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Revenue
₹390 Cr
verified against source
Revenue YoY
6.36%
reported change
EBITDA
₹460 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UTI AMC reported a steady FY26 with standalone revenue of ₹1,255 crore (+6.4% YoY) and normalized PAT of ₹643 crore (flat YoY). EBITDA margin contracted ~125bps to 36.7% due to higher employee costs (including VRS provision) and technology investments. Mutual fund AUM grew to ₹3.88 lakh crore (+14.5% YoY), driven by passive flows and SIP growth of 13.4% YoY. Management's single-line agenda is growth, targeting faster AUM expansion to absorb fixed costs. Key risks include persistent equity net outflows (though narrowing) and global investor apathy impacting international business. Guidance for FY27 includes employee cost run-rate of ~₹95 crore/quarter (standalone) and other expense growth of ~8%.
Colored figures show movement against the previous available record.
Guidance to track
- Normalized employee cost for standalone entity expected at ₹90-95 crore per quarter in FY27, post VRS one-off.
- Other administrative expenses expected to increase ~8% for standalone and ~10% for consolidated entity in FY27.
- Overall yield may dilute by 1-2 basis points due to asset mix shift towards passive and low-duration products.
- Planned launches include UTI Nifty 500 Index/ETF, UTI BSE Sector Leaders Index/ETF, UTI Nifty India New Age Consumption, and UTI Nifty India Internet Fund.
Risks flagged
- Equity net flows remained negative in FY26, though moderating. Management aims to improve via SIP growth and product diversification.
- International business AUM under pressure as foreign investors pulled $40 billion from India in CY25/CY26, impacting UTI International's performance.
- Some equity strategies (e.g., quality growth) have underperformed due to market seasonality, potentially affecting flows.
- New SEBI norms reducing exit load by 5 bps and base TER rationalization may pressure yields, though management plans to pass impact to intermediaries.
Key quotes
- The single line agenda is growth. We are operating below our capacity so the simple target over the next few years is to grow faster than our peers in the top 10 of the industry.
- Managing yield for the sake of managing yield is not a thing that I'm in favor of. I would rather manage revenue.
- The only way to avoid the cyclicality which is otherwise inherent in this business is the fact that your flows are pro-cyclical to performance. So I would like to dial that down by making sure that we have competent silos for each of these different strategies.
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