New Research Reports

We maintain our BUY recommendation on the stock

About the stock: Nippon Life India AMC (Nippon) is among the largest asset managers in India with total AUM size of 7.6 lakh crore+. Focus on strong distribution network (1,19,200+ distributors) and passive schemes (ETF Market share of ~20% on QAAUM basis) remains key strategy....

Strong distribution network with 280 branches and over 1,03,000 empanelled distribution partners Q2FY26 performance: HDFC AMC continues to report healthy set of result as expected. Market share and revenue yields across asset classes were broadly maintained esp. w.r.t. equity-oriented schemes. Closing AUM grew 2% QoQ to 8.8 tn with market share of 11.5%. High yielding equity mix maintained at healthy proportion of 66% vs industry average of 58%. EBITDA margin remains healthy though it declined 190 bps QoQ to 77.9% owing to sharper increase in staff and...

We estimate revenue/earnings CAGR of 14.6%/15.5% over FY25-FY27E respectively, led by healthy inflows, consistent market share gains, rebound in other income driven by improved investor sentiment and consistent yield on overall AUM.

HDFC AMC’s operating revenue grew 16% YoY/6% QoQ to INR10.3b (in line) in 2QFY26. Yields came in at 46.6bp vs. 46.8bp in 2QFY25 and 46.7bp in 1QFY26. For 1HFY26, revenue grew 20% YoY to INR20b.

Company is India's second oldest asset management company (AMC) . Company's primary activities include managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited (Robeco HK), a member of its Promoter Group. As of June 30, 2025, company managed 26 schemes comprising 12 equity schemes, 10 debt schemes and four (4) hybrid schemes with a quarterly average asset under...

The listing of equity shares aims to enhance Canara Robeco AMC's visibility, market credibility, and brand recognition with India's growing asset management landscape. As an OFS (Offer for Sale issue), the proceeds will accrue to the...

IPO Note

Equity tilted AMC with dominant retail proportion About the Company: Canara Robeco asset management company ltd (CANAMC) is India's second oldest AMC (asset management company) incorporated in 1993. The JV was formed in 2007 wherein Canara Bank held 51% and ORIX Corporation (OCE) i.e. erstwhile Robeco Grope held 49%. Post IPO which is an OFS, their stake will be reduced to 38% and 37% resp. CANAMC manages 26 schemes comprising 12 equity schemes, 10 debt schemes and 4 hybrid schemes with a quarterly average asset under management (QAAUM) of 1110.5 bn as on June 30, 2025 and a pan...

Canara Robeco Asset Management Co. Ltd (CRAMC) is India's second-oldest asset management company, engaged in managing mutual funds and offering investment advisory services on Indian equities to Robeco Hong Kong Ltd, a part of its promoter group. As of Jun'25, CRAMC managed 26 schemes across categories 12 equity, 10 debt, and 4 hybrid schemes with a quarterly average asset under management (QAAUM) of Rs 1,110.5 billion. The AMC held the highest retail AUM share among the top 10 asset management companies in India as of Jun'25, highlighting its strong...

Nippon AMC is expected to continue its growth momentum, led by its strong position in the Indian mutual fund industry, diversified product suite and robust growth trajectory. Its ability to capitalise on the growing demand for financial services in India, coupled with its expanding market share and increasing digital presence, positions it for long-term success. Its commitment to launching new products, including alternative investment funds and ETFs, further underscores its growth potential. Although the industry is competitive, we believe Nippon AMC's...

NAM saw a stable quarter as QAAuM and core income were largely in-line. Despite strong equity QAAuM growth of 9.1% QoQ and fall in equity share by 37bps QoQ, blended yields were higher to PLe by 0.9bp since (1) company is still benefitting from commission rationalization and (2) ETF yields improved by 2bps QoQ due to sizable growth in higher yielding AuM. NAM continues to gain market share in equity MAAuM as share in net equity flows (ex-NFO) is healthy at 11.4% in Q1FY26 (10.6% in FY25) which is higher than stock MAAuM...

We maintain our BUY recommendation on the stock

Nippon Life India AMC’s (NAM) operating revenue grew 20%/7% YoY/QoQ to INR6.1b (in line) in 1QFY26. Yields declined to 39.6bp from 40.7bp in 4QFY25 and 41.8bp in 1QFY25.

HDFC AMC logged a strong quarter, driven by steady revenue yields and significant growth in AUM. The debt market's outlook remains positive, aided by the Reserve Bank of India's supportive measures, such as interest rate cuts to boost fixedincome investments. HDFC AMC's improved market standing, diversified product portfolio, launch of new specialised investment funds, strong retail presence and digital initiatives position it for sustained growth and long-term value creation. Furthermore, although there has been a temporary decline in the share of equity AUM, a positive turnaround is anticipated in the near future. Therefore, we upgrade...

UTI AMC’s 1QFY26 operating revenue stood at INR3.8b (in line), up 13% YoY/6% QoQ. Yield on management fees stood at 42bp in 1QFY26 vs. 43.4bp in 1QFY25 and 42.4bp in 4QFY25.

Aditya Birla Sun Life AMC’s (ABSLAMC) 1QFY26 operating revenue grew 16% YoY to ~INR4.5b (in line), leading to YoY improvement in yields to 44.4bp from 43.9bp in 1QFY25 (vs. our est. of 44.7bp).

In Q1FY26, operational revenue came in at INR 9,678 Mn., up 24.8% YoY (+7.4% QoQ), in-line with our estimates. Revenue growth stood robust majorly driven by stronger growth in QAAUM.

HDFC AMC’s operating revenue grew 25% YoY/7% QoQ to INR9.7b (in-line). Yields for the quarter came in at 46.7bp vs 46.2bp in 1QFY25 and 46.6bp in 4QFY25.

UTI AMC’s fund performance over the past five months has improved considerably, with an average of ~70% equity AUM appearing in Q1 and Q2 on a one-year return basis in May’25 vs an average of 25% in the preceding 12 months.