ICICI Prudential Asset Management Co. (AMC) clocked a healthy 16.3% year-on-year growth in operating revenue in the September quarter (Q2FY27) to ₹1,674 crore, supported by industry-beating growth in assets under management (AUM) and a high-yielding asset mix. However, net profit growth was limited to 6.1%, weighed down by lower other income.
Quarterly average AUM surged 13.7% to ₹12.4 trillion, led by its mainstay mutual funds which expanded 14.4% to ₹11.6 trillion. Equity hybrid and equity schemes registered 19.7% and 16.3% growth, respectively, helping the AMC retain its leadership in actively managed funds with 13.3% market share, and 26.4% in equity-oriented hybrid funds.
PMS and AIF schemes, while still small compared with mutual fund AUM, also posted robust growth. AIF AUM rose to ₹0.24 trillion in September 2026 from ₹0.19 trillion a year earlier, with the base adjusted for assets transferred from ICICI Venture. Meanwhile, PMS AUM grew to ₹0.31 trillion from ₹0.25 trillion.
The alternatives business could see further growth following the acquisition of ICICI Securities’ PMS and the launch of the AMC’s fifth specialised investment fund (SIF). Faster growth in higher-yielding products also helped revenue growth outpace overall AUM growth.
Fee and commission expenses rose 30% year-on-year, contributing to faster expense growth and slightly tempering operating profit growth. Operating profit nevertheless increased 15.7% to ₹1,181 crore. But the ball and chain on net profit was other income. Mark-to-market losses on treasury holdings led to a 76.5% year-on-year plunge in other income to ₹17 crore. Thus, net profit growth was dragged down to just 6.1% to ₹889 crore.