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1 ANAND RATHI WEALTH LIMITED I N V E S T O R P R E S E N T A T I O N Quarter & Half Yearly ended 30th September 2026 T H E P E O P L E B E H I N D Uncomplicated Wealth
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Index 01 Consolidated Highlights 02 Private Wealth Business 03 Future Unlocking of India’s Wealth Story 04 Digital Businesses 05 Annexures 2
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Building a Wealth Management Business It is not a capital race — it is a credibility marathon 1 Wealth Management Is Not a Capital Business • A relationship manager cannot handle thousands of clients. • The business is inherently linear, not exponential. 2 This Is a Business of Patience and Time, Not Speed • Speed and Capital did not translate into sustainable business. 3 Wealth Management Is a Business of Backward Integration • Distribution first → Manufacturing later. • Manufacturing mistakes are far more damaging. 5 Transparency with Clients Is Non-Negotiable • Zero secrets with the client about how much you earn. • Transparency protects the franchise. • True client centricity lies in selling what you buy, not selling what sells. 6 Relationship Managers Do Not Scale Like Startups so built RMs Rather Buying RMs. • Aggressive hiring alone does not build a wealth business. It takes nearly five years for an RM to become successful. Mr. Feroze Azeez Joint Chief Executive Officer Mr. Rakesh Rawal Executive Director & CEO 4 Every Leader Must First Be a Relationship Manager • True empathy for RMs and clients can only be built if there is no administrative leadership. • Leadership at all levels — CEO, Joint CEO, Unit Heads, Team Leaders—and even support functions like Product must actively contribute as Relationship Managers. 7 Focus on Wealth & Not on Capital • Wealth, by definition, is intergenerational. • Focus on intergenerational wealth, not buoyant capital. • Being everything to everyone is unrealistic. Stay focused. 8 If You Want RMs to Stay Long, the Platform Has to Think Longer • Don’t change incentive formulae in short term for long term benefits. • Remuneration should be earned through results, not years of service
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01 Consolidated Highlights
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Quick Glance Consolidated Financial Highlights · Rs. Crores 5 Financial results presented above adjusted to exclude fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. Particulars Q2FY26 Q2FY27 Y/Y% H1FY26 H1FY27 Y/Y% Revenue from Operations 297.4 344.0 15.7% 571.4 666.0 16.6% Total Revenue 307.0 356.6 16.1% 591.2 693.0 17.2% Employee Benefit Expenses 124.9 141.4 13.2% 239.7 271.6 13.3% Other Expenses 48.1 52.1 8.3% 91.2 102.0 11.9% Total Cost 173.0 193.5 11.8% 330.9 373.6 12.9% PBT 134.0 163.1 21.7% 260.2 319.4 22.7% PAT 99.8 121.9 22.2% 193.6 237.8 22.8% PAT Margin (%) 32.5 34.2 32.8 34.3 AUM 91,568 1,08,377 18.4% 91,568 1,08,377 18.4%
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Financial Performance For Q2FY27 Consolidated Financial Highlights · Rs. Crores Total Revenue Profit After Tax & Margin 6 Financial results presented above adjusted to exclude fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. 16% Y/Y 22% Y/Y 357 307 Q2FY27Q2FY26 32.5% 34.2% 122 100 Q2FY27Q2FY26 Trail Revenue 145 123 Q2FY27Q2FY26 18% Y/Y
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Financial Performance For H1FY27 Consolidated Financial Highlights · Rs. Crores Total Revenue Profit After Tax & Margin 7 Financial results presented above adjusted to exclude fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. 23% Y/Y 17% Y/Y 32.8% 34.3% 693 591 H1FY27H1FY26 238 194 H1FY27H1FY26 Asset Under Management 18% Y/Y 53%53% 26%27% 4%5% 17%15% Sep-26Sep-25 Equity MF SP Debt MF Others 91,568 1,08,377
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Business Performance For Q2 & H1FY27 Consolidated Financial Highlights · Rs. Crores Total Net-Inflows Equity Mutual Funds Net-Inflows Monthly SIP Inflows 8 4,186 3,002 Q2FY27Q2FY26 2,867 2,062 Q2FY27Q2FY26 4,769 4,045 H1FY27H1FY26 110 89 Sep-26Sep-25 6,928 6,825 H1FY27H1FY26 39% 1% 39% 18%
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Market Share – Equity Mutual Fund Category II Growth/Equity Oriented Schemes — AMFI Data 9 Increasing net inflows m arket share and better mark -to -market (MTM) gain will leads to a rise in AUM market share . Period Industry (Cr) ARWL (Cr) Market Share FY20 83,787 153 0.18% FY25 4,17,053 7,706 1.85% Q1FY27 90,321 1,902 2.11% NET INFLOWS MARKET SHARE Period Industry (Cr) ARWL (Cr) Market Share Mar-19 8,04,856 8,098 1.01% Mar-25 29,45,306 40,781 1.38% Jun-26 36,12,941 55,636 1.54% AUM MARKET SHARE
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Actuals Vs. Guidance — FY27 10 Actuals for H1FY27 & Guidance given for FY27 exclude fair value gains on investments, ESOP expenses, and related tax effects. Particulars Guidance Given for FY27 (Rs. Cr) Actuals for H1FY27 (Rs. Cr) Achieved % of Guidance Revenue 1,415 693 49% Profit after tax 460 238 52% Asset under management (AUM) 1,20,000 1,08,377
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02 Private Wealth Business
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Key Operational Highlights For Q2FY27 Asset Under Management (Rs. Cr) Relationship Managers (Nos.) Active Client Families (Nos.) AUM Per RM (Rs. Cr) Client Per RM (Nos.) 12 1,05,847 89,357 Sep-26Sep-25 431 386 Sep-26Sep-25 14,309 12,781 Sep-26Sep-25 246 231 Sep-26Sep-25 33 33 Sep-26Sep-25
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Three Important Stake Holders 13 Lowest regret RM attrition in the industry Consistent incentive payout structure for last 19 years Great place to work for 8 years A robust capability-building program that delivered more than 12,000 person- hours in H1FY27. Portfolio returns of ~14%-15% with beta of 0.6 with Nifty leading to Jensen’s Alpha of 4%-5% Holistic wealth management solutions 1 Consistent and market agnostic performance ROE of 40%+ Consistent dividend payments and buy-back Periodic issuance of bonus shares (in FY17, FY22, FY25 & FY27) 3 2 Employees Clients Shareholders
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Increasing Share of RMs Managing Higher AUM Bucket wise AUM of RMs Bucket wise AUM of RMs Regret RM Attrition* 14 O n e of t h e l o w e s t r e g r e t RM a t t r i t i o n in t h e i n d u s t r y *RM with AUM greater than Rs. 40 Crores 161 9% 88 14% 137 77% No. of RMs AUM (%) Sep-25 190 8% 83 12% 158 80% No. of RMs AUM (%) Sep-26 22 Q2FY27Q2FY26 2 4 H1FY27H1FY26
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Focused on More Rewarding HNI Segment Our clients in the range of AUM between Rs.50 lakh to Rs.5 Crs. segment upgraded to above Rs.5 Crs. segment. This upward shift is due to an increase in the wallet share and portfolio returns. *Figures mentioned outside brackets refer to Sep 2026, while figures within brackets represent data of Sep 2021. These were mostly HNIs when they were on-boarded and have subsequently elevated as UHNIs over a period Rs. 50 Crores & above Rs. 50 Lakhs- 5 Crores Rs. 5-50 Crores 31.0% (15.7%) 49.6% (51.3%) 19.4% (33.0%) Target Segment – slower and difficult to build but more sustainable and scalable Clients yet to allocate their entire portfolio to us Share in AUM
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Best risk adjusted return Responsiveness & Services Lower risk than NIFTY Error free reporting Peripheral Services - Taxation & Lawyers Ease of transaction Technological swift responding What Do Clients Seeks From Wealth Management Firms? 16 S U R V E Y O F 6,298 i n v e s t o r s A c r o s s l o c a t i o n s , a g e g r o u p s a n d r i s k p r o f i l e s To p 3 P R I O R I T I E S Risk Adjusted Returns Lower Risk w.r.t. Nifty Client Servicing S T R AT E G I C A S S E T A L L O C AT I O N Equity MF + Structured Product
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Performance of ARWL Strategy 17 Performance of the Portfolio since inception – Jun’13 to Sep’26 CAGR Growth in % Value of Rs.10 Crs. Invested ARWL Strategy 14.81% 52.99 Nifty 50 10.49% 27.79 Differential Performance 4.32% 25.21 Beta to Nifty 50 0.59 Jensen’s Alpha 5.97% Key Takeaway: • A survey was conducted by Anand Rathi which showed that risk adjusted return is one of the top priorities for 90% investors. • Worldwide, the best mechanism to assess risk adjusted return is Jensen’s Alpha. The measure computes the return differential between the portfolio and benchmark by equalizing the risk of the two. • ARWL Strategy delivered Jensen’s alpha of 5.97% for the period Jun’ 13 – Sep’ 26.
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Advantages of Client Vintage And Stickiness 18 Client Vintage (Nos.) Client Vintage (AUM – Rs. Cr) Client Attrition (% of AUM Lost) 62%60% 38%40% Sep-26Sep-25 > 3 Year 0 to 3 Year 12,781 14,309 83%80% 17%20% Sep-26Sep-25 > 3 year 0 to 3 year 89,357 1,05,847 0.17% 0.09% Q2FY27Q2FY26 0.26% 0.20% H1FY27H1FY26
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Consistent & Market Agnostic Performance 19 Q4FY26, Q1FY27 & Q2FY27 results exclude fair value gains on investments, ESOP expenses, and related tax effects. Q3 & Q4FY22 PAT not presented because of covid base year. Sr. No. Period Consolidated PAT (Rs. Cr) Growth (Y/Y %) Nifty Performance 1 Q1FY23 39.71 33.6% -9.6% 2 Q2FY23 42.95 41.1% 8.3% 3 Q3FY23 43.23 34.9% 5.9% 4 Q4FY23 42.71 23.4% -4.1% 5 Q1FY24 53.23 34.0% 10.5% 6 Q2FY24 57.69 34.3% 2.3% 7 Q3FY24 58.04 34.3% 10.7% 8 Q4FY24 56.86 33.1% 2.7% 9 Q1FY25 73.44 38.0% 7.5% 10 Q2FY25 76.31 32.3% 7.5% 11 Q3FY25 77.23 33.2% -8.4% 12 Q4FY25 73.74 29.7% -0.5% 13 Q1FY26 93.82 27.7% 8.5% 14 Q2FY26 99.80 30.8% -3.6% 15 Q3FY26 100.10 29.6% 6.2% 16 Q4FY26 92.01 24.8% -14.5% 17 Q1FY27 115.86 23.5% 6.9% 18 Q2FY27 121.95 22.2% -8.1% 31.1% 32.7% 5.2% Based on last 18 Quarters PAT Growth (Y/Y %) Mean Median Standard Deviation
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Consistently Rewarding Shareholders 20 FY17 32:1 FY22 1:2 FY25 1:1 FY27 1:1 BONUS SHARE HISTORY All dividends declared prior to the final dividend for FY25 have been adjusted for the 1:1 bonus issue in March 2025 to ensure comparability. *(excluding charges & taxes) Buy-Back (Rs. / Share) (Rs. Cr) (Rs. / Share) (Rs. Cr) (Rs. / Share) (Rs. Cr) (Rs. Cr) FY22 2.5 20.81 3.0 25.01 5.5 45.82 FY23 2.5 20.84 3.5 29.18 6.0 50.02 FY24 2.5 20.87 4.5 37.65 7.0 58.52 FY25 3.5 29.06 7.0 58.11 10.5 87.17 164.65* FY26 6.0 49.81 7.0 58.11 13.0 107.93 H1FY27 4.0 66.42 NA NA 4.0 66.42 Total DividendInterim Dividend Final DividendYear
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Sources of Growth 21 Wallet Share 1 Greater asset share from the existing client families 2 3 4 New Clients New RMs Organic Addition of new client families Addition of new relationship managers - addition of new cities Return on investment gets added to AUM
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ARWL Journey 2002 Started as a Mutual Fund Distributor 2007 Rakesh Rawal (CEO) joined; launched Private Wealth 2012 Feroze Azeez joined; introduced Structured Products 2013 Number of RMs reached 50 2015 Crossed AUM of ₹5,000 Crores 2016 Number of RMs reached 100 2018 Number of RMs reached 150 2019 Crossed AUM of ₹10,000 Crores; RMs reached 200 2021 Listed on BSE & NSE; crossed AUM of ₹25,000 Crores Our Journey · 2002 – 2021 22
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ARWL Journey 2023 Crossed AUM of ₹35,000 Crores 2024 Crossed AUM of ₹50,000 Cr; RMs reached 300 2025 Crossed AUM of ₹80,000 Cr; RMs reached 380 2026 Crossed AUM of ₹1,00,000 Cr; RMs reached 400 Our Journey · 2023 – 2026 23
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Board Of Directors NON -INDEPENDENT DIRECTORS Mr. Anand Rathi Chairman & Non-Executive Director Mr. Pradeep Kumar Gupta Non-Executive Director Mr. Rakesh Rawal Executive Director & CEO INDEPENDENT DIRECTORS Mr. Adesh Gupta Independent Director Mr. Debashish Panda Independent Director Mrs. Deena Mehta Independent Director
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Key Leadership Personnel Mr. Rakesh Rawal Executive Director & CEO MMS, Jamnalal Bajaj Institute of Management Studies; B.Tech (Mechanical), IIT Kanpur. Past experience: Hindustan Unilever & Deutsche Bank. Joined ARWL in 2007. Mr. Feroze Azeez Joint Chief Executive Officer PGDM (Derivatives & Finance), SDM Institute for Management Development; Mechanical Engineer, University of Mysore. Past experience: ABN AMRO Bank & Religare Macquarie Private Wealth. Joined ARWL in 2012. Mr. Jugal Mantri Group Chief Financial Officer Rank-holder Chartered Accountant; Senior Management Program, IIM Ahmedabad. Among the first to join the Anand Rathi Group at its founding in 1994. 25
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Key Personnel 26 Mr. Rajesh Bhutara Chief Financial Officer Mr. Chirag Muni Chief Process Officer Mr. Chintak Shah Head – NRI Head - Human Resource Ms. Tejal Shah
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Key Personnel Non-Independent Directors Mr. Arjun Guha Mumbai Mr. Amitabh Lara Mumbai Mr. Suraj Sinha Bengaluru Ms. Protima Dhawan Hyderabad Mr. Adil Chacko Delhi Mr. Manish Srivastava Delhi Mr. Swapan Chakraborty Pune Mr. Subhendu Harichandan Pune Mr. Bharath Rathore Bengaluru 27
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Key Personnel Mr. Raj Vijeta Sharma Dubai Mr. Ashish Bhandia Kolkata Mr. Krishanu Chaudhary Chennai Mr. Mukesh Kumawat Gurugram Mr. Farooq Nabi Noida Mr. Harpreet Punj Chandigarh Mr. Sudhir Hiran Rajasthan Mr. Rajan Sarkar Kolkata Mr. Hrishikesh Palve Product 28
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Geographical Presence 22 Uncomplicating Wealth Across Borders 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 India 1 Ahmedabad 2 Bengaluru 3 Chennai 4 Chandigarh 5 Coimbatore 6 Gurugram 7 Hyderabad 8 Mangaluru 9 Jodhpur 10 Kolkata 11 Lucknow 12 Mumbai 13 Nagpur 14 Nashik 15 New Delhi 16 Noida 17 Pune 18 Visakhapatnam United Kingdom Dubai International Presence 19 19 Kochi
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03 Future Unlocking of India's Wealth Story
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Increasing Penetration of Mutual Fund Market In India 31 I n d i a has a h u g e s c o p e of p e n e t r a t i o nt o w a r d sp r o f e s s i o n a l l ym a n a g e df i n a n c i a la s s e t sl i k e m u t u a lf u n d s w h e n c o m p a r e d to t h e g l o b a la v e r a g e ,w h i c h is a r o u n d4 x of I n d i a. T h i s c r e a t e sm o r e o p p o r t u n i t yf o r w e a l t hm a n a g e m e n ti n d u s t r y. Assets managed by the Indian mutual fund industry (Rs. Lakh Cr.) Penetration of MF Industry (Equity AUM to GDP Ratio – India V/S Other Economies)* *Data as on June-26 23.8 87.1 Mar-19 Aug-26 10.2% 6.9% 63.3% 13.3% 35.3% 99.0% 37.6% India Brazil Japan Germany UK USA World
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Huge Market Potential 32 Source: BSE, AMFI, Knight Frank, UBS, Huran Rich List, Income Tax Department, Anand Rathi estimates INDIAN MARKET CAP 550 Rs. Lakhs Crores | FY28E 15.60% CAGR EQUITY MUTUAL FUND 45 Rs. Lakhs Crores | FY27E 27.10% CAGR NO OF HNIs 12.1 Lakhs | 2027E 17.90% CAGR INDIVIDUAL TAX-PAYERS EARNINGS > Rs. 1 Cr. 4,30,000 11.30% CAGR Strong macro-economic trends and a growing HNI families expected to drive growth in the Indian wealth solutions space Increasing HNI population in India 151 412 550 FY19 FY26 FY28 E 8.9 35.4 45.0 FY19 FY26 FY27 E 3.1 8.7 12.1 2017 2025 2027 E 97,689 3,86,206 4,30,000 FY19 FY26 FY27E
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Financial Assets of Indian Households 33 Total Financial assets Direct Equity Equity Mutual Funds Deposits Small Savings PF and Pension Mutual Funds - Others Govt. Securities Insurance Currency 7.9 3.2 59.9 6.1 10.3 2.4 1.3 24.2 13.9 13.9 38.6 29.0 154.6 23.3 53.7 12.3 2.5 72.9 34.5 34.5 51.0 27.0 175.0 12.0 85.0 20.0 2.5 95.0 40.7 40.7 6.1 2.5 46.3 4.8 8.0 1.8 1.0 18.7 10.7 10.7 9.2 6.9 36.7 5.5 12.7 2.9 0.6 17.3 8.2 8.2 10.0 5.3 34.4 2.4 16.7 3.9 0.5 18.7 8.0 8.0 Mar-25 100.0 16.1 55.0 20.8 Mar-26 100.0 15.3 53.5 23.1 % Share Rs. Lakh Crores Mar-15 129.2 Mar-15 100.0 8.6 Mar-25 421.4 67.7 Mar-26 508.2 78.0 59.1 21.6 27.976.311.1 231.6 87.7 272.0 117.5
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Flow of Annual Household Financial Savings 34 Gross Financial Savings (Rs. Lakh Cr) Mutual Funds Investments (includes equity) Bank Deposits Non- Banking Deposits Small Savings PF and Pension Insurance Govt. Securities Currency Trade Debt(Net) 1.2% 0.5% 46.1% 2.3% 0.1% 15.2% 23.8% 0.0% 10.6% 0.3% 7.0% 1.1% 42.0% -1.7% 9.0% 21.0% 17.2% 0.8% 3.4% 0.2% 13.1% 2.0% 33.3% 1.9% 6.5% 22.3% 15.0% 5.9% 12.62014-15 34.32023-24 35.62024-25 15.1% 64.0% 20.9% % Share 1.6% 63.7% 34.7% 8.0% 70.3% 21.6%
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04 Digital Businesses
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Digital Wealth: Scaling Up With The Use of Technology 36 C u s t o m e rS e g m e n t: M a s sA ff l u e n th a vi n g e xi s t i n gf i n a n c i a la s s e t s: ₹ 10 l a k h s– ₹ 5 C r o r e s. Asset Under Management Number of Clients 2,531 2,211 Sep-26Sep-25 7,584 6,570 Sep-26Sep-25
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OFA – Leveraging Technology To Cater To The Retail Segment 37 K e y F u n c t i o n a l i t i e s: S u b s c r i p t i o nM o d e l , M F D a n d h i s C l i e n t sg e t a c c e s s to o u r p l a t f o r m. ( M F D / I F A s– Web + M o b i l e ,M F D ’ sC l i e n t s– M o b i l e ) MFDs/IFAs* (Nos.) Platform Assets (Rs. Cr) Platform Clients (Nos. lakhs) *MFDs - Mutual Fund Distributors / IFAs – Independent Financial Advisors 6,898 6,790 Sep-26Sep-25 1,65,748 1,58,612 Sep-26Sep-25 24 23 Sep-26Sep-25
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05 Annexures
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Historical Trends Consolidated Financial Highlights · Rs. Crores 39 Profit After Tax Asset Under Management Total Revenue Financial results presented above adjusted to exclude fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. 1,198 284 FY26FY19 386 59 FY26FY19 93,037 18,393 FY26FY19 23% CAGR 31% CAGR 26% CAGR
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Consolidated Profit & Loss Account Summary Consolidated Financial Highlights · Rs. Crores 40 Financial results presented above adjusted to include fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. Particulars Q2 FY26 Q2 FY27 Y/Y % H1FY26 H1FY27 Y/Y % MF – Equity & Debt 123.0 144.5 17.5% 236.0 276.0 17.0% Other financial products 172.8 197.9 14.5% 332.1 386.7 16.4% IT enabled services 1.6 1.6 (0.6%) 3.2 3.2 0.1% Others 9.7 12.6 30.3% 19.8 122.9 521.0% Total Revenue 307.0 356.6 16.1% 591.2 788.9 33.4% Employee costs 124.9 187.6 50.1% 239.7 363.7 51.7% Other expenses 48.1 52.1 8.3% 91.2 102.0 11.9% Total Costs 173.0 239.7 38.5% 330.9 465.7 40.7% PBT 134.0 116.9 (12.7%) 260.2 323.1 24.2% PBT Margin % 43.6% 32.8% 44.0% 41.0% PAT 99.8 89.3 (10.6%) 193.6 252.3 30.3% PAT Margin % 32.5% 25.0% 32.8% 32.0% Particulars Sep-25 Sep-26 Y/Y % Sep-25 Sep-26 Y/Y % MF – Equity & Debt 52,943 61,159 15.5% 52,943 61,159 15.5% Structured Products 25,026 27,896 11.5% 25,026 27,896 11.5% Others 13,600 19,322 42.1% 13,600 19,322 42.1% Total AUM 91,568 1,08,377 18.4% 91,568 1,08,377 18.4%
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Consolidated Balance Sheet As on 30th Sep,2026 Consolidated Financial Highlights · Rs. Crores 41 Assets Sep-26 Mar-26 Non - Current Assets Property Plant & Equipments 118.3 119.9 Goodwill 2.5 2.5 Intangible assets 5.5 7.9 Right of use asset 47.8 60.8 Financial Assets Investments 356.3 263.7 Other Financial Assets 9.3 8.0 Total Non - Current Assets 539.8 462.7 Current Assets Financial Assets (i)Investments 1.3 1.2 (ii)Trade receivables 47.5 42.8 (iii)Cash and cash equivalents 294.0 240.9 Other Financial Assets 617.3 525.2 Loans 26.7 36.8 Other Current Assets 16.9 8.8 Current Tax Assets 58.1 10.4 Total Current Assets 1,061.8 866.0 Total Assets 1,601.6 1,328.8 Equity & Liabilities Sep-26 Mar-26 Total Equity Share capital 83.0 41.5 Other equity 1,200.3 956.6 Non-controlling interest 14.3 13.7 Total Equity 1,297.6 1,011.9 Non-Current Liabilities Financial Liabilities (i) Borrowings 11.2 13.1 (ii) Lease liabilities 36.4 52.6 Provisions 6.4 4.0 Deferred tax liability 35.7 21.0 Total Non-Current Liabilities 89.7 90.8 Current Liabilities Financial Liabilities (i) Borrowings 4.2 3.9 (ii) Trade payables 0.0 0.1 (iii) Lease 17.5 13.8 (iv) Other financial liabilities 35.4 7.1 Other current liabilities 51.9 34.0 Provisions 105.3 167.2 Total Current Liabilities 214.2 226.1 Total Equity & Liabilities 1,601.6 1,328.8
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Historical Profit & Loss Account Summary Consolidated Financial Highlights · Rs. Crores 42 Financial results presented above adjusted to exclude fair value gains on investments, ESOP expenses and related tax effects,to reflect business performance. Particulars (Rs. Cr) FY21 FY22 FY23 FY24 FY25 FY26 MF – Equity & Debt 90.2 154.0 189.9 266.6 406.4 494.1 Other financial products 170.6 258.8 353.9 452.1 526.4 648.2 IT enabled services 4.5 4.8 4.9 5.6 6.3 6.5 Others 13.9 7.7 10.3 27.6 41.2 104.3 Total Revenue 279.2 425.3 559.0 751.9 980.2 1,253.1 Employee costs 150.8 191.5 241.8 322.2 239.7 195.7 Other expenses 65.6 66.5 88.7 124.1 91.2 109.4 Total Costs 216.4 258.0 330.5 446.3 330.9 305.2 PBT 62.8 167.3 228.5 305.6 649.3 947.9 PBT Margin% 22.5% 39.3% 40.9% 40.6% 66.2% 75.6% PAT 44.6 126.8 168.6 225.8 300.5 397.2 PAT Margin% 16.0% 29.8% 30.2% 30.0% 30.7% 31.7% Particulars (Rs. Cr) FY21 FY22 FY23 FY24 FY25 FY26 MF – Equity & Debt 14,559 19,434 23,221 35,577 44,937 51,509 Structured Products 9,408 9,591 10,974 14,398 21,565 26,472 Others 2,703 3,881 4,797 9,376 10,601 15,056 Total AUM 26,670 32,906 38,992 59,351 77,103 93,037
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Historical Balance Sheet Consolidated Financial Highlights · Rs. Crores 43 Assets (Rs. Cr) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Non - Current Assets Property plant & equipments 7.2 80.8 92.5 90.5 119.4 119.9 CWIP 69.0 - 0.0 0.8 0.0 0.0 Goodwill 2.9 2.9 2.9 2.9 2.5 2.5 Intangible assets 32.2 27.1 22.3 17.4 12.6 7.9 Right of use asset 12.9 13.2 18.5 41.6 53.4 60.8 Financial Assets Investments 101.8 103.5 105.5 111.2 242.5 263.7 Other financial assets 4.3 4.2 3.6 5.2 6.7 8.0 Other non-current assets (Net) 11.1 43.5 31.4 - - - Total non - current assets 245.6 279.0 277.1 269.6 437.2 462.7 Current assets Financial assets (i) Investments 2.7 - - 1.1 1.2 1.2 (ii) Trade receivables 10.9 14.9 17.1 28.2 35.4 42.8 (iii) Cash and cash equivalents 65.3 87.1 64.8 33.1 44.1 240.9 Other financial assets 13.5 81.3 240.2 515 408.0 525.2 Loans 0.2 10.7 18.4 25.1 24.0 36.8 Other current assets 1.6 7.2 6.6 6.4 8.4 8.8 Current Tax Assets - - - 1.2 3.0 10.4 Total current assets 94.2 201.2 347.1 610.1 524.2 866.0 Total assets 339.7 480.2 624.1 879.7 961.4 1,328.8 Equity & Liabilities (Rs. Cr) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Total Equity Share capital 13.8 20.8 20.8 20.9 41.5 41.5 Other equity 227.8 322.9 447.4 627.9 632.5 956.6 Non controlling interest 11.6 11.7 11.9 12.7 13.7 13.7 Total Equity 253.2 355.3 480.1 661.6 687.6 1,011.9 Non-Current Liabilities Financial Liabilities (i) Borrowings 25.0 16.6 8.5 0.1 18.0 13.1 (ii) Lease liabilities 6.4 8.5 14.2 34.7 45.5 52.6 Provisions 1.2 2.1 3.9 3.6 8.3 4.0 Deferred tax liability - - - 3.1 6.0 21.0 Total Non-Current Liabilities 32.5 27.2 26.5 41.5 77.7 90.8 Current Liabilities Financial Liabilities (i) Borrowings 8.4 8.3 8.3 8.4 3.8 3.9 (ii) Lease 7.8 5.8 5.7 8.5 12.0 13.8 (iii) Other financial liabilities 5.7 21.2 10.8 34.1 6.2 7.1 Other current liabilities 12.2 8.7 12.0 16.6 17.7 34.0 Provisions 19.8 53.6 80.3 109.1 156.3 167.2 Total Current Liabilities 54.1 97.6 117.5 176.7 196.0 226.1 Total Equity & Liabilities 339.7 480.2 624.1 879.7 961.4 1,328.8
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SAFE HARBOR 44 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Anand Rathi Wealth Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. SAFE HARBOR ANANDRATHI Private Wealth. uncomplicated
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Thank You For further information, please contact our Investor Relations team. Mr. Rajesh Bhutara Chief Financial Officer rajeshbhutra@rathi.com +91 98920 52454 Mr. Vishal Sanghavi Head – Investor Relations vishalsanghavi@rathi.com +91 98920 52454 A N A N D R A T H I W E A L T H L I M I T E D · B S E · N S E · C I N L 6 7 1 2 0 M H 1 9 9 5 P L C 0 8 6 6 9 6