Whalesbook
Asal mein hua yeh ki Anand Rathi Wealth ka operating revenue Q4 FY26 mein 25% saal dar saal badhkar ₹302 Crore tak pahunch gaya. Ismein financial product distribution ka contribution 35% aur mutual fund distribution ka 24% raha. Agar poore FY26 ki baat karein toh total revenue 22% growth dikha kar ₹1,198 Crore ho gaya, aur Assets Under Management (AUM) bhi 21% badh kar ₹93,037 Crore ho gaya.
Lekin bhaiyon, kharchay bhi pichhe nahi rahe. Operating expenses mein 55% ki zabardast izafa dekha gaya, jo Q4 FY26 mein ₹200 Crore tak pahunch gaya. Sabse zyada chinta employee costs mein hui, jo 67% tak badh gaye. Aur baaki kharchay bhi 15% zyada the. Is badhti hui cost ne company ke profit margins par pressure bana diya hai. Anand Rathi future mein 20-25% ka long-term growth target rakhta hai, par is badhti hui cost base ke saath sustained profitability maintain karna ek bada sawaal hai. Company ne FY27 ke liye revenue ₹1,420 Crore, PAT ₹460 Crore, aur AUM ₹1.2 lakh Crore ka estimate diya hai.
Ab baat karte hain valuation ki. Anand Rathi Wealth abhi 74.43x ke P/E ratio par trade kar raha hai, jo iske 10 saal ke average 53.15x se kaafi upar hai. Dusre competitors jaise Nuvama Wealth Management ka P/E 23.37x se 41.3x hai, aur 360 ONE WAM ka P/E 34.9x hai. Pichhle ek saal mein stock 100% se zyada bhaga hai, isliye investors ko isse bahut umeed hai, par valuation kaafi stretched lag raha hai.
Ek aur important baat jo pakad mein aayi woh yeh hai ki Q4 FY26 mein company ka reported profit ₹68 Crore ke one-time gains se badha tha, jo actually 254% zyada tha. Lekin agar yeh non-operational gains hata dein, toh normalized profit after tax (PAT) Q4 FY26 mein 8.7% gir gaya tha. Toh revenue growth ke peeche asal profitabiliy ko samajhna zaroori hai.
Market analysts ne abhi is stock par 'Neutral' rating di hai aur price target ₹3,100 rakha hai. Ye dikhata hai ki market ko lagta hai ki stock price mein future growth kaafi had tak price in ho chuki hai. Anand Rathi chahe FY26-28 ke liye 20-25% CAGR ka target rakhe, par badhte operational kharchon ko manage karna, market volatility ke beech AUM growth maintain karna, aur apne premium valuation ko justify karna hi asli test hoga.