Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Anand Rathi Wealth Limited (NSE: ANANDRATHI) Q3 2026 Earnings Call dated Jan. 13, 2026
Corporate Participants:
Feroze Azeez — Joint CEO
Jugal Mantri — Group CFO
Analysts:
Pranay — Analyst
Bhavind Pante — Analyst
Pawan Panty — Analyst
Sunil Shah — Analyst
Rochin Charan — Analyst
Nayan Gaba — Analyst
Anand Parekar — Analyst
Unidentified Participant
Unidentified Participant
Shayantan — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the earnings call of Anandraty Wealth Limited for quarter three and nine months ended 31 December 2025 hosted by Anandwati Wealth Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand over the conference to Mr. Feroz Aziz, joint CEO of Anandwati Wealth Limited. Thank you. And over to you sir.
Feroze Azeez — Joint CEO
Thank you, Swapnali. Good afternoon everyone and thank you for joining the earnings conference call for the quarter and nine month ending 31st December 2025. We are here joined by the group CFO, Mr. Jugal Mantri. The CFO, Mr. Rajesh Bhutra and the Head Investor Relations, Mr. Vishal Sanghvi. 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. Chetan Chanoy 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 Shraddhaanjali to him. And we will fulfill all his professional dreams he had for Anandrati 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 100 crore mark for the first time.
The total revenue grew by 25% year on year of the same quarter last year and reached a 306 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 yoyo greater than 20%. And we also have indicated a certain expectation of our shareholder that we will try and deliver market agnostic performances. Being a financial services company, we’ve tried to tried our best to do that and with God’s grace succeeded this 17th time as well.
During the nine month period FY26 PAT grew by about 29% year on year to 294 crores while the revenue increased 21% to 897 crores. During the first nine months of FY26 we have achieved 76% of our full year revenue guidance which is 1175 and we hold the same guidance and 78% of our full year PAT guidance has been penetrated into which was and which remains 375 crores. Now I’ll hand over the call to Mr. Jugal Mantri to give you all a business and a financial performance of the company in detail. Yugal sir, over to you sir.
Jugal Mantri — Group CFO
Thanks Viral 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 rupees 99,008 crore as on 12-31-2025. During nine months FY26 our total net inflows registered a YoY growth of 10% reaching rupees 10,078 crores and Equity Mutual fund net inflow achieved Y o y of 4% to rupees 6082 crores. In our flagship private wealth business in the last 12 months we added 1800 plus new client families on 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 FY26 was just 0.31%. Digital wealth business which is B2B2C business registered AUM growth of 29% Y to Rs. 2,359 crore and number of clients increased 19% to 6,858. OFA business which is a SaaS platform has 6,850 subscribers with platform assets of Rupees 1.62 lakh crores at the end of nine months ended 31st December 2025. Now let me give you all brief about Q3FY26 consolidated financial performance. Our consolidated total revenue for the quarter 3FY26 stood at Rupees three hundred and six crores compared to Rupees two hundred and forty four crores in Q3FY25 registering a 25% YoY growth.
Our profit after tax is stood at Rupees 100 crores registering a 30% YoY growth compared to Rupees 77 crores in Q3FY25 Profit after tax margin for Q3FY26 was at 32.7% as compared to 31.6% for Q3FY25. Now to move ahead, let me give you all the brief about 9 months ended 31st December 2025 financial performance. The revenue for 9 months FY26 stood at Rupees 897 crores compared to Rupees 730. 39 crores in 9 month FY25 registering a 21% year on year growth. Mutual fund distribution revenue also grew by 21% yoy to rupees 366 crores in nine month FY26.
Profit after tax also grew by 29% yoy to rupees 294 crores or nine month FY26 compared to rupees 227 crores for nine month FY25. Profit after tax margin was 32.7% for nine months FY26 which has improved from 30.7% for nine months FY25. Return on equity on an annualized basis stood at 47.33% for nine months FY26 compared to 44.8% in the corresponding period last year. Now I would like to request all participants to and request 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. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Pranesh Sethi from Alpha Capital. Please go ahead.
Pranay
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 4000 prizes where you guys came out with a bonus and currently looking at the price, I think we’re just heading towards the same price. So do we expect another bonus at the 4000 level?
Feroze Azeez
Thank you for your questions. The first one is a very interesting question very frequently asked to me. Why is Anand Raji Wealth Ltd. 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 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 friends 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 H and I 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 1175 crores of revenue aspiration all comes from distribution. So unless the day I’m confident that or I want to bring all the thousand 2000 crores of revenue from the client’s bank account till that time I don’t think you should smudge. The very purpose of advisory is, is to be transparent. It cannot be used to create opaqueness. And that’s why you see Sebi having gotten 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.
Bhavind Pante
Thank you.
Operator
Thank you. The next question is from the line of Pawan Panty from MK Wealth. Please go ahead. Sorry to interrupt in between. Bhavan, your voice is not audible. No, it is still not audible.
Bhavind Pante
Okay, can you hear me now?
Operator
It is breaking in between.
Bhavind Pante
Okay.
Operator
No, it is not audible. Go to
Bhavind Pante
The next question and come back to
Operator
Bhavin. Bhavin, I would request you to kindly rejoin the queue again. Thank you. The next question is from the line of Mehak from MK Global. Please go ahead.
Pawan Panty
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 158 odd crores for the quarter. So we see there’s 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 that has been. The number has been constant for the last three quarters which is at 2 RM attritions per quarter.
So I just wanted to know your thoughts behind the scene. Yeah.
Feroze Azeez
Correct. So I’ve not been able to comprehend your first question Vishalji. What is that? Other products? Revenue from other products has declined 9%. So we do very few products and mutual funds and structures. So that is a very
Jugal Mantri
Marginal decline. Because the primary issuances which was in Q2 that was like about 1979 crore and that is in the Q3 it was 1800 crore. So the fundraise out of the non non PPSP cell was slightly lower. That is why the income is down by nine.
Feroze Azeez
Thank you.
Pawan Panty
Thank you so much. And on rm.
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 know I could have finished the question there. But to design or any shareholder’s expectation from Anandrati wealth over the next few years if not decades has to revolve around client. Coming back to the attrition point. Last year we lost about 3 RMS. This year we have had to let go. We have had some to let go but some of them regret attrition is six to 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 Firoz. 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 1115 crores is what the assets these six people were managing a little early.
But 978 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. 446 crores was the AUM on the day of resignation. 346 crores what remains? So we have lost about 99 crores of assets to competition due to RM attrition. That’s the answer.
Pawan Panty
Get it. Sir, thank you so much for the detailed answer. Thank you so much.
Operator
Thank you. The next question is from the line of Lalit Mohandev from Equerry Securities. Please go ahead.
Pawan Panty
Hi sir. Congratulations. So just coming back on this issuance number. So I just wanted to understand like these are like what were the secondary issuances during this quarter?
Feroze Azeez
1, 1 second we’ll figure that out.
Jugal Mantri
The secondary. The secondary issuances for the 31st of December 25th quarter was 716 compared to 991 in Q2FY26 and 589 in Q3FY25.
Pawan Panty
Does it
Jugal Mantri
Answer your question, Mr. Levit?
Pawan Panty
Yes, sir. Yes. And just last I think secondly like last quarter that we have highlighted that for the distribution of structure products we are. We have started distribute. We have started distributing of product of another company also. So just wanted to understand within this 1800 crores how much would be from the the second party? Like what will be the share
Jugal Mantri
The. Out of 1815 crore rupees. 213 crore rupees were from the third. Party. Compared to nil in the Q3FY20.
Operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. The next question is from the line of Naman Shah, an individual investor. Please go ahead.
Pawan Panty
Hello. Am I audible?
Operator
Yes, please.
Pawan Panty
Yes. So my question was regarding employee cost. It was around 45% for FY25 and off top line in nine months FY26 it is close to 42% of top line. So is it expected to remain around 42%? And why is that come down from 45 to 42%.
Jugal Mantri
Okay. 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 sales, wallet sales 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. Roj bhai, you can add to this.
Feroze Azeez
No. Correct. Yes Naman, like Jugalji 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 Jugalji said. The second is we also like to. Of course in my 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. Operating leverage could reinvest growth. 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 70.
Pawan Panty
Okay. So no further questions from me.
Feroze Azeez
Thank you.
Operator
Thank you. The next question is from the line of Sunil Shah from SRE pms. Please go ahead.
Sunil Shah
Yeah, good afternoon Feroz and everybody in the team. It’s not more of a question but just about loss of Chitan Chetan senior. You know that’s, that’s really sad for the entire organization. Certain things just cannot, you know, 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, you know, 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? So we recently heard about Siddharth Bhaiya also you know somebody else in the financial market. So just, just a thought. Feroz, just wanted to share this with you.
10 years plus of working, you know we do something for them. Any research if you could just, just. Let me know
Feroze Azeez
Part of it. We don’t like to be voc 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 went no. Rock Tim left us again. It’s a good time to remember rock Tim. 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 gracia applying mind.
Of course. My boss comes from HUL which is Mr. Rahul 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 less assured that of course I’m very close to the family as well. Because I know him for trust 21 years. They’re taken care of monetarily for sure. And we also realize that we can put a process it should not be dependent on the CEOs also. So there is something called the Chetan’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 Chetan.
Sunil Shah
Yeah. Thanks. Thanks for this input. Thanks. And all the best for everybody in the organization of the way. I thank you.
Operator
Thank you. The next question is from the line of Rochin Charan from Global Consignment Research. Please go ahead.
Rochin Charan
Hello sir. Am I audible?
Feroze Azeez
Yes, sir, you are.
Rochin Charan
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
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 4060 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. I think I’ll stick to English but. Yeah. Where are you based out of?
Sunil Shah
Bangalore, sir.
Feroze Azeez
Bangalore. I am 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 10 crores. He is my potential client. Let him give me a crore.
I don’t mind. Because if I deserve 5 crores I will get 5 crores. So we don’t say start with 5 crores. We are now private banking. We got 1 lakh crore. We don’t touch a customer who doesn’t give us 5 crore. 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 more money. So It’ll 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 50, 80 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 lollipop. 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
That answers my question, sir. Thank you very much.
Nayan Gaba
Thank you. The next question is from the line of Hemant Abyankar. Please go ahead. Hemant. Please proceed with your question.
Operator
Hemant
Nayan Gaba
Abhyalkar.
Operator
Due to no response we will take the next participant. The next question is from the line of Anand Parekar, an individual investor. Please go ahead.
Anand Parekar
Thank you for your time. So I have one question here. So it’s a. It’s almost now end of 3/4 and we are more than on target for what we had set up for our revenue, profit and evm. 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.
Feroze Azeez
Anand? Yes, Anand sir. Yeah. We deliberated internally. We think that of course, like you rightly said, 78% of the PAT guidance is penetrated into 76% revenue. We always wanted to undercommit over deliver and so we would stick to the guidance. Hopefully if 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 the 31st of March, if Mr.
Trump has something to tell us, I 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 1300 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 from Asif Mehta Investment. Please go ahead.
Pawan Panty
Yeah. Hi. My question on 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 and.
Feroze Azeez
In terms of cost, I didn’t get your question at all. So
Pawan Panty
Basically on the commission basis, what is the extra returns that we can be over putting the strategies like. We use this straddle and shallows kind of strategies. So what is the, the extra commission that we charge over trail commission?
Feroze Azeez
So what we do is the structure products are not derivative strategies of the short term. We do the same structure product, same kind of structure product. We do two, three kinds of structured products about 2,000 times done mature. So now in those structured products, let’s assume they’re 5 year structure products. I make an eve. We’ve had 1630 odd structure products mature so far. 1630 maturities so far. Highest ever maturity 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 structure product is 1.17% per annum on market value. 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? 8 paisa. 1.09% is my post expense commission on mutual fund model portfolio. Post GST commission. So to answer your pointed question, eight by some mode per annum is what I’ve made on the matured structure products on the same method of commission computation.
Pawan Panty
Okay. And yeah. Yeah. The trail is 0.5. One and a half.
Feroze Azeez
I’m not able to hear your question. Really?
Pawan Panty
Yeah. So the trail commission is 0.5 to 1 1/2%.
Bhavind Pante
Sir,
Feroze Azeez
I’ve told you the precise number. 1.09. As transparent as any human can get.
Pawan Panty
Thank you. Thank you.
Operator
Thank you. The next question is from the line of Jayapakash from Coleman Capital. Please go ahead.
Pawan Panty
Hello. Hello. Hi. Am I audible?
Feroze Azeez
Yes sir,
Pawan Panty
My question is regarding this subsidy. You have Anandrati Global Finance. So you have a 8% stake there. So I’m just looking at its financials and debt is increasing quite a bit and it’s at level. 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.
Pawan Panty
Okay. So
Feroze Azeez
No. No intent.
Pawan Panty
Is there any guarantee sir on the borrows? It does. On the Anand which is any guarantee on their balance?
Feroze Azeez
No, it’s buffer though. They’re audible but not clear. Yeah.
Pawan Panty
Now is there any guarantee provided on those borrowings of Anandrashi Global finance?
Feroze Azeez
No sir. We are just distributors of that product. And we don’t provide any guarantee on Anandran Global finances product which is an NBFC which is the 60th largest approximately. 60th largest NBFC in the country currently out of the 9,450 approximately. So it’s not a small NBA. If you look at it up you will get to know for the last 13 years it has done issuance and it is within the top hundred now 60th if I’m not wrong in the country in terms of the balance sheet size and Mr. So very very stable professionals running that company.
And it needs no other distributors guarantee. Fortunately.
Bhavind Pante
Oh thank you.
Feroze Azeez
Thank you sir.
Nayan Gaba
Thank you. The next question is front line of Hemant Abyankar. Please go ahead. Hemant, please proceed. Your voice is not audible. Heman, please proceed with your question. Did you know response. We will move to the next participant. Ladies and Gentlemen, anyone who wishes to ask a question may press star and one on the Touchstone telephone. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. The next question is from
Operator
The line of Anand Parikhar, an individual investor. Please go ahead.
Anand Parekar
I have one more question. You know I’m tracking company for some time now and we were at 380 RMS at the end of FY25 and it’s almost now 3/4 we have added. I think we have reached 393. So we have added 13 RM’s and if I recall correctly in some of the previous con calls we had mentioned we might add around 5060 RM’s every year and we have that pool of secondary associates who eventually become rm. So do we intend to, you know grow this number? I mean I’m currently with the RMs that we have we still able to grow a quite healthy pace.
But do we think we need more RMS to grow further in future? Obviously we have tech platform 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 part of little more research or mid office kind of job role.
So yes, so it’s 4050 possible. If that 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. 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 is a good strong pipeline. Do we need. The more important question is do we need more RMs to grow? Not for the next 34 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 Bhavind Pante from MK Wealth. Please go ahead.
Bhavind Pante
Okay.
Operator
Yes, please proceed.
Bhavind Pante
Yeah. Sorry to interrupt.
Operator
In between or Your voice is taking in between.
Bhavind Pante
Okay. I would request
Operator
You to. I would request you to kindly rejoin the Q10.
Nayan Gaba
Thank you. The next question is from the line of Nayan Gaba from Nayan Securities. Please go ahead. Yes, please proceed.
Bhavind Pante
December 25 this year it is about.
Nayan Gaba
Sorry to interrupt. In between. Nayan, your voice is not audible.
Unidentified Participant
No. Hello. Am I audible now?
Operator
Yes, please proceed.
Unidentified Participant
So if we see for December 25th the Equity Mutual Fund AM mix is around 53%. And for the December 24th it was around 55%. And for structure order, Am I correct?
Bhavind Pante
It could be. If you are reading out the number, it must be correct.
Unidentified Participant
So. And what structure would be like?
Bhavind Pante
Did you hear any
Feroze Azeez
Bit of the question clearly?
Operator
No, sir. Nayan, your voice is not audible to us. I would rejoin the queue again.
Feroze Azeez
Okay, let me. Okay, you 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 fund 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 currently happening 2.7% of the net flow in category 3 of Equity Mutual fund active as per amphi categorization is 2.7.
It used to be sub half a percent 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.
Bhavind Pante
Prani, we can go to the next question. You have many.
Operator
Thank you. The next question is from the line of Shayantan from Tata Capital. Please go ahead.
Shayantan
Hello. Am I audible?
Feroze Azeez
Yes, sir.
Shayantan
So I would like to start by expressing my Deepest condolences to Mr. Chetan and his family. What happened is really unfortunate and I hope something as unfortunate doesn’t, you know, really repeat itself. And with that I would like to. I have a question that is not really based on your PNL or your balance sheet 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
Yeah, yeah. Shreyan. Yesterday this point came up where the auditor was presenting the new labor code. We have had one of the key changes was the 50% of the total pump should be basic, if I’m not wrong. So we can hardly handle it 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 minimum impact, but it’s because we are in spirit already following it largely.
Shayantan
Okay, so you’re saying that no operating margins on your EBIT margin had any noticeable change in terms of BIPs?
Feroze Azeez
No, no, no. And even if it was, I would be happy because my colleagues would get richer.
Shayantan
Okay, thank you. Thank you.
Operator
Thank you. The next question is from the line of Amit Prakash from Archeran Consultant. Please go ahead.
Bhavind Pante
Hi, I’m audible.
Operator
Yes, please proceed.
Bhavind Pante
Yeah, hey, calling from Archer.
Feroze Azeez
Yes, sir,
Bhavind Pante
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 or 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 little more solid than they were last quarter, if that’s what you’re trying to understand.
Bhavind Pante
Anything in particular, numeric targets, anything of that thoughts that we can take back home?
Feroze Azeez
20 to 25% guidance is what I can just reiterate.
Bhavind Pante
Well, thank you. Thank you. Congratulations on the wonderful report.
Nayan Gaba
Thank you. A reminder to all the participants, you may press star and one to ask a question. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Firoz for the closing comments. Thank you. And over to you, sir.
Feroze Azeez
I’d like to thank everyone to be a part of today’s call. We hope that we’ve tried and answered your questions. If you need more information, please feel free to contact Mr. Vishal Sanghvi, our investor relations head, and Rajesh Bhutra, who’s our CFO for the last couple of decades. Thank you so much, everybody. Have a wonderful week ahead.
Operator
Thank you very much. On behalf of Ananvati Wealth Ltd. That concludes this conference. Thank you for joining with us today. And you may now disconnect your lines.