Prudent Corporate Advisory Services (PRUDENT IN) – Q2FY27 Result Update – Strong MF growth to partly offset insurance impact – ACCUMULATE
Published on 29 Oct 2026
PRUDENT saw a good quarter as EBITDA was 7% ahead due to better QAAuM growth & insurance income. QAAuM was up 7.9% QoQ (industry equity +6.6%). SIPs (50% of gross sales) supported market share gain despite volatility. Regulatory change has necessitated unregistered distributors to seek platform support; distributor additions were 2,811 in H1’27 over H2’26 (vs 1,680 additions in H2’26 over H1’26). Draft IRDAI regulations could affect PBT by ~12%; assuming a 75% impact i.e. 9% PBT cut, we trim core PAT for FY28/29E by ~6%. We tweak multiple to 37x from 37.5x but raise TP to INR 3,200 from INR3,175 as we roll forward to Sep’28 core EPS. Retain ‘ACCUMULATE’.
