ICICI Prudential Asset Management Company Limited (ICICIAMC)

Mid Cap

Financial Services stocks · Mid cap · NSE

ICICI Prudential Asset Management Company Limited (ICICIAMC) is India's second-largest AMC, managing mutual funds, alternates (PMS, AIF, private credit, real estate, private equity, early-stage PE), and offshore advisory. It focuses on financialization of household savings and expanding its product bouquet.

₹2,723.2

-52.30 · -1.88%

Market cap ₹1,38,995 Cr

IndicesNifty 500

ThemesNBFC Insurance

Data qualityFresh enough for analysisQuote updated 21 Oct, 02:01 pm IST

Details

Quote21 Oct, 02:01 pm IST

Base fundamentals18 Oct 2026 · screener

Official result overlay30 Sept 2026 · nse-xbrl

Latest result12 Oct, 05:42 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags03 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)

Technical timing lens

Trend score and candlestick chart

35Bearish

full bear SMA stack · SMA20 -1.2% / mo · RSI oversold · MACD −

Stock trend: 27

Sector RS: 46

Sector 3M: -6.0% vs Nifty 500 -6.1%

Financial Services FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

ICICIAMCD candles · FIT view-17.5%TODAY · PROVISIONAL

Latest price ₹2723.20 on 2026-10-21

Daily history is available from 2025-12-19; the requested 1Y window is partially covered. Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.

Bar

-1.5%

RSI

MACD hist

-37.72

52W pos

18%

2026-10-21O ₹2764.00H ₹2764.00L ₹2695.00C ₹2723.20Vol 2.6L shIntraday candle

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

ICICIAMCNifty Financial ServicesNifty 500

ICICIAMC: -11.0%
Nifty 500: -5.6%
Nifty Financial Services: -6.0%
Vs Nifty 500: -5.4 pp

Chart stats

19 Oct 2026

From 52W high: -23.1%
52W range position: 23%
ATR (14): 2.9%
Volume vs 20D: 1.08x
Avg traded value: ₹119 Cr
20D price channel: ₹2,752.5 - ₹3,287

Quarter ended 30 Sept 2026

Average · 42

margin compression · Rev +18% YoY · PAT +6% YoY · +7% QoQ

Revenue: ₹1,673.8 Cr; YoY +17.9%
PAT: ₹889 Cr; YoY +6.5%
Operating margin: 72.6%; QoQ +18 bps
PAT margin: 53.1%; QoQ -856 bps

Filed 12 Oct 2026Full result & history →

Current-quarter concall

Sept 2026

Neutral outlook

ICICI Prudential AMC reported a mixed quarter with strong AUM growth and operating profit, but PAT saw a QoQ degrowth primarily due to mark-to-market adjustments in other income. While the company maintained its market position and saw good traction in alternates and SIFs, systematic transaction flows moderated, and redemptions were slightly higher, particularly in hybrid schemes. Management remains focused on long-term growth, product diversification, and scaling existing al

No measurable guidanceEvidence summary ready

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 30; -22 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #9; neutral · 99 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Oversold zone

MACD

Below signal

Histogram -37.72

Volume participation

0.7x average

So far vs 20-session average

20-session position

5% of range

₹2,695 low · ₹3,265 high

Relative performance

vs Nifty 500

1M: -9.9 pp; stock -13.4%
3M: -5.4 pp; stock -11.0%
6M: -12.2 pp; stock -15.8%
1Y: +14.2 pp; stock +7.3%

From 52W high

-23.1%

High ₹3,611

52W range position

23%

₹2,530 - ₹3,611

ATR (14)

2.9%

₹80.03

Avg traded value

₹119 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · UNDERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Sept 2026

Average · 42/100

margin compression · Rev +18% YoY · PAT +6% YoY · +7% QoQ

Filed 12 Oct 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹1,673.8 Cr	+17.9%	+7.0%
EBITDA	₹1,215 Cr	+16.0%	+7.3%
Operating margin	72.6%	-141 bps	+18 bps
PAT	₹889 Cr	+6.5%	-7.8%
PAT margin	53.1%	-569 bps	-856 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 39.30
P/B: 26.04
EV/EBITDA: 29.16
Market Cap: 138995.00Cr

Profitability

ROE: 85.80%
ROCE: 115.00%
ROA: 56.45%
Dividend Y: 1.06%

Growth (CAGR)

Revenue 5Y: 22.00%
EPS 5Y: 22.00%
Revenue 3Y: 28.00%
EPS 3Y: 30.00%

Balance Sheet

Debt/Equity: 0.00
Interest Coverage: 245.05×
Altman Z: 10.14
Book Value: 108.00

Cash Flow

FCF Yield: 2.02%
FCF Positive Y: 6/5
OCF: 3282.00 Cr
EPS TTM: 71.61

Shareholding

Promoter Hold: 87.59%
Promoter Pledge: 0.00%
Momentum 52W: 26%

Financial History

Updated 19/10/2026

Revenue

₹ Cr

Latest: 5,999+20.5% vs prev

Net Profit

₹ Cr

Latest: 3,539+7.3% vs prev

Return on Equity

Latest: 66.3-16.8% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 21.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~1.9% over last month) — short-term momentum negative.
RSI(14) at 21 — oversold zone; bounce conditions.
MACD below signal, histogram expanding negatively — bearish momentum building.
25% off 52W high · 8% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-13.4%

3M return

-11.0%

6M return

-19.1%

1Y return

RS 1D

RS 20D

-22

Sector rank

Industry rank

Stage evidence

Price is 12.2% below the 30-week proxy without full trend alignment.
The 30-week proxy changed +0.2% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price below

Sector

neutral

Industry

unranked

Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.

Relative-strength line vs Nifty 500 (base 100)

205 observations

19 Oct 2026Value 115.3-0.28%

RS vs Nifty 500115

Valuation & peers

U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies

Premium Compounder

Fundamental score breakdown

U band · UNDERVALUED

Valuation0/30

Growth16/25

Quality20/20

Balance Sheet12/15

Cash Flow8/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

61/100 · legacy band UNDERVALUED

Positive drivers

Piotroski is strong at 8/9.
Quality contributes 20/20 to the score.
Balance sheet contributes 12/15 to the score.

Main drags

Fair-value margin of safety is negative at -49.1%.
Valuation is weaker at 0/30; verify the latest quarterly trend.
Growth is weaker at 16/25; verify the latest quarterly trend.

Sector valuation model

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.

Blended relative

Primary lens

PE, EV/EBITDA, margin of safety, and FCF yield together.

Secondary checks

ROE/ROCE, growth, cash conversion, leverage, promoter risk.

Main risk check

One cheap metric is not enough if quality or cash flow is weak.

39.3

26.0

EV/EBITDA

29.2

ROE

85.8%

ROCE

115.0%

FCF Yield

2.0%

Debt/Equity

0.0

MoS

-49.1%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 61

Legacy U-Score band

UNDERVALUED

Previous: UNDERVALUED

Margin of safety

-49.1%

Previous: -52.0%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹417.15

-552.8% MoS

Growth-justified P/E

25.5

Growth-justified Value

₹1,826.06

-49.1% MoS

PEG

1.56

Comparable companies

Peers

Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

CRAMC

Micro

Canara Robeco Asset Management Company Limited

Aditya Birla Sun Life AMC Limited

IL&FS Investment Managers Limited

HDFC Asset Management Company Limited

NBFC / Capital Markets / Insurance

UTI Asset Management Company Limited

NBFC / Capital Markets / Insurance

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-10-19T08:12:48.808Z

Management commentary snapshot

ICICIAMC reports robust Q2 FY27 with 14.4% YoY AUM growth to INR11.61 lakh crores, maintaining 13.3% market share. Operating revenue up 16.3% YoY, operating PBT up 15.7% YoY. PAT growth moderated to 6.1% YoY due to mark-to-market impact on other income.

ICICIAMC delivered strong AUM and operating profit growth, outperforming the industry in equity. However, SIP moderation, a conservative stance on outperforming mid/small caps, and continued outflows in international advisory suggest some underlying pressures. The acquisition of ICICI Securities' PMS business and focus on SIFs are positive, but execution and market share gains in high-growth segments are key.

Current business mix

Operating Net Revenue Mix (Q2 FY27)

Latest issuer-disclosed distribution across 3 reported categories.

Mutual Fund89.9%

Alternates8.7%

Advisory Business1.4%

Growth engines

Equity & Hybrid Schemes

Leadership position in equity and equity-oriented schemes (13.7% market share) and hybrid schemes (26.4% market share).

Alternates Business

Alternates AUM grew to INR80,965 crores, with PMS AUM up 21.4% YoY.

SIF Category

SIF quarterly average AUM grew to INR4,948 crores in Q2 FY27 vs INR2,678 crores in Q1 FY27, management is bullish.

Product Bouquet Expansion

Launched NFOs including Balanced Hybrid, Multi Asset Active FoF, Dynamic Asset Allocation Passive FoF, BSE Insurance ETF, and three Life Cycle Funds.

Capacity and execution

PMS Business Acquisition

Board approved acquisition of PMS business from ICICI Securities Limited, awaiting approvals.

New Fund Offerings (NFOs)

Launched NFOs of Balanced Hybrid Funds, Multi Asset Active Fund of Fund, Dynamic Asset Allocation Passive Fund of Fund, BSE Insurance ETF, and three Life Cycle Funds.

Alternate Fund Strategy

Launching a fund mixing listed and non-listed space (51%+ private investment).

International Structures

Creating structures in various geographies (GIFT City, Luxembourg) for international advisory business.

Tailwinds

Financialization of Savings

Continued broader trend of financialization of household savings.

Industry Customer Growth

Industry continued to have positive new customer addition, reaching 6.3 crores, up 11.1% YoY.

Beyond Top 30 Towns

Lot of business coming online from smaller towns (beyond top 30 towns).

Headwinds

Equity Net Flow Reduction

Net flows for equity categories reduced by ~7% QoQ to INR1.06 lakh crores.

Debt Segment Reduction

Debt segment continued to face marginal reduction in quarterly average AUM.

Market Volatility

Periods of volatility driven by global rate movements, crude oil prices, geopolitical tensions, and subdued market performance.

Redemptions

Redemptions are slightly higher, especially in categories like BAF and MAF on the hybrid side.

Risk radar

Market Linkage

Company is very market-linked; cannot decide what the market will do or which funds will attract money.

Mid/Small Cap Underperformance

Not built a big business on mid/small cap side; seen as conservative AMC, missing out on current mid/small cap rally.

SIP Moderation

Systematic transactions (SIPs + STPs) moderated QoQ.

Yield Volatility

Yields are an outcome of fund mix and flows, not a target, making them variable.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

Financial services companies like AMCs benefit from both YoY for long-term AUM growth and seasonal comparisons, and QoQ for sequential momentum in flows, yields, and profitability.

Sector KPIs management disclosed

AUM growth (Company)

Total mutual fund quarterly average AUM reached INR11.61 lakh crores, up 14.4% YoY.

Market Share (Company)

Maintained position as second largest AMC with a market share of 13.3%.

Equity AUM growth (Company)

Equity and equity-oriented schemes AUM grew 16.3% YoY to INR6.59 lakh crores, outperforming industry.

Hybrid AUM (Company)

Equity-oriented hybrid schemes AUM grew to INR2.29 lakh crores, largest market share of 26.4%.

Management forward view

Long-term Equity View

Equity markets and mutual funds are for the long term; customers are holding assets and buying.

Life Cycle Funds Potential

Life Cycle Funds have long-term benefit for the industry, expecting new clients for long-term goals.

SIF Category Bullish

Very excited and bullish on SIF category, provides freedom for fund managers, risk management is important.

Focus on Core Strengths

Will focus on scaling up existing alternate businesses (private credit, real estate, private equity) rather than new areas like infra funds.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
SIP Contribution	INR4,672 crores (Company Sep 2026)	Sustained growth in SIPs and company's share, especially given moderation.
Equity Net Flows	INR1.06 lakh crores (Industry Q2 FY27), ~7% reduction QoQ	Monitor industry and company equity net flows for recovery and sustained positive momentum.
Alternates AUM Growth	INR80,965 crores (Company Q2 FY27), PMS up 21.4% YoY	Track continued growth in alternates, particularly successful integration of acquired PMS business.
Yields	Net yield 48.8 bps (H1 FY27 Company level)	Observe stability or improvement in overall and segment-specific yields amidst changing product mix.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims

project executionnot yet verifiablequantified

The company is launching 2 iSIF investment strategies: iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long Short Fund.

Timeframe: Near-termDirection: ExpansionConfidence: High

"Launching 2 iSIF investment strategies"

project executionnot yet verifiablequantified

The company is launching 2 iSIF investment strategies: iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long Short Fund.

Timeframe: Near-termDirection: ExpansionConfidence: High

"Launching 2 iSIF investment strategies"

export growthnot yet verifiable

The established presence in DIFC, Dubai, UAE, is to serve the investment needs of non-resident Indians and international investors across the Middle East.

Timeframe: OngoingDirection: ExpansionConfidence: High

"To serve the investment needs of non-resident Indians and international investors across the Middle East"

export growthnot yet verifiable

The established presence in DIFC, Dubai, UAE, is to serve the investment needs of non-resident Indians and international investors across the Middle East.

Timeframe: OngoingDirection: ExpansionConfidence: High

"To serve the investment needs of non-resident Indians and international investors across the Middle East"

project executionnot yet verifiable

The expansion with a retail FME branch in GIFT City will enable the launch of Mutual Fund schemes, ETFs, AIFs, PMS, and Advisory Services for clients within IFSC GIFT City.

Timeframe: FutureDirection: ExpansionConfidence: High

"This expansion will enable us to launch of Mutual Fund schemes ETFs, AIFs, PMS, and Advisory Services"

project executionnot yet verifiable

The expansion with a retail FME branch in GIFT City will enable the launch of Mutual Fund schemes, ETFs, AIFs, PMS, and Advisory Services for clients within IFSC GIFT City.

Timeframe: FutureDirection: ExpansionConfidence: High

"This expansion will enable us to launch of Mutual Fund schemes ETFs, AIFs, PMS, and Advisory Services"

project executionnot yet verifiable

Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture, subject to receipt of customary approvals and completion of necessary corporate actions.

Timeframe: Near-termDirection: ExpansionConfidence: Conditional

"Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture"

project executionnot yet verifiable

Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture, subject to receipt of customary approvals and completion of necessary corporate actions.

Timeframe: Near-termDirection: ExpansionConfidence: Conditional

"Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture"

Trust Score

88Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Financial Services. No major sub-score weakness stands out.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 21 Oct 2026

management-trust-v1

27 docs text-extracted · 8 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

100th percentile

overall median 67 · Financial Services: 100th pctile, median 62 · Mid: 99th pctile, median 76

Evidence depth

Financial-only

27 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

4 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Can support position sizing if valuation and trend also agree.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

strong · capital discipline

Results

strong · quarterly consistency

Trust positives

▸Promoter holding is 87.6%.
▸Promoter pledge is zero.
▸FCF yield is positive at 2%.
▸6 years of positive FCF.

Trust risks

▸No major Trust Lite risk flags.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Financial Services stocks Browse Indian stocks starting with I Explore fundamental stock screeners Browse Indian investment themes

Related companies

Canara Robeco Asset Management Company Limited (CRAMC)Aditya Birla Sun Life AMC Limited (ABSLAMC)IL&FS Investment Managers Limited (IVC)HDFC Asset Management Company Limited (HDFCAMC)UTI Asset Management Company Limited (UTIAMC)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

ICICI Prudential Asset Management Company Limited (ICICIAMC)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Sept 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Return on Equity

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Operating Net Revenue Mix (Q2 FY27)

Equity & Hybrid Schemes

Alternates Business

SIF Category

Product Bouquet Expansion

PMS Business Acquisition

New Fund Offerings (NFOs)

Alternate Fund Strategy

International Structures

Financialization of Savings

Industry Customer Growth

Beyond Top 30 Towns

Equity Net Flow Reduction

Debt Segment Reduction

Market Volatility

Redemptions

Market Linkage

Mid/Small Cap Underperformance

SIP Moderation

Yield Volatility

What management said, and what results must prove

AUM growth (Company)

Market Share (Company)

Equity AUM growth (Company)

Hybrid AUM (Company)

Long-term Equity View

Life Cycle Funds Potential

SIF Category Bullish

Focus on Core Strengths

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching ICICI Prudential Asset Management Company Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Oct

Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Oct

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Oct - Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations, 2015, we wish to inform you …

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Intimation for Schedule of Analyst/ Institutional Investor Meet.

Announcement under Regulation 30 (LODR)-Acquisition 10 Aug - Board approved acquiring ICICI Securities’ PMS business; AUM ₹29.10 billion, consideration at 1.20% of transferred AUM.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun

Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May

Reg. 34 (1) Annual Report. 29 May

Compliances-Reg.24(A)-Annual Secretarial Compliance 26 May - Annual secretarial compliance report for FY26; includes SEBI settlement of ₹14.36 lakh and several deficiency/warning observations.