Canara Robeco Asset Management Company
Canara Robeco Asset Management Company
Capital MarketsKey Fundamentals
MicrocapAMC Mutual FundCapital MarketsTapetide Score
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Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 41.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.3%
- Company has been maintaining a healthy dividend payout of 30.0%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoCanara Robeco Asset Management Company is a debt-free, mid-sized AMC with quarterly average AUM of approximately ₹1.08 lakh crore (as of Dec 2024), trading at a PE of ~25x with a 3-year ROE of 34% and 5-year profit CAGR of 41%. Revenue grew at 30% CAGR over 5 years but TTM sales growth has decelerated to 12%, while FY26 operating profit margin compressed to ~56% from ~65% in FY25.
- Debt-free balance sheet with zero leverage, providing financial flexibility and eliminating interest rate risk
- Exceptional 5-year profit CAGR of 41%, demonstrating strong earnings compounding ability
- Consistently high ROE of 34% over 3 years and 32% over 5 years, well above cost of equity
- AUM grew to ₹1.08 lakh crore (Dec 2024) and further to ₹1.2 lakh crore (Dec 2025), a 12% YoY increase with 5.07 million folios
- PE of ~25x is significantly below listed peers HDFC AMC (48.2x) and Nippon Life India AMC (43.3x), offering valuation discount to sector leaders
- Healthy dividend payout ratio of 30%, with FY26 dividend of ₹2.5 per share reflecting shareholder return commitment at 1.56% yield
- Revenue grew from ₹318 crore in FY24 to ₹404 crore in FY25 to ₹425 crore in FY26, reflecting consistent top-line expansion
- Second oldest mutual fund house in India (established 1987) with 25 schemes across equity, debt, and hybrid categories, providing distribution depth across smaller cities
- TTM sales growth decelerated sharply to 12% from a 3-year CAGR of 31%, indicating slowing momentum
- Operating profit margin compressed from 65.4% in FY25 to 55.9% in FY26, with operating expenses rising from ₹140 crore to ₹171 crore (22% increase)
- FY26 PAT grew only 6.9% YoY (₹204 crore vs ₹191 crore), a sharp deceleration from 5-year profit CAGR of 41%
- Smallest in revenue among listed AMC peers including HDFC AMC, Nippon Life India AMC, and UTI AMC, limiting pricing power and scale advantages
- AUM market share remains modest at roughly 1.6% of India's ₹68 lakh crore mutual fund industry (as of Dec 2024), constraining competitive positioning
- Price-to-book of 6.84x is elevated for a company with market cap of only ₹5,080 crore, implying limited margin of safety if growth slows further
- TTM profit growth of only 7% versus 37% three-year CAGR suggests the high-growth phase may be normalizing, challenging current valuation multiple
- Parentage risk as a JV between Canara Bank and Robeco (ORIX) — any change in JV dynamics or partner exit could create uncertainty
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Strong FY26 profitability Jun 25
Canara Robeco reported revenue of ₹425 Crores and PAT of ₹204 Crores for FY 2025-26, reflecting a healthy ~48% net profit margin. The board recommended a final dividend of ₹2.50 per share.
- ORIX confirms no share encumbrance Jul 1
ORIX Corporation Europe N.V., holding 37% stake in CRAMC, declared no encumbrance on its shares for FY26, indicating stable promoter holding with no pledging concerns.
- Investor meet at JM Financial forum Jun 17
Canara Robeco scheduled an investor meeting at the JM Financial India Finance Forum on June 24, 2026. No unpublished price-sensitive information was to be discussed.
TL;DR: Canara Robeco is delivering solid profitability with a ~48% PAT margin and rewarding shareholders with dividends. No headwinds are visible in recent newsflow, and promoter ORIX's unencumbered 37% stake signals stability. The absence of negative developments and consistent earnings suggest a steady trajectory, though investors should watch for AUM growth trends and competitive pressures in the AMC space going forward.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 104 | 97 | 101 | 121 | 108 | 121 | 104 | 145 |
| Expenses | 37 | 31 | 41 | 39 | 40 | 48 | 43 | 43 |
| Operating Profit | 68 | 66 | 60 | 82 | 68 | 73 | 60 | 102 |
| OPM % | 65% | 68% | 59% | 68% | 63% | 60% | 58% | 70% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| PBT | 66 | 64 | 58 | 80 | 66 | 70 | 58 | 99 |
| Tax % | 24% | 26% | 28% | 24% | 26% | 25% | 29% | 24% |
| Net Profit | 50 | 48 | 42 | 61 | 49 | 53 | 41 | 76 |
| EPS in Rs | 2.51 | 2.4 | 2.09 | 3.06 | 2.44 | 2.65 | 2.07 | 3.79 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 96 | 120 | 164 | 203 | 318 | 404 | 454 | 478 |
| Expenses | 73 | 70 | 77 | 96 | 117 | 140 | 171 | 175 |
| Operating Profit | 23 | 50 | 88 | 107 | 201 | 264 | 283 | 303 |
| OPM % | 24% | 42% | 53% | 53% | 63% | 65% | 62% | 63% |
| Other Income | 10 | 0 | 0 | 0 | 1 | 0 | 1 | 1 |
| Interest | 0 | 0 | 2 | 0 | 2 | 2 | 2 | 2 |
| Depreciation | 1 | 1 | 4 | 1 | 5 | 5 | 7 | 8 |
| PBT | 32 | 49 | 81 | 106 | 195 | 258 | 275 | 294 |
| Tax % | 27% | 26% | 26% | 26% | 23% | 26% | 26% | — |
| Net Profit | 23 | 36 | 60 | 79 | 151 | 191 | 204 | 218 |
| EPS in Rs | 4.66 | 7.28 | 12.07 | 15.82 | 30.29 | 9.56 | 10.22 | 10.95 |
| Div. Payout % | 21% | 27% | 33% | 16% | 25% | 26% | 39% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 50 | 50 | 50 | 199 | 199 |
| Reserves | 145 | 176 | 222 | 279 | 405 | 401 | 546 |
| Borrowings | 0 | 0 | 19 | 17 | 17 | 16 | 18 |
| Other Liabilities | 23 | 22 | 24 | 32 | 46 | 58 | 55 |
| Total Liabilities | 217 | 248 | 316 | 378 | 517 | 674 | 819 |
| Fixed Assets | 3 | 2 | 20 | 18 | 17 | 16 | 23 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Investments | 190 | 223 | 272 | 330 | 457 | 604 | 735 |
| Other Assets | 25 | 23 | 24 | 30 | 43 | 51 | 60 |
| Total Assets | 217 | 248 | 316 | 378 | 517 | 674 | 819 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 21 | 30 | 53 | 68 | 107 | 159 | 172 |
| Investing | -13 | -26 | -33 | -46 | -81 | -113 | -108 |
| Financing | -7 | -5 | -20 | -22 | -26 | -48 | -62 |
| Net Cash Flow | 1 | -1 | 0 | -1 | 0 | -2 | 2 |
| Free Cash Flow | 20 | 29 | 52 | 66 | 106 | 155 | 166 |
| CFO/OP | 124 | 84 | 83 | 88 | 75 | 85 | 86 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 43 | 46 | 38 | 42 | 40 | 38 | 36 |
| Cash Conversion Cycle | 43 | 46 | 38 | 42 | 40 | 38 | 36 |
| Working Capital Days | -11 | -13 | -5 | -4 | -2 | -1 | 6 |
| ROCE % | — | 23% | 32% | 33% | 48% | 48% | 40% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Incorporated in 1993, Canara Robeco Asset Management Company Ltd is primarily engaged in managing mutual funds and providing investment advisory services.[1]
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