Shares of ICICI Prudential Asset Management Company Ltd. are under pressure despite delivering a largely in-line March quarter, with profitability getting a boost from lower operating costs. ICICI Pru AMC registered a 16.8% sequential decline in its Q4 bottom-line to Rs 763 crore from Rs 917 crore. Moreover, total income fell 12.1% at Rs 1,428 crore from Rs 1,624 crore in Q3 FY26.
ICICI Pru AMC's shares declined over 3%, to trade at about Rs 3,244 apiece. The stock has fallen 21.95% year-to-date.
ICICI Prudential AMC Q4 Results Highlights (QoQ)
- Net Profit falls 16.8% to Rs 763 crore versus Rs 917 crore.
- Total Income falls 12.1% at Rs 1,428 crore versus Rs 1,624 crore.
- To Pay Final Dividend Of Rs 12.40 per share
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Brokerages highlighted that a decline in employee expenses helped drive a modest earnings beat, even as revenue growth remained broadly steady. Citi maintained a Buy rating with a target price of Rs 3,900, while Jefferies also retained Buy, raising its target to Rs 3,770.
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Kotak Institutional Equities turned more cautious, downgrading the stock to Reduce with a revised target price of Rs 3,250. Meanwhile, Macquarie maintained a Neutral stance, reflecting concerns around growth visibility and return metrics.
According to Jefferies, the quarter stood out for margin resilience, with cost efficiencies offsetting a relatively flat sequential performance. However, the brokerage flagged that fresh ESOP allocations could push employee costs higher over FY27-28, leading to a 1-3% cut in earnings estimates.
Citi maintained a constructive stance, pointing to stable inflows and continued strength in high-yielding mutual fund segments. Citi sees ICICI Pru AMC as a “mature and diversified” play within India's asset management space, with a strong positioning in equity-oriented products. It expects a 21% earnings CAGR over the medium term, supported by healthy flows and consistent scheme performance.
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