Asset Management Companies – Apr-Jun’26 Earnings Preview – New BER regime may not impact revenues materially
Published on 07 Jul 2026
Equity QAAuM for the industry is likely to see a rise of 2.0-2.5% QoQ in Q1FY27 due to equity market recovery in Jun’26. Net equity flows in Apr-May’26 excl. NFO were INR 747bn (INR 1,145bn in Q4FY26). We expect coverage AMCs to see equity QAAuM growth of 2.1% QoQ/16.2% YoY. Equity QAAuM for NAM, ICICI AMC and HDFCAMC, could grow by 6.3%/1.7%/1.3% QoQ while it may decline for UTI AMC by 1.3%. We do not foresee a material impact of the new BER regime on AMC equity revenues as most of the impact has been likely passed on to distributors. Core income for our AMC universe might be flat QoQ at INR 26.3bn. HDFCAMC, ICICIAMC and NAM could continue to see higher net equity flow market share compared to its share in stock AuM. We prefer HDFC AMC and ICICI AMC.
