UTI Asset Management Company Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript UTI Asset Management Company Ltd filed with BSE on 28 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
UTI AMC reported Q1 FY27 standalone core revenue of Rs 308 crores, core EBITDA of Rs 171 crores and core PAT of Rs 119 crores, with consolidated core PAT at Rs 129 crores. Management highlighted growth in average mutual fund AUM to Rs 3,92,691 crores, SIP AUM growth of 8.05% year-on-year, and continued expansion of digital transactions and folio additions. Management also discussed subsidiary performance including UTI Pension Fund AUM growth, UTI International flows, and progress on the alternatives and passive product pipeline.
Numbers mentioned
Average AUM (mutual fund industry): Rs 84,18,486 crores (June 2026)
p. 3
“average AUM reaching Rs 84,18,486 crores in June 2026, registering a robust year-on-year growth of approximately 12.6% from the same period in June 2025”
Vetri Subramaniam, page 3 of the filed PDF · View the filing
Quarterly average AUM (mutual fund franchise): Rs 3,92,691 crores (Q1 FY27)
p. 4
“our mutual fund franchise continued to strengthen with quarterly average AUM reaching Rs 3,92,691 crores, contributing to UTI AMC's total group AUM of slightly over Rs 20,00,000 crores”
Vetri Subramaniam, page 4 of the filed PDF · View the filing
SIP gross inflows: Rs 2,502 crores (Q1 FY27)
p. 4
“SIPs remain a key driver of sustainable growth, with our gross SIP inflows of Rs 2,502 crores during the quarter and SIP AUM increasing 8.05% year-on-year to Rs 45,595 crores”
Vetri Subramaniam, page 4 of the filed PDF · View the filing
Digital purchase transactions: 60.9 lakh (June 2026)
p. 4
“digital purchase transactions reaching 60.9 lakh in June 2026 from 49.14 lakh in June 2025, a year-on-year increase of 23.93%”
Vetri Subramaniam, page 4 of the filed PDF · View the filing
Core revenue (standalone): Rs 308 crores (Q1 FY27)
p. 7
“the core revenue, that is the sale of services, amounted to Rs 308 crores, stable at year-on-year and up by 1% on a quarter-on-quarter basis”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Core EBITDA (standalone): Rs 171 crores (Q1 FY27)
p. 7
“The core EBITDA stood at Rs 171 crores for the first quarter of FY26-27, up by 1% Y-o-Y and 20% Q-o-Q”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Core PAT (standalone): Rs 119 crores (Q1 FY27)
p. 7
“The core profit after tax for the quarter one of FY26-27 is Rs 119 crores, up by 1% Y-o-Y and 72% quarter-on-quarter”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Core revenue (consolidated): Rs 379 crores (Q1 FY27)
p. 7
“On a consolidated basis, the core revenue, that is sale of services, amounted to Rs 379 crores, stable at Y-o-Y and up by 1% Q-o-Q”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Core PAT (consolidated): Rs 129 crores (Q1 FY27)
p. 7
“The core profit after tax for quarter one of FY26-27 is Rs 129 crores, up by 6% Y-o-Y and 31% Q-o-Q”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Final dividend: Rs 40 per equity share (FY26)
p. 7
“The shareholders of the company have approved a final dividend of Rs 40 per equity share at the Annual General Meeting held on 21st July 2026, representing 95% of the pay-out ratio”
Sandeep Samsi, page 7 of the filed PDF · View the filing
UTI Pension Fund AUM: Rs 4.31 lakh crores (as on 30th June 2026)
p. 7
“UTI Pension Fund Limited has recorded a year-on-year growth of approximately 13% in its AUM, reaching approximately Rs 4.31 lakh crores as on 30th June 2026, as compared to Rs 3.81 lakh crores as of 30th June 2025”
Sandeep Samsi, page 7 of the filed PDF · View the filing
UTI International AUM: USD 1.48 billion (as on 30th June 2026)
p. 7
“UTI International, which represents our international business, has an AUM of approximately USD 1.48 billion, which is Rs 14,027 crores as on 30th June 2026”
Sandeep Samsi, page 7 of the filed PDF · View the filing
Equity share of average mutual fund AUM: 70% (Q1 FY27)
p. 4
“equity assets across both active and passive strategies accounting for 70% of our average mutual fund AUM, compared to the industry's equity-to-non-equity mix of 62:38 ratio”
Vetri Subramaniam, page 4 of the filed PDF · View the filing
PMS AUM: Rs 12,15,000 crores (as of 30th June 2026)
p. 8
“UTI AMC's PMS AUM stood at Rs 12,15,000 crores, while EPFO AUM was at Rs 10,63,000 crores”
Sandeep Samsi, page 8 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.
Employee cost run rate — Rs 95 crores standalone, Rs 130 crores consolidated per quarter · FY27
stated firmly by Vinay Lakhotia
p. 15
“the guidance on the employee cost that we gave earlier was Rs 95 crores for the standalone entity and close to around Rs 130 crores per quarter for a consolidated entity. That is the run rate that we are looking at”
Vinay Lakhotia, page 15 of the filed PDF · View the filing
Other expenses growth — 8% to 10% increase over FY25-26 number · FY27
stated firmly by Vinay Lakhotia
p. 16
“in the April month we gave a target that 8% to 10% increase on the FY25-26 number will be the target run rate number for this particular financial year”
Vinay Lakhotia, page 16 of the filed PDF · View the filing
AUM growth capacity under Mission 2031 — 2x current AUM
stated as an aspiration by Vetri Subramaniam
p. 12
“we said we think there is scope for us to manage 2x our current AUM because we've already made all the commensurate investments that we would need in terms of people, technology, etc.”
Vetri Subramaniam, page 12 of the filed PDF · View the filing
UTI Pension Fund headcount — more than double headcount · next year to year and a half
stated firmly by Vetri Subramaniam
p. 12
“I think they will almost more than double their headcount over the next year, year and a half”
Vetri Subramaniam, page 12 of the filed PDF · View the filing
UTI International headcount — stable state
stated firmly by Vetri Subramaniam
p. 17
“You should see it at stable state thereafter”
Vetri Subramaniam, page 17 of the filed PDF · View the filing
New passive and active product launches — UTI Nifty 500 ETF and index fund, UTI BSE Index Sector Leaders ETF, balanced hybrid fund, sectoral debt funds · FY27
stated conditionally by Sandeep Samsi
p. 19
“we are looking at launching, subject to regulatory approvals, a balanced hybrid fund and some sectoral debt funds”
Sandeep Samsi, page 19 of the filed PDF · View the filing
SIF and GIFT City outbound funds launch — H2 FY27
stated firmly by Vinay Lakhotia
p. 19
“SIF and GIFT City outbound funds are also in the pipeline in the H2 of this particular financial year”
Vinay Lakhotia, page 19 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 gave yield ranges across categories.
Answered by Vinay Lakhotia
Asked by Uday Pai: What are the yields across equity, hybrid, ETF and liquid funds for the quarter?
p. 8
“Yield for the equity and hybrid fund is close to around 72 basis points, 72- 73 basis points. ETF and index fund is around 8 basis points. Cash and arbitrage funds are at around 12, and for the fixed income fund is around close to around 20 basis points.”
Vinay Lakhotia, page 8 of the filed PDF · View the filing
Management explained that consolidation of two AIF funds was no longer required after redemptions and stake sales.
Answered by Vinay Lakhotia
Asked by Uday Pai: Why is the non-controlling interest line item zero this quarter?
p. 8
“since SDOF II has already returned the money and SDOF III we have sold a part of our stake, then for this particular quarter, for both the funds, the consolidation was not required to be carried out in our balance sheet”
Vinay Lakhotia, page 8 of the filed PDF · View the filing
Management said they intend to maintain the high pay-out ratio.
Answered by Vinay Lakhotia
Asked by Uday Pai: What is the dividend policy going forward?
p. 9
“I think we have been maintaining a very healthy pay-out ratio of the profit in excess of 95%. I think hopefully that will continue.”
Vinay Lakhotia, page 9 of the filed PDF · View the filing
Management said the impact was passed on to intermediaries with no dilution to margins.
Answered by Vinay Lakhotia
Asked by Mohit Mangal: Was the impact of the exit load/TER change on yields absorbed or passed to distributors?
p. 9
“whatever the impact of the TER changes has been there, we have passed on the impact to all our intermediaries, and there's no impact on our margin number as such”
Vinay Lakhotia, page 9 of the filed PDF · View the filing
Management said flexi cap saw redemption pressure while large & mid-cap saw positive inflows.
Answered by Vinay Lakhotia
Asked by Mohit Mangal: Were there redemption pressures in flexi cap, large cap and mid cap schemes?
p. 9
“There have been some redemption pressure under our flexi cap category, but large and mid-cap, we have been receiving quite a positive inflow”
Vinay Lakhotia, page 9 of the filed PDF · View the filing
Management attributed weak flows to cyclical negative sentiment toward India and scheme underperformance, expecting eventual recovery.
Answered by Vetri Subramaniam
Asked by Mohit Mangal: What is the outlook on the international business given pressure over recent quarters?
p. 10
“combination of both the lack of appetite for India, I should actually say negative sentiment towards India and the fact that our own scheme has struggled in terms of performance over the last two years”
Vetri Subramaniam, page 10 of the filed PDF · View the filing
Management said the effort is underway with improved sales traction across a broader range of funds.
Answered by Vetri Subramaniam
Asked by Divij Punjabi: How is the strategy to diversify AUM away from top flagship funds progressing?
p. 11
“based on the month, I think we are pushing almost 3% to 3.5% in terms of our share of net sales on that strategy”
Vetri Subramaniam, page 11 of the filed PDF · View the filing
Management said the increase came from subsidiary hiring (pension and alternatives), not the core AMC.
Answered by Vinay Lakhotia
Asked by Divij Punjabi: Why has the employee count increased sequentially?
p. 12
“in UTI Pension Fund Limited, since we are expanding our capabilities into the private pension business, there a significant number of recruitments are happening, plus on the UTI Alternative sides also, we are building capabilities”
Vinay Lakhotia, page 12 of the filed PDF · View the filing
Management said no buyback proposal is currently on the table.
Answered by Vetri Subramaniam
Asked by Divij Punjabi: Is a buyback being considered given cash levels?
p. 12
“No, there's no proposal that we are considering at this point of time. It's not on the table.”
Vetri Subramaniam, page 12 of the filed PDF · View the filing
Management described a target to manage twice current AUM and a need to raise flow market share in equity.
Answered by Vetri Subramaniam
Asked by Shreyas Pimple: What quantitative targets exist under Mission 2031?
p. 13
“We need to ramp up our flow market share in equity, because our flow market share in equity is significantly lower than our stock of AUM market share in equity products”
Vetri Subramaniam, page 13 of the filed PDF · View the filing
Management attributed the lower run rate to the VRS completed in the prior year.
Answered by Vinay Lakhotia
Asked by Shreyas Pimple: Why was Opex, particularly employee cost, muted this quarter?
p. 15
“because of the benefit of VRS that we gave sometime in the third quarter of last financial year, the employee cost net run rate had come down”
Vinay Lakhotia, page 15 of the filed PDF · View the filing
Management said major IT/digital spend was largely complete and gave a target growth range.
Answered by Vinay Lakhotia
Asked by Krunal Shah: What is the outlook on other expenses for FY27?
p. 16
“don't foresee a major IT or a digital expense for the remaining of the financial year”
Vinay Lakhotia, page 16 of the filed PDF · View the filing
Management said pension is highly profitable relative to investment despite lower margins, while international has faced cyclical AUM pain but no further major headcount expansion is planned.
Answered by Vetri Subramaniam
Asked by Krunal Shah: What is the ROI outlook for investments in UTI International and UTI Pension?
p. 16
“in pension, honestly, the business is so unbelievably attractive from my point of view. 15-year money coming in.”
Vetri Subramaniam, page 16 of the filed PDF · View the filing
Management said the restructuring following the VRS is largely complete, with a younger sales workforce now in place.
Answered by Vetri Subramaniam
Asked by Abhijeet Sakhare: Where is the company in fixing the sales supervisory versus junior staff ratio?
p. 18
“I say we're pretty much there in terms of that 4, 4.5 number”
Vetri Subramaniam, page 18 of the filed PDF · View the filing
Management described a robust pipeline of passive and active product launches.
Answered by Sandeep Samsi
Asked by Sagar Doshi: What is the growth outlook and NFO pipeline for the year?
p. 19
“We have recently received regulatory approval for several passive products that strengthen our existing index fund investing franchise”
Sandeep Samsi, page 19 of the filed PDF · View the filing
Management attributed the loss to redemptions from underperforming large strategies, expecting a reversal once performance improves.
Answered by Vetri Subramaniam
Asked by Sagar Doshi: Why is the company losing average AUM market share and when will this reverse?
p. 19
“where some of the larger strategies have had performance issues. I think that will turn around only once we start to see some stronger, tailwinds from a performance standpoint”
Vetri Subramaniam, page 19 of the filed PDF · View the filing
Management said it keeps optionality to acquire bolt-on businesses at the right price but is not currently in active talks.
Answered by Vetri Subramaniam
Asked by Jagannatham: Is the company considering M&A given its cash levels, and is it actively pursuing acquisitions?
p. 20
“No, no. No active talks anywhere at this point.”
Vetri Subramaniam, page 20 of the filed PDF · View the filing
Risks flagged
Negative sentiment towards India and scheme underperformance have driven negative international flows
p. 10
“combination of both the lack of appetite for India, I should actually say negative sentiment towards India and the fact that our own scheme has struggled in terms of performance over the last two years. So that's the reason why the flows are negative.”
Vetri Subramaniam, page 10 of the filed PDF · View the filing
Redemption pressure in the flexi cap fund category
p. 9
“There have been some redemption pressure under our flexi cap category”
Vinay Lakhotia, page 9 of the filed PDF · View the filing
Weak investment performance in some large schemes has led to redemptions and lower flow market share in equity
p. 13
“our flow market share in equity is significantly lower than our stock of AUM market share in equity products”
Vetri Subramaniam, page 13 of the filed PDF · View the filing
Investment excellence and performance have not met expectations
p. 18
“Investment performance is where, we are not where we would like to be, in my opening remarks I made the call investment excellence, and we've not managed to execute well on that”
Vetri Subramaniam, page 18 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.