Wealth First Acquires 51% in Wealth First Advisors for ₹102.15 Crore, Eyes ₹20,000 Crore AUM

Wealth First Portfolio Managers has announced the acquisition of a 51% controlling interest in Wealth First Advisors Private Limited (WFAPL) for an equity valuation of ₹102.15 crore. This strategic move strengthens the firm's presence in Mumbai, India's largest wealth management market, and takes the combined business to nearly ₹9,000 crore in assets under management (AUM). The transaction marks a milestone in Wealth First's evolution from a regional practice into a national financial services institution.

Acquisition Structure

The acquisition will be executed in two phases. Phase I involves the purchase of 51% of the equity share capital through a combination of internal accruals and a share swap. The remaining 49% stake will be acquired at a future date based on WFAPL's valuation as on March 31, 2029, and is proposed to be settled entirely through a share swap. The Board of Directors approved the investment on June 30, 2026, based on the recommendation of the Audit Committee.

Parameter:	Phase I	Phase II
Stake Acquisition:	51%	49%
Consideration:	₹102.15 crore	To be determined
Valuation Basis:	Current equity valuation	As on March 31, 2029
Payment Mode:	Internal accruals + Share swap	100% via share swap

Strategic Rationale and Growth Targets

The acquisition complements Wealth First's recent entry into asset management through the sponsorship of Lakshya Asset Management. By combining manufacturing capabilities with an expanded advisory and distribution franchise, the firm aims to build an integrated financial services platform. The combined entity will oversee nearly ₹9,000 crore in assets, creating one of India's leading independent advice-led wealth and asset management businesses.

Wealth First has set a five-year objective to more than double its assets under management to approximately ₹20,000 crore. Founder & Managing Director Ashish Shah stated that the ambition is not simply to be larger, but to build an institution that endures. The firm projects that India's asset and wealth management industry will nearly double to US$1.7 trillion by 2030, driven by increasing household financialisation and capital market participation.

Transaction Details and Advisors

The investment falls within the limits prescribed under Section 186(2) of the Companies Act, 2013. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Aurtus Consulting LLP acted as the lead advisors, while Gandhi Law Associates served as the legal advisors for the transaction.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+3.74%	-0.36%	+1.08%	+5.59%	-19.88%	+591.92%

Wealth First Portfolio Managers Limited reported a consolidated net profit of ₹382.83 million for the financial year ended March 31, 2026, an increase from ₹341.45 million in FY25. The company’s revenue from operations grew 28.7% to ₹684 million, driven by strong momentum in core business operations and insurance sales. For Q4 FY26, the company posted a net profit of ₹104.87 million, reversing a net loss of ₹42.95 million in the same period of the previous year, while revenue from operations rose to ₹165.08 million from a negative ₹32.64 million in Q4 FY25. The statutory auditor, M/s Jaimin Deliwala & Co., issued an unmodified opinion on the audited standalone and consolidated financial results.

Q4 Financial Performance

The turnaround in Q4 FY26 was primarily driven by strong insurance sales, steady net sales performance of assets under recurring revenue (ARR), and the absence of significant mark-to-market impact following the strategic reduction of the trading book to zero. The cost-to-income ratio, excluding an exceptional loss of ₹15.0 million in FY25 and AMC-related costs of ₹23.0 million in FY26, stood at 29.9% in FY26 compared to 23% in FY25. The increase was attributed to one-time strategic investments, including BSE listing-related expenses, PMS renewal fees, and SIF registration fees.

Metric	Q4 FY26 (Audited)	Q4 FY25 (Audited)
Total Income	₹186.54 million	(₹22.98) million
Total Expenses	₹48.90 million	₹31.09 million
Net Profit for the Period	₹104.87 million	(₹42.95) million
Earnings Per Share (Basic)	₹9.87	(₹4.03)

Strategic Milestones and Growth

Mr. Ashish Shah, Managing Director, highlighted that FY26 was a transformative year marked by the receipt of final SEBI approval to establish its Asset Management Company, Lakshya Asset Management Private Limited, which is now fully operational. Wealth First has invested ₹410 million in this joint venture. The founding team includes Mr. Ashish Shah, Mr. Sanjiv Shah, Mr. Rajan Mehta, and Mr. Sanjay Gaitonde, who bring over a century of combined experience. Additionally, Wealth First obtained the IRDAI license to operate as a Direct Insurance Broker through its wholly-owned subsidiary, Wealthshield Insurance Brokers Private Limited, delivering a top line of roughly ₹75 million in FY26.

Total Assets Under Advisory (AUA) increased 4.6% year-on-year to ₹12,157 crore as of March 2026, despite negative equity markets during the year. The client base expanded, with total client families growing 5% year-on-year to 6,889 and overall clients increasing 5% to 21,746. The company also launched an index-based PMS tailored to NRI clients in the United States and Canada.

Corporate Actions and Board Decisions

The Board recommended a final dividend of 10%, or ₹1.00 per equity share, for the financial year ended March 31, 2026. This takes the total dividend for the year to ₹13 per share, representing approximately 35% of consolidated profit after tax. The Board also approved a proposal to increase the authorized share capital of the company from ₹110 million to ₹120 million. An Investment Committee was constituted effective May 30, 2026, comprising Mr. Ashish Shah as Chairperson.