ICICI Prudential AMC, the second-largest asset management company by AUM after SBI Mutual Fund, is expected to post over 18 percent year-on-year growth in topline for the quarter ended March 2026.

Strong inflows are likely to support a rise in its market share. However, yields may come under pressure due to the sharp market correction witnessed in March.

On Friday, ahead of earnings, the stock touched a record high of Rs 3,430 on the National Stock Exchange, recording more than 4 percent rally, while last week, it recorded 19 percent surge, however, before this rally, it has seen correction of 17 percent from its February swing high to March swing low, tracking weakness in equity market sentiment.

According to brokerages, the MF revenue yields may fall by 0.6bps QoQ and around 2bps YoY.

The benchmark Nifty 50 tumbled nearly 16 percent from its February high to April low following West Asia crisis and rally in oil prices. However, there was more than 8 percent rally from April low tracking the announcement of Iran ceasefire and fall in oil prices.

AUM Growth and Topline

The assets under management (AUM) are expected to show 2-2.5 percent sequential growth but likely to be robust on year-on-year basis.

"We expect 2 percent QoQ AUM growth. ICICI Prudential AMC has gained market share on the back of strong flows backed by performance," Kotak Institutional Equities in its report said.

Equirus Research sees QAAUM increasing by 2.5 percent QoQ and expects increase in market share in equity QAAUM owing to consistent flows, while Prabhudas Lilladher believes overall, QAAUM might increase by 2.6 percent QoQ and 25.5 percent YoY.

Motilal Oswal has added the stock to its model portfolio, citing ICICI Prudential AMC continues to gain market share led by its sustained strong fund performance, scales up its non-MF business to over 15 percent of revenue, and maintains its best-in-class profitability.

According to brokerages, revenue from operations in Q4FY26 may grow more than 18 percent YoY during the quarter but fall nearly a percent compared to previous quarter.

Bottomline

The profit growth for the quarter ended March 2026 is expected to be over 5 percent on-year basis but sequentially likely to see sharp decline due to losses in treasury investments.

Kotak Institutional Equities sees profit growing 5.6 percent compared to year-ago period but declining 20.3 percent on sequential basis, while Equirus expects bottomline to grow 7.4 percent YoY but to fall 19 percent QoQ on lower treasury income.

What to watch out for

Key things to watch out for would be comments on scheme performance and market share; outlook in terms of fresh flows and AUM growth; and comments on TER (total expense ratio) regulation and outlook for FY27, according to Equirus.

Q3FY26 Recap

In the December 2025 quarter, ICICI Prudential AMC recorded profit at Rs 917.1 crore, growing 45.1 percent YoY and 9.8 percent QoQ. The massive growth in bottomline YoY was partly driven by other income which stood at Rs 108.9 crore in Q3FY26, against loss of Rs 25.3 crore in Q3FY25.

Revenue from operations during the quarter soared 23.5 percent to Rs 1,514.7 crore compared to corresponding period last fiscal, while on sequential basis, the growth was 6.7 percent.

It had declared interim dividend of Rs 14.85 per share on January 14, 2026.