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    ICICI Prudential Asset Management Company Limited

    ICICIAMC
    Financial Services·14 Jan 2026
    Management Summary

    ICICI Prudential Asset Management Company Limited reported a strong Q3 FY26, marked by robust growth in total mutual fund AUM and significant increases in operating and net profits. The company maintained its market position and saw strong contributions from its alternates business and systematic transactions. Management highlighted strategic expansions into GIFT City and Dubai, along with new product launches, while acknowledging upcoming regulatory changes.

    Highlights

    5

    • Total mutual fund quarterly average AUM reached INR10.8 trillion, up 23.2% YoY and 6.1% sequentially, maintaining a 13.3% market share.

    • Profit after tax stood at INR9.17 billion, up 45.1% YoY and 9.8% QoQ, driven by strong operating profit growth.

    • Operating profit before tax reached INR11.10 billion, increasing 30.0% YoY and 9.1% QoQ.

    • Systematic transactions (SIP and STP) increased to INR50.37 billion in December 2025, up 18.6% YoY, reflecting continued retail growth focus.

    • Alternates business AUM grew significantly, with PMS AUM up 22.6% YoY to INR272.81 billion and AIF AUM up 40% YoY to INR159.09 billion.

    What Changed1

    vs Q4 FY26

    Risks discussed2 → 0 (-2)

    Key financials

    Single quarter

    09 metrics
    1. 01Operating Revenues$15.15B+23.5%YoY
    2. 02Other Income$1.09B
    3. 03Operating Expenses$4.05B+8.5%YoY
    4. 04Operating Profit Before Tax$11.1B+30%YoY
    5. 05Profit After Tax$9.17B+45.1%YoY

    Segment breakdown

    Mutual Fund
    92.7% Net Revenue Share10.8 trillion Quarterly Average AUM9.1 trillion Active Schemes AUM6.1 trillion Equity & Equity-Oriented Schemes AUM2.1 trillion Equity-Oriented Hybrid Schemes AUM2 trillion Debt Segment AUM1.7 trillion Passive Quarterly Average AUM
    Alternates
    7% Net Revenue Share752.8 billion Quarterly Average AUM272.81 billion PMS Quarterly Average AUM159.09 billion AIF Quarterly Average AUM2.0% Gross Yield (9M FY26 annualized)97 bps Net Yield (9M FY26 annualized)
    Advisory
    100% Net Revenue Share32 bps Yield (9M FY26 annualized)
    Mutual Fund Margins (9M FY26 annualized)
    67 bps Equity32 bps Debt12 bps Liquid9 bps Passives30 bps Arbitrage
    List

    Capital allocation

    1
    high confidence
    CategoryHeadline
    Dividend

    ₹14.85/share (interim)

    Guidance & targets

    5
    CategoryTargetPriority
    Strategy
    Investment Performance
    Maintain focus with risk-calibrated approach
    		High
    Growth
    Retail Growth
    Continue focus through systematic transactions
    		High
    Customer Base
    Customer Base Expansion
    Expand through distinct initiatives, increase penetration, strengthen distributor relationships
    		High
    Technology
    Digital Capabilities
    Leverage technology and scale digital capabilities to drive customer acquisition and enhance customer experience
    		High
    Market Share
    Net Sales Flow Share
    Higher than AUM market share
    		High

    What to watch in Q4 FY26

    5

    SIF Business Performance

    Next quarter / next 2-3 years
    CurrentNewly launched, no AUM reported yet
    TargetInitial AUM and early performance indicators

    Why it matters

    Indicates success of new product innovation and differentiation strategy in a specialized segment.

    So, the two products which we will be launching on SIF, the NFO will happen in 2 days' time. We are not putting any number out as to what is the number that we are going to raise from it. Let us see what is the response to those products from the market.

    0

    Q&A highlights

    8

    “We are not putting any number out as to what is the number that we are going to raise from it. Let us see what is the response to those products from the market. ... I am not looking at it as a short-term 1 or 2 years. Let us show performance for 2, 3 years first, and then we will see how the whole category spans out.”

    Management is cautious about providing specific targets for new product categories, indicating a long-term strategic view rather than immediate AUM goals.

    asked by Prashant Mahesh

    2 min read6 chapters

    Detailed Narrative

    01

    Robust AUM Growth Across Segments

    ICICI Prudential AMC reported a strong quarter with total mutual fund quarterly average AUM reaching INR10.8 trillion, marking a 23.2% year-on-year and 6.1% sequential growth. The company maintained its position as the second largest AMC with a 13.3% market share. Equity and equity-oriented AUM grew to INR6.1 trillion, up 23.6% YoY, while equity-oriented hybrid schemes AUM reached INR2.1 trillion, reflecting a 26.8% YoY increase. The debt segment also saw AUM grow by 18.9% YoY to INR2.0 trillion.

    02

    Strong Profitability and Shareholder Returns

    The company delivered robust financial performance, with operating revenues at INR15.15 billion, up 23.5% YoY, and profit after tax at INR9.17 billion, a significant 45.1% YoY increase. Operating profit before tax grew 30.0% YoY to INR11.10 billion. The annualized Return on Equity for the nine months ended December 2025 stood at an impressive 87.9%, and an interim dividend of INR14.85 per share was declared, underscoring strong shareholder value creation.

    03

    Expanding Alternates Business and Digital Adoption

    The alternates business showed strong momentum, with quarterly average AUM reaching INR752.8 billion. Within this, PMS AUM grew 22.6% YoY to INR272.81 billion, and AIF AUM increased 40% YoY to INR159.09 billion. The gross yield on alternates for the nine months ended December 2025 was 1.99%, with a net yield of 97 bps. The company also highlighted its strong digital adoption, with 95.7% of mutual fund purchase transactions executed across digital platforms for the nine months ended December 2025.

    04

    Strategic Expansion and Product Innovation

    ICICIAMC is expanding its global footprint with a new retail FME branch presence in GIFT City, aimed at serving NRIs and facilitating outward investments. Additionally, the company has received approvals to commence operations in DIFC Dubai, targeting the Middle East market. The company is also launching two Specialized Investment Funds (SIFs), including an X100 mid/small cap strategy and a hybrid long-short fund, which will utilize derivatives for differentiated offerings.

    05

    Industry Outlook and Regulatory Landscape

    Management noted the mutual fund industry's robust growth, with industry AUM reaching INR81.0 trillion and net inflows of INR1.8 trillion during the quarter. SIP contributions for December 2025 amounted to INR310.02 billion, reflecting continued retail investor interest. The company acknowledged the upcoming SEBI regulations on TER changes, expected to be effective April 1st, 2026, and is actively assessing the implications and working to rationalize their impact, with more clarity anticipated closer to the implementation date.

    06

    Distribution Mix and Systematic Flows

    The distribution mix for equity schemes saw mutual fund distributors contributing 37.3%, direct channels 28.0%, ICICI Bank 8.1%, other banks 11.1%, and national distributors 15.5%. Systematic transactions, including SIP and STP, continued to be a key focus, increasing to INR50.37 billion in December 2025, an 18.6% rise compared to December 2024. The company's net flows market share in equity schemes currently exceeds its AUM market share, and the endeavor is to maintain this trend.

    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.