Anand Rathi Wealth
Anand Rathi Wealth
Capital Markets F&OKey Fundamentals
SmallcapWealthCapital MarketsTapetide Score
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Key Insights
Strengths
5- Company is almost debt free.
- Company has delivered good profit growth of 54.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.2%
- Company has been maintaining a healthy dividend payout of 31.1%
- Company's median sales growth is 29.8% of last 10 years
Weaknesses
3- Stock is trading at 34.3 times its book value
- Promoter holding has decreased over last quarter: -1.74%
- Earnings include an other income of Rs.200 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Anand Rathi Wealth has a market cap of about Rs 35,981 Cr. Its ROE was 45% last year and has averaged 42% over 3 years, and profit has compounded at 55% a year over 5 years with the company almost debt free. The stock trades at 77.2x earnings and 36.08x book value. Sales growth has slowed to 23% on a trailing-twelve-month (TTM) basis from 31% over 3 years, and Rs 200 Cr of other income is included in earnings.
- Returns on equity have stayed high and steady: 45% last year, 42% over 3 years and 41% over 5 years. This suggests a capital-light business with a durable edge rather than a one-off peak.
- Profit growth has been strong over several periods: 55% CAGR over 5 years, 33% over 3 years and 47% TTM, so compounding has continued at a larger scale.
- Revenue has grown consistently, with 36% sales CAGR over 5 years, 31% over 3 years and median annual sales growth of 29.8% over the last 10 years.
- The company is almost debt free, so a leveraged balance sheet is not a concern and the high ROE (42% 3-year average) is not being boosted by borrowing.
- TTM profit growth of 47% is roughly twice TTM sales growth of 23%. This points to operating leverage or margin expansion as the business scales.
- The company pays out 31.1% of profit as dividends, giving a 0.6% yield, while still funding its growth internally.
- The stock has returned 48% over 1 year and 71% CAGR over 3 years, which reflects sustained market recognition of its earnings delivery.
- The valuation is very high at a P/E of 77.2 and P/B of 36.08, so the price already assumes growth stays strong for years. Any slowdown in growth could compress these multiples sharply.
- Sales growth is slowing: TTM sales growth of 23% is below the 3-year CAGR of 31% and the 5-year CAGR of 36%, which may signal that the core wealth-management business is maturing.
- Earnings include Rs 200 Cr of other income. Against implied earnings of about Rs 466 Cr (market cap of Rs 35,981 Cr divided by a P/E of 77.2), that is a meaningful share of profit that may not come from core operations or recur.
- Promoter holding fell by 1.74% in the last quarter. Continued promoter selling at high valuations could weigh on sentiment.
- The dividend yield of 0.6% offers little valuation support, so returns depend mostly on further price gains at a 77.2x earnings multiple.
- As a Capital Markets business, fees are likely tied to client assets and market levels. The 47% TTM profit growth came in a strong market and could reverse if equity markets correct.
- After a 71% 3-year stock CAGR, the share price has risen faster than the 33% 3-year profit CAGR. Much of the return has come from the stock re-rating to a higher multiple rather than from earnings growth.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹5.49 cr infusion into IFSC arm Sep 2
Anand Rathi Wealth subscribed to a ₹5.49 crore rights issue of its wholly owned subsidiary Anand Rathi FME (IFSC) Pvt Ltd. The subsidiary holds in-principle IFSCA approval for fund management, which positions the group to build offshore/GIFT City offerings.
- Investor meet at G200 Summit Sep 16
The company will hold an in-person meeting with investors and analysts at the G200 Summit in Mumbai on September 21, 2026, disclosed under SEBI LODR Regulation 30. This is routine engagement and was not announced alongside any new guidance or financial data.
TL;DR: Anand Rathi Wealth's recent news is light and leans constructive. The main item is a small ₹5.49 crore investment that expands its fund management platform in GIFT City (IFSC). No headwinds appear in this set of articles, but it doesn't cover earnings, AUM flows, or market-linked risks to wealth management revenues, so the overall picture is incomplete. Watch for any commentary from the September 21 investor meet and for progress from in-principle to final IFSCA approval for the IFSC subsidiary.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 168 | 175 | 175 | 177 | 229 | 234 | 228 | 213 | 265 | 286 | 279 | 277 | 313 |
| Expenses | 96 | 100 | 97 | 106 | 133 | 132 | 124 | 125 | 139 | 152 | 150 | 194 | 205 |
| Operating Profit | 71 | 75 | 78 | 71 | 96 | 102 | 104 | 89 | 125 | 134 | 130 | 83 | 108 |
| OPM % | 43% | 43% | 44% | 40% | 42% | 44% | 46% | 42% | 47% | 47% | 46% | 30% | 35% |
| Other Income | 3 | 6 | 4 | 12 | 7 | 6 | 6 | 18 | 9 | 9 | 16 | 67 | 109 |
| Interest | 1 | 2 | 2 | 2 | 1 | 3 | 4 | 4 | 4 | 5 | 4 | 3 | 4 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 5 | 5 | 6 | 6 | 7 | 7 | 8 | 8 |
| PBT | 70 | 76 | 76 | 77 | 97 | 101 | 102 | 98 | 124 | 130 | 134 | 138 | 206 |
| Tax % | 25% | 26% | 26% | 28% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 26% | 21% |
| Net Profit | 52 | 57 | 57 | 56 | 72 | 75 | 76 | 72 | 92 | 97 | 100 | 102 | 163 |
| EPS in Rs | 3.14 | 3.39 | 3.41 | 3.32 | 4.36 | 4.52 | 4.56 | 4.36 | 5.56 | 5.85 | 6.01 | 6.16 | 9.83 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 214 | 275 | 327 | 260 | 408 | 538 | 720 | 943 | 1,208 | 1,156 |
| Expenses | 1 | 136 | 180 | 213 | 185 | 230 | 296 | 400 | 514 | 636 | 701 |
| Operating Profit | 0 | 78 | 95 | 114 | 75 | 178 | 242 | 320 | 429 | 572 | 455 |
| OPM % | 26% | 36% | 35% | 35% | 29% | 44% | 45% | 44% | 45% | 47% | 39% |
| Other Income | 0 | 6 | 6 | 1 | 2 | 1 | 0 | 0 | 1 | 0 | 200 |
| Interest | 0 | 9 | 3 | 3 | 3 | 2 | 4 | 6 | 11 | 16 | 15 |
| Depreciation | 0 | 4 | 4 | 16 | 12 | 11 | 12 | 14 | 20 | 29 | 30 |
| PBT | 0 | 71 | 94 | 96 | 62 | 166 | 226 | 300 | 398 | 527 | 609 |
| Tax % | 21% | 29% | 30% | 26% | 29% | 24% | 26% | 26% | 26% | 26% | — |
| Net Profit | 0 | 50 | 65 | 71 | 44 | 125 | 168 | 221 | 295 | 391 | 462 |
| EPS in Rs | 2 | 9.36 | 6.06 | 6.59 | 4.02 | 7.54 | 10.08 | 13.23 | 17.8 | 23.58 | 27.85 |
| Div. Payout % | 0% | 0% | 0% | 0% | 31% | 36% | 30% | 26% | 39% | 28% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.19 | 13 | 13 | 14 | 14 | 21 | 21 | 21 | 42 | 42 |
| Reserves | 6 | 76 | 141 | 212 | 266 | 360 | 484 | 661 | 661 | 984 |
| Borrowings | 0 | 1 | 1 | 42 | 33 | 39 | 36 | 51 | 79 | 83 |
| Other Liabilities | 0 | 79 | 58 | 162 | 49 | 82 | 102 | 160 | 187 | 224 |
| Total Liabilities | 7 | 169 | 213 | 429 | 362 | 501 | 644 | 894 | 969 | 1,332 |
| Fixed Assets | 0 | 9 | 9 | 32 | 20 | 93 | 110 | 131 | 172 | 180 |
| CWIP | 0 | 0 | 0 | 65 | 69 | 0 | 0 | 1 | 0 | 0 |
| Investments | 4 | 62 | 129 | 193 | 194 | 193 | 195 | 202 | 320 | 316 |
| Other Assets | 3 | 98 | 75 | 139 | 79 | 215 | 338 | 559 | 477 | 836 |
| Total Assets | 7 | 169 | 213 | 429 | 362 | 501 | 644 | 894 | 969 | 1,332 |
Cash Flow
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 0 | 97 | 57 | 143 | -24 | 147 | 109 | 267 | 352 | 254 |
| Investing | 0 | -91 | -43 | -156 | 52 | -79 | -44 | -233 | -67 | 89 |
| Financing | 0 | -7 | -3 | 28 | -17 | -49 | -64 | -72 | -282 | -142 |
| Net Cash Flow | 0 | -2 | 11 | 15 | 12 | 19 | 0 | -37 | 3 | 200 |
| Free Cash Flow | 0 | 93 | 34 | 92 | -29 | 129 | 97 | 262 | 316 | 240 |
| CFO/OP | 0 | 150 | 97 | 143 | 0 | 122 | 65 | 98 | 106 | 67 |
Ratios
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 248 | 18 | 12 | 9 | 14 | 13 | 11 | 14 | 13 | 13 |
| Cash Conversion Cycle | 248 | 18 | 12 | 9 | 14 | 13 | 11 | 14 | 13 | 13 |
| Working Capital Days | 816 | 22 | -36 | -48 | -24 | 26 | 100 | 192 | 106 | 122 |
| ROCE % | — | — | 79% | 47% | 22% | 46% | 48% | 48% | 54% | 57% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Anand Rathi Wealth
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Company Information
Anand Rathi Wealth Ltd was incorporated on March 22, 1995. It is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country. The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients.[1]
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