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Wealth First Portfolio Managers Limited (WEALTH)

₹882.75 -0.11% last close, 16 Oct

📊 NSE: WEALTH 🏢 Finance & Investments 📢 Latest filing: 28 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Wealth First's revenue was ₹14.3 Cr (-42.7% year on year, -15.7% on the previous quarter), and net profit ₹10.4 Cr (-34.9% year on year); the operating margin was 64.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹14.3	-42.7%	-15.7%
Operating profit	₹9.3	-57.7%	-22.5%
Net profit	₹10.4	-34.9%	+4.2%
EPS (₹)	9.69	-35.3%	-1.8%
Operating margin	64.9%	—	—

Full quarterly financials → Results calendar →

WEALTH delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 1.71% of the WEALTH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.34%. That is lower than usual for this stock. It traded 11.5 times its average daily volume.

1.71%Delivery, 16 Oct

72.34%Own 20-session average

11.5×Volume vs its average

₹882.75NSE close · -0.11%

Delivery in the last 5 sessions: 57.1% · 69.0% · 81.1% · 2.4% · 1.7%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Wealth First Invests ₹1 Cr in Wholly-Owned Subsidiary Lakshya Trustee Via Preference Shares

🟡 NEUTRAL ⭐ 3/10

M&A 📅 28 Sep 2026, 05:22 PM

Wealth First Portfolio Managers Limited has invested ₹1.00 crore to acquire 10,00,000 8% Non-Convertible Non-Cumulative Redeemable Preference Shares of its wholly-owned subsidiary, Lakshya Trustee Private Limited. The allotment was executed under a rights issue at face value of ₹10 per share. The investment is intended to fund administration, operational, and general business requirements for Lakshya Trustee's activities supporting the upcoming Asset Management Company (AMC) venture. Post-allotment, the target continues to remain a 100% subsidiary with no change in ownership or control.

Subscribed to 10,00,000 redeemable preference shares of ₹10 face value for ₹1.00 crore total consideration
Target entity is 100% owned subsidiary Lakshya Trustee Private Limited
Investment represents ~0.66% of Wealth First's net worth of ₹151 crore and ~1.72% of TTM revenue of ₹58 crore
Lakshya Trustee reported zero turnover and a net loss of ₹9,22,700 for FY 2025-26

💡 Track the progress and operational launch of the company's AMC venture, which requires this trustee structure to function.

Wealth First Shareholders Approve All 7 AGM Resolutions Including ₹1/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 01:51 PM

Wealth First Portfolio Managers has announced that shareholders approved all 7 resolutions at its 24th Annual General Meeting held on September 24, 2026. The approved items include the adoption of FY26 financial statements, declaration of a final dividend of ₹1.00 per share (10%), and confirmation of interim dividend. Additionally, shareholders approved a material related party transaction and an increase in the authorized share capital of the company.

All 7 resolutions passed with over 99.99% votes cast in favor
Approval of final dividend of Rs. 1.00/- per equity share (@ 10%) for FY 2025-26
Material Related Party Transaction resolution passed with 939,911 votes in favor and only 1 against
Increase in authorized capital and alteration of Capital Clause of MoA approved with 8,832,237 votes in favor
Total of 72 shareholders attended the meeting via video conferencing (5 promoter, 67 public)

💡 Track the payment date for the ₹1.00 per share final dividend and future disclosures regarding any subsequent equity fundraise or bonus issues enabled by the increased authorized capital.

Wealth First Concludes 24th AGM; Seeks Approval for Rs 1/Share Dividend and Capital Hike

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Sep 2026, 04:40 PM

Wealth First Portfolio Managers Limited concluded its 24th Annual General Meeting on September 24, 2026. Key agenda items placed for shareholder approval include a final dividend of Rs 1.00 per share (10%), approval of material related party transactions, and an increase in authorized share capital. Voting results along with the Scrutinizer's report will be declared on or before September 28, 2026.

24th AGM concluded on September 24, 2026, within 15 minutes (04:00 PM to 04:15 PM IST)
Proposed final dividend of Rs 1.00 per equity share (10%) for FY 2025-26
Special businesses placed for vote include increasing authorized share capital and approving material related party transactions
Remote e-voting was open from September 21, 2026 (09:00 AM) to September 23, 2026 (05:00 PM)
Voting results to be filed with exchanges on or before September 28, 2026

💡 Track the outcome of voting results on or before September 28, 2026, especially relating to the authorized capital increase and material related party transactions.

Wealth First Portfolio Managers Schedules Virtual Institutional Investor Meet for Sept 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 06:00 PM

Wealth First Portfolio Managers Limited has scheduled a virtual group meeting with institutional investors and analysts for September 17, 2026, from 4:00 pm onwards. The company clarified that discussions will strictly rely on publicly available information and no unpublished price sensitive information (UPSI) will be shared. This routine corporate interaction occurs against a company backdrop of ₹58 Cr in TTM revenue and ₹32 Cr in TTM PAT.

Meeting scheduled for September 17, 2026, starting at 4:00 pm onwards
Format specified as a virtual group meeting with investors and analysts
No unpublished price sensitive information (UPSI) will be discussed

💡 Track post-meet disclosures or presentation uploads on stock exchanges for any updates on strategic initiatives like the AMC launch or insurance brokerage.

Wealth First Sets Sept 17 Record Date for ₹1/Share Final Dividend, Calls AGM on Sept 24

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Sep 2026, 01:47 PM

Wealth First Portfolio Managers has issued notice for its 24th AGM scheduled for September 24, 2026. The company has fixed September 17, 2026, as the record date for determining eligibility for a final dividend of ₹1.00 per share (taking total FY26 dividend to ₹13.00 per share). Key AGM agenda items include approving a material related party transaction limit of ₹52.10 crore over 3 financial years and increasing authorized share capital from ₹11.00 crore to ₹12.00 crore to enable fresh equity issuance.

24th AGM scheduled on September 24, 2026 via Video Conference.
Record date of September 17, 2026 fixed for final dividend of ₹1.00 per equity share (FV ₹10).
Approval sought for material related-party transactions with Wealth First Advisors Pvt Ltd up to ₹52.10 Cr over 3 FYs (FY27 to FY29).
Proposed increase in authorized share capital from ₹11.00 Cr to ₹12.00 Cr to facilitate future fresh equity issuance.
Confirmation of three interim dividends totaling ₹12.00 per share already declared for FY26.

💡 Track the outcome of shareholder voting on September 24, 2026, particularly regarding the capital increase and related-party transaction approvals.

Wealth First Sets Sep 17, 2026 Record Date for Final FY26 Dividend; 24th AGM on Sep 24

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 01:43 PM

Wealth First Portfolio Managers Limited has scheduled its 24th Annual General Meeting (AGM) for Thursday, September 24, 2026, via video conferencing. The company has fixed September 17, 2026 as the record date and cut-off date to determine shareholder eligibility for the FY26 final dividend and e-voting. If declared at the AGM, the final dividend will be paid or dispatched within 30 days from September 24, 2026. Remote e-voting is scheduled to take place between September 21 and September 23, 2026.

Record date and e-voting cut-off date fixed as September 17, 2026.
24th Annual General Meeting to be held on September 24, 2026 at 04:00 PM IST.
Final dividend to be paid within 30 days from AGM approval date (September 24, 2026).
Remote e-voting opens September 21, 2026 and closes September 23, 2026 at 05:00 PM IST.

💡 Shareholders seeking dividend eligibility must hold shares before the ex-dividend date preceding September 17, 2026, and can participate in remote e-voting up to September 23, 2026.

Wealth First Portfolio Managers to Convene 24th AGM on September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Aug 2026, 12:02 PM

Wealth First Portfolio Managers Limited announced that its Board of Directors met on August 28, 2026, to approve the convening of the 24th Annual General Meeting (AGM). The AGM is scheduled for Thursday, September 24, 2026, at 4:00 PM IST via Video Conferencing / Other Audio Visual Means. The Board also approved the Notice of AGM, the Directors' Report for FY2025-26, and appointed CS Kunal Sharma as the scrutinizer for the e-voting process. Details regarding the record date and e-voting window will be notified separately.

24th AGM scheduled to be held on September 24, 2026, at 4:00 PM IST via VC/OAVM
Board approved the Notice of the 24th AGM and Directors' Report for FY2025-26
CS Kunal Sharma appointed as scrutinizer for the e-voting process
Separate intimations to follow for Record Date and remote e-voting timeline

💡 Track the upcoming separate filing for the AGM record date and e-voting schedule to participate in annual shareholder voting.

₹52.1 Cr Acquisition of WFA and Launch of AMC/Insurance Verticals

🟢 POSITIVE ⭐ 9/10

M&A 📅 14 Aug 2026, 10:43 AM

Wealth First is transitioning into a diversified financial services group, announcing the acquisition of a 51% stake in Wealth First Advisors (WFA) for ₹52.1 Cr to be completed by Dec 2026. This acquisition brings the combined AUM to ~₹9,000 Cr, with a management target to reach ₹20,000 Cr within five years. For Q1 FY27, the company reported a PAT of ₹10.4 Cr on revenue of ₹14.3 Cr, with trail-based revenue showing resilience at ₹12.3 Cr. The company is also scaling its new AMC (Lakshya) and Insurance (Wealthshield) verticals to drive long-term growth.

Acquisition of 51% stake in WFA for ₹52.1 Cr, representing ~75% of TTM revenue
Combined platform AUM reached ~₹9,000 Cr with a 5-year target of ₹20,000 Cr
Total Assets Under Advisory (AUA) grew 12.3% QoQ to ₹13,647 Cr as of June 2026
Investment of ₹41 Cr in Lakshya AMC for a 69.7% stake alongside Benchmark AMC founders
Insurance vertical (Wealthshield) onboarded 30 POSPs with a target of 1,000

💡 Monitor the execution of the WFA acquisition and the ramp-up of the AMC and Insurance verticals, as these represent significant shifts from pure advisory to product manufacturing and broader distribution.

Rs 52.1 Cr Acquisition of WFA and Q1 FY27 AUA Growth to Rs 13,647 Cr

🟢 POSITIVE ⭐ 9/10

M&A 📅 13 Aug 2026, 01:09 PM

Wealth First reported Q1 FY27 revenue of Rs 14.3 Cr and PAT of Rs 10.4 Cr, with trail-based revenue growing 4.4% YoY. The company announced a major strategic acquisition of Wealth First Advisors (WFA) for Rs 52.1 Cr (51% stake), which expands its footprint into Mumbai and adds Rs 3,746 Cr to its AUA. Furthermore, the company has launched 'Lakshya Asset Management' (AMC) with a Rs 41 Cr investment for a 69.7% stake. The management aims to scale the combined platform AUM from approximately Rs 9,000 Cr to Rs 20,000 Cr over the next five years.

Acquisition of 51% stake in Wealth First Advisors (WFA) for Rs 52.1 Cr, representing ~75% of TTM revenue
Total Assets Under Advisory (AUA) grew 8.6% YoY to Rs 13,647 Cr as of June 2026
Investment of ~Rs 41 Cr for a 69.7% stake in the new Lakshya Asset Management venture
Combined entity targets an AUM of Rs 20,000 Cr within the next 5 years
Q1 FY27 PAT stood at Rs 10.4 Cr with a resilient trail-based revenue of Rs 12.3 Cr

💡 Investors should monitor the execution timeline for the Lakshya AMC launch and the integration of the WFA team in Mumbai. The key metric to watch is the growth in 'Total ARR AUM' (currently Rs 6,401 Cr) and the impact of AMC setup costs on operating margins.

Wealth First Q1 FY27: Net Profit Declines 34.7% YoY to ₹10.42 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 12:50 PM

Wealth First Portfolio Managers reported a weak start to FY27, with consolidated revenue from operations falling 42.3% YoY to ₹14.32 cr. Net profit declined 34.7% YoY to ₹10.42 cr, impacted by a sharp drop in operational income despite a significant jump in 'Other Income' to ₹4.66 cr. Total expenses rose 54.4% YoY to ₹5.25 cr, driven largely by higher employee benefit costs. The quarterly EPS dropped to ₹9.69 from ₹14.98 in the year-ago period, reflecting the cyclicality of the wealth management business.

Consolidated Revenue from operations fell 42.3% YoY to ₹14.32 cr from ₹24.81 cr
Consolidated Net Profit decreased 34.7% YoY to ₹10.42 cr from ₹15.96 cr
Total expenses increased by 54.4% YoY to ₹5.25 cr, with employee benefits rising to ₹2.94 cr
Other Income surged to ₹4.66 cr from just ₹0.07 cr in Q1 FY26, providing a buffer to the bottom line
Basic and Diluted EPS for the quarter stood at ₹9.69, down from ₹14.98 YoY

💡 Investors should monitor the company's ability to stabilize core advisory income and the execution timeline for its new AMC and insurance brokerage ventures. The high sensitivity to market-driven 'Other Income' and M2M drawdowns remains a key volatility factor to watch in upcoming quarters.

Wealth First to Meet Institutional Investors at Equirus Conference on August 14, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 11:40 AM

Wealth First Portfolio Managers Limited has scheduled meetings with institutional investors and analysts for August 14, 2026. The interactions will occur at the Equirus Annual India Conference in Mumbai, featuring both 1x1 and group meeting formats. The company, which manages Assets Under Advice (AUA) of ₹12,574 Cr as of September 2025, stated that no unpublished price sensitive information (UPSI) will be shared. This outreach comes as the company maintains a high TTM operating margin of 72.5% and prepares for its AMC venture.

Meeting scheduled for August 14, 2026, starting from 10:00 am onwards
Organized by Equirus as part of their Annual India Conference in Mumbai
Company manages a significant AUA of ₹12,574 Cr (as of Sept 2025)
TTM PAT stands at ₹38 Cr against a market capitalization of ₹990 Cr
Promoter holding remains stable at 74.04% as of June 2026

💡 Investors should watch for any investor presentations or transcripts uploaded to the exchange after the conference to gauge management's outlook on the AMC launch and insurance brokerage scaling.

Wealth First Portfolio Managers Reports Zero Demat Requests for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 07 Jul 2026, 10:54 AM

Wealth First Portfolio Managers Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), Bigshare Services Private Limited, confirmed that no securities were received for dematerialization during the quarter ended June 30, 2026. As a result, no certificates were mutilated, cancelled, or substituted in the register of members. This is a routine administrative filing with no impact on the company's financial health or its Rs 1,057 Cr market capitalization.

Reporting period covers the quarter from March 31, 2026, to June 30, 2026
Zero securities were received from Depository Participants for dematerialization during the period
Compliance confirmed by RTA Bigshare Services Private Limited (SEBI Reg No INR000001385)
No certificates were mutilated or cancelled as no demat requests were processed

💡 This is a standard procedural filing. Investors should instead monitor the progress of the company's new AMC venture and the scaling of its insurance brokerage business, which are the primary growth drivers.

Rs 102.15 Cr Acquisition: Wealth First to Acquire Controlling Stake in Mumbai-based WFAPL

🟢 POSITIVE ⭐ 9/10

M&A 📅 01 Jul 2026, 07:01 AM

Wealth First Portfolio Managers is acquiring a 51% controlling interest in Wealth First Advisors Private Limited (WFAPL) at an equity valuation of Rs 102.15 crore. The acquisition, funded via internal accruals and a share swap, expands the company's footprint into Mumbai and takes the combined Assets Under Management (AUM) to nearly Rs 9,000 crore. The remaining 49% stake is slated for acquisition by March 2029 through a share swap. Management has set an ambitious five-year target to more than double the combined AUM to Rs 20,000 crore.

Acquisition of 51% stake in WFAPL at an equity valuation of Rs 102.15 crore
Combined business AUM to reach nearly Rs 9,000 crore post-acquisition
Five-year objective set to reach approximately Rs 20,000 crore in AUM
Remaining 49% stake to be settled via share swap based on March 31, 2029 valuation
Strategic entry into Mumbai, targeting Maharashtra's 40% share of India's mutual fund industry

💡 Watch for the specific terms of the share swap to assess equity dilution and monitor the quarterly growth in AUM to track progress toward the Rs 20,000 crore target.

Rs 52.1 Cr Acquisition of 51% Stake in Wealth First Advisors; AUA to Reach Rs 26,157 Cr

🟢 POSITIVE ⭐ 9/10

M&A 📅 01 Jul 2026, 06:54 AM

Wealth First Portfolio Managers is acquiring a 51% stake in Wealth First Advisors (WFAPL) for Rs 52.1 Cr, a significant transaction representing ~75% of its TTM revenue. The target company brings Rs 3,746 Cr in Assets Under Advisory (AUA) and reported FY26 revenue of Rs 17.9 Cr with a PAT of Rs 6.0 Cr. The deal will be executed in two phases, with Phase I (51%) involving Rs 40 Cr cash and Rs 12.1 Cr share swap by December 2026, followed by the remaining 49% in FY30. This acquisition strategically expands the company's footprint into the Mumbai/Maharashtra HNI market.

Acquisition of 51% stake for Rs 52.1 Cr to be completed by December 31, 2026.
Target company WFAPL reported FY26 revenue of Rs 17.9 Cr and PAT of Rs 6.0 Cr.
Consolidated Assets Under Advisory (AUA) to increase by approximately 20% to Rs 26,157 Cr.
Phase I consideration consists of Rs 40 Cr in cash and Rs 12.1 Cr via share swap.
Target brings a 25-year track record and 4,400+ clients primarily in the Mumbai region.

💡 Watch for the completion of Phase I by December 2026 and the subsequent impact on consolidated quarterly margins, as the target has a lower OPM (~33.5%) compared to the parent's TTM OPM (72.5%).

₹52.10 Cr Acquisition: Wealth First to Acquire 100% of Related Party Wealth Management Entity

🔵 WATCH ⭐ 9/10

M&A 📅 30 Jun 2026, 08:14 PM

Wealth First Portfolio Managers (WFPML) has entered into an MOU to acquire 100% of Wealth First Advisors Private Limited, a Mumbai-based wealth management firm. The acquisition will be executed in two phases, with Phase I involving a 51% stake for ₹52.10 Cr (₹40 Cr cash and ₹12.10 Cr share swap). This is a related party transaction as the company's MD holds a 10.62% stake in the target. The Phase I consideration alone represents approximately 75.5% of WFPML's TTM revenue, indicating a major inorganic expansion.

Phase I involves acquiring a 51% controlling stake for a total consideration of ₹52.10 Cr
Payment structure for Phase I includes ₹40 Cr in cash and ₹12.10 Cr via equity share swap
Phase II will involve the remaining 49% stake acquisition via share swap at a future valuation
The target entity is a related party, with MD Ashish Shah holding a 10.62% beneficial interest
Acquisition aims to capture market share in Mumbai, India's largest wealth management market

💡 Investors should monitor the specific valuation metrics used for the Phase II share swap and the resulting equity dilution. Key execution milestones include the completion of the share swap and the integration of the Mumbai-based distribution footprint into WFPML's existing operations.

View All WEALTH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Business Activity Income (Core Revenue) grew 9.7% YoY in Q2 FY26 to INR 17.9 Cr and 13.3% YoY in H1 FY26 to INR 33.7 Cr. Trail Base Revenue grew 2.9% YoY in H1 FY26 to INR 24.7 Cr, while revenue from trading activities and other income declined due to unfavorable market conditions and M2M drawdowns.

Geographic Revenue Split

Primarily focused on the Indian market with a strong historical presence in Ahmedabad, Gujarat, where the company captured 50% of the retail mutual fund market.

Profitability Margins

PAT Margin was 53.3% in Q2 FY26 (down from 64.4% YoY) and 59.2% in H1 FY26 (down from 64.6% YoY). PBT Margin stood at 73.5% in Q2 FY26 compared to 82.8% in the previous year.

EBITDA Margin

PBT from Business Activity Income Margin was 69.8% in Q2 FY26, down from 75.8% YoY. Core profitability (PBT from Business Activity) grew 8.2% YoY to INR 25.0 Cr in H1 FY26.

Credit Rating & Borrowing

Total borrowings stood at INR 0.66 Cr (INR 66.52 Lakhs) as of September 30, 2025. Specific credit ratings and interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Human Capital (Financial Advisors, Research Analysts, and Management) represents the primary operational cost, with employee benefit expenses accounting for 77% of total operating costs in Q2 FY26.

Import Sources

Domestic (India).

Key Suppliers

Asset Management Companies (e.g., Franklin Templeton), Insurance Providers, and Market Infrastructure Institutions (NSE, BSE, CDSL).

Capacity Expansion

Assets Under Advice (AUA) reached INR 12,574 Cr in September 2025, a 14.6% YoY increase. Trail-based AUM (MF, PMS, AIF) grew to INR 6,011 Cr. Expansion is planned through a new AMC venture and scaling insurance brokerage.

Raw Material Costs

Employee benefit expenses increased by 40% YoY to INR 4.2 Cr in Q2 FY26 and totaled INR 6.1 Cr in H1 FY26, representing approximately 18% of Business Activity Income.

Manufacturing Efficiency

Cost to Income ratio for core business activity was 30.2% in Q2 FY26, reflecting high operational efficiency in the advisory segment.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Achieving growth through the launch of an Asset Management Company (AMC) following SEBI in-principle approval, scaling the direct insurance brokerage business, and capitalizing on the projected 13% CAGR in India's serviceable asset base to increase specialized wealth management market share from 11% to 17% by 2035.

Products & Services

Specialized wealth advisory, Mutual Fund distribution, Portfolio Management Services (PMS), Alternative Investment Funds (AIF), and Insurance Brokerage.

Brand Portfolio

Wealth First

New Products/Services

AMC venture and Insurance Broking services; insurance revenue is already contributing to the 9.7% YoY growth in core business activity income.

Market Expansion

Targeting the 'Uber Rich' and 'Mass Affluent' segments in India, with a focus on capturing a larger share of the projected $9.3 trillion serviceable asset market by 2035.

Market Share & Ranking

Specialized wealth managers currently hold 11% of the $2.7 Tn addressable market; company historically captured 50% of the Ahmedabad retail MF market.

Strategic Alliances

Strategic partnerships with major fund houses and insurance providers; historically served as an exclusive distributor for Franklin Templeton schemes.

🌍 External Factors

Industry Trends

Specialized wealth management is projected to grow at an 18% CAGR, while active equities AUM is expected to grow at over 20% CAGR in the medium term due to rising household net worth.

Competitive Landscape

Competes with domestic banks, global bank wealth units, and unorganized players such as RIAs, IFAs, and MFDs.

Competitive Moat

Moat built on a 30-year track record, being the first IFA practice listed on NSE, and a history of 100% client wealth protection during major crises like the Lehman collapse and NSEL scam.

Macro Economic Sensitivity

Highly sensitive to Indian equity market performance and nominal GDP growth; historical AUM growth includes a 12% CAGR from MTM gains.

Consumer Behavior

Increasing consumer preference for specialized wealth advisory services over traditional bank-led models is driving a long runway for growth.

⚖️ Regulatory & Governance

Industry Regulations

Operations governed by SEBI regulations for Portfolio Managers and Investment Advisers, and IRDAI norms for direct insurance brokerage.

Taxation Policy Impact

Effective tax rate of approximately 26.6% based on H1 FY26 PBT of INR 36.8 Cr and PAT of INR 27.0 Cr.

Legal Contingencies

No significant fraud or material changes in internal controls reported for the financial year ended March 31, 2025; auditors provided a clean opinion on standalone and consolidated statements.