Aditya Birla Sun Life AMC Q1 Results — Yes Securities Maintains 'Add' Rating , Revises Target Price
Yes Securities maintains ‘Add’ rating on Aditya Birla Sun Life AMC with a revised price target of Rs 1025
Overall MF market share was broadly stable on sequential basis at 6.24% in Q1. The decline in market share seen in FY25 has stabilized backed by focused equity funds identified Aditya Birla Sun Life AMC.
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Yes Securities Report
Aditya Birla Sun Life AMC Ltd.'s overall revenue yield has deteriorated QoQ driven by fall in equity yield:
The calculated revenue yield for Q1 was at 44 bps, down by -1bp QoQ but flat YoY. The Equity segment yield has fallen to 67-68 bps in Q1 FY26 as compared to 68- 69 bps in Q4 FY25. The decline in yield was mainly on account of increase in equity AUM leading to lower TER.
The company has not made any changes in the brokerage structure. While there is some room to reduce commissions, the action has not been taken given the need to grow and build scale.
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