Parag Parikh Financial Advisory Services (PPFAS)

About

Parag Parikh Financial Advisory Services Limited (ISIN: INE0FGC01012, CIN: U67190MH1992PLC068970) is the holding company of PPFAS Asset Management Private Limited, investment manager to PPFAS Mutual Fund. Quarterly average assets under management (QAAUM) reached ₹1,52,328 Cr in FY26, up 49.8% against industry growth of 21.1%, giving it a 3.86% share of equity-oriented industry QAAUM. Scheme assets stood at ₹1,47,954.75 Cr at 31 March 2026, of which roughly 91% sits in Parag Parikh Flexi Cap Fund, the first actively managed Indian scheme to cross ₹1 lakh crore. Seven schemes in total after the launch of Parag Parikh Large Cap Fund during FY26. 59.38 lakh unique investors across 71.97 lakh live accounts; monthly systematic transactions book of ₹1,591 Cr in March 2026. 57,604 empanelled distributors across 28 cities; 24.45% of average assets from B-30 cities against an industry average of 18.84%. Around 320 employees. No borrowings. No IPO has been announced and no DRHP has been filed; promoters instead sold stakes to Avendus Future Leaders Fund III and a WhiteOak AIF in July 2026.

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Income Statement

ⓘSource: audited consolidated financial statements, PPFAS Limited Annual Report 2025-26, audited by Chokshi & Chokshi LLP, signed 5 June 2026. Total revenue from operations ₹601.84 Cr (FY25: ₹428.84 Cr). Within that, fees and commission income ₹573.75 Cr (+52.6%) and net gain on fair value changes ₹27.36 Cr (−48.2%), so headline revenue growth of 40.3% understates fee growth. Investment management fees from mutual fund operations ₹570.67 Cr (FY25: ₹374.20 Cr), a realised fee yield of ~37.5 bps on QAAUM against ~36.8 bps in FY25. Operating profit before tax (company-defined, total expenses deducted from fees and commission income) ₹438.53 Cr, +55.2%. PBT ₹467.00 Cr. Effective tax rate 25.58%. PAT ₹347.56 Cr; note the report's Financial Overview section states 24.4% PAT growth while the audited statement and MD&A show ₹246.60 Cr rising to ₹347.56 Cr, which is 40.9% — the audited figures are used here. Cash from operations ₹350.02 Cr, ~101% of PAT. Net worth ₹1,009.69 Cr (+55.61%); investments ₹962.98 Cr, ~95% of net worth; total assets ₹1,072.12 Cr; no borrowings (finance cost arises from Ind AS 116 lease accounting). ROE 41.91% (FY25: 46.69%), company-stated, lower on reduced mark-to-market gains. Dividend ₹25/share, payout 5.58%, record date 4 August 2026. 79,09,774 shares outstanding after 2,13,900 ESOP allotments in FY26 (~2.8% dilution). July 2026 secondaries: Avendus Future Leaders Fund III bought just over 1% for ~₹140 Cr (~₹14,000 Cr implied); Rajeev Thakkar sold 0.33% to a WhiteOak AIF at a reported ₹15,800 Cr. SEBI's revised base expense ratio framework, effective 1 April 2026, trims permitted charges ~10–15 bps and is not yet reflected in a full reported year.

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