UTIAMC
Large CapUTI Asset Management Company Limited
Financial Services
UTI AMC is India's oldest mutual fund, managing a total group AUM of ₹23.42 lakh crore across mutual funds, AIFs, pension, and PMS. It has a wide distribution network, strong B30 presence, and international offices, operating as a professionally managed listed company with no identifiable promoters.
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 argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/6 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 -150% YoY · margin compression · Rev +4% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹390 Cr | +3.7% | -24.6% |
| EBITDA | ₹-12 Cr | -107.1% | -104.0% |
| Operating margin | -3.0% | -4800 bps | -6100 bps |
| PAT | ₹-51 Cr | -150.0% | -137.0% |
| PAT margin | -13.1% | -4021 bps | -3977 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
UTIAMC reports 11% YoY consolidated AUM growth to ₹23.42 lakh crore and 14% YoY UTI MF QAAUM growth to ₹3.88 lakh crore for FY26. Normalised Core PAT declined 8% YoY consolidated to ₹452 crore, while standalone PAT grew 3% YoY to ₹460 crore.
While AUM growth remains robust, particularly in passive and pension segments, the decline in consolidated Normalised Core PAT and overall assets raises concerns about profitability and capital efficiency. The significant 'Net loss on fair value changes' in Q4 FY26 also warrants close monitoring, indicating potential volatility in non-operating income.
UTI MF QAAUM by Asset Class
Latest issuer-disclosed distribution across 2 reported categories.
Passive AUM Growth
Index and ETFs category QAAUM grew 24.86% YoY, indicating strong traction in passive investment products.
B30 Cities Penetration
Network of 254 branches with 204 in B30 cities, outpacing the industry in B30 AUM, which are stickier and offer higher margins.
Digital Adoption
15% growth in digital SIP transactions in Q4 FY26 YoY, with 47.82% of Equity & Hybrid gross sales mobilized through digital platforms.
Pension Business
UTI Pension Fund Ltd. AUM grew 11.79% YoY to ₹401,520 crore, managing 24.36% of the NPS Industry AUM.
UTI Financial Centres
The company has 254 UTI Financial Centres, with 204 located in B30 cities as of March 31, 2026.
Core Sales Team
The company has 799 core sales team members, including subsidiaries.
District Associates
The company has 81 District Associates across India.
B30 Market Opportunity
Established presence in B30 cities enables attracting new clients and capitalizing on future growth in underpenetrated areas.
Digital Marketing & Personalization
Leveraging Salesforce marketing automation and personalization capabilities to capitalize on cross-selling and upselling opportunities.
Economies of Scale
Size and distribution network, particularly in B30 cities, provide economies of scale in distribution, marketing, and back-office activities.
Consolidated Profitability Decline
Consolidated Normalised Core PAT for FY26 declined 8% YoY, and PAT Margin decreased from 39% to 24% YoY.
Net Loss on Fair Value Changes
Q4 FY26 saw a consolidated net loss on fair value changes of ₹176 crore, a significant increase from ₹10 crore in Q4 FY25.
UTI International AUM Decline
UTI International Ltd. AUM decreased from ₹25,383 crore in FY25 to ₹16,467 crore in FY26, a 35% YoY decline.
Volatility in Fair Value Changes
The substantial 'Net loss on fair value changes' in Q4 FY26 indicates potential earnings volatility from non-operating items.
Employee Benefit Expense Inflation
Employee Benefit Expense for FY26 increased 21% YoY consolidated, including a one-time impact of ₹25 crore from family pension revision.
Exceptional Items Impact
FY26 included ₹109 crore in exceptional items (VRS ex-gratia, actuarial impact on pension/gratuity, labor code changes), impacting reported PAT.
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 long-term AUM growth trends and the impact of strategic initiatives, especially in a seasonal business. QoQ comparison provides insight into sequential momentum, operational efficiency, and the immediate impact of market conditions on AUM and profitability.
Total Group AUM
Total Group AUM increased by 11% YoY and 1% QoQ to ₹23,42,038 crore as of March 31, 2026.
UTI MF QAAUM
UTI MF QAAUM witnessed 14.34% YoY growth to ₹3,88,470 crore, but declined (1%) QoQ as of March 31, 2026.
NPS AUM Market Share
UTI Pension Fund Ltd. manages 24.36% of the NPS Industry AUM as on March 31, 2026.
Passive AUM Growth (YoY)
Index and ETFs category QAAUM demonstrated 24.86% YoY growth to ₹176,673 crore as of March 31, 2026.
Commitment to Long-Term Wealth Creation
Management is committed to creating a robust, resilient, and future-ready organization based on long-term wealth creation, investor trust, and disciplined execution.
Strategic Priorities
Strategic priorities include sustainable growth, increased market penetration, and maintaining strong cost discipline while leveraging the scale and strength of the platform.
Investment in Technology and Distribution
The company has strengthened distribution capabilities, improved product offerings, and made significant investments in technology and digital transformation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Normalised Core PAT | ₹452 crore (FY26) | Improvement in profitability and stabilization of core earnings. |
| UTI MF QAAUM Growth | 14.34% YoY (FY26) | Sustained double-digit AUM growth, especially in equity and passive segments. |
| Digital Purchase Transactions Growth | 22.79% YoY (Q4 FY26) | Continued strong growth in digital transactions and digital channel contribution to sales. |
| UTI International AUM | ₹16,467 crore (FY26) | Reversal of the declining trend and stabilization or growth in international AUM. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
UTI AMC will continuously endeavor to augment its international presence.
"Augment our International Presence"
UTI AMC will continuously endeavor to enhance its standing as a leader in the Pension and AIF business.
"Enhance our standing as a Leader in Pension and AIF Business"
UTI AMC will continuously endeavor to further build distribution capabilities and strengthen existing relationships with partners.
"Further Build our Distribution Capabilities and Strengthen Existing Relationship with our Partners"
UTI AMC is positioned to capitalize on future growth in B30 cities.
"positions us to capitalize on future growth in those underpenetrated cities"
UTI AMC will continuously endeavor to execute key operations and technology-driven initiatives to improve efficiency, security, and agility.
"Execute Key Operations and Technology Driven Initiatives to improve Efficiency, Security and Agility"
SIP will remain the cornerstone for AUM performance.
"SIP to remain the Cornerstone for AUM Performance"
Trend score and candlestick chart
41NeutralSMA20 -9.8% / mo · near 52W low
Technical chart
UTIAMCdaily · 6M-16.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 42. Wait for confirmation.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
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
- FCF yield is supportive at 3.2%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -306.3%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; 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.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 75th percentile within Financial Services. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 75th pctile, median 62 · Large: 34th pctile, median 74
115 documents indexed, but claim history is not strong enough yet.
6 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 pledge is zero.
- ▸FCF yield is positive at 3.2%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -4.2%.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 69%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.00
- P/B
- 2.61
- EV/EBITDA
- 13.83
- Market Cap
- 11753.00Cr
Profitability
- ROE
- 10.30%
- ROCE
- 15.80%
- ROA
- 9.36%
- Dividend Y
- 2.84%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 62.23×
- Altman Z
- 8.40
- Book Value
- 350.00
Cash Flow
- FCF Yield
- 3.17%
- FCF Positive Y
- 11/5
- OCF
- 407.00 Cr
- EPS TTM
- 31.44
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
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.