1. At a Glance – Blink and You’ll Miss the Scale
₹9,421 crore market cap. ₹1.30 lakh crore AUM. Monthly SIP flows crossing ₹1,000+ crore. ROE at 34%, ROCE at 44%, and debt so low it’s basically decorative (D/E 0.04).
Q3 FY26 delivered ₹343 crore revenue (+20.4% YoY) and ₹57.6 crore PAT (+19.6% YoY), while the stock politely corrected ~14% in 3 months, probably to remind retail investors that even compounders need naps.
This is not a fintech. Not a trading app. Not a crypto bro experiment. This is a commission-printing, SIP-sipping, distributor-first wealth machine quietly eating market share from Tier-2 and Tier-3 India while Twitter debates F&O taxes.
The business is boring.
The numbers are not.
And that’s exactly why Prudent keeps showing up in serious portfolios.
2. Introduction – The Most Unsexy Way to Get Rich
Prudent Corporate Advisory Services is what happens when you remove drama from financial services. No leverage-fueled balance sheet gymnastics. No “AI-powered wealth disruption” PowerPoints. Just distribution, scale, and relentless execution.
Founded in 2003, Prudent chose the most underappreciated strategy in Indian finance:
be the back-end infrastructure for thousands of MFDs instead of competing with them.
While fintech apps chase CAC-burning users, Prudent signs up 33,000+ partners, gives them tech, compliance, execution, and lets them do what they do best—sell SIPs to India’s growing middle class.
The result?
- 32.78 lakh live SIPs
- ₹981 crore monthly SIP book (company data)
- Equity AUM at ~97%
- 4th largest mutual fund distributor in India
Ask yourself: when markets fall, who still earns?
The guy collecting trail commissions.
That’s Prudent.
3. Business Model – WTF Do They Even Do?
Imagine Zerodha, but instead
of fighting distributors, it empowers them.
Prudent operates an open-architecture distribution model, meaning it sells mutual funds of all AMCs without bias. No pushing in-house products. No conflicted advice.
Revenue streams:
- Mutual Fund commissions (82.6%) – sweet, recurring, market-linked
- Insurance distribution (11.7%) – rising steadily from 7% in FY20
- Stock broking & others (5.7%) – optional toppings, not the main dish
The real magic? Platforms:
- PrudentConnect – virtual office for MFDs
- FundzBazar – online MF platform
- Policyworld – paperless insurance
- WiseBasket & Prubazaar – equities & model portfolios
- CreditBasket – loans & cards
Prudent doesn’t sell dreams to investors.
It sells tools to sellers.
And sellers scale faster.
4. Financials Overview – Numbers That Don’t Lie (But Bore People)
Quarterly Comparison – Consolidated (₹ crore)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 343 | 285 | 320 | +20.4% | +7.2% |
| EBITDA | 78 | 66 | 72 | +18.2% | +8.3% |
| PAT | 57.6 | 48 | 54 | +19.6% | +6.7% |
| EPS (₹) | 13.92 | 11.64 | 12.93 | +19.6% | +7.7% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
= ((12.51 + 12.93 + 13.92) / 3) × 4 ≈ ₹51.8 (matches TTM)
Margins steady. Growth steady.
No fireworks. Just compounding.
Would you rather own this or chase loss-making “fintech revolutionaries”?
5. Valuation Discussion
