Anand Rathi Wea.

Anand Rathi Wealth Limited delivered a robust financial performance in FY25, with consolidated revenue growing 30% year-on-year to INR 981 crores. Profit after tax (PAT) also saw a significant increase of 33% year-on-year, reaching INR 301 crores, surpassing the revised guidance of INR 295 crores. The company's PAT margin improved to 30.7% for FY25 from 30% in FY24, and it achieved an impressive Return on Equity (RoE) of 44.6%. For Q4 FY25, total revenue was INR 241 crores, a 22% YoY growth, with PAT at INR 74 crores, up 30% YoY.

The company's total Assets Under Management (AUM) grew by approximately 30% year-on-year, reaching INR 77,103 crores as of March 31, 2025. The share of equity mutual funds within the AUM increased to 53% in March 2025, up from 51% in March 2024. Net flows for FY25 were strong, totaling INR 12,617 crores, representing a 76% year-on-year growth, with Q4 alone contributing INR 3,472 crores in net mobilization.

Anand Rathi Wealth Limited added 1,821 new client families in its private wealth business during FY25, bringing the total client base to 11,732. The client attrition rate, measured by AUM lost, was exceptionally low at 0.52% for FY25, and RM attrition remained below 1% for the second consecutive year. The company plans to add 50-60 Relationship Managers (RMs) in FY26, leveraging its internal talent pool and technology to enhance productivity, with current clients per RM at 31, well below the Rakesh sir's limit of 50.

The company highlighted its ability to deliver market-agnostic results, with PAT growth remaining consistent (30-33%) even during periods of Nifty volatility. Structured products play a key role in this strategy, with all 147 products matured last year delivering maximum coupon. Primary issuances for structured products in Q4 FY25 were INR 1,392 crores, with secondary issuances at INR 847 crores. Estimated maturities for FY26 are around INR 3,500 crores, indicating a healthy pipeline.

Anand Rathi Wealth Limited is actively pursuing global expansion. The company has incorporated an entity in the UK and expects to secure the necessary license to commence wealth management business within 4 to 6 months. Building on the success of its Dubai representative office, the company has also decided to open a new representative office in Bahrain, aiming to spread its footprint on the global map.

In line with its commitment to shareholder value, the company completed a buyback of INR 165 crores during the last financial year and issued bonus shares in a 1:1 ratio. The Board declared a final dividend of INR 7 per share for FY25, which, post-bonus, is equivalent to the INR 14 per share paid in FY24.

For the financial year 2026, the company has provided a revenue guidance of INR 1,175 crores, representing a 20% growth year-on-year. The Profit After Tax (PAT) guidance for FY26 is set at INR 375 crores, indicating a 24% growth year-on-year. Management reiterated its long-term outlook for PAT growth between 20% to 25% for several years to come.

NRI clients currently contribute approximately 10-12% of the company's total AUM. Management acknowledged the potential benefits of establishing a subsidiary in GIFT City to serve NRI clients more tax-efficiently and committed to prioritizing this strategic initiative for further exploration and implementation.