Aditya Birla Sun Life AMC Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aditya Birla Sun Life AMC Ltd filed with BSE on 29 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Aditya Birla Sun Life AMC reported Q4 FY26 revenue from operations of Rs 458 crores and profit after tax of Rs 187 crores, with full year FY26 revenue at Rs 1,845 crores and PAT at Rs 975 crores. Management discussed the impact of upcoming regulatory changes on equity AUM expense ratios, growth in SIP contributions, PMS and AIF assets, and passive AUM, along with new product launches including GIFT City offerings and an SIF vertical. The Board proposed a dividend of Rs 25.5 per share for the full year.
Numbers mentioned
Revenue from operations: ₹458 crores (Q4 FY26)
p. 7
“Moving to the financial numbers, Q4 FY26 revenue from operation is at ₹458 crores as compared to ₹429 crores in Q4 FY25.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Operating profit: ₹252 crores (Q4 FY26)
p. 7
“Our Q4 FY26 operating profit was about ₹252 crores as compared to ₹233 crores in Q4 FY25.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Profit after tax: ₹187 crores (Q4 FY26)
p. 7
“Our Q4 FY26 profit after tax was at ₹187 crores as compared to ₹228 crores.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Revenue from operations: ₹1,845 crores (FY26)
p. 7
“Revenue from operations for the full year FY26 was at ₹1,845 crores as against ₹1,685 crores.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Operating profit: ₹1,015 crores (FY26)
p. 7
“FY26 operating profit was at ₹1,015 crores as compared to ₹944 crores in FY25.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Profit after tax: ₹975 crores (FY26)
p. 7
“FY26 profit after tax is at ₹975 crores as compared to ₹931 crores in FY25.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Dividend per share: ₹25.5 (FY26)
p. 7
“We are pleased to announce that the Board has proposed a dividend of ₹25.5 per share, somewhat equivalent to about 75% of profit distributions for the current quarter, for the full year”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Overall average AUM including alternates: ₹4.74 lakh crores (FY26)
p. 4
“our overall average AUM, including alternate assets, now stands at ₹4.74 lakh crores, growing by 17% year-on-year”
A. Balasubramanian, page 4 of the filed PDF · View the filing
Mutual fund quarterly average AUM: ₹4.36 lakh crores (Q4 FY26)
p. 4
“Our mutual fund quarterly average AUM stood at ₹4.36 lakh crores, representing a 14% year-on-year increase.”
A. Balasubramanian, page 4 of the filed PDF · View the filing
Equity mutual fund quarterly average AUM: ₹1.97 lakh crores (Q4 FY26)
p. 4
“Within this, our equity mutual fund quarterly average AUM stands at approximately ₹1.97 lakh crores, growing 17% year-on-year.”
A. Balasubramanian, page 4 of the filed PDF · View the filing
SIP contribution: ₹1,204 crores (March 2026)
p. 4
“Our SIP contribution for March '26 has seen reasonably good pickup to touch ₹1,204 crores, growing 11% quarter-on-quarter where we closed about from ₹1,080 crores to ₹1,204 crores, supported by 40 lakh contribution coming from SIP accounts.”
A. Balasubramanian, page 4 of the filed PDF · View the filing
Total investor folios: 1.1 crore (March 2026)
p. 4
“Total investor folios for March 2026 stood at 1.1 crore, with new SIP registrations for the quarter approximately 6 lakhs, growing by 16% on a quarter-on-quarter basis.”
A. Balasubramanian, page 4 of the filed PDF · View the filing
PMS and AIF assets: ₹32,570 crores (Q4 FY26)
p. 5
“Our PMS and AIF assets grew significantly from ₹11,300 crores in Q4 FY25 to ₹32,570 crores in Q4 FY26, which is again a growth of about three times.”
A. Balasubramanian, page 5 of the filed PDF · View the filing
ESIC mandate AUM: ₹28,400 crores (March 2026)
p. 6
“The ESIC mandate accounted for about ₹28,400 crores as of March 2026, while our PMS and AIF AUM, excluding the ESIC mandate, registered year-on-year growth of 14%, reflecting healthy underlying momentum backed by strong performance coming from our PMS funds as well.”
A. Balasubramanian, page 6 of the filed PDF · View the filing
Real estate AUM: ₹740 crores (FY26)
p. 6
“On the Real Estate front, our AUM grew to approximately ₹740 crores, registering 51% year-on-year growth.”
A. Balasubramanian, page 6 of the filed PDF · View the filing
Passive quarterly average AUM: ₹41,200 crores (Q4 FY26)
p. 6
“we continue to witness significant momentum with our Quarterly Average AUM crossing the ₹40,000 crores mark to stand at ₹41,200 crores in Q4 FY26, representing year-on-year growth of 25% and our customer base expanding to 16.91 lakh folios.”
A. Balasubramanian, page 6 of the filed PDF · View the filing
SIP book: ₹76,000 crores (Q4 FY26)
p. 8
“As far as the other question, the SIP book is about ₹76,000 crores.”
A. Balasubramanian, page 8 of the filed PDF · View the filing
ETF equity AUM: ₹11,500 crores (Q4 FY26)
p. 8
“in the ETF, which includes gold and silver, roughly about ₹11,500 crores.”
A. Balasubramanian, page 8 of the filed PDF · View the filing
SIP flows: ₹1,208 crores (March 2026)
p. 10
“So, SIP flows of ₹1,208 crores is for March.”
Pradeep Sharma, page 10 of the filed PDF · View the filing
SIP flows: ₹3,600 crores (Q4 FY26)
p. 10
“And if you see for quarter, it is ₹3,600 crores.”
Pradeep Sharma, page 10 of the filed PDF · View the filing
Number of employees: 1,650 (March 2026)
p. 10
“And employees are 1,650 employees as of March end.”
Pradeep Sharma, page 10 of the filed PDF · View the filing
Equity yields: 62 to 63 basis points (Q4 FY26)
p. 13
“Yields in equity category are around 62 to 63 basis points.”
Pradeep Sharma, page 13 of the filed PDF · View the filing
Debt yields: 24 to 25 basis points (Q4 FY26)
p. 13
“And debt side, it is around 24 to 25 basis points.”
Pradeep Sharma, page 13 of the filed PDF · View the filing
Liquid fund yields: 12 to 13 basis points (Q4 FY26)
p. 13
“Liquid is around 12 to 13 basis points.”
Pradeep Sharma, page 13 of the filed PDF · View the filing
ETF yields: 6 basis points (Q4 FY26)
p. 13
“ETF is around 6 basis points.”
Pradeep Sharma, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
ESOP expense — ₹8 crores to ₹10 crores per quarter · next year
stated firmly by Pradeep Sharma
p. 10
“However, going forward, there would be an impact of around ₹8 crores to ₹10 crores per quarter in the next year.”
Pradeep Sharma, page 10 of the filed PDF · View the filing
Regulatory expense ratio impact — 3 to 4 basis points
stated conditionally by A. Balasubramanian
p. 7
“I think the broad impact generally post the regulatory changes is in the range of about 3 to 4 basis points, roughly.”
A. Balasubramanian, page 7 of the filed PDF · View the filing
AMC profitability from regulatory changes — neutral to positive
stated as an aspiration by A. Balasubramanian
p. 11
“the way we have worked out at this point of time is from the AMC profitability point of view, we will try and make it neutral if not positive.”
A. Balasubramanian, page 11 of the filed PDF · View the filing
Distribution commission structure — 65%-70% distribution structure
stated as an aspiration by A. Balasubramanian
p. 15
“we cannot say this will exactly work. Because anyway once it is done implemented, we'll come back to normal distribution structure, which normally we keep about 65% - 70% is the distribution structure.”
A. Balasubramanian, page 15 of the filed PDF · View the filing
Monthly net equity inflows — higher than ₹250-300 crores
stated as an aspiration by A. Balasubramanian
p. 16
“Yes, I would probably say the number would be much higher than what you are indicating. So I do not want to say it right now, but I would we would probably push for higher than these numbers.”
A. Balasubramanian, page 16 of the filed PDF · View the filing
Geographic footprint expansion — FY27
stated firmly by A. Balasubramanian
p. 5
“Building on this foundation, we plan to add several new locations in FY '27, further expanding our geography footprint.”
A. Balasubramanian, page 5 of the filed PDF · View the filing
SIP adoption — Har Ghar Me SIP
stated as an aspiration by A. Balasubramanian
p. 4
“Our ambition at ABSLAMC is to reach every household in India, making 'Har Ghar Me SIP' a reality.”
A. Balasubramanian, page 4 of the filed PDF · View the filing
ABSL Global Emerging Market Fund Series II launch — very soon
stated firmly by A. Balasubramanian
p. 5
“We plan to launch the ABSL Global Emerging Market Fund Series II very soon through the GIFT City.”
A. Balasubramanian, page 5 of the filed PDF · View the filing
EPFO fixed income mandate — next five years
stated firmly by A. Balasubramanian
p. 6
“I'm sure in the current quarter, we'll get to manage the EPFO money in the fixed income space as per the mandate given to us for the next five years.”
A. Balasubramanian, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the broad industry impact is 3-4 basis points and they will structure commissions and expenses to minimize P&L impact for both distributors and the AMC.
Answered by A. Balasubramanian
Asked by Mohit Mangal: How will the regulatory TER changes affecting equity AUM be mitigated and what is the net impact?
p. 7
“But however, given the fact that the way the industry has been operating, the way we also have been operating, we will planned, do the structures in such a manner that it does have the least impact as far as the P&L concerns”
A. Balasubramanian, page 7 of the filed PDF · View the filing
Management gave the gross and net revenue share from PMS and AIF alternates.
Answered by Pradeep Sharma
Asked by Mohit Mangal: What is the PMS and AIF revenue share?
p. 8
“Yes, so revenue share from PMS and AIF alternate is around 6% on gross basis, Mohit, and on net basis, it will be around 3.5%.”
Pradeep Sharma, page 8 of the filed PDF · View the filing
CFO explained a new ESOP scheme impact and noted an offsetting reversal in Q4, with future quarterly ESOP cost impact guided.
Answered by Pradeep Sharma
Asked by Dipanjan Ghosh: How should employee expense growth trend over the next 1-2 years given expansion plans?
p. 9
“So basically, see, we launched a new employee ESOP scheme in Q4, which we had an impact in the current quarter and that will continue in the next year in coming quarters also.”
Pradeep Sharma, page 9 of the filed PDF · View the filing
Management said SIP cancellations rose industry-wide during volatility but were lower for ABSLAMC, while SIP registrations remained strong and grew quarter-on-quarter.
Answered by A. Balasubramanian
Asked by Swarnabh Mukherjee: How has SIP cancellation and registration trended amid market volatility, and by channel?
p. 12
“In fact, our SIP cancellations were actually lower than the industry, I would say.”
A. Balasubramanian, page 12 of the filed PDF · View the filing
Management noted bond markets and flows returning to normal and described positive distributor sentiment from a recent conference.
Answered by A. Balasubramanian
Asked by Swarnabh Mukherjee: How is the business trending in April as volatility eases?
p. 13
“As again, bond markets have come back to normal, liquidity has come back to normal, flows have also come back to normal.”
A. Balasubramanian, page 13 of the filed PDF · View the filing
CFO attributed the decline to telescoping pricing and product mix changes rather than a specific one-off reason.
Answered by Pradeep Sharma
Asked by Harshit T: Why did equity yields decline sequentially by 2-3 basis points?
p. 14
“No, so there's no specific reason. I think this is the function of telescoping pricing as well as mix of products.”
Pradeep Sharma, page 14 of the filed PDF · View the filing
Management confirmed a positive trend and indicated flows could exceed that level going forward.
Answered by A. Balasubramanian
Asked by Harshit T: Have monthly net equity inflows reached a stable ₹250-300 crore run rate?
p. 15
“Yes. I think the trend is there, Harshit. I think you clearly articulated nicely in terms of how we are shaping up.”
A. Balasubramanian, page 15 of the filed PDF · View the filing
Management described how products getting onto bank recommendation lists at HDFC Bank and Kotak Bank is driving increased flows from that channel.
Answered by A. Balasubramanian
Asked by Meghna Luthra: Can you provide more colour on banking channel approvals and strategy?
p. 16
“In fact, I'm happy to say two of our products are part of the recommendation list.”
A. Balasubramanian, page 16 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict and energy price surges affecting global economic growth
p. 3
“The ongoing conflict as is known in West Asia and the wave of global uncertainty are fundamentally changing the world order. Surging energy prices have changed the global macro perspective and are posing challenges for global economic growth.”
A. Balasubramanian, page 3 of the filed PDF · View the filing
Rupee depreciation against the US dollar due to geopolitical risk
p. 3
“For India, the disruptions in the Asian market due to the geopolitical risk have driven energy costs higher and depreciated the Indian Rupee versus the US dollar, which continues to remain a risk in the very short term.”
A. Balasubramanian, page 3 of the filed PDF · View the filing
FII outflows and equity market corrections due to risk-off sentiment
p. 3
“The risk-off sentiment has prompted FIIs outflow and broad-based equity market corrections across emerging market as a result of that.”
A. Balasubramanian, page 3 of the filed PDF · View the filing
Increased SIP cancellations during market volatility
p. 12
“of course, we have seen some bit of cancellations this quarter, maybe I would say increased cancellations during the period of volatility.”
A. Balasubramanian, page 12 of the filed PDF · View the filing
Pressure on fixed income flows due to volatility and rising interest rates
p. 13
“So, I think March quarter, I think there was also pressure on the fixed income side due to the volatility as well as interest rates, and banks are under tremendous pressure to raise deposits.”
A. Balasubramanian, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.