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Nippon AMC delivered a strong performance in Q4FY26, with its diversified product *over or under performance to benchmark index platform reflecting deeper engagement. The management said there was steady traction across equity offerings and an increase in investor participation in passive products, ETFs and international strategies, highlighting a gradual broadening of investment preferences. The platform continues to benefit from its wide distribution network and growing digital interface, enabling consistent client onboarding and engagement, which is expected to support business resilience and sustain the...
HDFC AMC continued to demonstrate resilient performance, with management emphasising that domestic investors have become meaningfully more long-term *over or under performance to benchmark index oriented and systematic in their approach even amid heightened volatility. Additional momentum is expected to come from passive and hybrid products, along with newer growth engines such as alternatives, PMS mandates and the GIFT City international platform. The company is also increasingly leveraging technology and AI-led capabilities to enhance investment processes, improve customer engagement...
About the stock: Nippon Life India AMC (Nippon) is among the largest asset managers in India with total AUM size of 7.25 lakh crore+. Focus on strong distribution network (1,23,800+ distributors) and passive schemes (ETF Market share of ~21.4%+ on QAAUM basis) remains key strategy. MF market share as on Q4FY26 was at 8.89% on QAAUM basis...
Good quarter driven by higher revenue and lower opex Strong gold/silver ETF growth supported overall yields We raise core PAT for FY27/28E by avg. 2.3% NAM saw a strong quarter as core income at INR 7.4bn was a 5.6% beat due to 3.2% higher revenue. Despite a steep equity correction in Mar'26, blended yield increased by 0.5bp QoQ to 40.7bps (PLe 39.5bps) owing to strong QAAuM growth in higher yielding gold/silver ETF; its share increased QoQ to 12.2% from 7.9%. Market share in SIP (1112%) and net equity flows (10% in FY26) remain higher than stock equity AuM market share (7.2% in FY26). With new ESOP scheme announced, we raise opex for FY27/28E...
Aditya Birla Sun Life AMC (ABSL)’s operating revenue grew 7% YoY but declined 4% QoQ to ~INR4.6b (in line). The yields on management fees for the quarter stood at 42.1bp vs. 44.9bp in 4QFY25 and 43.1bp in 3QFY26.
UTI AMC’s revenue from operations came in at INR 3.7b (in line), reflecting a growth of 4% YoY, but it declined 5% QoQ. Yield on management fees was 38.6bp in 4QFY26 vs. 42.4bp in 4QFY25 and 40.1bp in 3QFY26.
The company reported revenue of 15,170 million for the quarter ended March 2026, marking an 19.5% year-on-year increase from 12,692 million in the same quarter last year and on a QoQ basis the company’s revenue remained flat (a growth of 0.2%).
HDFC AMC's Q4 PAT miss is a one-time treasury MTM drawdown on SEBI skin-in-the-game equity holdings, not a franchise issue. Core operations held firm FY26 revenue +18% YoY, operating profit +18%, PAT +16%, margin at 35 bps of AUM.
Strong distribution network with 280 branches and over 1,09,000 empanelled distribution partners Q4FY26 performance: HDFC AMC reported steady set of Q4FY26 results. Quarterly average AUM (QAAUM) grew ~20% YoY, 0.3% QoQ to 9.3 tn, while market share remained stable at ~11.4%. Sequentially, revenue yield was down ~1 bp at 45.3 bps owing to lower number of days i.e. 90 days in Q4 vs 92 in Q3. Revenue grew 17% YoY, -2% QoQ to 1,050 crore. EBITDA margin was broadly stable. PAT reported at 623 crore, declining by 2.5% YoY and 19.1% QoQ mainly owing to lower other...
Soft quarter; core income miss due to lower revenue New TER guidelines may not have a material impact Net equity flows remain strong driving market share gains HDFCAMC saw a soft quarter as core income at INR 8.4bn was 2.3% lower to PLe due to miss on revenue. Management attributed this to lesser days in Q4FY26 (90 days) vs Q3FY26 (92 days). Company suggested that GST impact as per new TER directives may be 3-4 bps which could be passed to distributors. Led by strong equity performance in 3-yr bucket, market share in net flows remains 2nd highest; it was 15%...
HDFC AMC’s operating revenue grew 17% YoY, but it declined 2% QoQ to INR10.5b (in line). Yields came in at 45.4bp in 4QFY26 vs. 46.6bp in 4QFY25 and 46.5bp in 3QFY26. For FY26, revenue grew 18% YoY to INR41.2b.
ICICI Prudential AMC’s (IPRU) operating revenue grew 20% YoY (flat QoQ) to INR15.2b (in line) in 4QFY26. Yields came in at 55bp vs. 57.7bp in 4QFY25 and 56.3bp in 3QFY26. For FY26, revenue grew 23% YoY to INR57.6b.
Steady quarter; core income in-line, lower revenue/opex. Net equity flows remain highest driving market share gains. ESOP scheme announced; no major change in staff cost. ICICIAMC saw a steady quarter as core income at INR 11.3bn was in-line. Due to QoQ increase in share of liquid/ETF, revenue was lower which was offset lesser staff cost. Deferred employee costs are being replaced by fresh ESOP which would entail a noncash charge. There is no material change in our opex estimates. Led by strong equity performance in 1/3-yr buckets, market share in net flows remains highest at 18.9% in 11MFY26. Hence stock market share in equity increased by 35bps QoQ to 14.3%....
