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    Aditya AMC

    ABSLAMC
    Financial Services·22 Jan 2026
    Management Summary

    Aditya AMC reported a strong Q3 FY26, with overall AUM (including alternate assets) growing 20% YoY to ₹4.81 lakh crores and Profit After Tax increasing 20% YoY to ₹270 crores. The company saw significant growth in its PMS/AIF/Advisory and Passive segments. Management is focused on strengthening core equity offerings and expects to launch new funds, including SIF and a hybrid fund, in February, while managing the impact of new ESOP costs.

    Highlights

    5

    • Overall AUM (including alternate assets) reached a highest-ever ₹4.81 lakh crores, growing 20% year-on-year.

    • Q3 FY26 Profit After Tax stood at ₹270 crores, up 20% year-on-year.

    • PMS/AIF/Advisory assets experienced substantial growth, expanding 8 times to ₹32,663 crores in Q3 FY26.

    • Passive business Quarterly Average AUM touched ₹38,600 crores, representing a 28% year-on-year growth, with ETF QAAUM growing 40% year-on-year.

    • Equity mutual fund quarterly average AUM stands at ₹2 lakh crores, growing by 11% year-on-year.

    Concerns

    3

    • Employee benefit expenses increased due to a one-time gratuity cost of ₹2.82 crores and an ESOP cost of ₹4.66 crores from the parent company.

    • The new ESOP scheme rolled out in January will impact manpower costs for the next few quarters.

    • Global uncertainty remains a key risk, though India's fundamentals are strong.

    Key financials

    Metrics

    6

    Periods

    2

    Headline

    4
    • Overall AUM (incl. alternate)
      ₹4.81L Cr
      YoY+20%
    • Mutual Fund AUM
      ₹4.43L Cr
      YoY+15%
    • Equity MF AUM
      ₹2.00L Cr
      YoY+11%
    • PMS/AIF/Advisory AUM
      ₹32,663 Cr
      YoY+7.5%

    Q3

    2
    • Revenue from Operations
      ₹478 Cr
      YoY+7.0%
    • Profit After Tax
      ₹270 Cr
      YoY+20%

    Segment breakdown

    PMS/AIF/Advisory
    ₹32,663 Cr AUM17% AUM (ex-ESIC) YoY Growth₹34 Cr Revenue (Q3 FY26)
    Real Estate
    ₹700 Cr Portfolio44% Portfolio YoY Growth
    Offshore
    ₹4,847 Cr Average AUM (Q3 FY26)
    Passive
    ₹38,600 Cr Quarterly Average AUM28.0% QAAUM YoY Growth40% ETF QAAUM YoY Growth
    List

    Guidance & targets

    5
    CategoryTargetPriority
    Product Launch
    SIF Fund Launch
    Launch in February
    		High
    Product Launch
    Equity Long-Short Fund Launch
    Plan to launch
    		Medium
    Product Launch
    Hybrid Fund with Equity Taxation Launch
    Launch sometime in February
    		High
    Expense Management
    Expense Growth
    In line with inflation
    		High
    Offshore Operations
    GIFT City Operations
    Up and running
    		High

    What to watch in Q4 FY26

    5

    SIF Fund Launch

    February 2026
    CurrentApplications filed, approval awaited
    TargetFirst fund launched

    Why it matters

    Successful launch of SIF is a key product strategy for growth and market traction.

    I think hopefully💬 in the month of February we should launch it. By the time the budget would also be out, and we will be the first ones to launch, our first fund will be launched in the month of February.

    Risks & concerns

    3
    RiskSeverity

    Global Uncertainty

    Global uncertainty remains a key risk, though India's fundamentals position it strongly for sustained growth momentum. — Management acknowledged

    medium

    Regulatory Framework Impact on Yields

    Management expects a minimal and marginal impact from the circular and regulatory framework on yields, aiming to maintain overall yields. — Management downplayed

    low

    ESOP Cost Impact on Manpower Costs

    The new ESOP scheme rolled out in January will have an impact on manpower costs for the next few quarters, with provisions spread over three years. — Management acknowledged

    medium

    Q&A highlights

    8

    “So, Mohit, actually employee benefit expenses have gone up Y-o-Y basically on two counts. One is the additional impact of gratuity based on the new labour code right, which accounts for around ₹2.82 crores that is one. Second is on the ESOP cost, this is actually our parent company, ABCL, some ESOPs were given to our select employees. So, there is an cost of ESOP of around ₹4.66 crores for this quarter.”

    Clarified the reasons for the 20% YoY increase in employee benefit expenses, attributing it to specific one-time and parent-company ESOP costs.

    asked by Mohit Mangal

    2 min read6 chapters

    Detailed Narrative

    01

    Economic and Industry Overview

    India's real GDP is projected to expand by a robust 7.4% in FY26, with CPI inflation moderating to a favorable 2.2%. The mutual fund industry's Quarterly Average AUM reached 81 lakh crores as of December 31, 2025, marking an 18% year-on-year growth. SIP inflows for December 2025 were approximately ₹31,000 crores, reflecting a 6% quarter-on-quarter growth, and total mutual fund folios stood at 26.97 crores.

    02

    ABSLAMC Performance Highlights

    Aditya Birla Sun Life AMC's overall Average Assets under Management, including alternate assets, reached a highest-ever ₹4.81 lakh crores, growing 20% year-on-year. The Mutual Fund quarterly average AUM increased 15% year-on-year to ₹4.43 lakh crores, with Equity mutual fund quarterly average AUM at ₹2 lakh crores, up 11% year-on-year. The company's SIP contribution for December 2025 was ₹1,080 crores, supported by 40 lakh contributions.

    03

    Alternate and Passive Business Growth

    The PMS/AIF/Advisory assets experienced substantial growth, expanding 8 times from ₹3,853 crores in Q3 FY25 to ₹32,663 crores in Q3 FY26. The real estate portfolio grew 44% year-on-year to ₹700 crores. The Passive business's Quarterly Average AUM touched ₹38,600 crores, representing a 28% year-on-year growth, and ETF Quarterly Average AUM grew 40% year-on-year.

    04

    Financial Performance Overview

    For Q3 FY26, revenue from operations stood at ₹478 crores, an increase of 7% year-on-year. Profit Before Tax was ₹358 crores, up 19% year-on-year, and Profit After Tax reached ₹270 crores, growing 20% year-on-year. For the nine months ended December 31, 2025, revenue from operations was ₹1,387 crores (up 10% YoY), and Profit After Tax was ₹788 crores (up 12% YoY).

    05

    Product and Distribution Strategy

    ABSLAMC is focusing on strengthening core equity offerings, particularly Flexi Cap, Multi Asset Allocation, and Balanced Advantage Funds, as well as thematic funds. The company is seeing improved flows and is using a combination of consistent SIP inflows, robust contributions across distribution channels, and improved fund performance. They plan to launch new funds, including a SIF and a hybrid fund with equity taxation, in February.

    06

    Expense Management and ESOP Impact

    Employee benefit expenses increased due to a one-time📎 gratuity cost of ₹2.82 crores and an ESOP cost of ₹4.66 crores from the parent company. A new ESOP scheme rolled out in January will impact manpower costs for the next few quarters, with provisions for this impact spread over three years. Overall expense growth is expected to be in line with inflation, excluding the ESOP impact.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.