Anand Rathi Wealth reported operating revenue of ~Rs 3 billion in Q2 FY26 (in line), up 23% YoY/9% QoQ, primarily driven by 28% YoY growth in revenue from the distribution of financial products and 16% YoY growth in MF revenue. For H1 FY26, it grew 19% YoY to Rs 5.7 billion.
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Motilal Oswal Report
Anand Rathi Wealth Ltd. is one of the few companies in the listed space that has consistently outperformed its stated guidance. For FY26, management has guided for revenue/PAT of Rs 11.8 billion/Rs 3.8 billion vs our estimates of Rs 11.7 billion/Rs 3.9 billion.
We expect a CAGR of 25%/22%/27% in AUM/revenue/PAT during FY25-28E, with robust cash generation (Rs 12.8 billion of operating cash flow during FY25-28E), RoE of 37%+, and a healthy balance sheet.
We reiterate our Neutral rating with a one-year target price of Rs 2,800 (premised on 42x Sep’27E EPS).
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