₹23.15 lakh crore AUM, profits down, SIPs smiling – legacy AMC meets modern market mood swings
1. Opening Hook
UTI AMC reminded everyone this quarter that being India’s oldest mutual fund doesn’t mean ageing gracefully. While SIP inflows kept marching like disciplined soldiers, profits quietly took a chai break thanks to VRS costs and accounting gymnastics. The headline looked decent, the footnotes did the real talking.
Yes, AUM crossed a chest-thumping ₹23 lakh crore, digital transactions are booming, and B30 cities remain the emotional support system. But EBITDA flinched, PAT slipped, and normalized numbers became management’s favorite escape hatch.
This wasn’t a disaster quarter—more like a reminder that scale alone doesn’t immunize you from cost shocks and market cycles. The interesting bits hide behind “normalised” and “exceptional.”
Read on. The legacy giant still has moves left, but not all are smooth. Things get spicier below. 😏
2. At a Glance
- Group AUM ₹23.15 lakh cr – Big number energy, legacy flex fully intact.
- MF QAAUM ₹3.94 lakh cr – Growing slower than industry, but still breathing.
- Core revenue +7% YoY – Boring, stable, exactly what an AMC should do.
- EBITDA -24% YoY – VRS sent margins on early
- retirement.
- Normalised PAT -5% YoY – Strip the noise, still not great.
- SIP AUM +16.6% YoY – Retail discipline doing God’s work.
- Digital sales 45% of equity flows – Old brand, new tricks.
3. Management’s Key Commentary
“We have continued to record steady growth in AUM and SIP inflows.”
(Retail investors showed up even when markets sulked.) 😏
“Our performance reflects trust supported by digital initiatives.”
(Apps worked, markets didn’t fully cooperate.)
“Normalised profitability remains resilient.”
(Ignore the ₹109 cr exceptional tantrum.)
“B30 cities provide stickier, higher-margin AUM.”
(Small towns = big loyalty.)
“Equity-oriented AUM stands at 70% vs industry’s 61%.”
(Risk appetite remains healthy… for now.)
“With effect from Feb 1, Vetri Subramaniam will take over as MD & CEO.”
(Leadership reset button pressed—subtle but important.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | What It Really Means |
|---|---|---|---|
| Core Revenue | ₹395 cr | +5% | AMC annuity doing its job |
| EBITDA | ₹287 cr | -24% | VRS bill says hello |
| PAT | ₹121 cr | -20% | Accounting pain felt |
| Normalised PAT | ₹216 cr | +43% | Cleaned-up optics |
| SIP AUM | ₹44,752 cr | +16.6% | Retail faith intact |
| MF Market Share | 4.86% | Flat | No fireworks yet |
