ICICI Prudential Asset Management Company (ICICIAMC IN) – Q2FY27 Result Update – Large-cap rally a key to drive net equity flows – BUY
Published on 13 Oct 2026
ICICIAM saw a decent quarter as core income was a 3.7% beat due to higher revenue led by better MF yield at 48bps (PLe 46bps) which was attributable to net equity flows shifting to smaller equity schemes from flagship ones. Market share in net equity flows declined in 5MFY27 to ~11% from ~19% in FY26 due to lower presence in SMID/flexicap categories which are witnessing strong flows at an industry level. Hence equity market share declined by 29bps QoQ to 13.8%. PMS/AIF businesses remain a silver lining as healthy growth trajectory is intact. Due to weak equity returns, mid/small players are grabbing market share in net equity flows causing industry fragmentation. Hence, we trim multiple to 38x from 40x while we roll forward to Sep’28 core EPS and trim TP to INR 3,420 from INR 3,550. Retain ‘BUY’.
