ICICI Prudential Asset Management Company (ICICIAMC IN) – Q1FY27 Result Update – Q1FY27 Result Update – BUY
Published on 14 Jul 2026
ICICIAM saw a decent quarter as revenue at INR 14.4bn was 3.3% higher as MF yield was a bit higher to PLe. As per company, TER change did not have any negative impact, indicating pass thru to distributors. We have factored a 2bps decline in equity yields over FY26-28E. Opex was more due to staff cost, driven by normalization and ESOP charge; quarterly run-rate is guided to be INR 2bn (incl ESOP). We had factored similar estimates earlier and hence do not change opex for FY27/28E. 3-yr equity performance remains one of the best, while net equity flow share in May’26 & Jun’26 remains above stock market share of 14%. We maintain multiple at 40x on Mar’28 core EPS and keep TP unchanged at INR 3,550. Retain ‘BUY’.
