ABSLAMC
Large CapAditya Birla Sun Life AMC Limited
Financial Services
Aditya Birla Sun Life AMC Limited (ABSLAMC) is a leading Indian asset manager, investment manager for Aditya Birla Sun Life Mutual Fund, and operates alternate strategies including Portfolio Management Services (PMS), Real Estate, and Alternative Investment Funds (AIFs). It services 11.0 million investor folios across 310+ locations with an overall AUM of Rs. 4,740 billion as of Mar 31, 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -18% YoY · Rev +7% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹458 Cr | +6.8% | -4.2% |
| EBITDA | ₹266 Cr | +9.0% | -8.3% |
| Operating margin | 58.0% | +100 bps | -300 bps |
| PAT | ₹187 Cr | -18.0% | -30.7% |
| PAT margin | 40.8% | -1232 bps | -1566 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ABSLAMC reported robust Q4 FY26 AUM growth, with overall QAAUM up 17% YoY to Rs 4,740 bn and Equity MF QAAUM up 17% YoY to Rs 1,974 bn. However, Q4 PAT declined 31% QoQ and 18% YoY to Rs 1.9 bn, despite revenue from operations growing 7% YoY.
While AUM growth remains strong across key segments, the significant decline in Q4 PAT both YoY and QoQ raises concerns about profitability and cost management. The sharp negative swing in 'Other Income' appears to be a major factor impacting the bottom line.
Mutual Fund AUM by Asset Class (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Passive & Alternative Investments
Accelerated growth in Passive & Alternative investments, with Passive AUM up 25% YoY and PMS/AIF AUM up 3x YoY.
Sustainable SIP Flows
Focus on growing SIP flows, with monthly SIP contribution at Rs 12.04 bn and 617,000 new SIP registrations in Q4 FY26.
Scaling Retail Franchise
Strong retail franchise with 11.0 mn folios and a focus on expanding geographic reach and multi-channel distribution network.
Digital Platforms
Leveraging digital platforms to deliver best-in-class service and streamline MFD empanelment via WhatsApp-based process.
MFD Empanelment
Empaneled 10,400+ new MFDs in FY26, expanding the distributor base.
Emerging Market Locations
Presence in 100+ Emerging Market locations, with over 80% of 310+ total locations in B-30 cities.
Dedicated Service Persons
230 Dedicated Service Persons engage effectively with investors and facilitate investment decisions.
Industry AUM Growth
The industry witnessed Y-o-Y AUM growth of 21% in Q4 FY26, indicating a favorable market environment.
Industry SIP Contribution
Industry SIP contribution increased to INR 320.9 bn in Mar-26, showing sustained retail investor interest.
Industry Net Sales Decline
The industry witnessed a decline in overall net sales in Q4 FY26, which could impact future AUM inflows.
Other Income Volatility
Company's 'Other Income' swung from Rs 843 mn in Q3 FY26 to negative Rs 329 mn in Q4 FY26, significantly impacting PAT.
Profitability Decline
Profit After Tax declined 18% YoY and 31% QoQ in Q4 FY26, despite AUM growth, indicating potential pressure on margins or cost efficiency.
Dependence on 'Other Income'
The sharp negative swing in 'Other Income' highlights its significant impact on reported PAT and suggests potential earnings volatility.
Industry Net Sales Trend
A decline in industry-wide net sales could signal broader challenges in attracting new investments, potentially impacting ABSLAMC's AUM growth momentum.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall business growth and AUM trends in the asset management sector. QoQ comparison is important for evaluating sequential momentum in financial performance and specific AUM segments, especially given the volatility in 'Other Income'.
Overall Quarterly Average AUM (QAAUM)
Rs 4,740 bn (Q4 FY26), up 17% YoY from Rs 4,056 bn (Q4 FY25).
Mutual Fund QAAUM
Rs 4,359 bn (Q4 FY26), up 14% YoY from Rs 3,817 bn (Q4 FY25).
Equity Mutual Fund QAAUM
Rs 1,974 bn (Q4 FY26), up 17% YoY from Rs 1,691 bn (Q4 FY25). Equity MF mix stood at 45.3% in Q4 FY26.
Individual Monthly Average AUM (MAAUM)
Rs 1,994 bn (Mar 2026), up 8% YoY from Rs 1,845 bn (Mar 2025). Individual mix was 47.4% of MF AUM.
Building Scalable Business
Management is 'Staying focused on building scalable business' through retail franchise expansion and product diversification.
Leveraging Digital Platforms
Management aims to deliver best-in-class service by 'Leveraging digital platforms'.
Investor & Distributor Engagement
Aim to educate existing and next generation of Investors and distributors through awareness sessions and training programs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profit After Tax (PAT) Growth | Rs 1,871 mn (Q4 FY26), down 18% YoY and 31% QoQ. | Reversal of PAT decline and sustained growth in line with AUM expansion, indicating improved operational efficiency and stable 'Other Income'. |
| Other Income Contribution | Negative Rs 329 mn (Q4 FY26). | Stabilization and positive contribution from 'Other Income' sources to reduce earnings volatility and support PAT growth. |
| Equity MF AUM Mix | 45.3% (Q4 FY26). | Maintenance or improvement in the higher-margin Equity MF AUM mix, which is crucial for overall profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +24.6% / mo · near 52W high
Technical chart
ABSLAMCweekly · 1Y+38.8%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 62.
- SMA20 rising (~19.7% over last month) — short-term momentum positive.
- RSI(14) at 62 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Quality is weaker at 16/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 97th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.8%. Key concern: ROCE trend is -2.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 97th pctile, median 62 · Large: 87th pctile, median 74
82 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸9 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.90
- P/B
- 7.46
- EV/EBITDA
- 26.30
- Market Cap
- 30206.00Cr
Profitability
- ROE
- 25.20%
- ROCE
- 32.20%
- ROA
- 22.08%
- Dividend Y
- 2.30%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 221.00×
- Altman Z
- 8.81
- Book Value
- 140.00
Cash Flow
- FCF Yield
- 2.37%
- FCF Positive Y
- 9/5
- OCF
- 812.00 Cr
- EPS TTM
- 33.76
Shareholding
- Promoter Hold
- 74.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.