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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹478 Cr
verified against source
Revenue YoY
7.7%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. Quarterly average AUM (incl. alternatives) hit a record 4.81 lakh crore (+20% YoY), with mutual fund AUM at 4.40 lakh crore (+14% YoY). Equity AUM grew 11% YoY to 2 lakh crore. The PMS/AIF segment surged 70% YoY to 20,000 crore. Management highlighted stabilizing market share and improving flows into core equity products like flexicap and balanced advantage funds. Guidance includes minimal impact from the SEBI total expense ratio circular, continued ESOP cost headwinds for three more quarters, and the launch of a hybrid fund under the new tax regime in February. Key risk: market share recovery may lag despite improved fund performance due to intense competition and distribution inertia.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the regulatory change to have a very limited impact on overall yields, with marginal reduction offset by scale and product mix.
- The ESOP cost of ~4.66 crore per quarter from the parent company scheme will continue for the next three quarters.
- The company plans to launch an equity taxation hybrid fund in February 2026, pending regulatory approval.
- The newly incorporated subsidiary in GIFT City is expected to secure regulatory approvals and become operational before the current quarter ends.
Risks flagged
- Despite improved fund performance, market share continues to decline, and management could not provide a timeline for reversal.
- Management downplayed the impact but did not provide specific quantification, leaving uncertainty about future margin compression.
- Recurring ESOP costs of ~4.66 crore per quarter for three more quarters will pressure margins.
- Even with top-quartile performance, regaining lost market share is challenging due to fragmentation and distributor loyalty.
Key quotes
- Our overall fund performance has improved quite significantly leading to better market perceptions and importantly stronger flows into our core product.
- The moment we see the rate of falling comes down, somebody equating on the reverse trend.
- We have to do the find balance between profitability versus the overall growth in AM versus the revenue.
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