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Research updated
Aditya Birla Sun Life AMC Ltd.
NSE: ABSLAMCFinancial ServicesAsset Management
- Last close
- ₹889.05
- Day change
- −₹15.10 (−1.67%)vs
- Market cap
- ₹27,742 crIndian rupees
- Research updated
- 3 reports
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About Aditya Birla Sun Life AMC
Aditya Birla Sun Life AMC Ltd. is an asset management company in India, known for providing a diverse suite of investment products and services. Its primary function is to manage and administer a variety of funds including mutual funds, portfolio management services, and retirement-focused investment plans. The company plays a pivotal role in the financial markets by channeling savings from individual and institutional investors into a variety of investment vehicles, aimed at wealth generation and capital appreciation. Aditya Birla Sun Life AMC Ltd. impacts multiple sectors such as equity, debt, and hybrid securities, offering a platform for investors to diversify their portfolios across different asset classes. As a part of the Aditya Birla Group, a leading conglomerate, this AMC benefits from a strong legacy and widespread trust among investors. It holds a significant position in the Indian asset management industry, contributing to financial inclusion and investment literacy across the nation.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: ABSLAMC
- Chief executive
- Mr. Athmanathan Balasubramanian
- Employees
- 1,501
- Headquarters
- Mumbai, India
- ISIN
- INE404A01024
Public research · Report of
Business model & financial foundation
ABSL AMC (NSE: ABSLAMC), Asset Management: revenue of ₹1,845 crore in FY26 (+9.5% on FY25), an EBITDA margin of 59.9%, net profit of ₹975.1 crore and net cash of ₹3,941 crore.
- Revenue, FY26 (₹ crore)
- 1,845
- consolidated
- Revenue growth, FY26
- +9.5%
- on FY25
- EBITDA margin, FY26
- 59.9%
- EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 975.1
- to owners
- Return on equity, FY26
- 25.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,941
- Lease liabilities less cash and all investments
- Market capitalisation (₹ crore)
- 27,742
- at the close of 21 Oct 2026
Company profile
ABSL AMC earns management fees on mutual funds, PMS, AIFs, institutional mandates and offshore funds. Equity mix and fee yield determine the economics more than total managed assets; the institutional mandate surge is low-yielding. A substantial treasury investment book adds volatile investment income to reported profit.
| Item | Value |
|---|---|
| Legal name | Aditya Birla Sun Life AMC Limited |
| Exchange and ticker | NSE: ABSLAMC; BSE: 543374 |
| ISIN | INE404A01024 |
| CIN | L65991MH1994PLC080811 |
| Sector | Financial Services |
| Industry | Asset Management |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2024) |
| Market capitalisation | ₹27,742 crore (21 Oct 2026) |
| Shares outstanding | 28.88 crore shares (FY26) |
| Price | ₹950.4 (close, 21 Oct 2026) |
| 52-week range | ₹708.0 - ₹1,225 (to 21 Oct 2026) |
| Website | https://mutualfund.adityabirlacapital.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aditya Birla Sun Life AMC (Mauritius) Limited | 100% | Investment manager to India Advantage Fund |
| Aditya Birla Sun Life Asset Management Company Pte. Limited | 100% | Singapore fund management and investment advisory |
| Aditya Birla Sun Life Asset Management Company Limited, DIFC | 100% | Dubai arranging deals and investment advisory |
| Aditya Birla Sun Life AMC International (IFSC) Limited | 100% | GIFT City fund management and investment advisory |
No legal holding company. Joint promoters Aditya Birla Capital and Sun Life (India) AMC Investments Inc. Managed funds with management shares but no economic benefit are excluded from consolidation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.82% | 74.82% | 74.71% | 74.67% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.05% | 5.75% | 4.41% | 4.32% |
| Domestic institutions | 10.79% | 11.55% | 14.26% | 15.08% |
| of which mutual funds | 5.82% | 6.44% | 9.38% | 10.48% |
| Retail | 8.31% | 7.85% | 6.58% | 5.90% |
| Other | 0.03% | 0.03% | 0.03% | 0.03% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABSL AMC earns management fees across mutual funds, PMS/AIF, mandates and offshore vehicles. Core revenue follows MF QAAUM and realised yield; equity assets earn materially higher fees than debt, liquid and passive assets. A large treasury book makes reported profit more volatile than core fees.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Asset Management (HDFCAMC) | Listed active mutual-fund manager; higher equity mix and retail franchise |
| Nippon Life India Asset Management (NAM-INDIA) | Listed mutual-fund manager with strong equity and passive franchise |
| UTI Asset Management (UTIAMC) | Listed mutual-fund manager with institutional mandates and treasury |
| Canara Robeco Asset Management (CRAMC) | Listed active-equity manager with similar fee-led asset-light economics |
| 360 ONE WAM (360ONE) | Adjacent alternative asset and wealth management; not a like-for-like MF peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,293 | 1,227 | 1,353 | 1,685 | 1,845 |
| Cost of revenue (vendor classification) * | 219.7 | 256.6 | 319.2 | 412.3 | 417.5 |
| Other operating costs (vendor classification) * | 191.7 | 216.2 | 227.0 | 373.1 | 255.7 |
| EBITDA (vendor classification) * | 834.7 | 723.7 | 787.4 | 1,290 | 1,171 |
| EBIT * | 899.6 | 797.8 | 1,014 | 1,250 | 1,271 |
| Finance cost | 4.86 | 3.90 | 5.63 | 5.66 | 5.01 |
| Profit before tax | 894.7 | 793.9 | 1,008 | 1,245 | 1,266 |
| Tax expense | 221.9 | 197.5 | 227.8 | 313.9 | 290.5 |
| Profit after tax | 672.8 | 596.4 | 780.4 | 930.6 | 975.1 |
| Diluted EPS (₹) | 23.29 | 20.65 | 27.02 | 32.18 | 33.68 |
| Employee benefits expense | 320.8 | 365.2 | 397.1 | ||
| Fees and commission expense | 35.1 | 47.1 | 59.6 | ||
| Other expense excluding finance and depreciation | 236.4 | 283.6 | 283.6 | ||
| Depreciation and amortisation | 34.6 | 39.8 | 45.8 | ||
| Operating EBITDA excluding other income and exceptional items | 761.0 | 989.0 | 1,105 | ||
| Other income | 287.4 | 301.0 | 214.5 | ||
| PAT attributable to owners | 780.4 | 930.6 | 975.1 | ||
| Exceptional income/(charge), signed | 0.00 | 0.00 | -2.82 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of associates and JVs | 0.00 | 0.00 | 0.00 | ||
| Interest income | 0.00 | 0.00 | |||
| Fees and commission income | 1,685 | 1,845 | |||
| Net interest income | -5.66 | -5.01 | |||
| Operating expenses (all but finance costs and impairment) | 735.6 | 786.1 | |||
| Operating profit before impairment | 1,245 | 1,268 | |||
| Impairment on financial instruments | 0.00 | 0.00 | |||
| Basic EPS (₹) | 32.26 | 33.76 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,196 | 2,517 | 3,169 | 3,727 | 4,042 |
| Debt including lease liabilities | 54.4 | 48.0 | 79.1 | 68.1 | 63.7 |
| Cash and cash equivalents | 65.3 | 33.6 | 39.1 | 43.7 | 58.4 |
| Trade receivables | 26.2 | 24.5 | 40.7 | 57.9 | 54.6 |
| Trade payables | 30.4 | 48.2 | 57.6 | 68.1 | 70.4 |
| Net PPE excluding ROU assets and intangibles | 29.9 | 34.0 | 39.2 | ||
| Capital work in progress | 1.53 | 1.05 | 0.62 | 0.63 | 2.19 |
| Total assets | 2,435 | 2,788 | 3,502 | 4,114 | 4,415 |
| All treasury investments, carrying value | 3,122 | 3,692 | 3,946 | ||
| Total lease liabilities | 79.1 | 68.1 | 63.7 | ||
| Lease liabilities less cash and all investments | -3,082 | -3,667 | -3,941 | ||
| Loans (net of impairment allowance) | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 437.4 | 684.8 | 708.5 | 811.9 | |
| Free cash flow (vendor definition) * | 546.8 | 418.4 | 654.2 | 677.2 | 764.4 |
| Dividends paid, positive outflow magnitude | -231.8 | 312.5 | 151.2 | 388.9 | 692.7 |
| Cash purchase of PPE and intangibles, positive spending | -16.0 | 19.0 | 30.6 | 31.3 | 47.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 28.80 | 28.80 | 28.81 | 28.85 | 28.88 |
| Implied weighted-average diluted shares (PAT / diluted EPS) | 28.89 | 28.88 | 28.88 | 28.92 | 28.95 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 445.1 | 428.8 | 447.4 | 461.3 | 478.1 | 458.2 | 463.0 | 483.8 |
| Cost of revenue (vendor classification) * | 100.1 | 111.0 | 106.1 | 121.0 | 120.0 | 131.7 | ||
| Other operating costs (vendor classification) * | 70.7 | 73.9 | 75.3 | 67.4 | 71.8 | 73.6 | ||
| EBITDA (vendor classification) * | 312.8 | 315.9 | 383.9 | 374.0 | 233.6 | 420.0 | ||
| EBIT * | 301.6 | 306.1 | 373.6 | 359.5 | 220.6 | 407.2 | ||
| Finance cost | 1.72 | 1.10 | 1.31 | 1.28 | 1.24 | 1.18 | 1.13 | 1.14 |
| Profit before tax | 299.9 | 305.0 | 372.3 | 315.6 | 358.3 | 219.4 | 406.1 | 296.2 |
| Tax expense | 75.4 | 77.0 | 95.2 | 74.3 | 88.8 | 32.3 | 96.6 | 75.2 |
| Net profit | 224.5 | 228.1 | 277.1 | 241.3 | 269.5 | 187.1 | 309.5 | 221.0 |
| Diluted EPS (₹) | 7.76 | 7.89 | 9.59 | 8.34 | 9.31 | 6.46 | 10.67 | 7.60 |
| Employee benefit expense | 87.7 | 98.8 | 92.6 | 95.1 | 104.9 | 104.4 | 116.3 | 126.3 |
| Fees and commission expense | 12.4 | 12.2 | 13.5 | 14.5 | 16.1 | 15.6 | 15.4 | 16.0 |
| Other expenses | 70.7 | 73.9 | 75.3 | 69.2 | 67.4 | 71.8 | 73.6 | 73.5 |
| Depreciation and amortisation | 11.1 | 9.75 | 10.3 | 10.8 | 11.7 | 13.0 | 12.8 | 13.1 |
| Operating EBITDA excluding treasury | 274.3 | 243.9 | 266.0 | 282.6 | 289.7 | 266.4 | 257.6 | 268.1 |
| Other income | 38.4 | 72.0 | 117.9 | 45.2 | 84.3 | -32.9 | 162.4 | 42.4 |
| Profit attributable to owners | 224.5 | 228.1 | 277.1 | 241.3 | 269.5 | 187.1 | 309.5 | 221.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | -2.82 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of profit/(loss) of associates and JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Fees and commission income | 428.8 | 447.4 | 461.3 | 478.1 | 458.2 | 463.0 | ||
| Net interest income | -1.10 | -1.31 | -1.27 | -1.24 | -1.18 | -1.13 | ||
| Operating expenses (all but finance costs and impairment) | 194.7 | 191.7 | 189.6 | 200.1 | 204.8 | 218.2 | ||
| Operating profit before impairment | 305.0 | 372.3 | 315.6 | 361.1 | 219.4 | 406.1 | ||
| Impairment on financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 7.91 | 9.60 | 8.36 | 9.33 | 6.48 | 10.72 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.1% | -5.1% | 10.3% | 24.5% | 9.5% |
| EBITDA margin | 56.2% | 58.7% | 59.9% | ||
| Net margin | 57.7% | 55.2% | 52.8% | ||
| Return on equity | 27.4% | 27.0% | 25.1% | ||
| Return on capital employed | 44.8% | 33.1% | 34.9% | 35.5% | 32.2% |
| Return on assets | 24.8% | 24.4% | 22.9% | ||
| Net debt (₹ crore) | -3,082 | -3,667 | -3,941 | ||
| Net debt / EBITDA | -4.05x | -3.71x | -3.57x | ||
| Interest cover | 185.1x | 204.6x | 180.1x | 220.9x | 253.6x |
| Asset turnover | 0.59x | 0.47x | 0.43x | 0.44x | 0.43x |
| Receivable days | 7 | 7 | 11 | 13 | 11 |
| Payable days (on revenue) | 9 | 14 | 16 | 15 | 14 |
| Cash conversion | 0.88x | 0.76x | 0.83x | ||
| Capex intensity | 1.2% | 1.5% | 2.3% | 1.9% | 2.6% |
| Free cash flow (₹ crore) | 418.4 | 654.2 | 677.2 | 764.4 | |
| Dividend payout | 19.4% | 41.8% | 71.0% | ||
| EPS, diluted (₹) | 23.29 | 20.65 | 27.02 | 32.18 | 33.68 |
| Book value per share (₹) | 76.27 | 87.40 | 110.0 | 129.2 | 139.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease liabilities less cash and all investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on Aditya Birla Sun Life AMC
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