Asset Management Companies – Jul-Sep’25 Earnings Preview – Good quarter owing to healthy equity growth
Published on 08 Oct 2025
Equity QAAuM for the industry is likely to see healthy growth of 7-8% QoQ and 13% YoY in Q2FY26 due to higher net flows. Equity/debt mix in Aug’25 industry MAAuM was 54.1%/16.7%. Equity flows saw an uptick in Jul’25/Aug’25; excl. NFOs net equity flows were Rs858bn (Rs779bn in Q1FY26).
We expect AMCs in our coverage to see equity QAAuM growth of 7.4% QoQ and 13.2% YoY. Equity QAAuM for HDFC/NAM could grow by 7.6%/8.8% QoQ and 14.2%/16.8% YoY respectively. Core PAT for our coverage AMCs could grow by 3.2% QoQ/16.8%YoY. Owing to run-up in equity markets from Mar-Jun’25 and pick-up in net equity flows from May’25 we upgrade FY26E industry equity CLAuM by ~4%. Hence for HDFCAM/NAM we upgrade core PAT by 5.4%/4.2% for FY26E and 4.5%/2.9% for FY27E.
