{"id":173348,"date":"2026-01-22T06:25:09","date_gmt":"2026-01-22T11:25:09","guid":{"rendered":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-limited-anandrathi-q1-2026-earnings-call-transcript\/"},"modified":"2026-01-22T06:25:09","modified_gmt":"2026-01-22T11:25:09","slug":"anand-rathi-wealth-limited-anandrathi-q1-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-limited-anandrathi-q1-2026-earnings-call-transcript\/","title":{"rendered":"Anand Rathi Wealth Limited (ANANDRATHI) Q1 2026 Earnings Call Transcript"},"content":{"rendered":"

Anand Rathi Wealth Limited (NSE: ANANDRATHI) Q1 2026 Earnings Call dated Jul. 11, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Feroze Azeez<\/strong> \u2014 Joint CEO<\/em><\/p>\n

Jugal Mantri<\/strong> \u2014 Group CFO<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Niranjan Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Muskan Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohan Mandora<\/strong> \u2014 Analyst<\/em><\/p>\n

Jaiprakash Kumhar<\/strong> \u2014 Analyst<\/em><\/p>\n

Sunil Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Saiyam Sondhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Anand Rathi Wealth Limited Earnings Conference Call for quarter one of Financial Year 2025-’26. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 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 the conference over to Mr Firose Aziz, Joint Chief Executive Officer from Anand Rathi Wealth Limited. Thank you, and over to you, Mr.<\/p>\n

Feroze Azeez<\/strong> \u2014 Joint CEO<\/em><\/p>\n

Well, thank you so much, Rico. Good afternoon, everyone. Everyone for joining the earnings call for the quarter ended 30th June 2025. We today have with us the Group CFO, Mr Jugal Manthri; the Product and Research Head, Mr; CFO, Mr Rajesh Bhutha; and Head, Investor Relations, Mr Vishal. Let me give you a quick highlight of the company’s performance. During Q1 FY ’26, our profits grew by 28% year-on-year and they’ve reached about INR93.9 crores. The total AUM grew by about 27%, which takes us to INR87,797 crores as of 30th of June and the equity mutual fund share has moved up to 54% as of June 2025. And we are about 14% away from the INR1 lakh crore number. This will help us get to the subtle ambition which we have shared in our previous calls of getting to 50-50, 50 trail income, we are inching closer to that with this quarter as well. And this — the next important highlight is that we have had a record net mobilization of INR3,825 crores, like we have also given a subtle expectation or not a commitment or indication that we will try and have our net mobilization agnostic to the market sentiment in a quarter where mutual fund net flows in equity moved down from INR45,000 to about INR23,000 crores in June. We have with God’s achieved the highest-ever net mobilization of 3,825 as I just said. In our flagship private wealth business for Q1 FY ’26, we added around 600 new client families on a net basis, bringing our total number of client families, which we serve as 1,212,330. The client attrition rate, which is abysmal number continues to be that way and for quarter one FY ’26 is 0.11%, underscoring the strength of our client-centric uncomplicated approach focusing on risk-adjusted return, not only either side of the table. The RM attrition was 2 for this quarter and in-spite of that we’ve had a client attrition number of 0.11 and when we are looking at RM attrition we are also looking at some places where there’s cultural misfits and these are mathematically regret attritions, but there are more considerations when we let go of a few of our colleagues. Our Digital Wealth business, which is a B2B2C business, registered an AUM growth of 19% year-on-year and reached INR2,055 crores. The number of clients increased 23% to 6,284. The O5 business, which is a SaaS platform, has 6,627 subscribers with platform assets about INR1.58 lakh crores at the end of Q1 FY ’26. Now I hand over the call to Mr Jugal G Manthri who will take us with some more updates. Jugal sir, over to you, sir.<\/p>\n

Jugal Mantri<\/strong> \u2014 Group CFO<\/em><\/p>\n

Yeah, good afternoon, everyone. Thank you,. Friends, let me give you the financial highlights on consolidated number for the quarter went by. During June quarter of financial year ’25-’26, our consolidated total revenue grew by 16% Y-o-Y to INR284.3 crores and profit-after-tax increased by 28% Y-o-Y to INR93.9 crores. We have achieved 25% of our PAT guidance of INR375 crores and 24% of our revenue guidance of INR101,175 crores in Q1 FY ’26. Mutual fund distribution revenue registered a strong growth of 27% Y-o-Y to INR113.1 crores in Q1 FY ’26. Profit-after-tax margin was 33% for Q1 FY ’26 as compared to 29.9% for Q1 FY ’25. Return-on-equity for Q1 FY ’26 was 44.4% on annualized basis. So these were the synosis of the financial. Now would request Mr Jaiko to invite our friends for Q&A session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you, sir. 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 R&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 thank you. Our first question comes from the line of Niranjan Kumar from Equirus. Please go-ahead.<\/p>\n

Niranjan Kumar<\/strong><\/p>\n

Sir, first of all, congratulations on good set of results. So can you please provide data on inflows during the quarter in mutual funds and structured products as well?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Sure. Also can you throw some light on these breakouts of the numbers? You’re asking for the top-line numbers, right?<\/p>\n

Niranjan Kumar<\/strong><\/p>\n

So I’m asking about the inflows, net inflows.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Net inflows. Okay. So the net inflows cumulatively between these two were about INR3,400 crores, INR3,300 crores. Because can give some precise numbers will be helpful.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

So the net inflow was INR3,825 crores. On equity mutual fund was INR1,983 crore. That mutual fund it was INR300 crore. And on structured product, it was INR1,063 crores and rest was in other item that was INR480 crores.<\/p>\n

Niranjan Kumar<\/strong><\/p>\n

Okay, sir. Thank you. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Ashaka Shah from Sameeksha Capital. Please go-ahead<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, yes, ma’am. May I request you to use your answer, man I have the same question. I’m sorry it’s the same question as the previous one.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ma’am. We’ll move to the next question here. The next question comes from the line of Muskan Agarwal from Swan Investments. Please go-ahead.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Hi, this is Bhavesh<\/p>\n

Here. The question I had in mind was related to opex growth. Historically opex growth has been largely in single revenue growth. But this time around the divergence is quite significant. So besides the human related — human resources related you mentioned, is there any change in incentive structure or other cost-cutting we might have resorted to, which is leading to this divergence between revenue growth and opex growth.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Let me answer. Yeah, go-ahead.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

See, as far as concerned, in case of OpEx, it is more or less in-line with what we have been achieving and what we have been incurring over the period of time. The only thing is now we have really started getting the advantage of number of RM who have been maturing. So if you will see that over a period of time like we have added number of RMs and what happens that when RM starts hit journey, we have — or first of all, all the incentive formula since 2007, there has been no change. The only advantage is the new RM when he comes till the time he reached to the threshold of up to, say, about 4x of his RSR. He doesn’t start earning incentive. So the number of new RMs which have been added into the system in last one and a half year, two years, they have started reaching to the threshold and started crossing two and three RSR level. So the advantage is they started contributing on the revenue side and their fixed-cost of salary is coming into the operating cost, but they have not yet reached to the incentive level. That is about the new RMs and that is why you see the employee cost in percentage terms, it looks marginally lower, but it is in-line with what we have been achieving historically.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Okay. And correctly, related question was on number of RMs added. So practically for last 3\/4, the number is flat. You know, what is the thought process here? And if we plan to again resume expanding our RMBs.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

So firstly, I think it’s — last 3\/4 have been flat. We’ve added about 20 odd RMs in the last one year, 0.1. Point two, how we look at RM addition is unlike most other wealth management outfits who believe in lateral hiring, funding their 80% of their RM growth, we have 80% internal movements. So what happens is we have the threshold, which says that these are the number of RMs who can be in the non-matured stage below INR40 crores, we try and keep a watch of what is the number. When that number drops is when we promote more people. So unlike another wealth management freight, when I don’t add my RMs, it doesn’t mean that I’ve not added some more training for the same RMs would be promoted in a subsequent quarter. So answer question, have the next 100 RMs already been trained. So at what point in time do we promote them depends on their skill-set and also depends on what’s my capacity of crores. So will you see this number change? The answer is yes. And what will be the variables which will change it is not how much money can we spend to hire from outside. How many RMs do we have below INR40 crores? That number, if I’m not wrong, dropped from INR93 to 54 in the quarter, which creates huge capacity for promotions and subsequent RMs who would go in the marketplace. Does it answer sir?<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Okay. Thank you. Thank you very much.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Thank you. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Rohan Mandora with Equirus Securities. Please go-ahead, sir.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Yeah, hi. Good afternoon, sir. Congrats on good set of numbers. Sir, just continuing on a previous participant’s question on opex. Sir, the explanation that was given that in the last two years, whatever RMs have been added, they are yet to reach that — they’re just touching the breakeven level and so the operating efficiency is looking better. But if I look at employee expense as a proportion of total revenues and that was around 45% for most part of last year and suddenly in this quarter that has come down significantly. So is there a differential in the incentive that is paid out on the mutual fund versus MLDs because revenue growth in mutual fund has been almost 10% — 27% year-on-year and 10% sequentially. And on MLDs, 36% Q-on-Q growth. So is there a factor of that leading to a lower-growth in employee expenses this quarter vis-a-vis the revenue growth?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

No. No, no, no. Not so complex. We don’t pay incentive. We pay bonuses only once a year. Right. Okay. Last-time, it was 17.1% for the first-quarter, 17.1 for the full-year, this time it is 16.9. Quarter-to-quarter comparisons may not be right because it depends on who brought the revenue. For example, if this revenue is distributed almost INR380 to RMs evenly, my cost is lower. If the RMO has already reached a slab of 32.5%, which is my maximum slab, if he or she does the maximum revenue, my shares could be larger than a linear. So it is not just about the revenue, it’s also about this RM Nakia or. So if there’s an RM who crosses a certain slab and that’s the person who brought 80% hypothetically of the quarter’s revenue, then payouts will look larger. But it’s not a quarterly number. If you look at it early, you would see hardly any difference. And other point which you asked, is there a payout differential between upfronts and balances, no. Every rupee of revenue is treated equal for the last three years?<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sure, sure. So does that mean that most of the — that the share of incremental business incremental revenue from RM lower AUM was higher this quarter and that’s where the benefit is looking so,<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah. So what happens is we provision as per the slabs of their targets also. So it is also a function of, one, what they’ve done so-far, what is the target they’ve given and then you have a provision on a certain slab. So the answer is, yes, last-time around, if there are big-ticket revenues from large the top-50 RMs would cost me more.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sure. Got it. And sir, secondly<\/p>\n

Jugal Mantri<\/strong><\/p>\n

To add to what has said, Rohan, what happens that if you just do the breakup of what employee expenses which we have incurred, in the Q1 FY ’25, my fixed-cost on account of personnel was INR60 crore, okay. This year that has gone up to INR70 crores, but the incentive provision, which was INR48 crore in Q1 FY ’25, that has come down to INR44 crores, okay. So there is an increasing trend in on the fixed expenses side. But as he has rightly explained that who is bringing the revenue and what percentage of amount he is earning as incentive, that depends on person-to-person and on his vintage as well as on existing book. So that is why there is a differential on incentive provision.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sure. Sir, second was on the regret RMs, the two RMs who have left this quarter and one I think was a regret RM last quarter. So what were the reasons for them leaving? Because typically, you’ve had a very good incentive structure and we have had a very low degrade RM. So any specific reasons that you could point out for people leaving?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yes, of course one or two of them cultural ministrics so we had to one or two of them and one or two were voluntary exits. And the reason could be whatever different for different but largely I don’t want to touch too much on a public forum, but yeah, it could be a cultural mix with which triggers that and it’s for one location, all three.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Got it. Sir, thirdly,<\/p>\n

Jugal Mantri<\/strong><\/p>\n

But it hardly matters Rohan, out of 380 plus RM, if one or two RM is leaving. That is inevitable.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Right, that I agree. But just that Anand Rathi was having another good incentive structure. So was it?<\/p>\n

Jugal Mantri<\/strong><\/p>\n

It still remains if 99.9% people are still continuing, that shows<\/p>\n

Feroze Azeez<\/strong><\/p>\n

So can I try and we also realized some degree of inefficiencies will have to be out.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sure, sure.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

The future as well. So that’s a strategy which we try and learn. See, we’re not always succeeded. We were — one of you analyst only had asked me saying that, yeah, how come zero attrition, are you saying everybody is as efficient commercially? So is there no involuntary attrition where you’re asking people to that was — so we’ve been several hypothesis. Now point is that you had some attrition, some instigated internally or some not. But we are also trying to see if there are some inefficiencies. Will we look at it little differently? The answer is yes going-forward. I’m just telling you how we discuss internally between and I got it, sir.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sir, third was on the net MF AUM. It has increased by 9%<\/p>\n

Q-on-Q and it was declining for the past few quarters. So is there any portfolio efficient strategy change as relating to this?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

I’ll tell you precisely the reason. There are couple of clients who had the large clients who are doing STPs.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Okay.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

These are not permanent liquid money. So you’re seeing if your questions have not right was that debt allocation has become larger. Is that what the question was?<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Yes, yes, yes.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Some large clients that started source whoever come in money after March are choosing to do it as a staggered equity. So it is high — it’s momentary debt.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Yeah. Got it, got it. And sir, lastly, obviously, yeah. Sorry.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Don’t hold me to the second — largely I’m saying, 30%, 80% of that is staggered entry into equity. Got it. Because of some degree of uncertainty in the market, Bhara, Bhara, absolutely they can.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Got it. And sir, lastly, on the issuances of MLDs, last couple of years, if you look at the trend, 1Q has been pretty high and then it has been sort of flattish to margin decline. But if you look at on a year-on-year basis, so Q-on-Q it looks very good. But on a year-on-year — year-on-year basis, the revenues on MLDs has grown by 8%. So is there some constraints on — because of which the growth is falling here or like how should one look at the growth on the MLD for the full-year and going ahead for next one, two years?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

One, again, like I’ve repeated in the past, every revenue item which you read-out to me back again is a resultant outcome of our clients allocations. We think clients is start okay, client objectives start us allocation, what are the problems — what is the highest chance of achieving his objective. Now let’s assume the market remains flat for one year the structured products still because of its modest need of nify growth, will deliver a little positive return. So sometimes what happens is if equity markets don’t do too well like they did, only 4%, 5% nifty over the last one year in the last financial year, monies which mature from structured products would buy equity mutual funds. Okay. If equities do very well, let’s assume I have a client. I also manage clients, right? One client hey, Gusca, if there is a structured maturity, if equity mutual funds have not delivered 14% for the last year and structured have delivered 15% for the last year. When the maturity happens, I’m not going to reinvest full thing into structured product. I will again divide the portfolio into 65%, which was the agreed allocation. So if markets do badly, you will have some money moving to mutual funds. So by low, sell high, it’s just in books otherwise. If I my capex by buy low, sell high. Otherwise most do just the opposite. Like you will see when the market is down, people are not putting in lots of money. So to remove that recency bias is why is governed by a formula agreed on, then he has to do just that. And if that’s what he follows religiously, it will mean that you will buy more equity when the markets are down when the markets are up, you’ll be buying more structured products.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Got it. Got it. And sir, lastly one data giving question. What is the breakup of structured product issuances between primary and secondary in 1Q?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yes.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

1,700 for primary and 700 for secondary to 7% to be precise. Okay.<\/p>\n

Rohan Mandora<\/strong><\/p>\n

Sure, sir. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you, sir. A reminder to all the participants, if you wish to ask a question, please press star and one on your touchstone telephone. Our next question comes from the line of Jay Prakash from Coreman Capital. Please go-ahead. Sorry to interrupt you, sir. May I request you to use your handset, sir, your audio is breaking, sir. We are unable to hear you sir.<\/p>\n

Jaiprakash Kumhar<\/strong><\/p>\n

So my question was on the revenue growth, which is 60%, whereas growth was 57%. So just to understand the best here.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

I didn’t get the question at all. Sorry.<\/p>\n

Operator<\/strong><\/p>\n

Could you maybe request you to use your handset please. No, sir, we are unable to hear you clearly, sir. Okay. Yes, sir, please. Thank you. A reminder to all participants, you may press tag and one to ask question. Thank you. Our next question comes from the line of Sunil Shah from SRE PMS. Please go-ahead.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Yeah. Thanks. Thanks and the entire team for wonderful achievement. Thanks for this opportunity. First of all, let me thank Vishal and Kalpesh for the sessions that they had for all of us to make us understand the structured products. So thanks so much, for organizing and Vishal for conducting along with the entire session. Thank you so much. Thank you. Yeah. So my question is about this entire thing happening in the markets about the Gene Street episode and semi really trying to clamp down on the F&O volumes. So given that the structured products for us which we act on, does this in any way impact us for the volumes that could get shrink going-forward? That’s my first question.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah. Yes. Okay, you want me to hope answer this. Perfect. So thank you for the feedback last-time around. Very grateful for that feedback. Because we always wanted to explain structure product as spread there. Of course, has done only three sessions. If the group of analysts want another 100 sessions, we are more than happy because if that produces more issuers, it’s a great marketplace. So thank you for that suggestion. I think that was the best suggestion we got last quarter in the result. Now coming to, of course, the Jane Street and the regulation in terms of option volumes. I think for the next INR1.5 crore 2 lakh crores of our next AUM, we don’t see any challenge with the current market. Of course, on one index, what James hypothetically at least in the note did was made cash market losses to make build put option positions or call option positions on expiry day and trigger stop losses for the rest of them. So any large position on specific index could be something which somebody can do exactly what James T did. So will we look at more diversification in terms of Nifty Sensex? The answer is yes. Yes. So will it impact our next INR1.5 lakh, I lakh crores of AUM? The answer is most of it. I don’t want to give away all the plans. There are about four-step plan: plan Mid plan B, plan and plan B I will probably we can do another session where I will operate.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Okay, so<\/p>\n

Feroze Azeez<\/strong><\/p>\n

One thing which is one more thing? But one thing which I am amazed as a professional is the kind of intellect SEBI has used to move our options market from notional contract volumes to delta volumes. It is one of the most right things to do because the INR10 option had the same notional value and at-the-money option almost have the same notional value, which was creating those INR500 crores of short limits I’ve spoken about in previous earnings calls getting with just 2 lakh options — put options with 2 lakh premium. So now they’ve moved from notional values to delta values, point one. Point two, I think also creating a several — several pieces of what do you call that impediments for any have been done beautifully and I think that’s one change. There are very few markets who operate limits with Delta as against Russia<\/p>\n

Sunil Shah<\/strong><\/p>\n

Okay. Fine. So that helps us to understand at least on the fear part that we did not worry at least for another INR1.5 lakh crores of EURM that we reach. Thanks. Yeah. Sir, one more point which I had, more of a question type of thing would be currently, if I understand the net inflow for us has been close to INR3,825 crores. And our RM, RM base is INR382 crores. That exactly comes to about INR10 crore of incremental AUM per RM per quarter kind of a number.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah.<\/p>\n

Sunil Shah<\/strong><\/p>\n

So for going-forward, can we get that per-capita? Because as a country, we might be the fourth in terms of GDP. What really matters is the per-capita. Similarly, for us, the incremental contribution per RM per quarter would be perhaps one of the numbers to really keep a watch on given that market could go 10% plus-minus and the AUM could change accordingly. But the real strength is in terms of the per-capita contribution per RM per quarter. So some such metrics if it can be shared and one more point can be if you can further get into<\/p>\n

The details of equity and structured product breakup as well. So — because that’s going to be the base where we’ll get higher percentage of income. So if we can get one such number, if it’s possible for you to share going-forward, I think that would be more useful for all of us, if at all that’s possible.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Correct. It’s a very, very valid suggestion. One thing which is little different than the wealth management is. Because they do lateral hires largely and internal promotion is a smaller proportion, what ends up happening is there are very similar kinds of private bankers. We have a banker who has been 26 and has become private banker after four years of training previously and I have somebody who’s got who has got almost 25 years of experience out of which Marin. So I’m just telling you there is a lot of differential between my English and the most mature RM. I can divide it, but I think and dividing them would also be a little more sensible. I think we’ll work on this numbers for sure. Sure. We’ll divide it into matured RMs, five-year plus RMs and stuff like that.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Because it’s again.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah. And again why we have three.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Sorry, sorry for me. Please continue because<\/p>\n

Feroze Azeez<\/strong><\/p>\n

We stratify our RMs into three categories, sir. Less than three, three to five and five-plus. So looking for what is the per-capita, what per RM, net mobilization in these three status, we can probably give them a lot of strategy for us, the information for you.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Yeah. And sir, it’s competitively sensitive. So I just leave it for you to take that call. That’s just my suggestion.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah. Okay. Yeah. So I think this information we are reasonably transparent and I think it’s — we should be okay. We will just look at it internally and publish it to you in the next call or before that.<\/p>\n

Sunil Shah<\/strong><\/p>\n

Thank you, sir. Thank you for all this.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Thanks. Thank you, bye. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sayan with Des Advisory. Please go-ahead.<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

So good afternoon, sir. I’m waiting for a positive start for FY ’26. Sir, my question is what is the latest update on the pure city subsidiary and internal expansion of UK and in-office?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Sorry, can you go again?<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Sir, the question is what is the latest update on the city subsidiary and international expansion of UK and office UK and in-office?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yes. So, one is an update, but I’ll tell you what we look at international business when we look at Dubai currently, which we have for almost 10 years. We just finished 10 years since Dubai. And we think the interest of NRIs in India will grow dramatically and I think the kind of flexibility Gift city also has to offer is the tax efficiency it has to offer. I think one of them in the couple of calls back had done this<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt you Mr Sayam. So your audio is breaking may we request you to use your handset in case you are using any Bluetooth device<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Sir, actually I am not able to hear voice of Mr hello, hello, yes, sir.<\/p>\n

Operator<\/strong><\/p>\n

Can you hear me now, sir?<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Yes, yes. Is it clear now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please go-ahead with your question.<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Should I repeat my question or the question is clear?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Hello on the end-of-the UK office, right?<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Yes, yes.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

So they are in the very nascent stage of getting licenses currently. Point two, I think as soon as we start a business, it’s not going to be a huge contributor. But what is our vision for international NRIs or investing in India, we have see a large opportunity given interest levels of NRIs, which, which will — with in India, we want to make sure that we have our offices in-place and the strategy in-place. Point three, CETI has been creating several platforms, which make it very easy for a pooled investment, okay, especially for an international in the gift city and the AIS and other businesses, which can channelize money into India are developing beautifully. So we have just got licenses or we are in the process of getting licenses. But I think the long-term vision is we believe that there’ll be a lot of money from NRIs flowing into India for the next decade and we want to capitalize on that and not just with one office. But once we finish 10 years in a specific business, then that is when we try to build our business brick-by-brick. We just finished 10 years in Dubai. After having seen an office and profitability and the pros and cons hitting the international products, now we were confident to have other locations. That’s why you see Bharan and UK. We are the wealth manager which tries to build it brick-by-brick. And so we are reasonably bullish on international money coming to India and getting a pie of it. Does it answer, sir<\/p>\n

Saiyam Sondhi<\/strong><\/p>\n

Okay no, thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, please stay connected while we reconnect the line for the management. Thank you ladies and gentlemen, thank you for patiently holding. Our next question comes from the line of Muskan Agarwal from Swan Investments. Please go-ahead.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Yeah, hi. So the guidance<\/p>\n

That you guys have released regarding the revenue PAT and AUM. So when we see like you guys are pretty much there then it comes to AUM, but there is a lag in the revenue and PAT number. So there are two questions. First, if you can help me understand the difference and if you guys are like expecting to revise the AUM guidance?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

How much gone?, we have met our revenue numbers for the year. Unlike 25%, like you rightly pointed out, we have met 24.17%. And the PAT number is almost 25%. That’s point one. Point two, do I see any change in the guidance? The answer is a big no. Because we will be able to achieve those numbers is how we have always undercommitted over-delivered. And you would also be very happy to note, Muskan, that out-of-the NSE Small Cap 250 companies, which we are a part of, our primary analysis says that there is only one company which has given a PAT guidance and also met it for three successive years, which is Anand Rathi Wealth Limited. Quite a few don’t give a PAT guidance, very few give a PAT guidance. Out of those who gave a PAT guidance for three years and met it, it’s only one company. And with that, I’m just giving you a little and some hope that we will meet our guidance this time as well with the grace of God, of course.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Okay. So means any explanation regarding why like there is a gap like considerable gap between the AUM and the PAT and revenue figures because it’s just 24% and 25%, but AUM targets like you have achieved 8%<\/p>\n

Feroze Azeez<\/strong><\/p>\n

To 8% see, AUM is like a photograph and revenue is like a movie. AUM depends on where markets ended on 30th June. So revenue is an outcome of every day’s action and every day’s rate revenue. 30th June, if the market fell 3%, hypothetically, would my — would my AUM be 88,000 approximately? The answer is no, it would have been 86,000. So when you look at AUM as an average, then there’ll be sanctity with the revenue. So what has happened is you’ve added INR3,800 crores and in the first-quarter, Nifty has given about 7%, 8% return. And our modeled portfolio of mutual funds have outbeaten that by 2.47 as of day before yesterday. So AUM, that’s why we are not revising the 1 lakh number because 31st March for Kia Nifty, would you talk about? Yeah. So what happens is there is something which is an internal controlled variable, which is how much I can bring from clients’ wallet to my asset. So that is what we focus on, then we pray to the Lord, because then market movement and in-turn clients return will — and it’s not one day, it’s 30th June is the AUM number, right? So if I gave you the average numbers, then you would understand how — does it answer??<\/p>\n

Jugal Mantri<\/strong><\/p>\n

Yes I would like to add Mushkaan, if you look at it like last year, we were at a number of INR79,000 crores, okay? I’m just rounding off for the purpose of understanding. And we have given a guidance to have the AUM of INR1 lakh crore by end-of-the financial year ’25, ’26, correct? So what I need to add is INR21,000 crores in 12 months’ time. Now in three months’ time from INR79,000 crores, we have reached at about INR88,000 crores. Yeah. So how much we have crossed, we have achieved almost INR8,800 crores, which is 40% of the AUM addition target in three months only. So in fact, this is the only area we have by — by and large with a very wide margin, we have beaten the target number which we have given. So I don’t know why this question has come that we should revisit this number.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

No, no.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

No. I meant like.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

So okay, okay. No, we are happy to be committed at the level which has been given.<\/p>\n

Muskan Agarwal<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all participants, if you wish to ask a question, please press star and one on a touchstone telephone. Our next question comes from the line of Kamlesh Gupta, who is an investor. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for giving me the opportunity, sir, and congratulation to the team. The numbers are excellent. I have two questions. Various time has management has reiterated that the guidance of revenue will be 25% to 30% back. But last two quarters it has come down to near about 25%. And the second question is, please throw one light on the same. And the second question is, from the last buyback, stock has given negative or negligible return. Could you considering anything — any corporate action for the I think?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yes. So one is we say, we have always given you 20% to 25% PAT guidance long-term, 10 years, 15 years. Our professional group, Mr Rakesh, who is also the CEO of the company has always said 20% to 25% PAT growth for years to come. That might also imply 20% to 25% revenue. That’s not on a quarter basis, that’s on a year-on-year basis. That’s our aspiration. Because we are in the business of managing one’s money, if there are some maturities, we will not do anything sooner or later and it’s client monies which we manage. So when we give you a revenue guidance of 11.75, that’s the number you have to look at. From 980 to 11.75.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

That’s — that is about 20%<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yeah or two quarters, we don’t look at it.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And the second one<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Yes, the second one, sir. Stock has delivered whatever it has to deliver. I don’t think — in my opinion, corporate action, of course, I don’t remember what was the price during buyback because everything stock prices are resulting.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

I think.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

One of your respective for buyback, you can just check. No, that was not 4450. Was that the price that we had a buyback? Yes, before yes was that. So sir, our corporate actions are buyback, I think we’ve not considered any buyback so-far. And if there is any consideration, we will come back to you. And price is not a huge motivation for a buyback. Of course, earlier there used to be immense amount of tax efficiency when used to do buybacks. I think the tax laws have changed on that as well because the shareholder doesn’t get a tax-free now anymore<\/p>\n

Unidentified Participant<\/strong><\/p>\n

. I think, sir, for the open-market buyback, it is still there, sir.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Okay. That’s fine. Thank you. Yeah, we’ll check because it’s pardon maintenance, open-market buyback if it’s there. But we will come back to you because as of now, in my mind, there is nothing on the cards which we have discussed internally if I have to tell you as transparently as it could get.<\/p>\n

Jugal Mantri<\/strong><\/p>\n

Okay. Thank you. But for shareholders, it does not make any difference because by whether he tender shares in buyback or whether he sell-in the open-market. So there is no tax advantage to the shareholders. Is there any tax advantage complex to shareholders? Yes, sir. Do shareholder, it is not there for it is not there what I’m asking.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For company, it is beneficial. Still it’s earlier rule supply, sir, I think for the open-market. It is actually, I know sir., sir. How many — where say investor see it does this solve business?<\/p>\n

Feroze Azeez<\/strong><\/p>\n

So that’s — and in the meantime, we are trying to do our best for a shareholder in terms of dividend in-spite of the bonus shares, doubling the number of shares, we try to keep the bonus rupee share, rupee value of the bonus equal so that the final dividend doubles. So we’re doing that. And we are always trying to look at people who don’t see us on a quarter, six months, one year and that’s how we like to have our shareholders. Johamesh, Sanjay, you might as, we said percently compounding business in Hosake. That’s how we look at it. Of course, Occupy point validate. I will also examine because I’m not a CEA, but I’ve tried to read all the relevant ones, but this is enlightening for me. I’ll definitely do some homework actually.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you, sir. A reminder to all participants, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to Mr for closing comments.<\/p>\n

Feroze Azeez<\/strong><\/p>\n

Thank you. Thank you, Zeiko, and thank you, everyone, to join this call. It’s a — it’s a privilege to have our prospective and existing shareholders on this call and it’s — but if I have to go out-of-the script, I’m so happy and enlightened each time you guys ask questions because it pushes us to think a little more and<\/p>\n

And pushes us in a brighter direction. So we as professionals always assure you our best ability given to you as shareholders. So I think thank you for those wonderful questions, which sets us thinking, sometimes improves us, enlightens us. Grateful. Have a wonderful weekend. Thank you. Thank you. On behalf of Anand Rathi Wealth Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you<\/p>\n","protected":false},"excerpt":{"rendered":"

Anand Rathi Wealth Limited (NSE: ANANDRATHI) Q1 2026 Earnings Call dated Jul. 11, 2025 Corporate Participants: Feroze Azeez \u2014 Joint CEO Jugal Mantri \u2014 Group CFO Unidentified Speaker Analysts: Niranjan Kumar \u2014 Analyst Unidentified Participant Muskan Agarwal \u2014 Analyst Rohan Mandora \u2014 Analyst Jaiprakash Kumhar \u2014 Analyst Sunil Shah \u2014 Analyst Saiyam Sondhi \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":149061,"url":"https:\/\/alphastreet.com\/india\/earnings-anand-rathi-wealth-ltd-nse-anandrathi-q1fy24-results-out-total-income-rises-34-yoy\/","url_meta":{"origin":173348,"position":0},"title":"Earnings | Anand Rathi Wealth Ltd (NSE: ANANDRATHI) | Q1FY24 Results Out; Total Income rises 34% YoY.","author":"Divyansh_Kasana","date":"July 12, 2023","format":false,"excerpt":"Anand Rathi Wealth Ltd is a leading financial services company, providing comprehensive wealth management solutions. 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