m talking here. So have we thought anything on this ground, sir?
We recently heard about Siddharth Bhayya also, somebody else in the financial market. So just a thought, Feroze, just wanted to share this with you. 10 years plus of work ex, we do something for them. Any such thought if you could just let me know if…
Feroze Azeez
[Indecipherable] is not just part of it. We don’t like to be vocal about the organization’s generosity too much. We’ve lost two people in the past. In the last decade, we lost a person who had actually — both of them — Roktim left us. Again, it’s a good time to remember Roktim in 2015, in a superbike ride, we lost him. We lost another colleague of ours in Chennai.
So coming back to your point, do we do something for the family? The answer is a big yes. And should there be term covers? So we are planning to launch — we have almost finalized to make it more formal rather than ex-gratia applying mind. Of course, my boss comes from HUL, which is Mr. Rawal. And there are a lot of case studies there. So we follow the similar path of Unilever — Hindustan Unilever when it was, when he used to work there.
So be rest assured that — of course, I’m very close to the family as well because I know him for 21 years. They’ve taken care of monetarily for sure. And trying to — we also realize that we can put a process that should not be dependent on the CEOs also. So there is something called the Chethan’s Peace of Mind scheme, which we are launching. Once it has launched, maybe on a one-on-one discussion, I’ll describe what that implies. That will be named after Chethan.
Sunil Shah
Yeah. Thanks, sir. Thanks for this input. Thanks. And all the best for everybody in the organization of the way. Thank you.
Operator
Thank you. The next question is from the line of Rochin Charan [Phonetic] from Global Consilient Research. Please go ahead.
Rochin Charan
Hello sir. Am I audible?
Feroze Azeez
Yes, sir, you are.
Rochin Charan
Sir, congratulations on your Q3 results, sir. And my question is with regards to the AUM growth. Sir, my first one would be as to how much of the AUM growth is coming from new customers and how much from the existing customers? And I would like to know your outlook on the same for the upcoming few quarters?
Feroze Azeez
60-40. 40% from new clients and 60% from existing clients.
Rochin Charan
Right, sir. So — and how do you expect it to be in the next few quarters, sir,
Feroze Azeez
See, I’ll tell you. Last — so we track it on a daily basis, how much comes from new money — new clients, new money. I think 40-60 is a fair ratio for a company which is very secure in its own skin. What do I mean by that? We are not very insecure. We never tell the client to start big because we think, [Foreign Speech] I think I’ll stick to English. But yeah, where are you based out of?
Sunil Shah
Bangalore, sir.
Feroze Azeez
Bangalore. So I’m from Bangalore as well. I can probably do some Kannada with you. But yeah, on a lighter note, sorry to digress.
But coming back, so it will remain 40-60. It could change marginally. That will be more incidental 35-65, 45-55. These are two microscopic numbers, but this is the general number. It will look like five years from now, in my opinion, why would it not change? Because we never force a client to start big. If the guy has got INR10 crores, he’s my potential client. Let them give me INR1 crore, I don’t mind. Because if I deserve INR5 crores, I’ll get INR5 crores. So we don’t say start with INR5 crores. We are now private banking. We’ve got INR1 lakh crore. We don’t touch a customer who doesn’t give us INR5 crores.
So what does that mean? That depicts the security of the company saying that if I don’t do lip service to my client, there is no reason why a smart guy who’s top 1% of this country, he’s sharp is why he’s there. So if it’s in his interest to give me more money, he’ll give me that moment. So it will always remain 40-60. And if there are any changes, those are incidental depending on large accounts being acquired in a specific month.
But one thing which clearly stands out lately, people have started realizing that cost is not a great thing to pursue in investment. So today, I have even clients who are walking into us through our websites with INR50 crores, INR80 crores as their balance sheet size, which would never happen in the past because quite a few of our competitors try and give that little lollypop saying that I’ll give it at a cheaper price and then sell something and make significantly more than what you make in a mutual fund.
Rochin Charan
Thanks, sir. That answers my question, sir. Thank you very much.
Nayan Kaba
Thank you. The next question is from the line of Hemant Abhyankar. Please go ahead. Hemant, please proceed with your question.Due to no response, we’ll take the next participant. The next question is from the line of Anand Parekar [Phonetic], an Individual Investor. Please go ahead.
Anand Parekar
Thank you for your time. So I have one question here. So, it’s almost now end of three quarters, and we are more than on target for what we had set out for our revenue, profit and AUM. So do we really want to change the guidance, raise it maybe upwards? And what would be the guidance for, say, next year? Thank you.
Feroze Azeez
I missed your name. I’m so sorry, I got a little distracted. Your name. I missed Your name?
Anand Parekar
Anand — Mr. Anand Parekar.
Feroze Azeez
Yes. Anand sir, yeah, we deliberated internally. We think that the — of course, like you rightly said, 78% of the PAT guidance is penetrated into 76% revenue. We always wanted to under commit, over deliver. And so we would stick to the guidance. Hopefully, God is kind, we will marginally supersede that if things are good, that’s one.
Of course, the AUM guidance is almost met for the year. But since AUM is one number of a specific date, you feel a little not so comfortable upping it because then, 31st March, if Mr. Trump has something to tell us, it will impact my commitments to my shareholders, which I think is something which will keep me up that night, and I don’t want to. That’s one.
Second, coming to the next year guidance, I take my boss very seriously, who is Mr. Rakesh Rawal. He has given you a guidance in the public domain, 20% to 25% growth. And I think I would — as a group of — as a representative of the other 1,300 people in the company, I think we should be able to guide the similar number between 20% to 25% for the next year as well on this year’s base. Does it answer, Anand sir?
Anand Parekar
Yes. That’s pretty much helpful. Thank you so much.
Operator
Thank you. The next question is from the line of Karan Gupta [Phonetic] from Asit C Mehta Investment [Phonetic]. Please go ahead.
Unidentified Participant
Yeah. Hi. My question on the commission part of whatever the extra return that you generate from your structured products and some other strategies, how is that in terms of cost?
Feroze Azeez
In terms of cost, I didn’t get your question at all, sir.
Unidentified Participant
So basically on the commission basis, what is the extra return that we generate over putting the strategies like — kind of — you use the straddle and shallows [Phonetic] kind of strategies. So what is the extra commission that we charge over trail commission?
Feroze Azeez
So what we do is, see structured products are not derivative strategies of the short term. We do the same structured product, same kind of structured product. We do two, three kinds of structured products, about 2,000 times, then mature. So now in those structured products, let’s assume they are five-year structured products, I make an [Indecipherable]. We have had 1,630-odd structured products mature so far. 1,630 maturities so far, highest ever maturity of any NBFC in a stipulated period of time.
In those maturities, I backward calculate what is the yield I made. Mutual fund pays you per annum on the market value. In the same method of computation, the approximate yield I made on my matured structured product is 1.17% per annum on market value. Get it? So do I recognize this on a trail basis? No. Do I recognize this upfront? The answer is yes. How much extra do I made? INR0.08. 1.09% is my post-expense commission on mutual fund model portfolio, post GST commission.
So to answer your pointed question, INR0.08 more per annum is what I’ve made on the matured structured products on the same method of commission computation
Unidentified Participant
Okay. And trail is something — yeah, yeah [Indecipherable] the trail is 0.5% to 1.5%?
Feroze Azeez
It’s noisy. I’m not able to hear your question really.
Mahek Shah
Yeah. So the trail commission is 0.5% to 1.5% of…
Feroze Azeez
Sir, I’ve told you the precise number, 1.09% as transparent as any human can get. 1.09% [Indecipherable].
Unidentified Participant
Okay. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Jaiprakash [Phonetic] from Korman Capital. Please go ahead.
Unidentified Participant
Hello. Hello. Hi. Am I audible?
Feroze Azeez
Yes, sir. You’re audible.
Unidentified Participant
My question is regarding this subsidiary you have, Anand Rathi Global Finance. So you have an 8% stake there. So I’m just looking at its financials and the debt is improving quite a bit and it’s at leverage of eight times to nine times. So I’m just wondering if there is any day this company needs financial support. Will you be providing the financial support? And is there any intention to increase the stake in that company?
Feroze Azeez
No, not at all. Crystal clear. The answer is no. And it’s not a subsidiary though with 8%. Surely not.
Mahek Shah
Okay.
Feroze Azeez
So no, no [Indecipherable]
Unidentified Participant
Is there any guarantee, sir, on the borrowings it does from the Anand Rathi Wealth, which is [Indecipherable] company? Is there any guidance on their borrowings?
Feroze Azeez
Sir, your voice is — no, it’s muffled though. You are audible, but not clear.
Mahek Shah
Yeah. Now, is there any guarantee provided on those borrowings of Anand Rathi Global Finance by Anand Rathi Wealth?
Feroze Azeez
No, sir. We are just distributors of that product, and we don’t provide any guarantee on Anand Rathi Global Finance’s product, which is an NBFC, which is the 60th largest — approximately the 60th largest NBFC in the country currently out of the 9,450 approximately. So it’s not a small NBFC.
So if you look at it up, you will get — for the last 13 years, it has done issuance, and it is within the top 100 now, 60th, if I’m not wrong, in the country in terms of the balance sheet size. And — so very, very stable professionals running that company, and it needs no other distributors guarantee, fortunately.
Unidentified Participant
Okay. Thank you.
Feroze Azeez
Thank you, sir.
Operator
Thank you. The next question is from the line of Hemant Abhyankar. Please go ahead. Hemanth, please proceed. Your voice is not audible. Hemanth, please proceed with your question. Due to no response, we will move to the next participant.
[Operator Instructions] The next question is from the line of Anand Parekar, an Individual Investor. Please go ahead.
Anand Parekar
I have one more question. So I’m tracking the company for some time now, and we were at 380 RMs at the end of FY ’25. And it’s almost now three quarters, we have added — I think we have reached 393. So we have added 13 RMs. And if I recall correctly, in some of the previous con calls, we had mentioned we might add around 50, 60 RMs every year. And we have that pool of secondary associates who eventually become RMs. So do we intend to grow this number?
I mean, currently, with the RMs that we have, we still are able to grow at a quite healthy pace, but do we think we need more RMs to grow further in future? Obviously, we have tech platform [Indecipherable] that also were done recently. But what are your thoughts on the RM growth from here on?
Feroze Azeez
Yes, sir. the RM growth, we have a reasonable robust pipeline of people who can get promoted to be relationship managers. That’s an activity which happens largely during March. So of course, I would have guided 40-50. So we may just get there as well. On 1st of April, then it will be counted next year. Somewhere thereabouts, yes.
So to answer your question, we have 450 account managers, who are being trained to become relationship managers at a point in time, if they so chose to, they also get funneled into the product team if they choose that path of a little more research or mid-office kind of job growth.
So yes, so is 40-50 possible, if there is possible for any company, it is us because I don’t have to hire from people laterally outside. We have not engaged with any consultant to hire our people. So efficient brick-by-brick building is possible. Are we — you might not see the number here, like you rightly said, 13 is my addition. But the pipeline is not visible to naked eye, but there’s a good strong pipeline.
Do we need — the more important question is, do we need more RMs to grow? Not for the next three years, four years, growth can be ensured by these 393 currently out there. That’s my belief, right or wrong.
Anand Parekar
Okay. That answers my question. Thank you so much.
Operator
Thank you. The next question is from the line of Bhavin Pande [Phonetic] from Emkay Wealth. Please go ahead.
Bhavin Pande
[Technical Issues]
Operator
Bhavin, your voice is not audible.
Bhavin Pande
Okay. Is it audible now?
Operator
Yes, please proceed.
Bhavin Pande
Yeah. Hi. [Technical Issues]
Operator
Sorry to interrupt in between. Your voice is breaking in between. I would request you to kindly rejoin the queue again. Thank you. The next question is from the line of Nayan Kaba [Phonetic] from Nayan Securities [Phonetic]. Please go head.
Nayan Kaba
Hello.
Operator
Yes, please proceed.
Nayan Kaba
[Technical Issues]
Operator
Sorry to interrupt. In between. Nayan, your voice is not audible.
Nayan Kaba
Hello. Am I audible now?
Operator
Yes, please proceed.
Nayan Kaba
So if we see for December ’25, the equity mutual fund AUM mix is around 53%. And for the December ’24, it was around 55%. And for structured orders, we see 28% of AUM mix and December ’24, we see 26% of AUM mix, am I correct?
Feroze Azeez
It could be. If you’re reading out the number, it must be correct.
Nayan Kaba
So [Technical Issues] and what structure would be like…
Feroze Azeez
Swapnali, did you hear any bit of the question clearly?
Operator
No, sir. Nayan, your voice is not audible to us. I would request you to please rejoin the queue again.
Feroze Azeez
Okay. Let me just try and answer. I think he was trying to allude to what is the proportion in mutual funds, what is there in structure. The mutual fund structure proportion, which you currently see can change up and down by 4%, 5% this way, that way, depending on the mark-to-market of each of these asset classes or product classes. But so far, at a client level, is there a change in recommendation of proportion? The answer is no.
Secondly, when it comes to mutual funds, it will be astonishing for people to note that our market share in the net mobilization of a country this large with just 385, now 393 people is about 2.7% for the year, which is going — which is currently happening. 2.7% of the net flow in category three of equity mutual fund active as per AMFI categorization is 2.7%. It used to be sub 0.5% a few years back. So in spite of not doing the advisory model of low-cost mutual fund advice, our market share, unlike most predictions of analysts has gone up substantively rather than going down.
Swapnali, we can go to the next question, if you have any.
Operator
Thank you. The next question is from the line of Shayantan from Tata Capital. Please go ahead.
Shayantan P
Hello. Am I audible?
Feroze Azeez
Yes, sir.
Shayantan P
So, I would like to start by expressing my deepest condolences to Mr. Chethan and his family. What happened is really unfortunate. And I hope something as unfortunate doesn’t really repeat itself.
And with that, I would like to — I have a question that is not really based on your P&L or your balance sheet. It is basically something in general. So I wanted to ask whether in your company, has there been a restructuring due to the implementation of the new labor codes? And if so, what has been the impact in the operating margins and the EBIT margins, if you have some color?
Feroze Azeez
Yes, yes, Shayan. Yesterday, this point came up when the auditor was presenting the new labor code. We have had — one of the key changes was the 50% of the total comp should be basic, if I’m not wrong. So we’ve hardly had any change, because most of the — most of us have greater than 50% as basic. So minimal to no difference. I think this is what I could take from the presentation made in the Board by somebody. So saying that it has minimal impact because we are in spirit already following it largely.
Shayantan P
Okay. So you’re saying that no operating margins and your EBIT margin had any noticeable change in terms of bps?
Feroze Azeez
No, no, no. And even if it was, I would be happy because my colleagues would get richer.
Shayantan P
Okay. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Amit Prakash from Archeran Consultant [Phonetic]. Please go ahead.
Unidentified Participant
Hi. Am I audible?
Operator
Yes, please proceed.
Unidentified Participant
Yeah, hey, I’m calling from Archeran.
Feroze Azeez
Yes, sir,
Unidentified Participant
Yeah. I just wanted to understand your future plans. You had mentioned about your plans of 2030. Do they remain the same? Or do we see a change in that?
Feroze Azeez
Yeah. I think last quarter, we spoke of 2030s plan. Yes, we try and plan for four years, five years because that’s practically possible because our structured products have five-year periods, and there’s a rollover option, which we introduced, which implies that 60%, 70% of my revenues of five years out and its growth is almost high probability, I would say. Yes. So 2030 targets become a little more solid than they were last quarter, if that’s what you’re trying to understand.
Unidentified Participant
Fair enough. Anything in particular numeric targets, anything of that sort that we can take back home?
Feroze Azeez
No. Mr. Rawal’s 20% to 25% guidance is what I can just reiterate.
Bhavin Pande
Well, thank you. Thank you, sir. Congratulations on the wonderful report.
Operator
Thank you. [Operator Instructions] As there are no further questions from the participants, I now hand the conference over to Mr. Feroze for the closing comments. Thank you, and over to you sir.
Feroze Azeez
Yeah. I feel — I’d like to thank everyone to be a part of today’s call. We hope that we have tried and answered your questions. If you need more information, please feel free to contact Mr. Vishal Sanghavi, our Investor Relations Head; and Rajesh Bhutara, who is our CFO for the last couple of decades. Thank you so much, everybody. Have a wonderful week ahead.
Operator
[Operator Closing Remarks]