New Delhi, April 13 -- Anand Rathi Wealth delivered another strong quarter. The March quarter (Q4FY26) marked the eighteenth consecutive quarter of over 20% growth in profit after tax (PAT), which, according to management, is a "rarity in Nifty 500".

So why is the stock down since results were announced on 10 April? The answer lies in a structural reality of the wealth-management business. Over half of Anand Rathi Wealth's assets under management (AUM) sit in equity mutual funds, making earnings partly hostage to market sentiment. That showed up clearly in Q4. Net inflows slipped to Rs.3,379 crore during a phase when the Nifty 50 fell more than 14%, which meant it could not meet its FY26 AUM guidance of Rs.1 trillion.

On the flip side, ...