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Anand Rathi Wealth

ANANDRATHI NSE
₹2,296.00 No trade today
P/E
82.44
View as Markdown
MCP
Close 4 Nov 2026 ₹2,296.00 +743.80 +47.9% 1Y
Start ₹1,552.20

Key Fundamentals

MidcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
57.50%
Debt to Equity
0.08
EPS (TTM)
₹27.85
Book Value
₹77.29
Market Cap
—
P/E (TTM)
82.44
P/B
29.71
ROE
45.30%
Dividend Yield
0.17%
EBITDA
₹586 Cr
52W High
₹2,309.00
52W Low
₹1,353.85
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
90
Strong
Returns, margins, earnings quality 22% weight
Valuation
23
Poor
Cheap vs sector & own history 24% weight
Growth
76
Strong
Sales & profit trajectory 9% weight
Financial Health
60
Good
Solvency, leverage, coverage 9% weight
Momentum
90
Strong
Trend strength, vol-adjusted 12% weight
Ownership
38
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company has delivered good profit growth of 54.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 42.2%
  • Company has been maintaining a healthy dividend payout of 31.1%
  • Company's median sales growth is 29.8% of last 10 years

Weaknesses

3
  • Stock is trading at 34.5 times its book value
  • Promoter holding has decreased over last quarter: -1.74%
  • Earnings include an other income of Rs.200 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
68.72
Neutral
MACD (12,26,9)
36.36
Bullish
SMA (50)
2,185.70
Bullish
SMA (200)
1,874.60
Bullish

As of

Analyst Rating

Based on 2 analysts
TIED50%

0 of 2 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
0
0%
HOLD
1
50%
SELL
1
50%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+103.33%
5Y+35.96%
3Y+30.95%
1Y+28.10%
TTM+22.87%

Net profit

Net profit growth by window
10YZero base
5Y+54.79%
3Y+32.52%
1Y+32.54%
TTM+46.67%

Operating cash flow

Operating cash flow growth by window
10YZero base
5YTurned positive
3Y+32.58%
1Y−27.84%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+47.35 pp
5Y+18.50 pp
3Y+2.37 pp
1Y+1.86 pp
TTM−5.29 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2016₹1.00 Cr
Mar 2018₹214 Cr
Mar 2019₹275 Cr
Mar 2020₹327 Cr
Mar 2021₹260 Cr
Mar 2022₹408 Cr
Mar 2023₹538 Cr
Mar 2024₹720 Cr
Mar 2025₹943 Cr
Mar 2026₹1,208 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2016₹0.00 Cr
Mar 2018₹50.00 Cr
Mar 2019₹65.00 Cr
Mar 2020₹71.00 Cr
Mar 2021₹44.00 Cr
Mar 2022₹125 Cr
Mar 2023₹168 Cr
Mar 2024₹221 Cr
Mar 2025₹295 Cr
Mar 2026₹391 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹132 Cr +1.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Anand Rathi Wealth Ltd trades at ₹2,296 as of 2026-11-04 with a market cap of ₹38,253 Cr, near its 52-week high of ₹2,309. The company exhibits strong profitability with ROE of 39.25% and ROCE of 50.03% on a nearly debt-free balance sheet (debt-to-equity of 0.08), but commands a steep valuation at a P/E of 82.44x and P/B of 29.71x.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.08, providing significant financial flexibility and low interest burden
  • Exceptional return ratios with ROE of 39.25% and ROCE of 50.03%, indicating highly efficient capital deployment in the wealth management business
  • Consistent 3-year ROE of 42% and 5-year ROE of 41%, demonstrating that high profitability is structural rather than cyclical
  • Compounded profit growth of 55% over 5 years and 33% over 3 years reflects sustained earnings momentum in the capital markets sector
  • TTM profit growth of 47% shows continued acceleration even on a larger base, with compounded sales growth of 23% TTM supporting top-line expansion
  • Median sales growth of 29.8% over the last 10 years indicates a long runway of consistent revenue compounding across market cycles
  • Healthy dividend payout ratio of 31.1% alongside high growth suggests the company can fund growth internally while returning capital to shareholders, with a current dividend yield of 0.17%
  • Stock has delivered a 1-year CAGR of 46% and 3-year CAGR of 67%, with the current price of ₹2,296 trading near the 52-week high of ₹2,309, reflecting strong market confidence
Bear Case 7
  • P/E of 82.44x on TTM EPS of ₹27.85 is extremely elevated, leaving little room for execution missteps before a potential de-rating
  • Price-to-book of 29.71x — or 34.5x by some measures — implies the market is pricing in exceptional growth for years ahead, creating significant downside risk if growth moderates
  • Earnings include other income of ₹200 Cr, raising questions about the quality and sustainability of reported profits from core wealth management operations
  • Promoter holding decreased by 1.74% in the last quarter, which may signal reduced insider confidence or dilution at elevated valuations
  • Dividend yield of only 0.17% provides negligible income cushion for investors at the current price of ₹2,296, meaning returns depend almost entirely on capital appreciation
  • Capital markets businesses are inherently cyclical — a sustained equity market downturn could compress AUM growth and fee income, pressuring the TTM sales growth of 23%
  • The gap between 10-year compounded sales growth of 110% and 3-year sales growth of 31% suggests the pace of revenue expansion is normalizing as the base scales up

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Anand Rathi Wealth is well-positioned in a capital markets sector expected to benefit from strong GDP growth (7.8% Q1) and ₹17.1 lakh crore government capex, with a 25.7% OI surge hinting at trader interest. However, a 51% drop in delivery volumes and a large ₹1,200 crore related party transaction warrant caution. The interim dividend signals healthy cash generation, but short-term volatility from geopolitical risks and macro headwinds could keep the stock in consolidation. The medium-term trend remains intact, though near-term direction hinges on broader market sentiment and governance clarity around the related party deal.

Headwinds 3
  • Delivery volumes drop 51% Oct 06

    Delivery volumes on Oct 1 fell sharply by 51.22% to 1.68 lakh shares versus the five-day average, suggesting reduced conviction among long-term holders or profit-booking.

  • Geopolitical and macro risks Oct 06

    Key risks to FY27 outlook include geopolitical tensions, war-related crude price volatility, supply chain disruptions, and rising US dollar and 10-year yields impacting emerging market flows.

  • ₹1,200 crore related party deal Oct 22

    Anand Rathi Wealth seeks shareholder approval for ₹1,200 crore material related party transactions with Aligned Investment Pvt Ltd, valued at 104.45% of prior year consolidated turnover, raising governance scrutiny.

Positives 4
  • OI surges 25.7% signalling positioning Oct 06

    Derivatives open interest jumped 25.7% from 3,046 to 3,829 contracts with total derivatives value of ₹3,165.7 crore, indicating heightened trader positioning for a potential directional move.

  • Strong GDP and capex tailwinds Oct 06

    Real GDP growth reached 7.8% in Q1, and the government is allocating ₹17.1 lakh crore in total public capex this financial year, benefiting capital markets players.

  • Financial services sector favoured Oct 06

    NBFCs, asset management companies, and financial services beyond banking were identified as sectors likely to lead FY27 earnings growth, directly relevant to Anand Rathi Wealth's business.

Neutral 3
  • Promoter re-pledges shares to Yes Bank Oct 16

    Anand Rathi Financial Services released and re-pledged 88.46 lakh shares, moving collateral from Suresh Rathi Securities to Yes Bank — a change in pledge holder, not a new pledge.

  • Virtual investor meet on Oct 22 Oct 15

    Company scheduled a virtual meeting with individual investors on Oct 22, 2026, with discussions limited to publicly available information.

  • MoA alteration for REITs and AIFs Oct 22

    Company seeks to alter its Memorandum of Association to enable acting as sponsor or AMC for REITs, InvITs, and AIFs, expanding potential business scope.

Quarterly Results

₹ Cr
ANANDRATHI quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
168
175
175
177
229
234
228
213
265
286
279
277
313
334
Expenses
96
100
97
106
133
132
124
125
139
152
150
194
205
217
Operating Profit
71
75
78
71
96
102
104
89
125
134
130
83
108
116
OPM %
43%
43%
44%
40%
42%
44%
46%
42%
47%
47%
46%
30%
35%
35%
Other Income
3
6
4
12
7
6
6
18
9
9
16
67
109
11
Interest
1
2
2
2
1
3
4
4
4
5
4
3
4
3
Depreciation
3
3
4
4
4
5
5
6
6
7
7
8
8
8
PBT
70
76
76
77
97
101
102
98
124
130
134
138
206
116
Tax %
25%
26%
26%
28%
26%
25%
26%
26%
26%
26%
26%
26%
21%
24%
Net Profit
52
57
57
56
72
75
76
72
92
97
100
102
163
88
EPS (₹)
3.14
3.39
3.41
3.32
4.36
4.52
4.56
4.36
5.56
5.85
6.01
6.16
9.83
—

Sep 2026: from the results filed on 9 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
ANANDRATHI profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1
214
275
327
260
408
538
720
943
1,208
1,156
Expenses
1
136
180
213
185
230
296
400
514
636
701
Operating Profit
0
78
95
114
75
178
242
320
429
572
455
OPM %
26%
36%
35%
35%
29%
44%
45%
44%
45%
47%
39%
Other Income
0
6
6
1
2
1
0
0
1
0
200
Interest
0
9
3
3
3
2
4
6
11
16
15
Depreciation
0
4
4
16
12
11
12
14
20
29
30
PBT
0
71
94
96
62
166
226
300
398
527
609
Tax %
21%
29%
30%
26%
29%
24%
26%
26%
26%
26%
—
Net Profit
0
50
65
71
44
125
168
221
295
391
462
EPS (₹)
2
9.36
6.06
6.59
4.02
7.54
10.08
13.23
17.8
23.58
27.85
Div. Payout %
0%
0%
0%
0%
31%
36%
30%
26%
39%
28%
—

Balance Sheet

₹ Cr
ANANDRATHI balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.19
13
13
14
14
21
21
21
42
42
Reserves
6
76
141
212
266
360
484
661
661
984
Borrowings
0
1
1
42
33
39
36
51
79
83
Other Liabilities
0
79
58
162
49
82
102
160
187
224
Total Liabilities
7
169
213
429
362
501
644
894
969
1,332
Fixed Assets
0
9
9
32
20
93
110
131
172
180
CWIP
0
0
0
65
69
0
0
1
0
0
Investments
4
62
129
193
194
193
195
202
320
316
Other Assets
3
98
75
139
79
215
338
559
477
836
Total Assets
7
169
213
429
362
501
644
894
969
1,332

Cash Flow

₹ Cr
ANANDRATHI cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
97
57
143
−24
147
109
267
352
254
Investing
0
−91
−43
−156
52
−79
−44
−233
−67
89
Financing
0
−7
−3
28
−17
−49
−64
−72
−282
−142
Net Cash Flow
0
−2
11
15
12
19
0
−37
3
200
Free Cash Flow
0
93
34
92
−29
129
97
262
316
240
CFO/OP
0
150
97
143
0
122
65
98
106
67

Ratios

ANANDRATHI financial ratios, annual
Particulars Mar 2016Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
248
18
12
9
14
13
11
14
13
13
Cash Conversion Cycle
248
18
12
9
14
13
11
14
13
13
Working Capital Days
816
22
−36
−48
−24
26
100
192
106
122
ROCE %
—
—
79%
47%
22%
46%
48%
48%
54%
57%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Anand Rathi Wealth insights

56 extracted metrics across FY16–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.95%
  • Public 33.55%
  • DIIs 10.25%
  • Others 8.61%
  • FIIs 6.64%

13.97% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Anand Rathi Wealth

What does Anand Rathi Wealth Ltd do?
Anand Rathi Wealth Ltd was incorporated on March 22, 1995. It is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country.
Where is Anand Rathi Wealth Ltd (ANANDRATHI) listed?
Anand Rathi Wealth Ltd trades as ANANDRATHI on the NSE and under code 543415 on the BSE.
Which sector does Anand Rathi Wealth Ltd belong to?
Anand Rathi Wealth Ltd is classified under the Capital Markets sector, in the Wealth industry.
What is the PE ratio of Anand Rathi Wealth Ltd?
Anand Rathi Wealth Ltd trades at a PE ratio of 82.44 as of 4 Nov 2026, on earnings per share of ₹27.85, against a book value of ₹77.29 per share.
What is the 52-week high and low of Anand Rathi Wealth Ltd?
Over the last 52 weeks Anand Rathi Wealth Ltd has traded between ₹1,353.85 and ₹2,309 as of 4 Nov 2026.
Does Anand Rathi Wealth Ltd pay dividends?
Anand Rathi Wealth Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of Anand Rathi Wealth Ltd?
Anand Rathi Wealth Ltd reported a return on equity of 45.30%. Its debt-to-equity ratio is 0.08.

Company Information

Anand Rathi Wealth Ltd was incorporated on March 22, 1995. It is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country. The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients.

Website rathi.com
CEO Mr. Anand Nanakishore Rathi
Employees 1,161
Listed 14 Dec 2021
Face Value ₹5

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