New Delhi, Sept. 26 -- Parag Parikh Financial Advisory Services (PPFAS), a boutique asset manager with just six mutual fund schemes, is turning heads-not only among investors in its funds but also among shareholders of its unlisted stock.

The firm's unlisted shares have more than doubled since early February, climbing to Rs.17,900 apiece as of 25 September. Analysts say the surge stems from a combination of robust earnings and a limited supply of shares.

According to its annual report, the asset manager posted a 52% increase in profit after tax to Rs.246 crore in FY25. Its revenues were Rs.428 crore in FY25, up 50% from the previous fiscal. Between FY24 and FY25, its assets under management grew 1.5 times to Rs.1.06 trillion. The compan...