Financial Performance

Q2 FY27 (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹121.6 crores (17% YoY growth from ₹103.9 crores in Q2 FY26)
  • Total income: ₹128.1 crores (19% YoY growth from ₹108.0 crores in Q2 FY26)
  • Profit After Tax (PAT): ₹59.2 crores (21% YoY growth from ₹48.7 crores in Q2 FY26)

H1 FY27 (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹237.8 crores (18% YoY growth from ₹201.0 crores in H1 FY26)
  • Total income: ₹274.0 crores (19% YoY growth from ₹229.3 crores in H1 FY26)
  • Profit After Tax (PAT): ₹134.8 crores (23% YoY growth from ₹109.7 crores in H1 FY26)

Dividend Declaration

  • Board declared interim dividend of ₹2 per equity share for FY26-27
  • Represents 20% of face value (₹10 per share)

Operational Highlights (as of September 30, 2026)

  • Closing AUM: ₹1.17 lakh crores
  • Investor folios: 50.1 lakh
  • Individual investor contribution: 86% of total AUM
  • SIP contributions (September 2026): ₹676 crores
  • Active SIP accounts: 19.6 lakh
  • B-30 cities monthly average AUM: ₹28,944 crores (23.6% of total AUM)
  • Distribution network: 57,186 empanelled partners
  • Branch network: 29 branches

Yield Analysis (Q2 FY27)

  • Overall yield: 37-38 bps
  • Equity yield: ~40 bps
  • Fixed income yield: ~28 bps
  • Liquid/overnight yield: ~2 bps

Strategic Priorities and Outlook

Product Development

  • Planning 2-3 new product launches before March 2027 (subject to regulatory approvals)
  • Evaluating new business lines: passives, SIF, AIF, and GIFT City operations
  • Expected to choose 1-2 new business lines over next 6-12 months

SIP Strategy

  • Renewed focus on increasing SIP market share
  • Working with channel partners including Canara Bank, MFDs, NDs, and digital partners
  • Launched "Goal SIP" initiative targeting behavioral aspects of SIP investing
  • SIP AUM: ₹41,000 crores (34% of total equity AUM)
  • Average SIP tenure: above 3 years

Market Position

  • Equity market share: stable at ~2%
  • Equity AUM: 91% of total AUM
  • Four funds exceeding ₹10,000 crores AUM
  • Three funds in ₹5,000-10,000 crores range
  • Multi-cap and mid-cap funds launched 3 years ago crossed ₹5,000 crores AUM

Investment Team and Performance

  • KPIs for fund managers linked to 1-year and 3-year performance
  • Research analysts tracked on model portfolio performance
  • Continuous strengthening of investment team and research capabilities
  • Portfolio overlap compliance with recent regulatory guidelines being assessed

Skin in the Game Investments

  • Regulatory requirement: ₹110 crores invested across schemes
  • 90% invested in equity instruments
  • Marked-to-market quarterly, causing volatility in "other income" line item
  • Other income for H1 FY27: ₹29 crores (includes mark-to-market gains/losses)

Market Environment Context

  • September 2026 particularly challenging with Nifty 50 declining ~6%
  • Indian equities faced pressure from elevated US bond yields, strong US dollar, FPI outflows, geopolitical tensions, and crude oil concerns
  • Domestic institutional investors offset foreign selling
  • SIP flows provided structural anchor with monthly contributions crossing ₹32,000 crores industry-wide
  • Number of SIP accounts above 10 crores industry-wide

Management Participants

  • Mr. Rajnish Narula – Managing Director and Chief Executive Officer
  • Mr. Ashwin Purohit – Chief Financial Officer
  • Mr. Gaurav Goyal – Chief Business Officer
  • Mr. Atit Turakhiya – Head of Corporate Development and MIS