Canara Robeco Asset Management Company (CRAMC IN) – Q4FY26 Result Update – SIP flows to be driven by equity performance – Downgrade to ‘HOLD’
Published on 28 Apr 2026
CRAMC saw a mixed quarter; while core PAT was a beat due to higher revenue and lower opex, SIP flows dipped by 3-4% on a QoQ/YoY basis. Company attributed this to industry-wide pressure on ELSS, post taxation changes. It is setting up dedicated SIP sales teams to ramp-up SIP flows. Focus remains on active management, therefore, launch of passive products may not happen in near term. Revenue yield was higher and rose by 2.9bps QoQ; as per company, yield increase was driven by replacement of high-cost assets with lower-cost ones. We maintain multiple at 22x on Mar’28 core EPS and keep TP at INR 280. Change rating to ‘HOLD from ‘ACCUMULATE’.
