Asset Management Companies – Jul-Sep’26 Earnings Preview – Healthy QAAuM growth driven by equity
Published on 07 Oct 2026
Equity QAAuM for industry is likely to increase by 5.0-5.5% QoQ in Q2FY27. Net equity flows in Jul-Aug’26 excl. NFO were INR 600bn (INR 1,106bn in Q1FY27). We expect coverage AMCs to see equity QAAuM growth of 5.4% QoQ/13.3% YoY. Equity QAAuM for NAM and HDFCAMC could grow by 6.9%/5.9% QoQ. Revenue yields may fall slightly by 0.4bps QoQ due to telescopic pricing due to decent equity growth. Core income for our AMC universe might increase by 3.6% QoQ/11.8% YoY to INR30bn. Core income yield could be flat QoQ at 31bps. While there has been moderation in net equity flows for ICICAMC/HDFCAMC, improvement in performance could lead to a rebound. NAM continues to see higher net equity flow market share compared to its share in stock AuM. We prefer ABSLAMC among our coverage universe.
