After three decades of cautious compounding, Canara Robeco AMC finally stepped into the limelight with its maiden post-listing concall — and oh boy, it was less of a debut and more of a masterclass in measured confidence. CEO Rajnish Narula sounded like a man who’s run enough SIP campaigns to know patience always wins. “Do not be weary in doing good,” says the Bible — and CRAMC seems to have applied that to AUM growth. The numbers looked more “steady yoga pose” than “Zumba burst,” but that’s the AMC way — no heartburn, just long-term breathing exercises. Stick around; it gets more philosophical (and profitable).
At a Glance
- AUM up 6% YoY– Slow, steady, and absolutely anti-FOMO.
- Revenue up 11% YoY to ₹229.3 crore– Compounding, not adrenaline.
- Operating Profit up 23% YoY to ₹118 crore– The “diet plan” of finance working out well.
- PAT up 9% YoY to ₹109.7 crore– Profits jogged, not sprinted.
- Equity-debt mix: 90:10– Fully invested in optimism.
- SIP Book: ₹768 crore/month from 21 lakh accounts– India’s retail faith fund.
- Stock?– Listed Oct 16; investors already SIPping the gains.
Management’s Key Commentary
Rajnish Narula:“It’s our first call post-listing; we combine Indian trust with global expertise.”(Translation: Desi roots, Dutch math, and Japanese ownership — true financial sushi.)
Narula:“We manage ₹1.18 lakh crore AUM with 51 lakh folios.”(Translation: Half of India knows us by name, other half via SIP.)
CFO Ashwin Purohit:“Operating margin up to 59%; yield steady at 33 bps.”(Translation: Boring is beautiful — unless you’re a trader.)😏
Narula:“We aspire for 20% growth going forward.”(Translation: We dream, but only after regulatory approval.)
Atit Turakhiya:“SIPs form 90% of systematic flows.”(Translation: India loves monthly discipline more than morning walks.)
Narula:“Brand alignment may change over time due to ORIX ownership.”(Translation: We may lose the ‘Robeco’ surname but keep the ‘Canara’ soul.)
Narula:“Performance is about risk-adjusted consistency, not one-year rankings.”
(Translation: We don’t chase alpha; we practice financial meditation.)
Numbers Decoded
| Metric (₹ Cr) | Q2FY26 | Q2FY25 | YoY % | Comment |
|---|---|---|---|---|
| Revenue from Operations | 229.3 | 206.4 | +11% | Steady SIP-fed climb |
| Operating Profit | 118.0 | 96.0 | +23% | Costs in control, yields stable |
| PAT | 109.7 | 101.1 | +9% | Compounding quietly |
| Quarterly Avg. AUM | 1.20 L cr | 1.07 L cr | +12% | Investors didn’t panic this year |
| B-30 City AUM | 288 cr | 261 cr | +10% | Small-town India now investing, not speculating |
| Active SIP Accounts | 21 lakh | 18 lakh | +17% | Mutual funds sahi hai, still |
| Operating Margin | 59% | 54% | +500 bps | Yoga-level cost control |
Operating leverage continues to play hero — the AMC now mints margins that would make fund managers blush.
Analyst Questions
Centrum:“Growth just 10-11%, aspiration 20%. How?”Narula:“Patience, new products, and less drama.”(Translation: We’re compounding, not campaigning.)
Prabhudas Lilladher:“ESOP cost outlook?”Narula:“Marginal impact this year; small grant at IPO mid-band.”(Translation: Staff won’t retire rich yet.)
B&K Securities:“Yields improving — renegotiated commissions?”Narula:“Strategic partners must eat too.”(Translation: Distributors = family; no rate cuts.)
Motilal Oswal:“Revenue fell despite higher AUM?”CFO Ashwin:“Accounting noise — M2M gains missing.”(Translation: Don’t
