Anand Rathi Wealth (ANANDRATHI) Q2 25/26 earnings summary

Executive summary

• Achieved strong year-over-year growth in revenue, PAT, and AUM for Q2 and H1 FY26, with PAT margin and ROE remaining robust.

• AUM grew from INR 30,200 crore at IPO to INR 91,901.6 crore as of September 2025, more than doubling in four years.

• Added over 1,800 net new families in the last 12 months, bringing total clients to 12,781, with continued expansion in client base and digital wealth offerings.

• Maintained consistent dividend payouts, bonus issues, and a buyback, rewarding shareholders.

• Board approved unaudited financial results for Q2 and H1 FY26 and appointed a new Company Secretary.

Financial highlights

• Q2FY26 consolidated revenue rose 23% YoY to INR 307 crore; PAT up 31% YoY to INR 99.89 crore; PAT margin improved to 32.5%.

• H1FY26 revenue grew 19% YoY to INR 591 crore; PAT up 29% YoY to INR 194 crore; ROE at 45.5%.

• AUM reached INR 91,901.6 crore, up 22% YoY.

• EPS for H1 FY26 at INR 23.3, up 29.9% YoY (adjusted for bonus issue).

• Achieved 50.3% of full-year revenue and 52% of PAT guidance in H1FY26.

Outlook and guidance

• Retains aspirational AUM guidance of INR 1 lakh crore by March 2026, assuming 9-10% market growth.

• Maintains 25% growth target, expecting normalization to 20-25% as base increases.

• Expects Nifty to deliver above-median returns over the next three years with negligible risk of catastrophic fall.

• Focus remains on increasing wallet share, adding new clients and relationship managers, and leveraging organic growth.

• Plans for 18-19% revenue growth over five years and INR 125,000 crore mark-to-market gain for clients.