Asset Management Companies – Oct-Dec’25 Earnings Preview – Good quarter owing to healthy equity growth
Published on 08 Jan 2026
Equity QAAuM for the industry is likely to see a growth of 5% QoQ and 15.7% YoY in Q3FY26 due to net flows and MTM. Equity/debt mix in Nov’25 industry MAAuM was 54.4%/16.1%. Pace of equity flows slowed down marginally in Oct/Nov’25; excl. NFO net equity flows were Rs647bn (Rs1,259bn in Q2FY26). We expect coverage AMCs (ex-ICICIAMC) to see equity QAAuM growth of 4.9% QoQ/15.7% YoY. Equity QAAuM for HDFC/NAM could grow by 5.9%/5.2% QoQ and 18.3%/18.5% YoY respectively. Due to labor code impact, core PAT growth could be lower by 6.8% QoQ. Owing to run-up in equity markets from Oct-Dec’25, we slightly upgrade FY26E industry equity CLAuM. Hence for HDFCAM/NAM we raise core PAT by 4%/3% for FY26E and 4%/1% for FY27E.
