ICICIAMC
Mid CapICICI Prudential Asset Management Company Limited
Financial Services
Incorporated in 1993, ICICI Prudential Asset Management Company Ltd. is a leading AMC in India, managing mutual funds, portfolio management services, alternative investment funds, and providing advisory services to offshore clients. With over 30 years in asset management, it focuses on risk management, long-term returns, and brand trust, serving 17.0 million customers across 281 offices.
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.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 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
Excellent · 75/100Rev +24% YoY · PAT +21% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,517 Cr | +23.6% | +0.1% |
| EBITDA | ₹1,160 Cr | +29.8% | +1.8% |
| Operating margin | 76.0% | +600 bps | +100 bps |
| PAT | ₹763 Cr | +20.7% | -16.8% |
| PAT margin | 50.3% | -423 bps | -1023 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
Q4 FY26 Operating Profit Before Tax rose 30.2% YoY to ₹11.28 bn, and PAT increased 10.4% YoY to ₹7.63 bn. For FY26, Operating PBT grew 29% YoY to ₹41.71 bn, and PAT increased 24.4% YoY to ₹32.98 bn. Total MF QAAUM grew 25.6% YoY to ₹11,047.87 bn.
The company demonstrated robust AUM growth across key segments, particularly in equity and hybrid schemes, leading to strong operating profit and PAT expansion both YoY and QoQ. Market share gains in active and equity MF segments are notable. However, QoQ PAT declined due to other income and employee benefits expense changes.
QAAUM by Asset Class (Mar 2026)
Latest issuer-disclosed distribution across 7 reported categories.
Equity & Equity-oriented schemes
QAAUM grew 27.2% YoY to ₹6,204.01 bn, with 14.2% market share.
Equity-Oriented Hybrid QAAUM
QAAUM grew 31.8% YoY to ₹2,177.97 bn, with 26.7% market share.
Systematic Transactions
Monthly systematic transactions rose to ₹51.04 bn in March 2026, up 30.7% YoY.
Unique Customer Growth
Unique customers increased to 17.0 million as of March 31, 2026, up 16.2% YoY.
International Presence
Established office in DIFC, Dubai, and launched an Open-Ended Category III AIF in IFSC GIFT City.
Specialised Investment Funds (SIF)
Launched 2 SIFs in Jan 2026 (Equity Ex-Top 100 Long-Short Fund, Hybrid Long-Short Fund) with AUM of ₹18.96 bn.
Industry AUM Growth
MF Industry QAAUM grew 21.1% YoY to ₹81.62 tn.
SIP Flows
Industry SIP flows increased 23.8% YoY to ₹320.87 bn in March 2026.
Unique Investor Growth
Industry unique investors grew 13.2% YoY to 61.4 million in March 2026.
Alternates QAAUM QoQ Degrowth
Alternates QAAUM declined 3.0% QoQ to ₹729.95 bn.
Debt MF QAAUM QoQ Degrowth
Debt MF QAAUM declined 2.7% QoQ to ₹1,990.56 bn.
Other Income Decline
Q4 FY26 Other Income was negative (-₹892.8 mn) compared to positive in Q4 FY25 and Q3 FY26.
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 annual growth and market share trends in the asset management industry. QoQ comparison is important for tracking sequential momentum in AUM, profitability, and operational efficiency, especially for a financial services company.
Total MF QAAUM
₹11,047.87 bn for Q4 FY26, up 25.6% YoY and 2.6% QoQ, with 13.5% market share.
Active MF QAAUM
₹9,206.15 bn for Q4 FY26, up 21.9% YoY and 1.3% QoQ, with 13.7% market share.
Equity Schemes MF QAAUM
₹6,204.01 bn for Q4 FY26, up 27.2% YoY and 2.0% QoQ, with 14.2% market share.
Equity Hybrid MF QAAUM
₹2,177.97 bn for Q4 FY26, up 31.8% YoY and 4.5% QoQ, with 26.7% market share.
Strategic Focus
Core business philosophies include Profitable Growth, Customer First, and Low Risk for Brand and Shareholder.
Digital Transformation
IT plays a key role in Operations, Risk management & Investor Services, with a robust digital stack for investors and partners.
International Expansion
Gulf region continues to remain a strategic opportunity, with a dedicated team in Dubai.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| MF QAAUM Growth | ₹11,047.87 bn (Q4 FY26) | Monitor sustained growth across asset classes, especially active and equity segments. |
| Operating Margin | 0.38% (FY26) | Watch for stability or improvement in operating margin amidst AUM growth and expense management. |
| Equity Schemes Market Share | 14.2% (Q4 FY26) | Track market share retention and growth in the highly competitive equity segment. |
| Systematic Transactions | ₹51.04 bn (March 2026) | Observe continued momentum in systematic flows as an indicator of retail investor participation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is launching 2 iSIF investment strategies: iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long Short Fund.
"Launching 2 iSIF investment strategies"
The established presence in DIFC, Dubai, UAE, is to serve the investment needs of non-resident Indians and international investors across the Middle East.
"To serve the investment needs of non-resident Indians and international investors across the Middle East"
The expansion with a retail FME branch in GIFT City will enable the launch of Mutual Fund schemes, ETFs, AIFs, PMS, and Advisory Services for clients within IFSC GIFT City.
"This expansion will enable us to launch of Mutual Fund schemes ETFs, AIFs, PMS, and Advisory Services"
Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture, subject to receipt of customary approvals and completion of necessary corporate actions.
"Proposed acquisition of Investment Management Rights of certain identified funds from ICICI Venture"
Trend score and candlestick chart
59NeutralSMA20 +8.9% / mo
Technical chart
ICICIAMCweekly · 1Y+25.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 rising (~8.2% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 28% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 72.8%.
- Valuation contributes 22/30 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 66th percentile within Financial Services. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 87.6%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 66th pctile, median 62 · Mid: 28th pctile, median 76
20 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 87.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 54.40
- P/B
- —
- EV/EBITDA
- 43.00
- Market Cap
- 159956.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- —
- Dividend Y
- 0.84%
Growth (CAGR)
- Revenue 5Y
- 32.44%
- EPS 5Y
- —
- Revenue 3Y
- 32.44%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 191.32×
- Altman Z
- 0.00
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 1501.61
Shareholding
- Promoter Hold
- 87.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
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.