Canara Robeco Asset Management Company (CRAMC IN) – Q1FY27 Result Update – Performance and SIP flow a key monitorable – HOLD
Published on 22 Jul 2026
CRAMC saw a good quarter; as core PAT was a beat due to better revenue yield at 39.2bps (PLe 37bps) mainly led by effective control in TER related costs. Company expects blended yields to be within a band of 35-38bps. Cost to income for FY27 is guided to be between 38-42% (41% in FY26). SIP flows fell by ~5% QoQ, which was attributed to industry-wide decline led by volatile markets. We are watchful of equity performance and net flows, as re-rating would hinge on the same. We raise revenue for FY27/28E by avg. ~5.5% as we increase yields. We tweak multiple to 21x from 22x on Mar’28 core EPS but raise TP to INR 285 from INR 280. Retain ‘HOLD’.
