ICICI Prudential Asset Management Company Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript ICICI Prudential Asset Management Company Ltd filed with BSE on 16 Jul 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
ICICI Prudential AMC reported quarterly average AUM of INR11.17 lakh crores, up 18.3% year-on-year, maintaining its position as the second largest AMC with a 13.4% market share. Operating revenue grew 17.6% year-on-year to INR1,564 crores while profit after tax rose 23.1% year-on-year to INR965 crores. Management attributed the growth to resilient net sales and favorable mark-to-market movements, while noting equity net flows moderated sequentially and debt AUM declined due to institutional redemptions amid tight liquidity conditions.
Numbers mentioned
Total mutual fund quarterly average AUM: INR11.17 lakh crores (Q1 FY27)
p. 5
“For the quarter ended June 2026, our total mutual fund quarterly average AUM reached to INR11.17 lakh crores, which is up 1.1% sequentially and 18.3% year-on-year”
Harshil Sanghavi, page 5 of the filed PDF · View the filing
Market share (overall mutual fund): 13.4% (Q1 FY27)
p. 5
“thereby maintaining our position as the second largest AMC with a market share of 13.4%”
Harshil Sanghavi, page 5 of the filed PDF · View the filing
Equity and equity-oriented AUM market share: 14% (As of June 30, 2026)
p. 5
“we continue to maintain our leadership position in equity and equity-oriented schemes with a market share of 14% and a quarterly average AUM of INR6.31 lakh crores”
Harshil Sanghavi, page 5 of the filed PDF · View the filing
Operating revenue: INR1,564 crores (Q1 FY27)
p. 8
“Our operating revenue stood at INR1,564 crores representing a growth of 17.6% year-on-year”
Naveen Agarwal, page 8 of the filed PDF · View the filing
Operating profit before tax: INR1,100 crores (Q1 FY27)
p. 9
“On operating profit before tax, which indicates the core profitability of our business, it reached INR1,100 crores. This represents a 20.2% increase on year-on-year basis.”
Naveen Agarwal, page 9 of the filed PDF · View the filing
Profit after tax: INR965 crores (Q1 FY27)
p. 9
“Profit after tax stood at INR965 crores which is up by 23.1% on year-on-year basis.”
Naveen Agarwal, page 9 of the filed PDF · View the filing
Gross yield: 52.4 basis points (Q1 FY27)
p. 9
“our gross yield and net yield on an annualized basis stood at 52.4 basis points and 48.3 basis points respectively”
Naveen Agarwal, page 9 of the filed PDF · View the filing
Operating margin: 36.9 basis points (Q1 FY27)
p. 9
“For quarter ended June 2026, our operating margins stood at 36.9 basis points as compared to 36.1 basis points for the quarter ended June 25, which is the same quarter last year.”
Naveen Agarwal, page 9 of the filed PDF · View the filing
Alternates quarterly average AUM: INR79,446 crores (Q1 FY27)
p. 7
“For the June quarter end, our alternates quarterly average AUM stood at INR79,446 crores.”
Harshil Sanghavi, page 7 of the filed PDF · View the filing
PMS quarterly average AUM: INR28,996 crores (Q1 FY27)
p. 7
“Within alternates, our PMS quarterly average AUM grew by 8.1% sequentially to INR28,996 crores.”
Harshil Sanghavi, page 7 of the filed PDF · View the filing
Unique customer base: 1.73 crores (As of June 30, 2026)
p. 6
“we have a unique customer base of 1.73 crores”
Harshil Sanghavi, page 6 of the filed PDF · View the filing
SIF quarterly average AUM: INR2,678 crores (Q1 FY27)
p. 6
“Our quarterly average AUM of SIF is INR2,678 crores.”
Harshil Sanghavi, page 6 of the filed PDF · View the filing
Operating expenses: INR464 crores (Q1 FY27)
p. 8
“Operating expenses amounted to INR464 crores which was an increase by 11.7% year-on-year and 14.3% quarter-on-quarter.”
Naveen Agarwal, page 8 of the filed PDF · View the filing
Systematic transactions (SIP + STP): INR4,872 crores (June 2026)
p. 6
“In June 2026, our systematic transactions, which includes SIPs and Systematic Transfer Plans, moderated marginally to INR4,872 crores from INR5,104 crores in the month of March 2026.”
Harshil Sanghavi, page 6 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 cost for FY27 — INR64 crores to INR68 crores · FY27
stated firmly by Naveen Agarwal
p. 23
“And for this financial year, the cost was indicated between INR64 crores to INR68 crores.”
Naveen Agarwal, page 23 of the filed PDF · View the filing
Product launches — next 9 months
stated firmly by Nimesh Shah
p. 31
“You'll see regular you must be seeing a lot of launches and you will see regular launches in the next 9 months”
Nimesh Shah, page 31 of the filed PDF · View the filing
Alternates business scale — medium term
stated as an aspiration by Nimesh Shah
p. 34
“Let it become that material otherwise we'll spend too much time discussing that where it is not I would rather first make it big so that it is material to discuss back.”
Nimesh Shah, page 34 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 change in market share was predominantly driven by mark-to-market gains given the high base of equity AUM, not net flows.
Answered by Naveen Agarwal
Asked by Rahil Shah: What is driving the change in market share in equity AUM and SIP flows - mark-to-market or net flows?
p. 21
“if you look at it from a one quarter basis given the high base of equity AUM, the change in market share would predominantly be driven by mark-to-market”
Naveen Agarwal, page 21 of the filed PDF · View the filing
Management clarified the ESOP cost is charged proportionally per the Black-Scholes method based on vesting period, not front-loaded.
Answered by Naveen Agarwal
Asked by Piran Engineer: Was the ESOP cost front-ended in Q1?
p. 23
“It is charged based on the total vesting period and it will not be front-ended.”
Naveen Agarwal, page 23 of the filed PDF · View the filing
Management attributed the debt AUM decline to institutional investors redeeming funds amid tighter liquidity conditions as corporates used more cash for working capital.
Answered by Nimesh Shah
Asked by Piran Engineer: Why did debt AUM decline this quarter - seasonal or bond yield related?
p. 25
“It's the liquidity that the corporates would be having where the corporates are investing because of the war situation where they're investing more in the working capital.”
Nimesh Shah, page 25 of the filed PDF · View the filing
Management explained this reflects distribution fees paid on PMS and AIF business, which grow in line with the underlying business volumes.
Answered by Naveen Agarwal
Asked by Madhukar: Why are fees and commission expenses increasing?
p. 26
“the increase that you see is because of the increase in the underlying business. So if the volumes of PMS and AIF go up, the underlying fee would also go up.”
Naveen Agarwal, page 26 of the filed PDF · View the filing
Management explained the growth reflects both flows and mark-to-market, noting PMS has higher mid-cap/small-cap composition and alternates AUM is drawn down over time as capital is called.
Answered by Nimesh Shah
Asked by Dipanjan Ghosh: What is driving growth in the PMS business?
p. 33
“in PMS I've got a reasonably big pipe product also where the composition of mid-caps small caps would be higher to that extent the mark-to-market over there would be higher.”
Nimesh Shah, page 33 of the filed PDF · View the filing
Management said advisory serves international outfits and the moderation reflects FII selling in India leading to redemptions.
Answered by Nimesh Shah
Asked by Dipanjan Ghosh: What is driving the moderation in the advisory business AUM?
p. 34
“advisory is essentially advising international outfits and to that extent there would have been redemptions and that is why you would have seen lesser flows or lesser AUM over there.”
Nimesh Shah, page 34 of the filed PDF · View the filing
Management said net yields in the alternates business typically range between 90-100 basis points depending on product mix.
Answered by Management
Asked by Neeraj Toshniwal: How should the alternates net yield trajectory be modeled going forward?
p. 39
“these yields in the net yield in the alternate business typically hovers between 90 to 100 basis point and the difference is also on account of the composition of the product mix”
Management, page 39 of the filed PDF · View the filing
Management clarified that compensation changes take effect from April 1st each year and are fully reflected from Q1 itself, so the assumption of later moderation does not apply.
Answered by Nimesh Shah
Asked by Gaurav Jani: Will staff costs rationalize sequentially after Q1 as they did in prior years?
p. 44
“Whatever changes I had to make on the compensation would have happened from April 1st onwards.”
Nimesh Shah, page 44 of the filed PDF · View the filing
Risks flagged
Debt AUM decline due to institutional redemptions amid tight liquidity conditions
p. 4
“The quarter witnessed redemptions by institutions, investors amid tight liquidity conditions resulting in a sequential moderation of 6% in quarterly average AUM.”
Nimesh Shah, page 4 of the filed PDF · View the filing
Reduction in equity net flows compared to previous quarter
p. 4
“During the quarter, net flows for equity category was INR 1.14 lakh crores, which marked a reduction of INR 10,064 crores as compared to the previous quarter.”
Nimesh Shah, page 4 of the filed PDF · View the filing
Reduced flows in thematic and hybrid multi-asset categories
p. 4
“categories like thematic and hybrids, specifically multi-asset fund, faced reduction in net flows when compared sequentially”
Nimesh Shah, page 4 of the filed PDF · View the filing
Advisory business AUM decline due to FII selling in India
p. 34
“there is a lot of FII selling that has happened overall in India and similar trend would have been reflected in my international”
Nimesh Shah, page 34 of the filed PDF · View the filing
SIP trigger declines due to stoppages of old SIPs exceeding new SIPs
p. 24
“if the net if the SIP trigger number has fallen, that's obviously because the stoppages of the old SIPs have more been than the new SIPs”
Naveen Agarwal, page 24 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.