Key Financial Performance

  • Q1 FY27 Operating PAT: ₹609 crores, up 14% YoY
  • Asset and Private Wealth Business PAT: Up 44% YoY
  • Asset and Private Wealth Contribution: 55% of total group operating PAT (vs. 50% in FY26 and 42% in FY25)
  • Annuity Revenue Contribution: 66% of total group revenues
  • PBT Margins: Approximately 52% in Q1 FY27 (historical range 50-52%)

Asset Management Business Performance

  • Total AUM (AMC + Alternates): Crossed ₹2 lakh crores milestone
  • AUM Growth CAGR: 34% since March 2020
  • Average AUM Q1FY27: ₹1.81 lakh crores (vs. ₹1.67 lakh crores in Q4FY26)
  • SIP Flows: ₹4,064 crores in Q1FY27, up 16% YoY
  • SIP Market Share: 4.3%
  • SIP AUM: ₹38,643 crores
  • Net Mutual Fund Flow Market Share: 4.2% (vs. 3.7% previous quarter)
  • AUM Market Share: 2.9%
  • Average PAN Size: ₹1 crore+ (vs. ₹85 lakhs in June 2025)
  • Fund Vintage: Only 6 funds have over 3-year vintage covering 44% of industry AUM
  • Product Coverage: 87% of industry AUM
  • New Fund Launches: 1 active mutual fund in Q1FY27

Alternates/Private Markets Business

  • Private Credit Fund: Maiden fund of ₹3,000 crores, raised ₹2,500 crores in second close
  • New Category Launch: Commercial real estate planned for second half of FY27
  • Variable Additional Returns (Carry Income): ₹66 crores accrued in Q1FY27 from unlisted alternates
  • Carry Income Recognition: 70% of fair value recognized conservatively

Private Wealth Management

  • ARR Revenue: ₹157 crores, up 42% YoY
  • Total AUM: ₹2.4 lakh crores, up 37% YoY
  • Net Flows: ₹4,000 crores, up 37% YoY
  • ARR AUM: ₹52,000 crores
  • Relationship Managers: 441 RMs with only 32% having over 3-year vintage
  • AUM per Banker: ₹550 crores
  • Wallet Size per Customer: ₹25 crores
  • Flow Composition: 80% from existing customers, 20% from new customers

Wealth Management Business

  • ARR Revenue: ₹304 crores, up 26% YoY
  • ARR Revenue Share: 57% of segment revenue (vs. 33% in FY21)
  • Distribution Book: ₹45,000+ crores, up 30% YoY
  • Loan Book: ₹7,000+ crores, up 33% YoY
  • MTF Market Share: 6.5%
  • Retail Broking Market Share: 7.6% (including commodities)
  • F&O Premium Segment Market Share: 7.6% (vs. 7% in Q1FY26)
  • Cross-sell Ratio: 18% (excluding MTF)

Capital Markets Business

  • Investment Banking Fees: ₹68 crores, up 48% QoQ
  • Deals Completed: 11 deals raising over ₹10,000 crores
  • League Table Rank: #2 in IPO and QIPs
  • Institutional Equities Coverage: 384 stocks (target 500)
  • Initiation Reports: 20 released in Q1FY27

Housing Finance Business

  • Disbursements: ₹646 crores, up 64% YoY
  • AUM: ₹6,164 crores, up 23% YoY
  • Credit Cost Q1FY27: 1% (vs. 0.5% for FY26)
  • GNPA: 1.1% (vs. 1.4% YoY)
  • NNPA: YoY improvement (specific figure not quantified)
  • Capital Adequacy: Strong with low leverage

Treasury

  • Treasury Book: ₹10,482 crores, up 22% YoY
  • Long-term CAGR: 41% since inception
  • XIRR: Approximately 18%

Cost and Operational Metrics

  • Employee Cost Increase QoQ: 16% due to annual performance appraisal cycle effective April 1
  • Variable Cost Component: High in capital markets and wealth businesses (70% variable in wealth management)
  • Cost-to-Income Ratio: Stable due to variable cost structure
  • Rating Upgrade Impact: Expected borrowing cost reduction of 15-20 bps over 12-18 months from CRISIL AA+ upgrade
  • Capital Market Spreads: Reduced from 75 bps to 30-35 bps vs AAA players

Outlook and Guidance

  • SIP Annualized Run Rate: Approximately ₹16,000 crores
  • AMC Growth Drivers: More products crossing 3-year vintage, NFO collections, market share gains, GIFT City expansion
  • Alternates Growth: Larger fund sizes, new categories, more funds entering carry income recognition
  • Wealth Management: Focus on growing ARR AUM through advisory solutions and co-investment opportunities
  • Capital Markets: Strong signed mandate pipeline contingent on market windows for execution
  • Housing Finance: Expected strong growth for next 2-3 years without need for additional capital
  • Treasury: Long-term compounding at 40% growth (20% IRR + reinvestment)

Participants in Q&A Session

Analysts from Phillip Capital PMS, Investec, UBS, Kotak Mutual Fund, Abakkus Investment Managers, Citigroup, Centrum, and Tusk Investments participated with questions covering wealth management performance, credit costs, treasury performance, capital markets pipeline, alternates flows, carry income, SIP trends, expense management, and business outlook.