HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
ICICI Prudential Asset Management Company Ltd.
NSE: ICICIAMCFinancial ServicesAsset Management
- Last close
- ₹3,030.30
- Day change
- −₹36.10 (−1.18%)vs
- Market cap
- ₹1.47 lakh crIndian rupees
- Research updated
- 2 reports
About ICICI Prudential Asset Management Company
ICICI Prudential Asset Management Company Ltd. is a leading asset management company in India, established in 1993 as a joint venture between ICICI Bank Ltd., a prominent financial services provider, and Prudential Plc, a global leader in health, protection, and savings solutions. Its primary function is to bridge the gap between savings and investments by offering a diverse range of mutual fund schemes, portfolio management services, real estate investment options, and international advisory mandates across asset classes like equity, debt, and hybrids. The company manages substantial assets under management, totaling over ₹10.89 lakh crore as of the latest quarter, serving a vast investor base of nearly 97 lakh individuals through an extensive network of over 350 locations and more than 3,000 employees. Notable for its investor-centric approach, it emphasizes innovation, consistent performance, and accessibility, with offerings spanning equity funds focused on sectors like infrastructure and healthcare, hybrid strategies, and debt instruments. ICICI Prudential Asset Management Company Ltd. plays a pivotal role in India's mutual fund industry as the second-largest player, fostering long-term wealth creation for retail, high-net-worth, and institutional investors.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: ICICIAMC
- Chief executive
- Mr. Nimesh Vipinbabu Shah
- Employees
- 3,585
- Headquarters
- Mumbai, India
- ISIN
- INE346A01027
- Website
- icicipruamc.com
Public research · Report of
Business model & financial foundation
ICICI Prudential AMC (NSE: ICICIAMC), Asset management (mutual funds, PMS, AIF, offshore advisory): revenue of ₹5,852 crore in FY26 (+25.0% on FY25), an EBITDA margin of 73.7%, net profit of ₹3,313 crore and net cash of ₹3,991 crore.
- Revenue, FY26 (₹ crore)
- 5,852
- consolidated
- Revenue growth, FY26
- +25.0%
- on FY25
- EBITDA margin, FY26
- 73.7%
- EBITDA (revenue less fees/commission, employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 3,313
- to owners
- Return on equity, FY26
- 86.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,991
- Net debt (borrowings nil, less cash and investments)
- Market capitalisation (₹ crore)
- 1,52,449
- at the close of 12 Oct 2026
Company profile
ICICI Prudential AMC is India's second-largest mutual fund manager by quarterly average AUM (Rs 11.61 lakh crore, 13.3% share, Q2 FY27) and the leader in active equity-oriented and hybrid schemes. About 90% of net operating revenue comes from mutual fund management fees charged as a percentage of AUM; alternates (PMS, AIF) and offshore advisory make up the rest. It is a joint venture of ICICI Bank and Prudential plc, debt-free, pays out about 80% of profit, and listed on NSE and BSE in December 2025 through an offer for sale by Prudential.
| Item | Value |
|---|---|
| Legal name | ICICI Prudential Asset Management Company Limited |
| Exchange and ticker | NSE: ICICIAMC; BSE: 544658 |
| ISIN | INE346A01027 |
| CIN | L99999DL1993PLC054135 |
| Sector | Financial Services |
| Industry | Asset management (mutual funds, PMS, AIF, offshore advisory) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹1,52,449 crore (12 Oct 2026) |
| Shares outstanding | 49.43 crore shares (FY26) |
| Price | ₹3,030 (close, 12 Oct 2026) |
| Website | https://www.icicipruamc.com |
Corporate structure and shareholding
Parent: ICICI Bank Limited (53.00%) jointly with Prudential Corporation Holdings Limited (32.59% after the 27 Aug 2026 sale).
No subsidiary is recorded.
No subsidiaries. Manages ICICI Prudential Mutual Fund (via trustee company), PMS, Category II/III AIFs (incl. management rights acquired from ICICI Venture from 1 Apr 2026) and offshore advisory mandates (mainly Eastspring, a Prudential affiliate). Agreement of 23 Sep 2026 to acquire ICICI Securities' PMS business by slump sale, pending SEBI approval.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 87.59% | 87.59% | 87.59% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.65% | 2.40% | 2.96% |
| Domestic institutions | 6.53% | 7.18% | 6.80% |
| of which mutual funds | 4.80% | ||
| Retail | 3.24% | 2.82% | 2.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ICICI Prudential AMC manages ICICI Prudential Mutual Fund (Q2 FY27 QAAUM Rs11.61 lakh cr, 13.3% share, No. 2 behind SBI) plus PMS, AIFs and offshore advisory. FY26 fee revenue: MF 4,841 cr, AIF+PMS 820 cr, advisory 104 cr. Fees are a percentage of AUM within SEBI TER caps, so revenue = average AUM x yield; the company controls fund performance, product and distribution reach (118,000 partners, 287 offices), but not market levels or regulation. No subsidiaries; standalone accounts are the business. Debt-free; finance cost is lease interest. Joint venture of ICICI Bank (53.00%) and Prudential (32.59% after the 27 Aug 2026 sale).
| Peer | Why the dossier compares them |
|---|---|
| HDFC Asset Management Company (HDFCAMC) | Largest listed pure-play AMC; same equity-heavy active mutual fund model and bank-group parentage |
| Nippon Life India Asset Management (NAM-INDIA) | Top-4 AMC with large passive/ETF book; listed comparator for growth and yields |
| SBI Funds Management (SBIFUNDS) | Industry leader by AUM with bank-parent distribution; closest scale comparator |
| Aditya Birla Sun Life AMC (ABSLAMC) | Bank/financial-group-backed top-6 AMC with heavier debt mix; lower-growth comparator |
| UTI Asset Management Company (UTIAMC) | Listed AMC with large passive and retirement book; lower-margin comparator |
| Canara Robeco Asset Management (CRAMC) | Recently listed bank-promoted equity-focused AMC; small-cap comparator |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations (fees and commission income) | 2,689 | 3,376 | 4,683 | 5,852 |
| Cost of revenue (vendor classification) * | 446.4 | 595.2 | 846.5 | 958.8 |
| Other operating costs (vendor classification) * | 254.6 | 305.2 | 406.3 | 412.0 |
| EBITDA (vendor classification) * | 1,969 | 2,457 | 3,411 | 4,350 |
| EBIT * | 2,022 | 2,714 | 3,552 | 4,425 |
| Finance cost (lease interest) | 14.9 | 16.2 | 18.6 | 17.8 |
| Profit before tax | 2,007 | 2,698 | 3,533 | 4,427 |
| Tax expense | 491.4 | 648.4 | 882.4 | 1,114 |
| Profit after tax | 1,516 | 2,050 | 2,651 | 3,313 |
| Diluted EPS (INR, split and bonus adjusted) | 30.67 | 41.47 | 53.60 | 67.03 |
| Other income (treasury) | 148.2 | 382.3 | 296.9 | 236.8 |
| Fees and commission expense | n.r. | n.r. | 319.4 | 431.8 |
| Employee benefits expense | n.r. | n.r. | 614.2 | 690.6 |
| Other expenses | n.r. | n.r. | 409.1 | 416.1 |
| EBITDA (revenue less fees/commission, employee and other expenses) | n.r. | n.r. | 3,340 | 4,313 |
| Depreciation and amortisation | n.r. | n.r. | 85.4 | 105.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity * | 2,313 | 2,883 | 3,517 | 4,171 |
| Cash and cash equivalents * | 31.5 | 23.1 | 15.4 | 134.0 |
| Trade receivables * | 112.3 | 195.8 | 237.2 | 186.5 |
| Trade payables * | 79.0 | 115.1 | 175.4 | 198.2 |
| Net property, plant and equipment * | 202.7 | 241.9 | 244.9 | 258.6 |
| Capital work in progress * | 4.87 | 3.17 | 284.1 | 6.39 |
| Total assets * | 2,805 | 3,554 | 4,384 | 5,050 |
| Investments (seed capital, treasury MF, AIF, bonds) plus cash | 3,365 | 3,991 | ||
| Net debt (borrowings nil, less cash and investments) | -3,365 | -3,991 | ||
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations * | 1,988 | 2,650 | 3,593 | 3,282 |
| Free cash flow (vendor definition) * | 1,359 | 1,710 | 2,162 | 3,166 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,220 | -1,477 | -2,012 | -2,640 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -40.5 | -54.4 | -411.1 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shares outstanding * | 49.43 | 49.43 | 49.43 | 49.43 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (fees and commission income) | 1,227 | 1,269 | 1,331 | 1,439 | 1,540 | 1,542 | 1,564 | 1,674 |
| Cost of revenue (vendor classification) * | 256.8 | 230.3 | 213.7 | 274.4 | 240.0 | 327.7 | ||
| Other operating costs (vendor classification) * | 90.4 | 144.5 | 45.3 | 99.9 | 116.9 | 103.9 | ||
| EBITDA (vendor classification) * | 854.1 | 945.3 | 1,118 | 1,249 | 1,071 | 1,313 | ||
| EBIT * | 833.0 | 921.8 | 1,091 | 1,223 | 1,043 | 1,285 | ||
| Finance cost (lease interest; no borrowings) | 4.88 | 4.89 | 5.15 | 3.57 | 4.46 | 4.59 | 4.74 | 4.75 |
| Profit before tax | 828.1 | 916.9 | 1,062 | 1,093 | 1,226 | 1,046 | 1,281 | 1,198 |
| Tax expense | 196.3 | 225.2 | 278.3 | 254.6 | 303.5 | 277.3 | 316.0 | 308.7 |
| Profit after tax (to owners; no minorities) | 631.8 | 691.7 | 783.6 | 838.0 | 922.6 | 768.6 | 964.6 | 889.0 |
| Diluted EPS (INR) | 12.78 | 13.99 | 15.85 | 16.95 | 18.66 | 15.55 | 19.51 | 17.98 |
| Other income (treasury: interest, dividend, fair-value gains) | -25.4 | 51.0 | 146.9 | 71.9 | 107.9 | -89.9 | 180.8 | 16.9 |
| Fees and commission expense (PMS/AIF distribution) | 94.0 | 82.7 | 103.0 | 101.9 | 111.6 | 115.3 | 123.7 | 132.9 |
| Employee benefits expense | 162.7 | 147.6 | 183.7 | 186.1 | 179.6 | 141.1 | 204.0 | 212.8 |
| Other expenses | 90.4 | 144.5 | 98.4 | 100.1 | 100.2 | 117.5 | 103.9 | 113.2 |
| EBITDA (revenue less fees/commission, employee and other expenses) | 879.5 | 894.4 | 945.6 | 1,051 | 1,149 | 1,168 | 1,133 | 1,215 |
| Depreciation and amortisation | 21.2 | 23.6 | 25.3 | 26.6 | 26.0 | 27.7 | 28.1 | 29.4 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 25.5% | 38.7% | 25.0% | |
| EBITDA margin | 71.3% | 73.7% | ||
| Net margin | 56.4% | 60.7% | 56.6% | 56.6% |
| Return on equity | 65.5% | 78.9% | 82.8% | 86.2% |
| Return on capital employed | 87.4% | 104.5% | 111.0% | 115.1% |
| Return on assets | 54.0% | 64.5% | 66.8% | 70.2% |
| Net debt (₹ crore) | -3,365 | -3,991 | ||
| Net debt / EBITDA | -1.01x | -0.93x | ||
| Interest cover | 135.6x | 167.7x | 191.5x | 249.0x |
| Asset turnover | 0.96x | 1.06x | 1.18x | 1.24x |
| Receivable days | 15 | 21 | 18 | 12 |
| Payable days (on revenue) | 11 | 12 | 14 | 12 |
| Cash conversion | 1.31x | 1.29x | 1.36x | 0.99x |
| Capex intensity | 1.5% | 1.6% | 8.8% | |
| Free cash flow (₹ crore) | 1,947 | 2,595 | 3,182 | |
| Dividend payout | 80.5% | 72.1% | 75.9% | 79.7% |
| EPS, diluted (₹) | 30.67 | 41.47 | 53.60 | 67.03 |
| Book value per share (₹) | 46.80 | 58.33 | 71.15 | 84.39 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less fees/commission, employee and other expenses) / 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): Net debt (borrowings nil, less cash and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less fees/commission, employee and other expenses).
- 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 (INR, split and bonus adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 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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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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Report history
Reports on ICICI Prudential Asset Management Company
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