1. At a Glance – Blink and You’ll Miss the Plot
Wealth First Portfolio Managers Ltd (WFPML) is that rare Gujarati wealth manager who looks calm, collected, debt-free, dividend-friendly… and then casually drops an –89% QoQ profit collapse just to keep investors awake.
Market cap sits at ₹884 Cr, stock price ₹803, down ~26% in 3 months, ~37% in 6 months, and yet this thing still trades at 37x P/E with a ROE of 28.6% and ROCE of ~38%. Confusing? Yes. Entertaining? Absolutely.
Latest Q3 FY26 (Dec 2025) numbers were… let’s be polite and call them “character building.”
Revenue came in at ₹6.49 Cr (–60% QoQ), PAT at ₹0.77 Cr, and EPS just ₹1.05 versus ₹10.39 in the previous quarter. That’s not a correction, that’s a faceplant.
But zoom out and you see a firm with ₹10,114 Cr AUA, zero debt, promoter holding of 74%, dividend announcements flying every few months, and five-year profit CAGR of 94%.
So what is this stock? A wealth manager… or an emotional roller coaster?
2. Introduction – Wealth Management, But With Mood Swings
Incorporated in 2002, Wealth First Portfolio Managers is an independent, product-agnostic wealth manager. No sub-brokers. No loud TV ads. Just old-school handholding, asset allocation, and Gujarati discipline.
They rank 37th nationally as an individual financial advisor, which in India’s crowded wealth advisory space is no joke. Their pitch is simple:
“Client first, product later, commission somewhere in the background.”
And it worked beautifully. From FY20 to FY24, the company went from being “who?” to generating ₹43 Cr PAT in FY24, riding a massive bull market, PMS inflows, and mutual fund SIP mania.
But markets don’t always go up. And when they sneeze, wealth managers catch a cold.
Q3 FY26 looks
like exactly that — market volatility, lower transaction income, muted broking activity, and suddenly the P&L looks… fragile.
Question for you:
👉 Is this a temporary revenue wobble, or the business showing its cyclical teeth?
3. Business Model – WTF Do They Even Do?
Imagine a wealthy Gujarati family asking:
“Boss, FD bhi chahiye, MF bhi, PMS bhi, tax bhi bachana hai, aur beta foreign jaa raha hai.”
Wealth First says: “Done.”
They offer:
- Investment strategising & asset research
- Trade execution & broking
- Portfolio review & accounting
- Retirement, tax & inheritance planning
- Treasury management
- PMS & international investments
They don’t manufacture products.
They distribute, advise, and allocate.
Their FY24 AUA of ₹10,114.5 Cr is split roughly as:
- Mutual Funds + PMS: ~44%
- Direct Equity: ~20%
- Bonds: ~34%
- Fixed Deposits: ~2%
Translation: stable fee income + market-linked volatility.
Revenue mix (FY24):
- Trading activities: ~19%
- Other operating revenue: ~62%
- Other income: ~21%
Which means when markets chill, trading dries up… and Q3 FY26 happens.
Be honest — would you prefer boring stability or exciting volatility if margins are this fat?
4. Financials Overview – Numbers Don’t Lie, They Roast
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 6.49 | 16.25 | 20.57 | –60.1% | –68.4% |
| EBITDA (₹ Cr) | 1.00 | 12.89 | 15.16 | –92.2% | –93.4% |
| PAT (₹ Cr) | 0.77 | 9.27 | 11.07 | –91.7% | –93.0% |
| EPS (₹) | 1.05 | 8.70 | 10.39 | –87.9% | –89.9% |
