ICICI Prudential Asset Management Company Limited Q3 FY26 Concall Decoded: – ₹9,170 crore PAT annualized, because apparently money does grow on trees (if you run an AMC)

1. Opening Hook

So ICICI Prudential AMC finally had its first earnings call as a listed company.
Cue confetti, polite claps, and analysts asking for numbers management refuses to give.

While Twitter debated TER doom and distributors feared pay cuts, ICICI AMC calmly walked in with 87.9% ROE, ₹10.8 trillion AUM, and said: “Relax, we’ve been here before.”

SIPs kept flowing, equity AUM kept swelling, and digital transactions quietly took over the business—95.7% of them, to be precise.

Management didn’t promise moonshots, didn’t hype SIF numbers, and didn’t panic over SEBI circulars. Instead, they stuck to the most boring—and profitable—strategy in finance: manage money well, don’t screw up, repeat for 15 years.

Read on. The real spice is in what they didn’t say.

2. At a Glance

• AUM ₹10.8T (+23.2% YoY) – Second largest AMC, still bullying peers quietly
• PAT ₹917 Cr (+45.1% YoY) – Operating leverage doing God’s work
• Operating revenue +23.5% YoY – TER apocalypse postponed
• ROE 87.9% – Capital-light business flexing shamelessly
• Dividend ₹14.85/share – Because excess cash gets bored
• 95.7% digital transactions – Branches now decorative items

3. Management’s Key Commentary

“Mutual fund industry AUM has grown threefold in five