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Canara Robeco reported muted Q3 FY26 results amid market volatility, with closing AUM at ~₹1.2 lakh crore (+12% YoY) and quarterly average AUM at ₹1.22 lakh crore (+13% YoY). Revenue for 9M FY26 stood at ₹310.7 crore (+18% YoY), while adjusted PAT grew 14% to ₹170 crore. The company faced a one-time employee benefit expense of ₹10.15 crore due to new labor codes and IPO costs. SIP accounts declined due to market volatility, but management targets 20% AUM growth going forward, driven by SIP strategies, B30 expansion, and branch openings. Key risks include regulatory changes (TER rationalization) and sustained equity market weakness. Management expressed confidence in maintaining cost-to-income ratio around 40% and payout policy of 40-50% of PAT.
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Guidance to track
- Management targets at least 20% AUM growth annually, driven by SIP strategies, B30 expansion, and product launches.
- Management aims to maintain cost-to-income ratio at approximately 40%, with flexibility for higher spending in certain years.
- Dividend payout expected to be in the range of 40-50% of PAT over the next couple of years, gradually increasing.
- One new fund offer expected to launch in the next 2-3 months, subject to regulatory approvals.
Risks flagged
- Active SIP accounts declined as investors paused or canceled SIPs amid equity market volatility, with digital investors more prone to cancellations.
- SEBI's proposal to restructure expense ratios, effective April 1, could compress margins, though management expects industry-wide impact to be manageable.
- New labor laws requiring gratuity on 50% of basic salary led to a one-time charge of ₹10.15 crore, impacting 9M PAT.
Key quotes
- We are an equity focused fundhouse with a small basket of funds that we believe are suited for the investor.
- If you want to just look at one metric, it should be just growth, because everything else can be managed if you're growing.
- We are still studying the data. It's still early days for us to look at it, but that's the trend we see.
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