ICICI Prudential Asset Management
ICICI Prudential Asset Management
Capital MarketsKey Fundamentals
LargecapAMC Mutual FundCapital MarketsTapetide Score
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Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 83.0%
- Company has been maintaining a healthy dividend payout of 103%
Weaknesses
1- Stock is trading at 36.0 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoICICI Prudential AMC commands a market cap of ₹1,48,920 Cr at a PE of 43x and PB of 36x, reflecting premium valuations for an asset-light, debt-free business. The company has delivered compounded profit growth of 30% over 3 years with an exceptional ROE of 86% in the last year, though the stock trades at a significant premium to book value.
- Virtually debt-free balance sheet, eliminating leverage risk and providing maximum financial flexibility in an asset-light business model
- Exceptional return on equity of 86% in the last year and 83% average over 3 years, indicating highly efficient capital deployment relative to peers
- Compounded profit growth of 30% CAGR over 3 years and 22% over 5 years, demonstrating consistent earnings expansion
- Compounded sales growth of 28% CAGR over 3 years and 22% over 5 years, reflecting strong AUM growth and fee income trajectory
- TTM revenue growth of 21% and TTM profit growth of 24% show continued momentum in the most recent period
- Healthy dividend payout ratio of 103% signals strong cash generation and shareholder-friendly capital return policy
- Dividend yield of 0.9% provides a modest income stream, supported by the high payout ratio and debt-free status
- India's mutual fund penetration remains low relative to developed markets, providing a long structural growth runway for established AMCs
- Stock trades at 36x book value, an extreme premium that leaves little margin of safety if growth decelerates
- PE ratio of 43x is elevated, pricing in sustained high growth and leaving the stock vulnerable to any earnings miss
- Dividend yield of just 0.9% despite a 103% payout ratio implies limited scope for meaningful dividend growth without proportional earnings increases
- 5-year profit CAGR of 22% needs to sustain or accelerate to justify the current 43x PE multiple, creating high execution expectations
- Revenue growth has moderated from 28% (3-year CAGR) to 21% (TTM), suggesting potential deceleration in top-line momentum
- AMC industry faces regulatory risk from SEBI's periodic interventions on expense ratios and fee structures, which could compress margins
- High ROE of 83-86% partly reflects a very low equity base; any significant capital retention or equity dilution could compress this metric materially
- Increasing competition from passive funds, direct plans, and new-age fintech-led AMCs could pressure market share and fee yields over time
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- RBI nod for bank stakes Sep 9
Received RBI approval to acquire up to 9.95% aggregate stake in four banks including Kotak Mahindra and AU Small Finance Bank for its mutual fund and AIF schemes, expanding investment flexibility.
- Jefferies India Forum attendance Sep 10
ICICI Prudential AMC will participate in the 2026 Jefferies India Forum on September 16, featuring one-to-one and group meetings with analysts.
- Promoter sells 2% for compliance Aug 26
Prudential Corporation Holdings scheduled sale of 9,885,169 shares (up to 2% stake) on August 27 to meet SEBI public shareholding norms, reducing promoter holding from 87.60% to 85.60%.
TL;DR: ICICI Prudential AMC is on a steady footing with no material headwinds. The RBI approval to acquire bank stakes up to 9.95% broadens its investment universe and signals regulatory confidence. The promoter stake sale is a routine SEBI compliance exercise rather than a negative signal. Overall trend is stable to mildly positive, with increased institutional engagement and expanded investment capabilities heading into late 2026.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 1,227 | 1,269 | 1,331 | 1,420 | 1,515 | 1,542 | 1,564 |
| Expenses | 347 | 375 | 385 | 372 | 374 | 374 | 432 |
| Operating Profit | 880 | 894 | 946 | 1,047 | 1,140 | 1,168 | 1,133 |
| OPM % | 72% | 70% | 71% | 74% | 75% | 76% | 72% |
| Other Income | -25 | 51 | 147 | 72 | 109 | -90 | 181 |
| Interest | 5 | 5 | 5 | 4 | 4 | 5 | 5 |
| Depreciation | 21 | 24 | 25 | 27 | 26 | 28 | 28 |
| PBT | 828 | 917 | 1,062 | 1,089 | 1,219 | 1,046 | 1,281 |
| Tax % | 24% | 25% | 26% | 23% | 25% | 27% | 25% |
| Net Profit | 632 | 692 | 784 | 835 | 917 | 769 | 965 |
| EPS in Rs | 358 | 392 | 44.39 | 47.33 | 18.55 | 15.55 | 19.52 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 2,230 | 2,634 | 2,837 | 3,758 | 4,977 | 5,999 | 6,040 |
| Expenses | 513 | 641 | 766 | 981 | 1,343 | 1,471 | 1,552 |
| Operating Profit | 1,717 | 1,993 | 2,072 | 2,777 | 3,635 | 4,528 | 4,488 |
| OPM % | 77% | 76% | 73% | 74% | 73% | 75% | 74% |
| Other Income | 4 | 1 | 1 | 3 | 2 | 2 | 272 |
| Interest | 16 | 14 | 15 | 16 | 19 | 18 | 17 |
| Depreciation | 47 | 51 | 50 | 66 | 85 | 106 | 108 |
| PBT | 1,658 | 1,929 | 2,007 | 2,698 | 3,533 | 4,407 | 4,634 |
| Tax % | 25% | 25% | 24% | 24% | 25% | 25% | — |
| Net Profit | 1,245 | 1,454 | 1,516 | 2,050 | 2,651 | 3,298 | 3,486 |
| EPS in Rs | 706 | 824 | 859 | 1,161 | 1,502 | 66.73 | 101 |
| Div. Payout % | 75% | 84% | 84% | 76% | 81% | 153% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 49 |
| Reserves | 1,745 | 2,000 | 2,295 | 2,865 | 3,499 | 4,122 |
| Borrowings | 112 | 118 | 116 | 0 | 0 | 0 |
| Other Liabilities | 240 | 310 | 356 | 630 | 810 | 832 |
| Total Liabilities | 2,115 | 2,445 | 2,784 | 3,513 | 4,327 | 5,003 |
| Fixed Assets | 134 | 137 | 150 | 199 | 309 | 634 |
| CWIP | 3 | 4 | 7 | 6 | 289 | 7 |
| Investments | 1,772 | 2,041 | 2,287 | 2,883 | 3,285 | 3,857 |
| Other Assets | 207 | 262 | 340 | 424 | 444 | 505 |
| Total Assets | 2,115 | 2,445 | 2,784 | 3,513 | 4,327 | 5,003 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 1,195 | 1,333 | 1,400 | 1,765 | 2,574 | 3,282 |
| Investing | -329 | -79 | -129 | -246 | -513 | -469 |
| Financing | -869 | -1,244 | -1,264 | -1,527 | -2,068 | -2,694 |
| Net Cash Flow | -3 | 10 | 6 | -8 | -8 | 119 |
| Free Cash Flow | 1,171 | 1,310 | 1,359 | 1,710 | 2,162 | 3,167 |
| CFO/OP | 90 | 91 | 92 | 85 | 95 | 97 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 11 | 14 | 14 | 19 | 17 | 11 |
| Cash Conversion Cycle | 11 | 14 | 14 | 19 | 17 | 11 |
| Working Capital Days | -8 | -10 | -9 | -22 | -27 | -26 |
| ROCE % | — | 97% | 89% | 102% | 111% | 115% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY21–FY27.
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Company Information
Incorporated in 1993, ICICI Prudential AMC is an Asset Management Company operating across mutual funds, PMS, AIFs, and offshore advisory services.[1]
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