Asset Management Company industry
10 companies · ₹4.9 L cr · 6 with AI deep dives · Q1FY27 report
AUM at record highs, but passive mix-shift and TER-to-BER transition pressure blended yields structurally
- Revenue YoY
- +13.4%
- EBITDA margin
- 90.5%
- +100bps YoY
- Price, 1 year
- +8.4%
- 50% of names up
- P/E vs own 5y
- +37.5%
- 33.1x now
Exhibit 1The quarter in numbers
constant panel of 4 companies above ₹500 cr- Jun 26
- 2,913 cr
- Mar 26
- 2,639 cr
- QoQ
- +10.4%
- Jun 25
- 2,569 cr
- YoY
- +13.4%
- Peak
- 2,913 cr
- vs peak
- 0.0%
- Jun 26
- 90.5%
- Mar 26
- 67.4%
- QoQ
- +2310bps
- Jun 25
- 89.5%
- YoY
- +100bps
- Peak
- 90.5%
- vs peak
- 0bps
Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 50% expanded margin (was 0%).
Exhibit 2What it costs
25.95x - 42.66x across the panel todayThe median name trades at 33.1x, +37.5% against this industry's own 5-year median of 24.1x, and -14.6% against its own peak of 38.8x.
Exhibit 3Structure
₹4.9 L crICICI Prudential Asset Management Co Ltd is 29.9% of this industry by market cap. The top 5 are 96.5% and the top 10 are 100%.
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.
- Mcap
- ₹1.5 L cr
- P/E
- 45.0x
- EV/EBITDA
- -
- ROCE
- 91.3%
- Margin
- -
- Rev YoY
- -
- Mcap
- ₹1.0 L cr
- P/E
- 35.3x
- EV/EBITDA
- -
- ROCE
- 37.5%
- Margin
- -
- Rev YoY
- +13.4%
- Mcap
- ₹74,536 cr
- P/E
- 45.4x
- EV/EBITDA
- -
- ROCE
- 41.6%
- Margin
- -
- Rev YoY
- +24.5%
- Mcap
- ₹30,716 cr
- P/E
- 30.5x
- EV/EBITDA
- -
- ROCE
- 29.3%
- Margin
- -
- Rev YoY
- +10.6%
- Mcap
- ₹11,572 cr
- P/E
- 25.1x
- EV/EBITDA
- -
- ROCE
- 13.6%
- Margin
- -
- Rev YoY
- +6.7%
- Mcap
- ₹4,743 cr
- P/E
- 23.3x
- EV/EBITDA
- -
- ROCE
- 36.1%
- Margin
- -
- Rev YoY
- -
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Equity 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…”
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.
Create a free account →