Wealth First Portfolio Managers Limited has informed the Exchange about Investor Presentation
DATE: 4TH AUGUST, 2025
To Manager - Listing Department National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai-400051
REF: WEALTH FIRST PORTFOLIO MANAGERS LIMITED
SCRIP CODE: WEALTH
SUB: INVESTOR PRESENTATION ON FINANCIAL RESULT FOR THE QUARTER ENDED 30TH JUNE, 2025.
Dear Sir,
Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, find enclosed herewith the investor presentation on the Un-Audited Financial Results for the Quarter ended 30th June, 2025.
You are requested to kindly display the same on the Notice Board of the Stock Exchange.
Thanking you.
Yours faithfully,
FOR AND ON BEHALF OF WEALTH FIRST PORTFOLIO MANAGERS LIMITED
ASHISH SHAH MANAGING DIRECTOR DIN: 00089075
BENEATH THE TIP OF THE ICEBERG
Investor Presentation Q1 FY26
Safe Harbour
This presentation and the accompanying slides which have been prepared by Wealth First Portfolio Managers 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 guidance / 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 / statement contained in this Presentation. Any forward-looking information / 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.
2
Q1 FY26 PERFORMANCE OVERVIEW
ABOUT US
COMPANY STRATEGY
INDUSTRY OVERVIEW
HISTORICAL PERFORMANCE
Our Performance for Q1 FY26
Consolidated Performance for Q1 FY26
Rs. 24.9 Cr. 15% YoY
Total Revenue
Rs. 15.8 Cr. 18% YoY
Business Activity Income
Commenting on the results and performance for Q1 FY26, Mr. Ashish Shah, Managing Director of Wealth First Portfolio Managers Limited said:
Rs. 11.8 Cr. 6% YoY
Trail Base Revenue
“We are pleased to report a strong start to FY26. In Q1 FY26, our total revenue grew by 15% YoY to Rs. 24.9 crore, our business activity income witnessed robust growth of 18% YoY to Rs. 15.8 crore driven by higher trail-based revenue and spill over revenue from the insurance business done in the last week of March 2025. Our trail base revenue rose 6% YoY to Rs. 11.8 crore., and PAT registered a 14% YoY growth to Rs. 16.0 crore.
Rs. 16.0 Cr. 14% YoY
Our trail-based AUM grew 10% YoY to Rs. 5,979.6 crore, while total AUA reached Rs. 12,568.9 crore, driven by healthy net inflows and positive market momentum. We anticipate this strong growth trajectory to continue in the coming quarters.
PAT
Rs. 5,979.6 Cr. 10% YoY
Trail-based AUM
Rs. 12,568.9 Cr. 10% YoY
Assets under advisory (AUA)
*Trail-based AUM includes MF, PMS and AIF
We’re also happy to share two key milestones. We have received an In-Principle approval from SEBI to set up a Mutual Fund, marking a major step in our long-term strategy to expand our product suite and become a comprehensive financial solutions provider. Additionally, we’ve secured IRDAI’s approval to operate as a Direct Insurance Broker (Life & General), further enhancing our service offerings.
On the industry front, India’s mutual fund AUM reached a record Rs. 74.79 lakh crore as of June 2025, reflecting a 3.1% increase from Rs. 72.19 lakh crore in May 2025. This growth was driven by rising investor participation and record SIP contributions of Rs. 27,269 crore in June 2025. The number of active SIP accounts also touched an all-time high of 8.64 crore.
With rising financial awareness, favorable regulations, and digital access, the outlook remains strong especially through retail and passive investment strategies. Wealth First is well-positioned to capture these opportunities and sustain its growth momentum.”
4
Sustained Growth Momentum Over the Years…
Revenue from Business Activity Income
Trail Base Revenue
(In Rs. Cr)
13.4
15.8
+33%
8.2
5.0
6.4
+31%
11.1
11.8
5.7
6.4
4.0
Q1FY22
Q1FY23
Q1FY24
Q1FY25
Q1FY26
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
Trail-based AUM
+30%
5,448.0
5,979.6
2,120.9
2,397.6
3,298.9
6,817.8
7,359.2
AUA
+17%
8,424.9
11,417.8
12,568.9
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
Jun-21
Jun-22
Jun-23
Jun-24
Jun-25
*Trail-based AUM includes MF, PMS and AIF
5
Financial Performance for Q1 FY26
Total Revenue
Revenue from Business Activity Income
+15%
24.9
21.6
+18%
15.8
13.4
Q1FY25
Q1FY26
Q1FY25
Q1FY26
AUA
+10%
224
51
12,570
5,980
2,497
3,809
60
11,418
5,448
2,248
3,501
170
Jun-24
Jun-25
MF+PMS+AIF
Direct Equity
Insurance Premium Book
Bonds
Fixed Deposit
Trail Base Revenue
PAT & PAT Margin (%)
Cost to Income (%)*
64.9%
64.1%
70 bps
+6%
11.1
11.8
+14%
14.0
16.0
Q1FY25
Q1FY26
Q1FY25
Q1FY26
20.8%
21.5%
20.8%
19.9%
0.0% Q1 FY25
1.6%
Q1 FY26
Cost to income excluding one-time cost
One-time cost
This slide highlights consolidated data
*Calculation of Cost to Income Ratio: [Total Expenses + one-time expense (AMC)] / Revenue from Business Activity Income
(In Rs. Cr)
• The Total Revenue witnessed a robust 15.3% growth on YoY basis to Rs. 24.9 Cr. in Q1 FY26
• The Business Activity
Income increased by 17.6% on YoY basis to Rs. 15.8 Cr. In Q1 FY26
• The Trail Base Revenue grew by 6.2% YoY to Rs. 11.8 Cr. in Q1 FY26 from Rs. 11.1 Cr. in Q1 FY25
• The PAT and PAT Margin recorded healthy growth, increasing from Rs. 14 Cr. in Q1 FY25 to Rs. 16 Cr. In Q1 FY26, reflecting a 14.3% YoY growth
• AUA increased by 10.1% YoY to Rs. 12,570 Cr. in Q1 FY26 from Rs. 11,418 Cr. in Q1 FY25
• Cost to Income has increased by 70 bps YoY to 21.5% in Q1 FY26 from 20.8% in Q1 FY25 primarily due to one-time expenses associated with establishing Asset Management Company. However, excluding these one-time AMC related expense, Cost to Income saw a strong improvement of 90 bps, reaching 19.9% in Q1 FY26
the
6
Operational Performance
Relationship Managers
Total Clients
32
13
2
8
9
37
13
5
8
11
Jun-24
Jun-25
5,996
19,887
6,626
20,969
2,619 725 3,468
2,910 1,030 3,395
13,075
13,634
Jun-24
Jun-25
Total client families
RM Vintage (%)*
Clients Vintage (%)*
42%
6%
23%
29%
35%
13%
22%
30%
4%
13%
17%
66%
5%
14%
16%
65%
• Strong RM Vintage: • RM count increased by 19% YoY • The RM vintage stood strong with 52%
of RMs being associated with the Company for >5 years whereas 30% of RMs being associated with the Company for >10 years
• Client Vintage: • 81% of our clients are with us for >5
years indicating strong client stickiness
• Total client base has increased by 5% YoY to 20,969 with 1,082 clients added in the last 1 year
• Total client families increased by 11% YoY to 6,626 with 630 client families added in the last 1 year
• The client stickiness is a testament of
our client servicing capabilities
Jun-24
Jun-25
Jun-24
Jun-25
*Rounded off to nearest decimal
0 to 3 years
3 to 5 years
5 to 10 years
>10 years
7
Equity Net Inflows
Mar-22
Mar-23
Mar-24
Mar-25
June-25
(In Rs. Cr)
1,64,405
1,46,754
1,84,091
4,17,053
66,869
Net Inflows - SIP Purchases 39,839
Net Inflows - SIP Purchases -9,218
Net Inflows - SIP Purchases -15,127
Net Inflows - SIP Purchases 1,27,701
Net Inflows - SIP Purchases -13,720
1,24,566
1,55,972
1,99,218
2,89,352
80,589
60
79
183
155
38
Net Inflows - SIP Purchases 338
Net Inflows - SIP Purchases 45
Net Inflows - SIP Purchases 106
399
123
290
Net Inflows - SIP Purchases 479
634
Net Inflows - SIP Purchases 30
68
y r t s u d n
I
L M P F W
Source: AMFI, Company
Net Inflows of Growth / Equity Oriented Schemes
SIP Purchases
8
Consolidated Profit And Loss Statement
PBT after Exceptional and Extra ordinary items
21.5
18.8
14%
-5.4
Particulars
Income
Revenue from operations - Trading Activities
Revenue from operations - Business Activity Income
Other Income
Total Revenue
Employee benefit expense
Other expenses
Total Operating Costs
PBT before Exceptional and Extra ordinary items
Exceptional Items
PBT Margin %
PAT
PAT Margin %
EPS
Particulars
Trail-based AUM*
Insurance Premium Book
Fixed Deposit
Direct Equity
Bonds
Total AUA
Q1FY26
Q1FY25
YoY
Q4FY25
QoQ
FY25
9.0
15.8
0.1
24.9
1.9
1.4
3.3
21.5
-
7.2
13.4
0.9
21.6
1.6
1.1
2.7
15%
23%
-16.4
13.1
1.0
-2.3
2.1
0.8
3.0
18.8
14%
-5.4
-
-
86.3%
87.1%
16.0
64.1%
14.98
14.0
64.9%
13.15
14%
-
-4.3
-
-4.03
-
12%
-
-
-
-5.2
58.3
6.9
60.1
9.0
4.0
13.0
46.6
1.5
45.1
75.1%
34.1
56.8%
32.05
Jun-25
Jun-24
5,980
5,448
60
224
2,497
3,809
12,569
51
170
2,248
3,501
11,418
YoY
10%
18%
32%
11%
9%
10%
Mar-25
QoQ
5,386
60
212
2,224
3,741
11,623
11%
0%
6%
12%
2%
8%
The Trading Activity Income saw a
growth of 25% YoY to Rs. 9.0 Cr. due to
the mark-to-market (MTM) recovery
amid improved Indian equity market
conditions in Q1 FY 26.
The
Business
Activity
Income
witnessed a robust 18% YoY growth.
This growth was driven by higher trail-
based revenue and spill over revenue
from the insurance business done in
the last week of March 2025.
The increase in other expenses during
Q1 FY26 is primarily attributable to
costs associated with establishing the
Asset Management Company.
*Trail-based AUM includes MF, PMS and AIF
9
Continuous Dividend Payout Over The Years…
Dividend Payout
11.3%
23.1%
17.5%
49.9%
26.7%
40.1
32.1
The Company has finalised a dividend policy wherein the Company will declare dividend a minimum of 30% of the consolidated profit after tax in a given year to the shareholders
17.7
13.0
16.0
15.0
2.0
3.0
7.0
4.0
FY22
FY23
FY24
FY25
Q1 FY26
EPS (in Rs.)
DPS (in Rs.)
The Board of Directors has declared an interim dividend of Rs. 4.0 per equity share with a FV of Rs. 10/- each (40% of FV) for Q1 FY26
10
Q1 FY26 PERFORMANCE OVERVIEW
ABOUT US
COMPANY STRATEGY
INDUSTRY OVERVIEW
HISTORICAL PERFORMANCE
About Us
• Headquartered in Ahmedabad, Gujarat, Wealth First Portfolio Managers is a client-centric, product agnostic and independent wealth management
firm focused only on wealth management, singularly prioritizing the financial wellbeing of customers
•
•
The Company brings smart investment solutions through end-to-end handholding
The Company is an individual financial advisor (with no sub-brokers), and occupy 33rd rank at all India level
81
936
Expert Professional
Person years of Exp.
20,964 (+5% YoY)
Total Clients & YoY Growth
6,626 (+11% YoY)
Client Families
Rs. 5,980 Cr.
Rs. 60 Cr.
Trail-based AUM (MF+PMS+AIF)
Insurance Premium Book
Rs. 224 Cr.
Rs. 2,497 Cr.
Rs. 3,809 Cr.
Rs. 12,569 Cr.
Fixed Deposit
Direct Equity
Bonds
Total AUA
This slide highlights data as on Q1 FY26
12
Our Products & Services
Fixed Deposits
Investment Strategising Asset Research
Treasury Bonds
Direct Bonds
Taxable & Tax-Free Bonds
Direct Equity
Mutual Funds
S S T T C S C U T U C D D U O O D R R O P P R P
International investment options
Trade-Execution-Broking
Portfolio Review and Accounting
S E S R E V S R I E C V R E I C V S E I C S E S
Retirement Planning
Treasury Management
Asset Allocation
Pension Products
Tax Planning
PMS
Inheritance Planning
13
History & Timeline
1990-1995
1996-2000
2001-2010
2011-2016
2017 & Beyond
1990 - The Beginning
1996 - THE BEGINNING
2002-03 - Expansion
2011 - Welcoming Changes
2017 - Bigger Wins
▪ Started out as Dalal & Shah
Financial Services Pvt. Ltd. in a humble 12x10 office with prime focus on fixed income, competing with NSC/PPF/LIC/UTI Agents
▪ As the mutual funds industry shifted direction, we were the sole wealth management firm in India to offer Franklin Templeton schemes
1992 – Innovative Selling
▪ Rolled out with selling the
1996-2000 - Smooth Transitions
concept of Direct Bonds, with very limited opportunities in the market for retail clients, via tax-free bonds and becoming market maker for Relief Bond
1994/1995- Market Maker
▪ Developed Institutional
Bond Market with Co-op banks, PFS, Dairies, & trusts along with becoming Market Marker for UNIT’64 scheme
▪ Successfully navigated the NBFC curve with zero market losses, adeptly managing yield curves for PFS, banks, and clients amidst significant transitions
1998-2001- Beating The Y2K
▪ With a keen focus on equity
Brokerage for HNI clients, we successfully rode the Y2K wave
▪ Expanded client base
focusing on High & Medium Net Worth individuals, grew team, invested in advanced tech, and structured Gujarat's largest insurance deal
2006-08 - Rewards & Recognition
▪ Awarded All India CNBC TV- 18 Financial Advisor Award for West Zone & India
2008-09 - Growth Amidst Crisis
▪ During the Lehman crisis, safeguarded client wealth with Nabard ZCB bonds, selling 40% through market FMPS
2000 - Victories Galore
2010 - One Stop Shop
▪ Halted brokerage business
▪ With CDSL Depositary
at market peak, fully leveraging the Bond Market Bull run. Captured 50% of Ahmedabad's retail mutual fund market and pioneered ETF promotion with Benchmark Bees
Services and NSE-BSE cards, we moved towards end-to- end execution, consolidating services under one roof
▪ Focusing on continuous tech and infrastructure upgrades, we shifted towards comprehensive wealth management
2012-13 - Foolproof Protection
▪ Continuous portfolio
monitoring kept us clear of NSEL, ensuring 100% client wealth protection from the scam
2013-14 - Spreading Awareness
▪ Held extensive client clinics to raise awareness about Long Term Bonds & Equity
2014 - Expanding Market Share
▪ Secured significant market share of All India Tax-Free Bonds Primary Issue through personalized client persuasion.
2015-2016 - New Horizons
▪ Listed on NSE in Mar 2016, pioneering the first IFA practice listing on a stock exchange
▪ Crossed Rs. 1,000 Cr MF
AUM, obtained RIA license
2018 – More Awards
▪ Awarded the Top Volume
Performers in non- competitive bidding (Gsec & TBills)
2020 - Continuous support
▪ End-to end hand holding throughout the COVID-19 pandemic, with near zero redemptions
2019-2023 - Frontrunner
▪ Distinguished as a national distributor for a top Indian life insurance company
2024 – Touching new highs
▪ MF AUM - Crossed Rs. 4,000
Cr. mark in Mar-24 & Rs. 5,000 Cr. In Jun-24
2025 – Towards a Larger Vision
• Received SEBI’s In-Principle Approval and AMC Launch
• Approval from IRDAI to act as a Direct Insurance Broker
14
Board of Directors
Mr. Ashish Navnitlal Shah Managing Director (Promoter)
Ms. Hena Ashish Shah Whole-Time Director (Promoter)
• 30+ years of expertise in the financial services, skilled at boosting revenue through client relationship building • Motivational manager with a track record of building, guiding, and retaining high-performance teams for accelerated growth strategies
• Leverages excellent communication to create presence, build a positive brand, and ensure client satisfaction
•
15+ years of experience in the financial market with expertise in Mutual Funds, Equity Markets, Govt Bonds, & more
• Diverse and rich experience in finance
& biotechnology
• Committed to safeguard clients assets
with her extensive finance and investment expertise
Mr. Rajan Mehta Independent Director
Mr. Devanshu Mehta Independent Director
Ms. Binal Gandhi Independent Director
Mr. Sanjiv Shah Mr. Sanjiv Shah Independent Director Independent Director
• 25+ years of experience in varied financial sectors & institutions • Patent holder in EFTs (Exchange
Traded Funds)
• Founder of MyCare Health Solutions, a
successful healthcare startup
• 30+ years of leadership experience • Technical Manager at Veer Plastido
Pvt. Ltd.
• Worked in leading organizations such
as Ingersoll-Rand (India) & Lohia Starlinger Ltd.
• 20+ years of rich experience in core
finance domains
• Founder & CEO of “The Learning Curve
Academy”
• Served as Senior VP at Wells Fargo • Visiting faculty at NMIMS and SP Jain University for Corporate Finance & Wealth Management
• 35+ years of experience in the financial
market
• Pioneer in Passive Investing • Strategic Force in ETF Development
15
Additions to the Board
Mr. Amit Trivedi Independent Director
Mr. Siddharth Shah Independent Director
Mr. Saurabh Sonthalia Independent Director
• 30+ years of experience as financial markets
• B.Com graduate with over 40 years of
• Over three decades of experience in India’s
trainer, educator, and author,
focused on
experience across labour laws, financial services,
financial services industry
training and content development in securities
and business setup, starting with the State
• Held
leadership
roles
including Managing
markets,
financial planning, and wealth
Labour Department (1981–1994) and Anagram
Director & India Head – Capital Markets (Debt &
management
Securities (1994–1998)
Equity) at Bank of America Merrill Lynch, and
• Conducted
1,800+
training programs and
• Held Regional and National Head roles at HDFC
CEO of AIG Asset Management India
workshops,
impacting more than 5,00,000
Bank
from
1998, setting up key
lending
• Holds a PGDM from IIM Ahmedabad and is a
participants, and has written 6 books along with
businesses
including Auto, Home, Personal,
member of
the
Institute of Chartered
1,000+ articles published
in
leading media
Mortgage, and Working Capital loans
Accountants of India
platforms
• Served as National Head – Branch Business at
• Co-authored the NISM Series V-A - Mutual Fund
HDFC Securities (2008–2020), managing 250
Distributors
Certification
Examination
branches; retired as Executive Vice President
Workbook and serves as a member of the
and currently involved in social volunteering
examination committee
for various NISM
certification programs
16
Key Management Personnel
Mr. Rakesh Shah Chief Investment Officer
Mr. Dhiren Parikh Chief Financial Officer
Mr. Manish Kansara Chief Operations Officer
• 30+ years of experience in financial markets, mutual funds, and more • Expertise in MF/DEBT income, macro
markets, risk management, and liquidity position
• Robust quantitative skills with a tech- focused approach towards wealth management
• Chartered Accountant with 28+ years of
expertise in Project Finance, Consultancy, GST, and audits
• Focuses on balancing financial growth, optimizing resource allocation, and mitigating risk.
• Skilled in fund management, financial
planning, and collaborating with government agencies
• 30+ years of experience at WealthFirst • Deep expertise in equity, debt, mutual
funds, & compliance
• Helped WealthFirst launch its IPO &
acquire NSE, BSE, & DP memberships
Mr. Nirad Shah Senior Vice President - Sales
Mr. Nishil Pandya Mr. Nishil Pandya Head - Business Development & Strategy Head - Business Development & Strategy
Ms. Sajni Patel Head - Business Development & Strategy
Mr. Swapneel Shah Chief Operations Manager
• 20+ years of experience in financial
services
•
10+ years of experience in wealth management & investment strategies
•
15+ years of experience in wealth management & investment strategies
• Strong expertise in handling a diverse
• Key team member serving &
• Establishing lasting client
client base
• Forging strong long-term advisory-
client relationships
managing ultra-large institutions and HNIs
relationships that endure across years and generations
• Proficient in data analysis and well- versed in financial markets and products
• Brings new ideas, methods & best practices to the domain of Wealth Management
• Chief Operations Manager in charge of
daily operations activities
• Fostering client-centric culture and
corporate objectives
• Certifications in Equity Analyst, SAP, MF Distribution, Equity Derivatives, and a Six-Sigma Green Belt
17
Awards & Accolades
CNBC TV 18 Best Financial Advisor
CNBC TV 18 All India Best Financial Advisor
West Zone in the year 2006
Year 2008
Best Performing Regional Financial Advisor
West Zone in the year 2019
18
Q1 FY26 PERFORMANCE OVERVIEW
ABOUT US
COMPANY STRATEGY
INDUSTRY OVERVIEW
HISTORICAL FINANCIAL PERFORMANCE
Active Product Selection Strategy While Remaining Watchful
At Wealth First, our clear strategy outlines what we do. More importantly it highlights what we do not do.
At Wealth First, we are always awake and alive to realities transpiring in the finance world.
We remain
steadfast in
our
PRODUCT
SELECTION
STRATEGY
We do not do anything Earth shattering. We stick to the basics. It is one truth that has not changed for more than three decades.
Sift through reams We carefully assess all new policies, announcements and guidelines, to understand their significance, revealing valuable insights and anticipating challenges. We sift carefully from among the investment avenues that are overcrowding the space and mind.
We keep it simple and smart Consistent returns in Indian wealth management don't require complex products. Our decades of experience affirm the effectiveness of our simple, smart approach, even if it seems ordinary.
Our clients trust us deeply, not just with their checks, but with a part of themselves. To nurture the priceless intangible, we go above and beyond.
We stay detached from brands Our product selection has a simple premise, ‘Customer returns’. We remain loyal to high-yielding products not high-recall brands.
Connect to Protect We've built strong ties with finance experts and market leaders, fostering valuable discussions to anticipate challenges and protect our clients' wealth.
We
unfailingly
REMAIN
WATCHFUL
Absorb, assimilate & analyse We meet executives representing funds where we invest our financial resources. We also meet executives showcasing financial products where we will never invest. We listen patiently. We quiz extensively. We make sure we get every ounce of knowledge from them.
Search, Research and Re-Research We diligently research new financial products, scrutinizing them thoroughly to advise clients on better investment choices.
20
Our Customer Centric Practices
1
5
Our CUSTOMER CENTRIC practices
2
4
3
One shoe does not fill all We understand that every client’s requirement is different. We spend time with the client to understand their financial aspiration and their risk appetite
All cards are on the table
We put all the cards on the table. We communicate completely and clearly every possibility – return and risk – before the cheque is signed by our client. Further, we inform our client of every little detail of every investment made on his behalf
Bank from the buck
We recommend the most tax and cost-efficient products. Moreover, when our client have the appetite for taking risks with their investments, we ensure that our customers derive the maximum value from the investment risk they wish to take
One step at a time
We have always believed in moderation. Our phased investment process allows us to assist our client capitalise on upsides and protect them from downturns. Our legacy policy continues to work well for us
“At Wealth First, we've established processes that have already proven resilient and will persist over time”
Stay in touch
We interact with our clients at frequent intervals. Updating them about the financial ecosystem, their investment progress, returns, possible headwinds that could emerge and mitigation measures and probable shifts in investment products for superior returns, etc.
21
Our Competitive Moat
CLIENT CENTRIC Our enduring client relationships have matured alongside us, built upon trust, rigorous investment practices, and consistent performance.
CONNECT TO SHEILD We have persevered patiently to build relations with finance experts and respected market participants
ABILITY TO RETAIN TALENT Being the preferred firm, we excel in retaining top talent across sales, investment, and operational teams.
EXAMINE, INVESTIGATE AND REVIEW Research all financial products that are introduced in the market. Our width and depth of product knowledge allows us to handhold clients to switch to better investment options
PRODUCT SELECTION Provide comparative investment options as per client needs and risk appetite
INVESTMENT & RISK MANAGEMENT The company consistently monitors both internal and external environments to pinpoint potential emerging risks and assess their impact on our operations
22
Towards a Larger Vision
In-principle approval to set up an AMC
In receipt of the Insurance Broking License from IRDAI
Viksit Bharat 2047 : Mutual Fund Industry Growth Estimates
Insurance Penetration : India vs Global Average (2023)
Parameters
2024
2047
Total MF AUM (Rs. Lakh Cr.)
53.4
2,791
No. of AMCs
44
212
✓ The mutual fund industry will be poised to achieve the ambitious
milestones envisioned for India’s financial future
✓ According to AMFI, per investor AUM is expected to rise by 10x and mutual fund AUM to GDP ratio to surpass 100% by 2047
✓ As a result of continuous efforts by AMFI to broaden the Mutual
Fund industry in India and support the growing investor base, the AMC count is set to rise ~5x from 44 in 2024 to 212 by 2047
Metrics
Total Penetration
Life Penetration
Non-Life Penetration
India
3.7%
2.8%
1.0%
Global
~7.0%
~2.9%
~4.1%
India is significantly underpenetrated in compared to global average with strong headroom for growth
Insurance Premium Growth Trends for FY24
Segment
Premium (Rs. Lakh Cr)
YoY Growth
Life
Non-Life
Rs. 8.30
Rs. 2.90
~6.1%
~12.8%
Strong growth in non-life driven by health and motors Life insurance premium growth remained steady
To participate in India’s journey of mobilization of savings towards investing, we have received an in-principle approval to set up an AMC under the name of ‘Lakshya Asset Management Private Limited’
To participate in this growth, we applied for an insurance broker license and have received IRDAI approval to operate as a Direct Insurance Broker (Life & General) under the name ‘Wealthshield Insurance Brokers Private Limited’
23
Q1 FY26 PERFORMANCE OVERVIEW
ABOUT US
COMPANY STRATEGY
INDUSTRY OVERVIEW
HISTORICAL PERFORMANCE
Indian Wealth Management is a $2.7 Tn Opportunity
•
•
India’s wealth inequality is stark, with the ultra-rich holding a significant share of the country’s assets and this concentration is expected to grow
The top 1% of Indian households account for 30–40% of income, a high share of savings, and nearly 60% of total household wealth, amounting to $11.6 trillion
• About 60% of this is in physical assets (land, real estate, gold) and 15% in illiquid financial assets (e.g., founder equity)
•
The serviceable asset pool of $2.7 trillion, including deposits, is split across specialized wealth managers (~11% share), domestic banks and brokers (limited customization), independent advisors (limited scale), informal advisors (like accountants), and self-managed portfolios
• Rising share of financial assets on the balance sheet of India’s rich, and preference for specialized wealth advisory services creates room for high growth, and a
long runway for growth for Indian wealth managers
h c i R r e b U
h c i R
The wealth disparity is high in India with top 1% of households owning ~70% of financial assets
UHNI (~35K HHs)
HNI (~500K HHs)
Affluent (~2.5Mn HHs)
Mass Affluent (~6Mn HHs)
Rest of India (~315 Mn HHs)
Threshold NW $12 Mn+
Avg. HH Income
Avg. Total Assets
Avg. Fin Assets
$4.8 Mn
$54 Mn
$24 Mn
‘Uber Rich’ v. ‘Rich’ v. ‘Rest of India’
$3-12 Mn
$1-3 Mn
$0.2-1 Mn
$0.7 Mn
$9 Mn
$3.6 Mn
$0.2 Mn
$2 Mn
$0.7 Mn
$33 K
$400 K
$120 K
The ‘Uber Rich’ (UHNI / HNI / Affluent) • Top 1% of Households • 40% of incomes • 60% of Assets • 70% of Fin Assets ($4.5 Tn TAM)
The ‘Rich’ (Uber Rich + Mass Affluent) • Top 3% of Households • 45% of incomes • 70% of Assets • 80% of Fin Assets ($5.2 Tn TAM)
< $0.2 Mn
$5 K
$20 K
$3 K
$1 = Rs 83
Source: Public Data, Broker Report
25
Financial Assets Of Indian Households
Total Indian Household Assets
14.0%
5.9%
5.8%
3.4%
4.7%
15.5%
50.7%
Property Bank Deposits Provident & Pension Fund Equities
Gold Insurance Fund Cash
Estimated annual structural domestic equity flow
Growth in Equities as % of Indian Household Assets
4.7%
3.8%
2.2%
Mar-13
Mar-18
Mar-23
16%
Retail Inflows in MFs EPFO & NPS Insurance
24%
60%
Key Takeaways • Majority of the Indian household assets ownership include investment in
properties, with share of over 50%, with Gold in second spot at 15.5%
• The % share of equities in Indian household assets has more than doubled from
March 2013 to March 2023
• About 60% of the flows in mutual funds are contributed by retail. While 40% are
contributed by insurance companies and EPFO & NPS
Source: Public Data, Broker Report
26
Active Equities AUM poised for +20% CAGR in the medium-term
• Equities AUM has posted a 27% CAGR over the past decade, driven by approximately 12% CAGR in MTM gains, with the remainder contributed by net inflows
•
•
It is expected to continue growing at over 20% CAGR in the medium term, supported by broader consensus expectations of low double-digit nominal GDP growth and corporate earnings growth, high single-digit contributions from SIP flows, and positive lump sum flows on a CAGR basis
The share of equities AUM has nearly doubled from 31% in FY15 to 59% in FY25 and is projected to cross 70% by FY29E
MF industry AUM grew at 10 -yr. CAGR of 19% from INR 11.87 Trn to INR 66.7 Trn as of Mar’25
All-time high inflows drove equity assets to new heights
+19%
31.4
26.8
23.0
24.5
18.3
11.9
13.5
66.7
55.0
37.6
39.6
4.0
3.7
8.3
6.0
4.2
1.6
1.5
1.5
1.8
FY15
FY16
FY17
FY18
FY19 FY20 FY21
FY22 FY23 FY24 FY25
-0.3
FY21
FY22
FY23
FY24
FY25
Change in AUM (Rs. Lakh Cr)
Net Flows (Rs. Lakh Cr)
Source: Public Data, Broker Report
27
MF share in a household’s financial saving pie is increasing
• As of March 2024, Indian households allocated 72% of their savings to physical assets and 28% to financial assets
• While bank deposits and currency holdings have declined, investments in life insurance, mutual funds, and PPF have gained traction, indicating a shift towards
diversified financial instruments
•
This trend underscores the growing investor confidence in market-linked and long-term wealth-building avenues
• Notably, the share of mutual funds in Indian households’ financial savings increased from 7.6% in FY21 to 8.4% in FY23 and is estimated to have risen further in
FY24 and FY25, reflecting sustained investor confidence and increasing retail participation in the capital markets
India demonstrates a higher gross domestic savings rate than the global average
Trends in MF in investments as a % of household financial savings in India
South Africa
9.2%
34.3
16.3%
16.6%
18.7%
25.6%
25.7%
27.6%
29.3%
UK
US
Japan
Thailand
Germany
Malaysia
India
Indonesia
China
Singapore
30.6
26.1
29.4
38.1%
44.4%
0.6
FY21
1.6
1.8
2.4
FY22
FY23
FY24
Financial Assets (INR Tn)
Mutual Funds (INR Yn)
58.5%
% of tax filers with gross income >10mn
Source: Public Data, Broker Report
28
Significant Room for Higher Penetration
India’s mutual fund AUM-to-GDP ratio has risen to 19.9% in Mar’25
Mutual fund AUM has outpaced bank deposit growth over the past five years
25.0%
20.0%
15.0%
12.6%
11.1%
15.9%
15.9%
14.5%
19.9%
18.2%
10.0%
5.0%
0.0%
250
200
150
100
50
0
170
154
126
137
187
213
222
CAGR: 10%
24
22
31
38
39
67
53
CAGR: 19%
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Bank Deposits
MF's AUM
•
India’s mutual fund industry has reached a record AUM-to-GDP ratio of 19.9% in FY25, driven by rising retail participation, growing folio counts, robust SIP growth, and easier access via investment platforms • According to a report, the AUM-to-GDP ratio could rise from 19.9% to
112% by 2047, highlighting significant opportunities in India’s underpenetrated mutual fund market
• Between Mar’19 and Mar’25, Indian mutual fund AUM surged from INR 24.56 trn to INR 66.70 trn, achieving a five-year CAGR of 19%. In contrast, bank deposits grew at a slower pace, rising from INR 126.39 trn to INR 221.5 trn at 10% CAGR
• This trend reflects investors’ growing appetite for higher returns amid
persistently low fixed deposit interest rates
• Despite this rapid expansion, mutual fund AUM still stands at just a quarter of total bank deposits, indicating to its under-penetration and the immense growth potential that lies ahead
Source: Public Data, Broker Report
29
SIP Flows to Remain Resilience
• Monthly SIP flows have surged from an average of INR 80 bn in FY19–21 to a record INR 267 bn in May’25, despite market volatility since Oct’24 and retail equity
sell-offs since Mar’25. This resilience reflects growing retail investor maturity and preference for professional management
•
•
SIP accounts rose from 79.7 mn in Nov’24 to 85.6 mn in May’25, while SIP AUM hit an all-time high of INR 14.6 trn (20.24% of total AUM and ~1/3 of equity AUM)
The SIP count, which bottomed in Mar’25, is rebounding - Jun’25 likely saw a 17% MoM rise to 0.74 mn.
• Even during stagnant EPS growth in FY13–18, equity MF inflows stayed strong, turning marginally negative (3.5%) only during the peak of COVID-19 in FY21.
•
SIP investing has scaled new heights: Mar’25 inflows reached INR 259 bn (+36% YoY), FY25 saw a record 68 mn new SIP accounts, and annual contributions jumped to INR 2.89 trn (from INR 1.99 trn in FY24). Over five years, monthly SIP inflows have more than doubled, while SIP accounts have tripled.
Equity holds the largest share of SIP AUM (Rs. Lakh Cr.)
10.6
2.7
2.4
4.3
5.7
6.8
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Others
Passive
Hybrid
Equity
Debt
Source: Public Data, Broker Report
30
SIP Growth in India
SIP AUM grew at 31% CAGR from FY19 to FY25 (Rs. Lakh Cr.)
Monthly SIP flows doubled in 3 years
13.4
+30.8%
10.7
5.7
6.8
130.4 142.8 152.5 160.4 170.7
+32.0%
245.1 253.2 264.6 267.0
188.4 191.9 203.7 212.6
2.7
2.4
4.3
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Oct- 22
Mar- 23
Jul- 23
Sep- 23
Nov- 23
Jan- 24
Feb- 24
Apr- 24
Jun- 24
Sep- 24
Oct- 24
Dec- 24
May- 25
SIP Gross Sales (Rs. Bn)
Change in share of SIP AUM across holding periods between Mar’19 and Mar’24
Less than 1 year 1 to 5 years More than 5 years
12.0%
19.0%
46.0%
Mar-19
42.0%
48.0%
Mar-24
51.0%
Less than 1 year 1 to 5 years More than 5 years
Source: Public Data, Broker Report
31
SIP Contribution grew by ~19% CAGR in the
last 5 years
Strong Growth Outlook for Specialized Wealth Management in India (1/2)
• Dedicated wealth managers in India are projected to grow their assets under management from $300 billion to $1.6 trillion by FY35, representing a CAGR of
approximately 18%
•
•
This growth is expected to be driven by an expansion in the serviceable asset base from $2.7 trillion to around $9.3 trillion at a CAGR of ~13%, alongside increasing penetration of specialized wealth management services
The share of specialized wealth managers will rise from 11% to 17% of the addressable market, indicating substantial headroom for long-term growth
Specialized wealth managers form ~11% of the total $2.7 Tn in serviceable assets; Large headroom for growth
India HH Net Worth/ Assets ($19.6 Tn)
"Uber Rich" AUM managed by different players ($ Tn)
41%
14%
Affluent (~2.5Mn HHs)
45%
Mass Affluent (~6Mn HHs)
Uber Rich Serviceable Uber Rich Unserviceable Mass Affluent
Rest of India (~315 Mn HHs)
2.0
0.4
0.3
Self/Unorganized ) (RIA,IFA, MFDs, etc.)
Includes bank deposits, equity holdings
Domestic Banks WM
Specialized WM
Includes global bank WM units
Source: Public Data, Broker Report
32
Strong Growth Outlook for Specialized Wealth Management in India (2/2)
India's serviceable assets to grow from $3 Tn to $9 Tn (13% CAGR), with specialized WM rising to $1.6 Tn by 2035, growing at ~18% CAGR
Specialised WM (%)
11%
17%
9.0
13% CAGR
3.0 Affluent (~2.5Mn HHs)
Mass Affluent (~6Mn HHs)
0.3
Rest of India (~315 Mn HHs)
FY25E
18% CAGR
1.6
FY35E
Source: Public Data, Broker Report
33
Uber Rich India Serviceable Wealth
Speciaised Wealth Managers
Q1 FY26 PERFORMANCE OVERVIEW
ABOUT US
COMPANY STRATEGY
INDUSTRY OVERVIEW
HISTORICAL PERFORMANCE
Operational Performance
Relationship Managers
RM Vintage (%)*
22
30
4
5
5
8
13
1
8
8
29
12
1 7
9
35
13
4
8
10
37
13
5
8
11
18%
23%
23%
36%
43%
3%
27%
27%
3%
42%
24%
31%
37%
35%
11%
13%
23%
29%
22%
30%
0 to 3 years 3 to 5 years
5 to 10 years >10 years
Mar-22
Mar-23
Mar-24
Mar-25
Jun-25
Mar-22
Mar-23
Mar-24
Mar-25
Jun-25
Total Clients
Clients Vintage (%)*
5,205
5,471
5,904
6,578
6,626
17,835
18,540
19,549
20,759
20,969
1,488 1,882 2,253
1,802 986 3,197
2,412 736 3,487
2,841 989 3,451
2,910 1,030 3,395
11%
8%
13%
5%
10%
17%
4%
12%
18%
5%
14%
17%
5%
14%
16%
12,212
12,555
12,914
13,478
13,634
68%
68%
66%
65%
65%
0 to 3 years 3 to 5 years
5 to 10 years >10 years
Mar-22 Total client families
Mar-23
Mar-24
Mar-25
Jun-25
Mar-22 *Rounded off to nearest decimal
Mar-23
Mar-24
Mar-25
Jun-25
35
AUA Growth Over The Years…
Mar-22
Mar-23
Mar-24
Mar-25
June-25
3,449
2,620
3,253
3,109
3,410
3,741
3,809
4,488
5,386
5,980
410
23
1,281
204
45
1,468
1,985
183
48
2,224
212 60
2,497
224 60
Rs. 7,782 Cr.
Rs. 8,078 Cr.
Rs. 10,114 Cr.
Rs. 11,623 Cr.
Rs. 12,570 Cr.
Trail-based AUM*
Insurance Premium Book
Fixed Deposit
Direct Equity
Bonds
+27% CAGR
Rs. 2,620 Cr.
Rs. 3,109 Cr.
Rs. 4,488 Cr.
Rs. 5,386 Cr.
Rs. 5,980 Cr.
*Trail-based AUM includes MF, PMS and AIF
36
l
a t o T
A U A
R R A
l
a t o T
M U A
Historical Consolidated Profit & Loss Statement
Particulars
FY25
FY24
FY23
FY22
(In Rs. Cr)
Income
Revenue from operations - Business Activities
Revenue from operations - Trading Activities
Other Income
Total Revenue (I+II)
Employee benefit expense
Other expenses
Total Operating Expenses
PBT*
PBT Margin %
PAT*
PAT Margin %
EPS
58.3
-5.2
6.9
60.1
9.0
4.0
13.0
45.1
75.1%
34.1
56.8%
32.05
41.6
12.7
12.6
67.0
8.1
3.0
11.1
55.4
82.8%
42.7
63.7%
40.06
32.0
-2.5
-0.1
29.4
6.7
3.5
10.2
18.7
63.4%
13.8
47.0%
12.98
25.2
6.3
1.9
33.3
5.3
2.9
8.2
24.7
74.2%
18.9
56.6%
17.69
*PBT & PAT includes exceptional item of Rs. 1.5 Cr which pertains to a cyber fraud perpetrated against the Company by third party in FY25
37
Historical Consolidated Balance Sheet Statement
Total Non-Current Assets
48.3
57.0
49.2
30.8
Particulars
ASSETS
Non-current assets
Property, Plant and Equipment
Other Intangible Assets
Financial Assets
Investments
Deposits with Bank
Deferred Tax Assets (Net)
Other Non-current Assets
Current assets
Inventories
Financial Assets
Positional Investment (F & O)
Trade Receivables
Cash and Cash Equivalents
Current Tax Assets (Net)
Other Current Assets
Total Current Assets
Total Assets
Mar-25 Mar-24 Mar-23 Mar-22
Particulars
Mar-25 Mar-24 Mar-23 Mar-22
(In Rs. Cr)
EQUITY
Equity share capital
10.7
10.7
10.7
10.7
0.8
0.1
31.1
9.5
0.1
6.7
0.7
0.2
0.7
0.3
0.8
0.6
47.6
38.6
17.4
1.0
0.1
7.3
1.0
0.1
8.5
3.0
0.1
9.0
Other equity
Total Equity
LIABILITIES
117.9
107.6
66.0
54.9
128.5
118.3
76.7
65.6
Other financial liabilities
Total Non-Current Liabilities
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
Current liabilities
Borrowings
Trade payables
-
-
0.04
1.9
71.5
57.0
23.8
31.7
0.1
6.2
2.7
0.6
6.8
0.5
4.8
4.8
0.4
0.4
87.9
67.9
-
3.4
2.6
1.0
0.4
31.1
-
3.4
5.4
-
0.4
40.9
Total outstanding dues of creditors other than micro enterprises and small enterprises
0.1
0.1
0.04
0.2
Provisions
Other current liabilities
Current Tax Liabilities (Net)
0.8
6.1
-
0.7
5.2
-
0.4
2.5
-
0.3
1.6
1.4
Total Current Liabilities
7.0
5.9
2.9
5.4
136.2
124.8
80.3
71.7
Total Equity and Liabilities
136.2
124.8
80.3
71.7
38
THANK YOU
Wealth First Portfolio Managers Limited:
Investor Relations Advisors :
For further information, please contact
CIN: L67120GJ2002PLC040636
CIN: U74140MH2010PTC204285
Mr. Nishil Pandya Email id : nishil@wealthfirst.biz
nishil@wealthfirst.biz
karan.thakker@sgapl.net
Mr. Karan Thakker Ms. Dhresha Shah karan.thakker@sgapl.net / Dhresha.shah@sgapl.net +91 81699 62562 / +91 98331 05108
Dhresha.shah@sgapl.net
www.wealth-firstonline.com
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