Asset Management Companies – Jan-Mar’26 Earnings Preview – Weak quarter due to equity correction in Mar’26
Published on 10 Apr 2026
Equity QAAuM for the industry is likely to see a decline of 0.1% QoQ in Q4FY26 due to sharp equity market correction in Mar’26. Equity mix in Feb’26 industry MAAuM was 53.7%. Pace of equity flows is intact; in Jan/Feb’26; excl. NFO net flows were INR 712bn (INR 1,001bn in Q3FY26). We expect coverage AMCs to see equity QAAuM growth of 0.1% QoQ/22.5% YoY. Equity QAAuM for ICICI could grow by 2.0% QoQ while it may be flat for HDFC & NAM. Adjusting for one-time VRS impact for UTIAMC, core income for our AMC universe might rise by 3.6% QoQ. ICICI, HDFC and NAM continue to see higher net equity flow market share compared to stock while ICICI remains a top equity performer. We continue to prefer ICICI and HDFC.
