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Anand Rathi Wealth Ltd
| Annual Report for the Financial Year 2024–25
Summary : Anand Rathi Wealth Limited reported strong Q3 and 9-month financial results, appointed new independent directors, re-appointed its CEO, and granted ESOPs, while also noting the sale of a subsidiary and investment in a new UK entity.
Annual Report Analysis & Insights
Financial Disclosures
- Consolidated Total Expenses: Q3 FY26 at Rs. 17,040.31 lakhs, 9M FY26 at Rs. 50,132.45 lakhs (includes Employee Benefit Expenses, Finance Costs, Depreciation, Other Expenses).
- Standalone Total Expenses: Q3 FY26 at Rs. 16,085.79 lakhs, 9M FY26 at Rs. 47,464.80 lakhs (includes Employee Benefit Expenses, Finance Costs, Depreciation, Other Expenses).
- Consolidated Revenue from Operations: Q3 FY26 at Rs. 28,962.39 lakhs, 9M FY26 at Rs. 86,100.68 lakhs.
- Standalone Revenue from Operations: Q3 FY26 at Rs. 27,942.54 lakhs, 9M FY26 at Rs. 83,023.89 lakhs.
- Consolidated Paid up Equity Share Capital: Rs. 4,151.03 lakhs (Face value Rs. 5 each).
- Consolidated Other Equity (as of March 31, 2025): Rs. 63,246.48 lakhs.
- Standalone Paid up Equity Share Capital: Rs. 4,151.03 lakhs (Face value Rs. 5 each).
- Standalone Other Equity (as of March 31, 2025): Rs. 66,149.08 lakhs.
- Both standalone and consolidated unaudited financial results are presented for the quarter and nine months ended December 31, 2025.
Corporate Overview
- Primarily India.
- New subsidiary incorporated in the United Kingdom.
- New Labour Codes implementation and potential impact on gratuity liability (assessed as non-material).
- Sale and distribution of financial products.
- Private wealth management services.
- Single business segment: sale and distribution of financial products within India.
- Investment of Rs. 585 lakh in Anand Rathi Wealth UK Limited, a wholly-owned subsidiary, with operations yet to commence.
Risk Factors
- Company operates in single business segment.
- New labor codes impact gratuity liability.
- UK subsidiary operations not yet commenced.
- Reliance on other auditors for subsidiaries.
Key Drivers
- Strong Q3 and 9-month financial results.
- Appointment of three new Independent Directors.
- Re-appointment of CEO for three years.
- Employee Stock Options granted to employees.
Auditor’s Report
- Unmodified conclusion on both standalone and consolidated financial results.
- Review of financial results of three subsidiaries by other auditors.
- Financial results of one subsidiary (Anand Rathi Wealth UK Limited) not reviewed by their auditors, deemed not material.
Board Commentary
- Appointment of Mr. Adesh Kumar Gupta as Additional Non-Executive Independent Director.
- Appointment of Mr. Debasish Panda as Additional Non-Executive Independent Director.
- Appointment of Ms. Deena Asit Mehta as Additional Non-Executive Independent Director.
- Re-appointment of Mr. Rakesh Rawal as Whole-time Director and CEO for a 3-year term (April 2026 - March 2029).
- New Labour Codes (Wages 2019, Social Security 2020, Industrial Relations 2020, Occupational Safety, Health and Working conditions 2020) effective from November 21, 2025.
- Grant of 12,45,309 Employee Stock Options (ESOPs) under ARWL - ESOP 2025 Plan.
- Issuance of fully-paid bonus equity shares in a 1:1 ratio (approved Jan 2025, allotted March 2025).
- Investment of Rs. 585 lakh in Anand Rathi Wealth UK Limited.
Corporate Governance
- Appointment of three new Non-Executive Independent Directors (Mr. Adesh Kumar Gupta, Mr. Debasish Panda, Ms. Deena Asit Mehta).
- Nomination and Remuneration Committee involved in director appointments and re-appointments.
Management Discussion & Analysis
Risk Control Measures
- Management assessed no material incremental impact from new Labour Codes on gratuity liability.
Critical Risks
- Reliance on a single business segment for revenue.
- Potential impact of new Labour Codes on gratuity liability.
- Uncertainty regarding commencement of operations for UK subsidiary.