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View Claim Ledger →Aditya Birla Sun Life Amc Ltd — Q4 FY26
Aditya Birla Sun Life AMC reported Q4 FY26 revenue of ₹458 crore (+6.8% YoY), but EBITDA fell to ₹222 crore (-4.7% YoY) and PAT dropped to ₹181 crore (-20.6% YoY) due to mark-to-market losses on other income.
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Aditya Birla Sun Life AMC reported Q4 FY26 revenue of ₹458 crore (+6.8% YoY), but EBITDA fell to ₹222 crore (-4.7% YoY) and PAT dropped to ₹181 crore (-20.6% YoY) due to mark-to-market losses on other income. The mutual fund quarterly average AUM grew 14% YoY to ₹4.36 lakh crore, with equity AUM up 17% to ₹1.90 lakh crore. SIP book stood at ₹76 crore, and new SIP registrations rose 16% QoQ to ~6 lakh. The company won an EPFO equity mandate and is expanding its GIFT City subsidiary. Management expects the regulatory impact from the 5 bps total expense ratio cut to be largely neutral through cost optimization. Key risk: sustained market volatility could pressure AUM growth and flows.
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Market volatility impacting AUM and flows
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Read Transcript →Quarter Snapshot
Quarterly Average AUM (Mutual Fund)
₹4.36 lakh cr
+14% YoY
Overall mutual fund AUM grew 14% year-on-year to ₹4.36 lakh crore.
Equity AUM (Quarterly Average)
₹1.90 lakh cr
+17% YoY
Equity mutual fund quarterly average AUM increased 17% year-on-year.
SIP Book
₹76 cr
-13% QoQ
SIP book declined from ₹87 crore in Q3 to ₹76 crore in Q4, partly due to cancellations.
New SIP Registrations (Quarter)
6.71 lakh
+16% QoQ
New SIP registrations rose 16% quarter-on-quarter to 6.71 lakh.
What Changed vs Last Quarter
NEW
Regulatory impact neutralization
Management expects to offset the 5 bps total expense ratio cut through cost optimization and distributor commission adjustments, aiming for a neutral impact on profitability.
NEW
ESOP expense increase of ₹8-10 crore per quarter
Employee stock option expenses will increase by approximately ₹8-10 crore per quarter in FY27 due to a new employee scheme launched in Q4.
NEW
Launch of ABSL Global Emerging Market Fund via GIFT City
Plans to launch an open-ended global emerging market fund through the GIFT City subsidiary, targeting offshore investors.
DROPPED
Minimal impact from SEBI TERO circular on yields
Management expects the regulatory change to have a very limited impact on overall yields, with marginal reduction offset by scale and product mix.
DROPPED
ESOP cost to recur for three more quarters
The ESOP cost of ~4.66 crore per quarter from the parent company scheme will continue for the next three quarters.
DROPPED
Launch of hybrid fund under new tax regime in February
The company plans to launch an equity taxation hybrid fund in February 2026, pending regulatory approval.
DROPPED
GIFT City subsidiary operational by quarter-end
The newly incorporated subsidiary in GIFT City is expected to secure regulatory approvals and become operational before the current quarter ends.
NEW RISK
Market volatility impacting AUM and flows
Persistent equity market volatility and FII outflows could pressure AUM growth and lead to higher SIP cancellations, as seen in Q4.
NEW RISK
Regulatory impact on margins
The 5 bps total expense ratio cut effective April 2026 could compress margins if cost optimization measures fall short.
NEW RISK
SIP cancellation rate increase
SIP cancellations rose during the volatile quarter, and if sustained, could slow AUM growth despite strong new registrations.
RISK GONE
Market share recovery may lag performance improvement
Despite improved fund performance, market share continues to decline, and management could not provide a timeline for reversal.
RISK GONE
SEBI TERO circular impact on yields
Management downplayed the impact but did not provide specific quantification, leaving uncertainty about future margin compression.
RISK GONE
ESOP cost overhang on profitability
Recurring ESOP costs of ~4.66 crore per quarter for three more quarters will pressure margins.
RISK GONE
Intense competition and distribution inertia
Even with top-quartile performance, regaining lost market share is challenging due to fragmentation and distributor loyalty.
Fast read
Guidance and risk preview
Management expects to offset the 5 bps total expense ratio cut through cost optimization and distributor commission adjustments, aiming for a neutr...
Persistent equity market volatility and FII outflows could pressure AUM growth and lead to higher SIP cancellations, as seen in Q4.
View Risks →