HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹728.85 last close on 16 Oct 2026 +0.28%
Research updated
UTI Asset Management Co. Ltd.
NSE: UTIAMCFinancial ServicesAsset Management
- Last close
- ₹869.90
- Day change
- −₹4.45 (−0.51%)vs
- Market cap
- ₹11,182 crIndian rupees
- Research updated
- 1 report
About UTI Asset Management Co.
UTI Asset Management Co. Ltd. is a notable entity in the financial sector, specializing as an asset management company in India. Its primary function involves managing and administering various financial products, including equity, debt, and hybrid mutual funds. As a prominent player in the mutual fund industry, UTI Asset Management caters to a diverse clientele, spanning individual retail investors, corporate entities, and institutional clients. The company is instrumental in influencing capital allocation and investment choices within the Indian markets. Its diverse portfolio management services aim to maximize returns for its investors while mitigating risk through strategic asset allocation. UTI Asset Management's significant market presence underscores its role as a key player in channeling investment into various sectors of the economy, thus contributing to capital formation and economic growth. Headquartered in India, the firm’s extensive distribution network and dedicated financial advisory services embody its commitment to investor education and financial inclusivity.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: UTIAMC
- Chief executive
- Mr. Vetri Murugan Subramaniam
- Employees
- 1,248
- Headquarters
- Mumbai, India
- ISIN
- INE094J01016
- Website
- utiwms.com
Public research · Report of
Business model & financial foundation
UTI AMC (NSE: UTIAMC), Asset Management (mutual fund, pension fund, PMS, offshore and alternative funds): revenue of ₹1,698 crore in FY26 (-8.3% on FY25), an EBITDA margin of 42.1%, net profit of ₹404.1 crore and net cash of ₹4,291 crore.
- Revenue, FY26 (₹ crore)
- 1,698
- consolidated
- Revenue growth, FY26
- -8.3%
- on FY25
- EBITDA margin, FY26
- 42.1%
- EBITDA issuer basis incl other income and exceptional / revenue
- Net profit, FY26 (₹ crore)
- 404.1
- to owners
- Return on equity, FY26
- 8.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,291
- Net debt incl leases less cash bank and owner treasury
- Market capitalisation (₹ crore)
- 11,507
- at the close of 17 Oct 2026
Company profile
UTI AMC is the investment manager to UTI Mutual Fund, India's oldest mutual fund (QAAUM Rs 3,88,470 cr in Q4 FY26, 4.76% share), and through subsidiaries manages NPS pension money (UTI Pension Fund, ~24% NPS share), offshore funds (UTI International) and AIFs (UTI Alternatives). Group AUM was Rs 23.42 lakh cr at Mar-26, dominated by PMS mandates (EPFO, CMPFO, PLI). It is a professionally managed company with no identifiable promoter; T. Rowe Price (22.69%) and four state-owned financial institutions are its largest holders.
| Item | Value |
|---|---|
| Legal name | UTI Asset Management Company Limited |
| Exchange and ticker | NSE: UTIAMC; BSE: 543238 |
| ISIN | INE094J01016 |
| CIN | L65991MH2002PLC137867 |
| Sector | Financial Services |
| Industry | Asset Management (mutual fund, pension fund, PMS, offshore and alternative funds) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (FRN 101248W/W-100022), partner Sameer Mota (since 2021) |
| Market capitalisation | ₹11,507 crore (17 Oct 2026) |
| Shares outstanding | 12.85 crore shares (FY26) |
| Price | ₹869.9 (close, 17 Oct 2026) |
| 52-week range | ₹866.0 - ₹1,409 (to 17 Oct 2026) |
| Website | https://www.utimf.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| UTI International Limited | 100% | Offshore investment manager; owns four step-down subsidiaries |
| UTI Pension Fund Limited (formerly UTI Retirement Solutions Limited) | 100% | PFRDA-licensed NPS pension fund manager and PoP |
| UTI Alternatives Private Limited | 100% | AIF/private-capital investment manager, co-investment PMS and IFSC business |
| UTI HART Financial and Investment Services Limited | 100% | Formerly UTI Venture Fund Management Co Limited; legacy financial/investment-services entity |
| UTI Investment Management Company (Mauritius) Limited | 100% | Wholly owned by UTI International; investment manager to offshore Mauritius funds |
| UTI International (Singapore) Private Limited | 100% | Wholly owned by UTI International; investment manager to offshore equity, sovereign-bond and VCC funds |
| UTI International (France) SAS | 100% | Wholly owned by UTI International; detailed business not retrieved |
| UTI Investments America Limited | 100% | Wholly owned by UTI International; US business, detailed financials not retrieved |
No identifiable promoter; no parent identified (not proven absence of ultimate control). Mar2026: T.Rowe22.69%, PNB15.03%, SBI/BoB/LIC9.85% each (S4). Four direct and four step-down wholly owned subsidiaries. SDOFII/III ceased consolidation24Dec2025/25Mar2026 (secondary S8); see capital.json, not current subsidiaries. UTI Trustee is MF trustee, not a disclosed AMC subsidiary.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.27% | 7.11% | 6.89% | 6.71% |
| Domestic institutions | 60.00% | 60.07% | 59.61% | 59.12% |
| of which mutual funds | 14.08% | 14.35% | 14.36% | 13.96% |
| Retail | 7.00% | 7.17% | 7.68% | 8.22% |
| Other | 25.73% | 25.65% | 25.82% | 25.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
UTI AMC manages UTI Mutual Fund (Q2FY27 QAAUM Rs4,02,337cr, 4.61% industry share) and, through wholly owned subsidiaries, NPS pension money (UTI Pension Fund, ~24% NPS share), offshore funds (UTI International) and AIFs (UTI Alternatives). Fee revenue (sale of services) was Rs1,538.9cr in FY26, of which MF fees Rs1,229cr; the rest is PMS (EPFO/CMPFO mandates), pension, international and alternatives fees (~Rs310cr). Reported revenue also includes treasury income on a ~Rs3,988cr owner investment book (FY26 fair-value gain Rs99.3cr vs Rs349.9cr in FY25), which is why FY26 PAT to owners fell to Rs404.1cr from Rs731.5cr even as fees rose 6.5%. No promoter; T. Rowe Price 22.69%, PNB 15.03%, SBI/BoB/LIC 9.85% each.
| Segment | sale of services, FY26 (₹ crore) | Share | subsidiary pat, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| MANAGEMENT entity bridge: UTI AMC standalone (not Ind AS segment) | 1,255 | 81.5% | ||
| MANAGEMENT entity: UTI International (not formal segment) | 127.0 | 8.3% | -140.9 | |
| MANAGEMENT entity: UTI PFL (formerly Retirement Solutions) | 153.0 | 9.9% | 54.6 | |
| MANAGEMENT entity: UTI Alternatives (not formal segment) | 23.0 | 1.5% | 5.30 | |
| Eliminations in management sale-of-services bridge | -19.0 | -1.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Asset Management Company (HDFCAMC) | Core listed AMC; equity-oriented mutual-fund and PMS/AIF business. Fee/margin benchmark, not RTA. |
| Nippon Life India Asset Management (NAM-INDIA) | Core AMC with ETF/passive, institutional mandates, offshore and alternatives; closest business-mix analogue. |
| ICICI Prudential Asset Management Company (ICICIAMC) | Core AMC spanning mutual funds, PMS, AIF and offshore advisory; scale and fee-yield benchmark. |
| Aditya Birla Sun Life AMC (ABSLAMC) | Core MF AMC with PMS/AIF and offshore advisory; useful debt/equity-mix and mature distribution comparison. |
| Canara Robeco Asset Management Company (CRAMC) | Core AMC, bank-sponsored joint venture; comparator for institutional shareholders and distribution. Source profile confirmed; annual report unavailable. |
| Computer Age Management Services (CAMS) | Non-pure: MF RTA/infrastructure provider, industry AUM-linked operating leverage without portfolio selection. |
| KFin Technologies (KFINTECH) | Non-pure: RTA, fund administration and pension CRA; services overlap with NPS/AIF infrastructure, not an investment manager. |
| 360 ONE WAM (360ONE) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations incl investment income | 1,119 | 1,131 | 1,737 | 1,851 | 1,698 |
| Cost of revenue (vendor classification) * | 368.5 | 379.9 | 395.1 | 426.0 | 473.7 |
| Other operating costs (vendor classification) * | 163.0 | 186.9 | 216.4 | 232.9 | 272.3 |
| EBITDA (vendor classification) * | 528.0 | 537.2 | 534.9 | 761.6 | 724.5 |
| EBIT including treasury other income exceptional | 670.1 | 595.8 | 998.1 | 1,065 | 664.8 |
| Finance cost | 9.95 | 10.2 | 11.3 | 12.7 | 13.2 |
| Profit before tax after exceptional items | 660.2 | 585.6 | 986.8 | 1,052 | 651.6 |
| Current plus deferred tax expense | 125.6 | 145.9 | 184.8 | 239.2 | 179.2 |
| PAT before NCI allocation | 534.6 | 439.7 | 802.0 | 813.0 | 472.4 |
| Diluted EPS (₹) | 41.96 | 34.44 | 60.22 | 57.11 | 31.41 |
| Fees and commissions (sector direct cost) | 1.85 | 2.62 | 3.76 | ||
| Employee benefits expense | 439.3 | 458.0 | 552.7 | ||
| Other expense excluding depreciation finance commissions | 262.4 | 289.0 | 333.0 | ||
| Other income outside operations | 6.97 | 8.85 | 16.0 | ||
| Depreciation amortisation impairment | 42.3 | 45.5 | 50.9 | ||
| Exceptional income positive expense negative | 0.00 | 0.00 | -108.9 | ||
| PAT owners | 765.7 | 731.5 | 404.1 | ||
| PAT NCI | 36.4 | 81.5 | 68.3 | ||
| EBITDA issuer basis incl other income and exceptional | 1,040 | 1,110 | 715.7 | ||
| Fee revenue sale of services included in operations | 1,182 | 1,445 | 1,539 | ||
| Investment interest income included in operations | 34.6 | 41.1 | 44.9 | ||
| Rental income included in operations | 13.2 | 14.8 | 14.9 | ||
| Net fair value gain included in operations | 507.1 | 349.9 | 99.3 | ||
| Share of associates profit | n.a. | n.a. | n.a. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl NCI | 3,632 | 3,868 | 4,973 | 5,160 | 4,505 |
| Borrowings excluding leases | n.r. | 0.00 | 0.00 | ||
| Cash and cash equivalents | 174.6 | 209.5 | 150.9 | 256.8 | 35.6 |
| Trade receivables | 77.9 | 87.1 | 83.3 | 79.7 | 77.3 |
| Trade payables MSME plus other suppliers | 6.18 | 50.6 | 31.2 | 62.4 | 25.8 |
| PPE excluding ROU investment property and intangibles | 249.6 | 354.6 | 162.7 | 164.8 | 166.6 |
| Capital work in progress | 6.55 | 6.48 | 3.07 | 8.30 | 0.07 |
| Total assets | 3,988 | 4,178 | 5,341 | 5,658 | 5,043 |
| Bank balances other than cash equivalents | 169.1 | 247.7 | 408.5 | ||
| Total consolidated balance-sheet investments | 4,428 | 4,558 | 3,988 | ||
| Owners treasury excl consolidated SDOF external interests | 3,833 | 4,048 | 3,988 | ||
| Lease liabilities | n.r. | 142.4 | 140.9 | ||
| Equity attributable owners | 4,388 | 4,599 | 4,505 | ||
| Non-controlling equity | 585.0 | 561.2 | 0.00 | ||
| Paid-up equity capital | 127.3 | 128.0 | 128.5 | ||
| Net debt incl leases less cash bank and owner treasury | n.r. | -4,410 | -4,291 | ||
| Inventories | n.a. | n.a. | n.a. | ||
| Right of use assets | 115.2 | 116.9 | 114.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 627.5 | 562.4 | n.r. | 536.4 | 406.5 |
| Free cash flow (vendor definition) * | 253.0 | 286.5 | 178.5 | 466.5 | 338.3 |
| Dividends paid (the provider's sign: an outflow is negative) * | -215.5 | -266.6 | -279.4 | -598.7 | -614.9 |
| Acquisition PPE intangibles gross cash outflow positive | -37.9 | -51.9 | n.r. | 69.8 | 68.2 |
| Prior vendor CFO reference NOT reconciled * | 908.8 | 931.0 | |||
| Prior vendor capex reference NOT reconciled outflow negative * | -80.5 | -50.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued period-end shares crore | 12.68 | 12.69 | 12.73 | 12.80 | 12.85 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations incl investment income | 538.4 | 417.6 | 365.9 | 546.9 | 418.6 | 517.1 | 215.5 | 583.5 |
| Cost of revenue (vendor classification) * | 116.0 | 113.4 | 116.9 | 129.9 | 133.7 | 133.2 | 122.8 | |
| Other operating costs (vendor classification) * | 74.2 | 71.4 | 80.1 | 77.0 | 81.1 | 94.4 | 78.2 | |
| EBITDA (vendor classification) * | 198.0 | 207.5 | 178.8 | 188.5 | 195.9 | 174.5 | 197.2 | |
| EBIT PBT plus finance includes treasury exceptional | 338.7 | 224.4 | 157.3 | 329.4 | 167.4 | 181.6 | -13.6 | 371.2 |
| Finance cost | 3.05 | 3.20 | 3.30 | 3.38 | 3.31 | 3.33 | 3.19 | 3.28 |
| Profit before tax | 335.7 | 221.2 | 154.0 | 326.0 | 164.1 | 178.3 | -16.8 | 367.9 |
| Total current plus deferred income tax | 72.6 | 47.6 | 52.0 | 72.2 | 31.9 | 40.5 | 34.6 | 74.1 |
| PAT before NCI allocation | 263.1 | 173.6 | 102.0 | 253.9 | 132.2 | 137.8 | -51.4 | 293.9 |
| Diluted EPS nonannualised quarter (₹) | 18.67 | 11.74 | 6.81 | 18.42 | 8.77 | 9.39 | -5.19 | 22.84 |
| Fees and commissions sector direct cost | 0.62 | 0.66 | 0.75 | 0.77 | 0.77 | 1.00 | 1.22 | 1.13 |
| Employee benefits expense | 115.3 | 112.8 | 116.2 | 129.2 | 158.8 | 132.7 | 132.0 | 121.6 |
| Other expense excl finance dep commissions fair-value loss | 74.2 | 71.4 | 79.6 | 77.0 | 81.7 | 81.1 | 93.2 | 78.2 |
| Other income outside operations | 1.67 | 2.89 | -0.23 | 1.72 | 2.87 | 0.81 | 10.6 | 1.72 |
| Depreciation amortisation impairment | 11.2 | 11.3 | 11.8 | 12.3 | 12.7 | 12.7 | 13.2 | 13.1 |
| Exceptional expense negative income positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -108.9 | -0.05 | 0.00 |
| PAT attributable owners | 239.2 | 150.7 | 87.5 | 236.9 | 113.0 | 121.0 | -66.7 | 293.9 |
| PAT attributable NCI positive subtract from PAT | 23.9 | 22.9 | 14.5 | 17.0 | 19.2 | 16.8 | 15.3 | 0.00 |
| EBITDA issuer compatible incl other income exceptional | 350.0 | 235.7 | 169.1 | 341.7 | 180.1 | 194.3 | -0.39 | 384.3 |
| Fee revenue sale of services included in operations | 373.0 | 375.4 | 360.1 | 379.3 | 390.0 | 394.7 | 374.9 | 378.7 |
| Interest included in revenue operations | 9.75 | 10.3 | 11.8 | 10.7 | 11.2 | 11.5 | 11.6 | 13.6 |
| Rental included in revenue operations | 3.71 | 3.70 | 3.71 | 3.71 | 3.72 | 3.69 | 3.78 | 4.02 |
| Signed net fair value change included in operations | 152.0 | 28.2 | -9.72 | 153.2 | 13.7 | 107.3 | -174.8 | 187.1 |
| Share of profit of associates | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
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 | 38.7% | 1.1% | 53.5% | 6.6% | -8.3% |
| EBITDA margin | 59.9% | 60.0% | 42.1% | ||
| Net margin | 44.1% | 39.5% | 23.8% | ||
| Return on equity | 17.3% | 14.4% | 8.4% | ||
| Return on capital employed | 20.6% | 13.8% | |||
| Return on assets | 16.1% | 13.3% | 7.6% | ||
| Net debt (₹ crore) | -4,410 | -4,291 | |||
| Net debt / EBITDA | -3.97x | -6.00x | |||
| Interest cover | 67.3x | 58.3x | 88.6x | 83.8x | 50.3x |
| Asset turnover | 0.29x | 0.28x | 0.36x | 0.34x | 0.32x |
| Receivable days | 25 | 28 | 18 | 16 | 17 |
| Payable days (on revenue) | 2 | 16 | 7 | 12 | 6 |
| Cash conversion | 0.73x | 1.01x | |||
| Capex intensity | 3.4% | 4.6% | 3.8% | 4.0% | |
| Free cash flow (₹ crore) | 589.6 | 510.5 | 466.5 | 338.3 | |
| Dividend payout | 36.5% | 81.8% | 152.2% | ||
| EPS, diluted (₹) | 41.96 | 34.44 | 60.22 | 57.11 | 31.41 |
| Book value per share (₹) | 286.4 | 304.8 | 390.8 | 403.2 | 350.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA issuer basis incl other income and exceptional / 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 incl leases less cash bank and owner treasury; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA issuer basis incl other income and exceptional.
- 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 1, information to 17 Oct 2026); market data at the close of 17 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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Report history
Reports on UTI Asset Management Co.
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 17 Oct 2026.
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