Mixed quarter: Operating revenue flat QoQ, PAT dropped -16.8% QoQ due to negative other income, but delivered robust YoY growth (+10.4%) and market share gains in equity and total MF QAAUM. quarter Investor Presentation One-Pager? Mar 2026

Revenue

₹1,517 Cr

+19.5% YoY; QoQ flat (+0.2%)

Operating Profit Before Tax (OPBT)

₹1,128 Cr

+30.2% YoY; +1.6% QoQ; margin 74.3% of revenue

PAT

₹763 Cr

+10.4% YoY; -16.8% QoQ due to ₹(89) Cr other income loss

Total MF QAAUM

₹11,048 Bn

+25.6% YoY; +2.6% QoQ; market share 13.5% (2nd highest)

What Went Right

Total MF QAAUM grew 25.6% YoY to ₹11,048 bn, led by equity schemes QAAUM up 27.2% YoY to ₹6,204 bn.
Market share in total MF QAAUM stood at 13.5% (2nd highest) and in active MF QAAUM at 13.7% (highest).
Equity hybrid QAAUM reached ₹2,178 bn with market share of 26.7% (highest), up 31.8% YoY.
Systematic monthly inflows rose to ₹51.04 bn in Mar-26, up 30.7% YoY; customer base grew 16.2% YoY to 17.0 mn.
OPBT improved 30.2% YoY to ₹1,128 Cr in Q4; full-year OPBT margin (OPBT yield) at 37.6 bps of AAUM.

What to Watch

PAT declined 16.8% QoQ to ₹763 Cr, dragged by negative other income of ₹(89) Cr (vs +₹109 Cr in Q3) due to mark-to-market on investments.
Operating revenue was virtually flat QoQ (+0.2% to ₹1,517 Cr), reflecting slower AUM growth momentum in Q4.
Individual MAAUM (domestic FoF) fell 2.4% QoQ to ₹6,859 bn, indicating possible retail outflows or redemption pressure.
Debt MF QAAUM decreased 2.7% QoQ to ₹1,990 bn, while liquid MF QAAUM rose but remain volatile.
Fees and commission expense jumped 34.8% YoY (₹1,115 Cr in Q4), outpacing revenue growth and compressing net revenue yield.

Investor Lens

ICICI Prudential AMC's investment thesis remains largely intact given its dominant market share in equity and equity hybrid categories (14.2% and 26.7% respectively) and strong operational leverage evidenced by full-year OPBT growth of 28.9%. However, Q4 PAT weakness due to investment losses and flattish revenue QoQ warrants caution. The QoQ decline in individual MAAUM and rising fee expenses suggest potential headwinds from competitive pressure or distribution cost inflation. The company's expansion into DIFC Dubai and GIFT City IFSC with new AIF/SIF offerings could provide future growth but are early stage. Next quarter, watch for recovery in other income, growth in equity flow momentum, and cost control to sustain ROE above 85%.

From investor presentation · AI-generated analysis · Not investment advice

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📈 STRONG Revenue up 19.5% YoY, OPM expands to 76%; PAT up 10%.

Revenue

Revenue at ₹1,517 Cr grew 19.5% YoY from ₹1,269 Cr in Mar 2025, but was nearly flat QoQ (+0.1% from ₹1,515 Cr in Dec 2025). The YoY increase reflects higher asset management fees and growth in AUM.

Profitability

Net profit at ₹763 Cr increased 10.3% YoY (₹692 Cr in Mar 2025), but fell 16.8% QoQ (₹917 Cr in Dec 2025) due to a swing in other income (-₹89 Cr vs positive earlier). EPS for the quarter was ₹15.45.

Margins

Operating profit margin (OPM) improved to 76% from 70% in the year-ago quarter and 75% in the prior quarter. Operating profit rose 29.8% YoY to ₹1,160 Cr, indicating strong cost control and operating leverage.

Cash Flow

Cash flow data is not available for this quarter. No assessment can be made on CFO quality relative to PAT.

Balance Sheet

The company has zero borrowings, with reserves of ₹4,122 Cr and total assets of ₹5,050 Cr. The debt-to-equity ratio is nil, reflecting a strong, debt-free balance sheet.

Key Risks

Quarter-on-quarter PAT dropped 16.8% mainly due to negative other income (-₹89 Cr), highlighting volatility in non-operating items. Reliance on market conditions for AUM growth poses a cyclical risk. High valuation (PE 49.3) leaves little room for disappointment.

Outlook

With strong YoY revenue and profit growth, the company continues to benefit from rising retail participation in mutual funds. Margin expansion and a debt-free balance sheet provide resilience, though market volatility remains a key monitorable.

Generated by AI · Mar 2026 results · Not investment advice

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