ICICI Prudential Asset Management Company Limited (ICICIAMC)
Mid CapFinancial Services stocks · Mid cap · NSE
ICICI Prudential Asset Management Company Ltd. (ICICIAMC) is a leading Indian AMC, managing mutual funds, PMS, AIFs, and providing advisory services to offshore clients. With over 30 years in asset management, it focuses on risk management and long-term returns, serving 17.3 million customers through 286 offices and 3,813 employees.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +18% YoY · PAT +23% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,564 Cr | +17.5% | +1.4% |
| EBITDA | ₹1,133 Cr | +19.8% | -3.0% |
| Operating margin | 72.0% | +100 bps | -400 bps |
| PAT | ₹965 Cr | +23.1% | +25.5% |
| PAT margin | 61.7% | +280 bps | +1183 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw robust YoY growth in AUM and profitability, with Total MF QAAUM up 18.3% and Operating PBT up 20.2%. However, QoQ operating profit declined 3.2% and systematic transactions fell 4.5%, despite modest sequential AUM growth.
The company reports strong YoY growth in AUM and profitability, driven by equity and hybrid schemes. However, QoQ operating profit declined by 3.2% and systematic transactions by 4.5%, despite modest sequential AUM growth. This indicates potential short-term pressure on profitability and inflows, warranting close monitoring.
QAAUM by Scheme Type (Q1 FY27)
Latest issuer-disclosed distribution across 7 reported categories.
Equity & Equity-Oriented Schemes
MF Equity Schemes QAAUM grew 19.8% YoY to ₹6,312.15 billion, holding the highest market share of 14.0%.
Equity Hybrid Schemes
Equity Hybrid MF QAAUM grew 24.8% YoY to ₹2,215.41 billion, maintaining the highest market share of 26.6%.
Alternates Business
Alternates QAAUM grew 8.4% YoY to ₹794.46 billion, comprising PMS, AIF, and Assets under Advisory.
Digital & AI Initiatives
Company focuses on increasing customer engagement, operational efficiency, and automation through Agentic AI, including Gen AI and smart search.
Overall MF Industry Growth
MF Industry Total QAAUM grew 15.4% YoY to ₹83.28 trillion, with Equity as 57% of total MF AUM.
Rising SIP Flows
Industry SIP flows increased 12.1% YoY to ₹317.81 billion in June 2026.
Growth in Unique Investors
Industry unique investors grew 16.5% YoY to 61.9 million in June 2026.
Regulatory Changes
Actions of regulatory authorities and regulatory changes pertaining to the industry could impact operations.
Competition
The impact of competition is identified as a factor that could cause actual results to differ materially.
Strategy Implementation
The company's ability to successfully implement its strategy is a risk factor.
Legislative & Accounting Changes
Changes in accounting standards, tax, and other legislations and regulations could affect the company.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall growth trends and profitability given the seasonal nature of some financial flows. QoQ comparison is important for monitoring sequential momentum in AUM, inflows, and operational efficiency.
Total MF QAAUM
₹11,172.22 billion in Q1 FY27, up 18.3% YoY and 1.1% QoQ. Market share stood at 13.4%.
Active MF QAAUM
₹9,246.98 billion in Q1 FY27, up 15.1% YoY and 0.4% QoQ. Market share stood at 13.5%.
MF Equity Schemes QAAUM
₹6,312.15 billion in Q1 FY27, up 19.8% YoY and 1.7% QoQ. Market share stood at 14.0%.
Equity Hybrid MF QAAUM
₹2,215.41 billion in Q1 FY27, up 24.8% YoY and 1.7% QoQ. Market share stood at 26.6%.
Enhance Customer Engagement
Management's key focus areas include increasing customer engagement through technology.
Operational Efficiency & Automation
Continued focus on operational efficiency and automation through Agentic AI is a key strategic area.
IT Resiliency & Security
Building resiliency and isolated recovery in IT systems, along with enhanced security and compliance initiatives, are key focus areas.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Profit Before Tax (QoQ) | ₹10,998.5 million (-3.2% QoQ) | Reversal of the sequential decline and sustained growth in operating profitability. |
| Systematic Transactions (QoQ) | ₹48.72 billion (-4.5% QoQ) | Recovery in sequential systematic transaction inflows, indicating sustained investor confidence and distribution effectiveness. |
| Alternates QAAUM Growth | ₹794.46 billion (+8.4% YoY, +2.8% QoQ) | Continued strong growth in the higher-margin Alternates segment, contributing to overall revenue diversification. |
| Operating Revenue Yield | 0.52% | Maintenance or improvement in revenue yield, indicating effective monetization of AUM. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is launching 2 iSIF investment strategies: iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long Short Fund.
"Launching 2 iSIF investment strategies"
The company is launching 2 iSIF investment strategies: iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long Short Fund.
"Launching 2 iSIF investment strategies"
The established presence in DIFC, Dubai, UAE, is to serve the investment needs of non-resident Indians and international investors across the Middle East.
"To serve the investment needs of non-resident Indians and international investors across the Middle East"
The established presence in DIFC, Dubai, UAE, is to serve the investment needs of non-resident Indians and international investors across the Middle East.
"To serve the investment needs of non-resident Indians and international investors across the Middle East"
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.
"This expansion will enable us to launch of Mutual Fund schemes ETFs, AIFs, PMS, and Advisory Services"
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.
"This expansion will enable us to launch of Mutual Fund schemes ETFs, AIFs, PMS, and Advisory Services"
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.
"Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture"
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.
"Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture"
Trend score and candlestick chart
48NeutralMACD −
Technical chart
ICICIAMCdaily · 1Y · AUTO-1.2%Daily history is available from 2025-12-19; the requested 1Y window is partially covered.
Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 38.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 17% 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.
Relative Strength & Trend Stage
- Price is within 5.9% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 41 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 73.2%.
- Valuation contributes 22/30 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 67th percentile within Financial Services. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 87.6%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 67th pctile, median 62 · Mid: 29th pctile, median 76
21 documents have extracted text, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 87.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.90
- P/B
- —
- EV/EBITDA
- 39.47
- Market Cap
- 146839.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- —
- Dividend Y
- 0.92%
Growth (CAGR)
- Revenue 5Y
- 32.44%
- EPS 5Y
- —
- Revenue 3Y
- 32.44%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 191.32×
- Altman Z
- 0.00
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 1501.61
Shareholding
- Promoter Hold
- 87.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.