ICICI Prudential AMC Q4 FY26 Concall Decoded: 17 Million Customers, 85.8% ROE, Yet Profit Got Mugged by Mark-to-Market Losses

The market fell, the Nifty sulked, and investors still kept throwing money into mutual funds like it was a festive sale. While most fund houses were busy explaining why flows slowed, ICICI Prudential Asset Management Company came in with a classic flex: equity AUM grew even as the industry shrank sequentially.

Apparently, when markets panic, investors either hide in gold or run toward “defensive” funds with very long names. ICICI Pru AMC happily offers both.

The company kept its spot as India’s second-largest AMC, added more customers, grew passive AUM sharply, and entered newer businesses like GIFT City and Dubai. Only one villain showed up: mark-to-market losses, which smacked quarterly profits despite strong core operations.

And yes, management still thinks investors will keep buying the dip because apparently Indians now treat market crashes like Diwali discounts. Read on, it gets more interesting.

At a Glance

• Revenue up 19.5% YoY – AMC machine kept printing fees despite markets acting dramatic.
• Total AUM up 25.6% YoY – Investors kept showing up, panic apparently postponed.
• PAT up 10.4% YoY – Profit survived, but mark-to-market losses stole its wallet.
• Operating PBT up 30.2% YoY – Core business looked fitter than the headline profit number.
• Passive AUM up 48.3% YoY – Gold and silver ETFs suddenly became everyone’s emotional support asset.
• SIP book up 30.6% YoY – Retail investors now buy market dips like seasoned uncles at wholesale stores.
• ROE at 85.8% – This is not a typo, this business practically runs on asset-light steroids.
• Final dividend at INR12.4/share – Shareholders get some mithai after all that volatility.

Management’s Key Commentary

“Our total mutual fund quarterly average AUM reached INR11.05 trillion, up 25.6% year-on-year.”

(Translation: Markets fell, but customers still kept wiring money. Not bad for a quarter where Nifty forgot how to go up.) 😏

“We continue to have the largest market share in equity and equity-oriented schemes of 14.2%.”

(Translation: Even when investors got nervous, they still preferred the familiar giant in the room.)

“Our passive quarterly average AUM reached INR1.84 trillion, representing growth of 48.3% year-on-year.”

(Translation: Gold ETFs, silver ETFs, index ETFs — basically, passive products are having their Bollywood hero moment.)

“We have recorded a negative other income of INR0.89 billion due to mark-to-market impact.”

(Translation: Core business was fine, but treasury investments decided to cosplay as a falling knife.)

“Profit after tax stood at INR7.63 billion, up 10.4% year-on-year and down 16.8% quarter-on-quarter.”

(Translation: Annual growth looked nice, but sequentially the market handed them a reminder that volatility is still alive.)

“We have launched two specialized investment funds in January 2026.”

(Translation: Because mutual funds, PMS, AIFs, ETFs, hybrids, dynamic allocation and alternates clearly were not enough product categories already.) 😅

“We have established our office in DIFC in Dubai with a dedicated team in place.”

(Translation: AMC CEOs now need a Dubai office too. It is basically a rite of passage.)

Numbers Decoded