Aditya Birla Sun Life AMC Limited — Q3 FY26
Aditya Birla Sun Life AMC reported Q3 FY26 revenue of 478 crore (+7.7% YoY) and PAT of 358 crore (+19% YoY), driven by higher AUM and improved fund performance.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Why employee benefit expenses up ~20% YoY excluding labor code?
Asked by Moitamal, Sentum
Management gave specific cost breakdown and amounts for the increase.
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Question
So even if I remove that labor code extra cost, the employee benefit expenses were higher by around 20% Y. So what explains this increase in employee benefit expenses?
India (likely CFO or senior management)
So Mohit actually employee benefit expenses have gone up by basically on two counts... additional impact of the graduity based on the new labor code... around 2.82 crores... second is on the ESOP costs... around 4.66 crores for this quarter.
Answered
High priority
Are the increased costs recurring or one-time?
Asked by Moitamal, Sentum
Clearly distinguished one-time vs recurring with specific duration.
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Question
So going forward we should expect this to be recurring or is it one time?
India
So, graduity is a one-time cost. It's not recurring and the ESOP cost would be there for next four quarters, three more quarters on this account.
Answered
High priority
Share segment-wise yields for equity, hybrid, liquid.
Asked by Moitamal, Sentum
Provided specific yield numbers for each segment.
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Question
And a second if you can share segment wise.
India
for equity our yields are around 64 65 basis point and for that it is around 24 basis point and liquid is around 13 basis points.
Partial answer
Medium priority
Revenue numbers for PMS and AIF for 9M and Q3.
Asked by Moitamal, Sentum
Provided Q3 alternate revenue but not 9M or PMS/AIF separately.
only Q3 given, not 9M
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Question
And in terms of this PMS and EIS, can you give some revenue numbers for 9M and Q?
India
the alternate revenue for Q3 was around 34 crores which is around 4 and a half% of our total revenue.
Evasive
High priority
How will SEBI circular impact yields going forward?
Asked by Moitamal, Sentum
No specific numbers or range given for yield impact.
no quantificationvague language
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Question
So lastly on ease, how do you see ease actually going forward for the next four to five quarters do you see a meaningful decline? How do we see the yield basically?
India
I think broadly the impact of the circular would be minimal and to the extent very limited impact we should see... we should see an improved performance rather than any significant reduction in the fees.
Evasive
Medium priority
Will the yield impact be passed to distributors?
Asked by Moitamal, Sentum
Did not answer whether they will pass on costs to distributors.
no commitmentdeferred to future
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Question
So the registry yield is minimal impact because of the circular, do you mean to say that we'll be able to pass on to the distributors?
India
no I think we'll see it I think as we come closer to the implementation date of course we will see how best it has to be optimally utilized... preliminary assessment is actually is we'll have to balance it out ensure it has a minimal impact
Answered
Medium priority
When will SIF (special investment fund) be launched?
Asked by Moitamal, Sentum
Provided specific timeline for launch.
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Question
So my last question is on SIS. So your thoughts and when will be able to launch it?
India
In the case of FIF we have already filed applications... likely to their approval likely to come this month... we will launch it by the time budget would also be out and we'll be the first one to launch month of February
Partial answer
High priority
When will improved fund performance translate to market share gains?
Asked by PR Jen, Motil Oswell Financial Services Limited
Described trends but did not give a concrete timeline for market share recovery.
no specific timelinequalitative only
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Question
In spite of that we kind of continue to lose market share on the equity side... where do you see the effect of this fund performance translating into market share gains?
India
the market share loss has been coming down... now almost come to a stage where is now getting stabilized... the number of approval that is coming from the Runa channel partners... should be taken as a signal of products coming as part of the recommendation list
Evasive
Medium priority
Will you increase commissions to drive volume growth?
Asked by PR Jen, Motil Oswell Financial Services Limited
Did not confirm any specific plan to increase commissions.
no commitmentvague
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Question
Any commission actions that you would want to take wherein you kind of increase a bit of commissions and take some pressure on your yields and get the volume growth?
India
So that's something we keep doing it as part of a strategy... the team do have some of flexibility to push for the volume that's something we keep doing it
Evasive
Medium priority
Is flow market share close to backbook market share?
Asked by PR Jen, Motil Oswell Financial Services Limited
Did not provide any specific comparison or numbers.
no numbersvague
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Question
Is your flow market share coming closer to or is it very close to your backbook market share?
India
Yes, somewhat we can say... the moment we see the rate of falling comes down somebody equating on the reverse trend.
Partial answer
Medium priority
What is the trajectory of other expenses given scaling up?
Asked by Deepangan Kosh, city
Explained past but did not give future expense trajectory.
no forward guidance
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Question
How should one think of the trajectory on the other expense side in case let's say you had to kind of scale up initiative?
India
Q3 has those activities have been low and that is why if you see that there was no increase on quarter quarterly basis in fact it is flat... the right way to look at is the to date average.
Answered
High priority
Provide employee count and SIP AUM as of Dec 31.
Asked by Deepangan Kosh, city
Provided specific numbers for both metrics.
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Question
If you can spell out the employee number and SIP AUM number as of December 31st.
India
the employee number is currently it is around 1,680 people 83 to be precise and SIPUM is around 87,000 approaches 869 84 around 87,000
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Alternate revenue for Q3 was 34 crores, 4.5% of total revenue | ₹34 cr | ₹478 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.