Parag Parikh’s unlisted shares double on growth, tight supply

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.

- Srushti Vaidya

The firm’s unlisted share prices have more than doubled since early February, climbing to ₹7,900 apiece as of 25 September. Analysts say the surge stems from 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 ₹246 crore in FY25. Its revenues were ₹428 crore, up 50%. Between FY24 and FY25, its assets under management grew 1.5 times to ₹1.06 trillion. The firm has a market share of 1.4% in the total assets, under management for the mutual fund industry.

The company has delivered strong financial growth in the last five years: revenues have compounded at about 87% annually over the past five years, while profits have grown at a 132% compound annual growth rate, said the research team at InCred Money, a platform to buy unlisted shares.