WEALTH
Wealth First Portfolio Managers share price & financials
- Price
- ₹945.5
- Market cap
- ₹905 Cr
- Sector
- Financial Services
- Calls analysed
- 2
Wealth First Por Q4 FY26
What went well
- Consolidated Revenue from Operations for FY26 grew strongly by 28.7% to INR68.4 crores from INR53.2 crores in FY25.
- Consolidated PAT for FY26 increased to INR38.3 crores from INR34.1 crores in FY25.
- Q4 FY26 Consolidated Revenue from Operations turned around to INR16.5 crores from a loss of INR3.3 crores in Q4 FY25.
What to watch
- Cost-to-income ratio increased to 29.9% in FY26 from 23% in FY25 due to strategic investments.
- Market correction of 12-14% in Q4 FY26 compressed closing portfolio valuation.
What Wealth First Portfolio Managers Limited does
Wealth First Portfolio Managers Limited is an independent, Ahmedabad-headquartered wealth management firm tracing back to Dalal and Shah Fiscal Services Ltd., founded in 1992. It earns trail-based and transaction income by advising HNI and retail clients and distributing mutual funds, PMS, bonds, fixed deposits, direct equity and pension products through a Relationship-Manager-led model. Client relationships are built mainly through referrals, investment clinics and corporate seminars rather than physical branch reach. It has recently added two adjacent regulated businesses: Wealthshield Insurance Brokers, an IRDAI-licensed direct insurance broker, and Lakshya Asset Management, a SEBI-approved mutual fund sponsor.
Segments
- Wealth Management / Distribution
- Insurance Broking (Wealthshield Insurance Brokers)
- Asset Management (Lakshya AMC)
- Total Assets Under Advisory (AUA)
- ₹12,157 crore (as of Mar 2026)
- Trail-based AUM (MF + PMS + AIF)
- ₹5,558 crore (FY26)
- Total clients
- 21,746 (as of Mar 2026)
- Client families served
- 6,889 (as of Mar 2026)
- Relationship Managers
- 41 (as of Mar 2026)
- Physical office locations
- 4 — HQ Ahmedabad plus Pune, Surat and Mumbai
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 2 delivered 1 missed 7 open- Treasury Income Volatility delivered said Q4 FY25 Promised: Most of the time, our endeavor is that by year-end, this volatility of this income will not be there. Q4 FY26: Management confirmed the equity trading book, the primary source of volatility, has been reduced to zero as of FY26 end.
- RM Pool Expansion went quiet said Q4 FY25 Promised: And another 15 will be added to the pool within two years. Q4 FY26: No update provided on the number of RMs added to the core wealth management pool. The focus was on hiring for the new insurance vertical.
- AUA Growth at risk said Q4 FY25 Promised: our AUM should grow at least double in three years. Q4 FY26: AUA grew only 4.6% YoY to INR 12,157 crores. This is significantly below the ~26% CAGR required to double AUM in 3 years from the FY25 base of INR 11,623 crores.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 44.0%, net profit down 37.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 16 | -4 | 25 | 18 −5% | 6 −62% | 15 +475% | 14 −44% |
| EBITDA | 16 | 13 | -6 | 22 | 12 −25% | 2 −85% | 11 +283% | 10 −55% |
| Net profit | 15 | 9 | -4 | 16 | 9 −40% | 1 −89% | 14 +450% | 10 −37% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.2% 1Y
1Y: ₹1,193.4 on 10 Sept 2025 → ₹845.25. High ₹1,276.3 (12 Sept 2025), low ₹800.1 (20 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.1%
- 1 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 30.2% a year over 3 years, FY23 to FY26. Operating margin widened to 73.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹29 Cr | ₹54 Cr | ₹51 Cr | ₹64 Cr |
| Operating profit | ₹18 Cr | ₹43 Cr | ₹41 Cr | ₹47 Cr |
| Operating margin | 61.9% | 79.6% | 80.4% | 73.4% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹14 Cr | ₹42 Cr | ₹34 Cr | ₹40 Cr |
| Net margin | 47.4% | 77.8% | 66.7% | 62.5% |
| Cash from operations | ₹21 Cr | ₹16 Cr | ₹9 Cr | ₹72 Cr |
| Free cash flow | ₹20 Cr | ₹16 Cr | ₹8 Cr | ₹71 Cr |
| ROCE | 26.0% | 57.0% | 38.0% | 38.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹36 Cr | ₹55 Cr | ₹66 Cr | ₹107 Cr | ₹136 Cr | ₹140 Cr |
| Borrowings | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹3 Cr | ₹4 Cr | ₹4 Cr | ₹7 Cr | ₹9 Cr | ₹9 Cr |
| Total liabilities | ₹50 Cr | ₹72 Cr | ₹80 Cr | ₹125 Cr | ₹156 Cr | ₹160 Cr |
| Fixed assets | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹3 Cr | ₹18 Cr | ₹39 Cr | ₹49 Cr | ₹33 Cr | ₹88 Cr |
| Other assets | ₹46 Cr | ₹52 Cr | ₹40 Cr | ₹75 Cr | ₹121 Cr | ₹71 Cr |
| Total assets | ₹50 Cr | ₹72 Cr | ₹80 Cr | ₹125 Cr | ₹156 Cr | ₹160 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 17% to 7,945.
- Promoters
- 74.0%
- DIIs
- 0.1%
- Public
- 25.9%
Since Jun 2025
- DIIs +0.01 pp
- Public −0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, Public 26.0%.Dec '23: Promoters 74.0%, Public 26.0%.Mar '24: Promoters 74.0%, Public 26.0%.Jun '24: Promoters 74.0%, Public 26.0%.Sep '24: Promoters 74.0%, Public 26.0%.Dec '24: Promoters 74.0%, DIIs 0.0%, Public 25.9%.Mar '25: Promoters 74.0%, DIIs 0.0%, Public 25.9%.Jun '25: Promoters 74.0%, DIIs 0.1%, Public 25.9%.Sep '25: Promoters 74.0%, DIIs 0.1%, Public 25.8%.Dec '25: Promoters 74.0%, DIIs 0.1%, Public 25.9%.Mar '26: Promoters 74.0%, DIIs 0.1%, Public 25.8%.Jun '26: Promoters 74.0%, DIIs 0.1%, Public 25.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Wealth First Portfolio Managers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ashish Navnitlal Shah | 32.16% | unchanged |
| Hena Ashish Shah | 31.72% | unchanged |
| Wealth First Commodities Private Limited | 3.75% | unchanged |
| Oraculo Stockbrokers Private Limited | 3.44% | unchanged |
| Waao Partners | 2.47% | unchanged |
| Pratul Krishnakant Shroff | 2.40% | unchanged |
| Gaurang Parmanand Shah | 2.05% | unchanged |
| Dsfs Shares And Stock Broking Private Limited | 1.25% | unchanged |
| Dalal And Shah Fiscal Services Limited | 0.47% | unchanged |
| Shah Navnitlal Popatlal Huf | 0.44% | unchanged |
| Shah Vipin Parshottam Huf | 0.44% | unchanged |
| Viren Vipinchandra Shah | 0.33% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Wealth First Portfolio Managers Limited
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