Anand Rathi Wealth (ANANDRATHI) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 profit after tax grew 30% year-over-year, surpassing INR 100 crore for the first time, with revenue up 25% to INR 306 crore.

• Nine-month FY26 PAT rose 29% year-over-year to INR 294 crore, with revenue up 21% to INR 897 crore.

• Assets under management (AUM) rose 30% year-over-year to INR 299,008 crore as of December 31, 2025.

• PAT margin improved to 32.7% in Q3 FY26 from 31.6% in Q3 FY25.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended 31 Dec 2025 were approved, showing continued profitability and growth.

Financial highlights

• Q3 FY26 consolidated revenue: INR 306 crore (up from INR 244 crore in Q3 FY25); net profit: INR 100 crore (up from INR 77 crore in Q3 FY25).

• Nine-month FY26 revenue: INR 897 crore (up from INR 739 crore in FY25); net profit: INR 294 crore (up from INR 227 crore YoY).

• Earnings per share (EPS) for Q3 FY26 was ₹12.1, up 29.9% year-over-year, adjusted for a 1:1 bonus issue.

• Return on equity (ROE) for nine months FY26 was 47.3%, up 253 bps year-over-year.

• Employee cost as % of topline reduced from 45% (FY25) to 42% (nine months FY26) due to operating leverage.

Outlook and guidance

• Achieved 76% of full-year revenue and 78% of PAT guidance in the first nine months.

• Maintains full-year revenue guidance of INR 1,175 crore and PAT guidance of INR 375 crore.

• Guidance for next year remains at 20%-25% growth on current year’s base.

• AUM achieved 99% of FY26 guidance by December 2025.

• No material impact expected from new labour codes on gratuity liability or operating margins.