Anand Rathi Wealth is one of India's listed wealth-management firms, and its Q2 FY27 print arrives against a quarter in which the Nifty 50 fell 6.6% even as mutual-fund industry inflows stayed strong. The two things to watch are the AUM trajectory toward the Rs. 1,20,000 crore year-end target amid negative mark-to-market, and the margin trade-off from management's deliberate reinvestment in technology, HR and operations.
| Results date | October 09, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 322.0 crore (revenue from operations, Q1 FY27) |
| Previous quarter PAT | Rs. 115.9 crore (presentation basis, Q1 FY27) |
| Market cap | Rs. 35,159.24 Cr |
| CMP | Rs. 2,117.5 |
Board meeting scheduled for October 9 to consider Q2 and H1 FY27 results and an interim dividend for FY27; trading window closed from October 1 until 48 hours after results become public.
The Q2 FY27 print will test whether the FY27 guidance of Rs. 1,415 crore revenue, Rs. 460 crore PAT and Rs. 1,20,000 crore AUM stays on track after the Nifty 50 fell 6.6% over July-September 2026, creating a mark-to-market drag on AUM even as flows remained strong. Industry equity mutual-fund net inflows of Rs. 24,697 crore in July and Rs. 29,329 crore in August, with SIP collections rising from Rs. 31,781 crore in June to Rs. 32,297 crore in August, support the distribution business, while management's AUM projections assume 10%-12% mark-to-market gains and Rs. 1,100-Rs. 1,200 crore of monthly net sales. On margins, employee benefits expense was Rs. 176.17 crore in Q1 at 54.7% of revenue, and management has said sustaining a 46% PBT margin was not the intent while reinvesting in technology, HR and operations; on yields, it guided that TER changes would transmit only 2-3 basis points of fluctuation on the about 1.09% average post-GST yield. Q1 AUM of Rs. 1,06,300 crore left a gap to the Rs. 1,20,000 crore year-end target, and the quarter's negative mark-to-market makes the AUM bridge the key metric to hear management address. The company also secured the GIFT City fund-management registration for subsidiary ARFME on September 11, 2026, while the mutual-fund sponsor application and planned AMC and Trustee Company remain pending, and the call is likely to cover the AUM bridge, guidance tracking and a reconciliation of the filed consolidated net profit of Rs. 163.01 crore with the presentation-basis PAT of Rs. 115.9 crore.
FY27 guidance tracking: Management guided FY27 figures on a basis that excludes fair-value gains on investments, ESOP expenses and related tax effects.
AUM bridge, flows and attrition
GIFT City, AMC and mutual-fund sponsor progress
Structured-product issuer concentration and reporting reconciliation
An analyst cited Rs. 24,700 crore, or roughly 27% of AUM, tied to Anand Rathi Global Finance. Management said diversification was on the cards, that Nuvama was already on the platform, and noted issuer-onboarding constraints, with its internal criteria requiring at least half of collected money to be invested rather than lent.
Management said the apparent 18%-19% growth comparison remained within its long-term 20%-25% objective when assessed against prior guidance. It referred to a five-year planning horizon in this context.
Management said AUM per RM should rise as client attrition remains low and said it did not expect that metric to plateau. Q1 FY27 client attrition was reported at 0.09% with 13,941 client families.
Q1 FY27 revenue from operations was Rs. 322.0 crore, up 17.5% year on year, with PAT of Rs. 115.9 crore up 23.5% on the presentation basis. Growth was supported by net inflows of Rs. 2,743 crore and AUM of Rs. 1,06,300 crore in the quarter.