ICICI Prudential Asset Management Company (ICICIAMC IN) – Q4FY26 Result Update – Highest net flow market share in active equity – BUY
Published on 14 Apr 2026
ICICIAMC saw a steady quarter as core income at INR 11.3bn was in-line. Due to QoQ increase in share of liquid/ETF, revenue was lower which was offset lesser staff cost. Deferred employee costs are being replaced by fresh ESOP which would entail a non-cash charge. There is no material change in our opex estimates. Led by strong equity performance in 1/3-yr buckets, market share in net flows remains highest at 18.9% in 11MFY26. Hence stock market share in equity increased by 35bps QoQ to 14.3%. ICICIAMC could better navigate impact of new TER guidelines due to lower payout; we have factored a 1.5bps decline in equity yields over FY26-28E. We tweak multiple to 40x on Mar’28 core EPS and raise TP INR 3,585 from INR 3,500. Retain ‘BUY’.
