Asset Management Company industry

10 companies · ₹4.2 L cr · 8 with AI deep dives · Q1FY27 report

AUM at record highs, but passive mix-shift and TER-to-BER transition pressure blended yields structurally

Mid cyclemargin range-bound near 73.9%

Revenue YoY: +14.4%
EBITDA margin: 73.9%; 0bps YoY
Price, 1 year: -19.8%; 20% of names up
P/E vs own 5y: +20.2%; 29.5x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,510 cr	2,596 cr	+35.2%	3,068 cr	+14.4%	3,510 cr	0.0%
EBITDA margin	73.9%	60.2%	+1370bps	73.9%	0bps	73.9%	0bps

Revenue

Jun 26: 3,510 cr
Mar 26: 2,596 cr
QoQ: +35.2%
Jun 25: 3,068 cr
YoY: +14.4%
Peak: 3,510 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 73.9%
Mar 26: 60.2%
QoQ: +1370bps
Jun 25: 73.9%

Sept 26: 7 of 8 reported so far, so it is not in the trend above.

Breadth: 100% of 4 companies grew revenue year on year (was 75% a quarter earlier) and 50% expanded margin (was 25%).

Exhibit 2What it costs

23.96x - 35.94x across the panel today

The median name trades at 29.5x, +20.2% against this industry's own 5-year median of 24.5x, and -24.1% against its own peak of 38.8x.

Exhibit 3Structure

₹4.2 L cr

ICICI Prudential Asset Management Co Ltd is 30.9% of this industry by market cap. The top 5 are 96% and the top 10 are 100%.

large 4mid 2small 2micro 28 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 29.46x, 5y ROCE above its median of 34.36%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (10 of 10)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
ICICI Prudential Asset Management Co Ltd	₹1.3 L cr	37.1x	-	96.1%	-	-	Unlock
HDFC Asset Management Company Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindEquity AUM growth broad-based, anchored by rising SIP systematic flows6 managements

Equity QAAUM grew 10-23% YoY across every AMC with an active equity presence. Systematic flows compounded: SBI monthly SIP at ~₹4,000 cr (+14% YoY, 16 mn live accounts), HDFC…

SBIFUNDS (Q1FY27): “SIP AUM increased by ₹2.1 trillion, reflecting 15% year-on-year growth and monthly SIPs…”

mixed6 managements tailwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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