Company Disclosure

Business Overview

Prudent Corporate Advisory Services is a diversified financial services group headquartered in Ahmedabad, founded in 2003. The company operates through a B2B2C model with:

  • 1,712 employees
  • 39,691 channel partners
  • 165 locations across 21 states

The company distributes multiple financial products including mutual funds, insurance, stockbroking, NPS, unlisted securities, bonds, fixed deposits, PMS, AIFs, and smallcase.

Financial Highlights - Consolidated Q2 FY2027

Revenue Performance

  • Total Revenue from Operations: ₹388.7 crore (up 21.6% YoY from ₹319.8 crore in Q2 FY26)
  • Commission and Fee Income Breakdown:
  • Mutual Fund Distribution: ₹320.8 crore
  • Insurance Products: ₹47.3 crore
  • Stock Broking and Allied Services: ₹5.2 crore
  • Other Financial and Non-Financial Products: ₹11.7 crore
  • Interest Income: ₹2.3 crore
  • Net Gain on Fair Value Changes: ₹1.4 crore

Expense Structure

  • Commission & Fees Expense: ₹211.3 crore
  • Employee Cost (ex. ESOP): ₹41.4 crore
  • ESOP Charges: ₹1.7 crore
  • Other Expense: ₹31.5 crore
  • Total Operating Expense: ₹285.9 crore (up 15.5% YoY)

Profitability Metrics

  • Operating Profit: ₹102.8 crore (up 42.4% YoY)
  • Operating Profit Margin: 26.4% (improved 390 bps YoY from 22.6%)
  • Profit Before Tax: ₹96.1 crore (up 33.6% YoY)
  • Profit After Tax: ₹71.7 crore (up 33.9% YoY)
  • PAT Margin: 18.4% (improved 170 bps YoY from 16.7%)
  • Basic EPS: ₹17.32 (up from ₹12.93 YoY)

Half-Yearly Performance (H1 FY2027)

  • Total Revenue: ₹736.4 crore (up 20.0% YoY)
  • Operating Profit: ₹191.9 crore (up 37.6% YoY)
  • PAT: ₹146.5 crore (up 39.1% YoY)
  • Basic EPS: ₹35.37

Assets Under Management (AUM)

  • Quarterly Average AUM: ₹143,623 crore (up 20.7% YoY from ₹118,986 crore)
  • Equity AUM Composition: 96.8% of total mutual fund AUM
  • SIP Contribution: ₹12,329 crore gross equity inflows through SIPs (43.2% of total gross equity inflows)
  • Monthly SIP Flow: ₹1,188 crore as of March 2026

Operational Metrics

Mutual Fund Distribution

  • Overall Rank: 4th largest mutual fund distributor in India (FY25)
  • Market Share: 5.01% of total MFD commission income (FY25)
  • Non-Bank Rank: 2nd largest non-bank distributor
  • Number of MFDs: 39,691 channel partners
  • MFD Experience Profile:
  • Below 5 years: 24,663 MFDs (62.1% of total, contributing 28.8% of AUM)
  • Above 5 years: 15,028 MFDs (37.9% of total, contributing 71.2% of AUM)

Insurance Distribution

  • Total Premium: ₹245.3 crore (Q2 FY27)
  • Fresh Premium: ₹67.9 crore
  • Life Insurance Premium: ₹170.5 crore
  • General Insurance Premium: ₹74.8 crore
  • Commission Income: ₹47.3 crore

SIP Statistics (as of March 2026)

  • Age-wise Investor Distribution:
  • Below 25 years: 6.5% of investors, 3.4% of AUM
  • 26-35 years: 16.4% of investors, 10.6% of AUM
  • 36-45 years: 25.2% of investors, 22.8% of AUM
  • 46-60 years: 29.7% of investors, 35.2% of AUM
  • Above 60 years: 22.2% of investors, 28.1% of AUM

Strategic Developments

Acquisitions Completed

1. Karvy Stock Broking Limited (November 2021):

  • Acquisition cost: ₹151.00 crore (excluding taxes)
  • AUM acquired: ₹8,093 crore
  • Equity component: 90.4%
  • Live SIPs: 163,751
  • Live investors: 481,282

2. iFast Mutual Fund Assets:

  • AUM acquired: ₹517 crore
  • Acquisition cost: ₹2.26 crore

3. Indus Capital (Pune) (October 2025):

  • Aggregate consideration: ₹123.75 crore (including deferred performance-based payments)
  • Mutual Fund AUM: ₹2,104 crore
  • PMS-AIF AUM: ₹145 crore
  • Monthly SIP book: ₹10.83 crore
  • Active families: 3,571

Technology Initiatives

  • EDGE+: AI-powered business management tool for MFDs
  • Fundzbazar: Technology-enabled investment platform
  • Partner Desk: Comprehensive sales and productivity tools for channel partners
  • Wealth Scanner: Consolidated reporting across all products

Treasury Position

  • Total Investments: ₹701.13 crore (as of September 30, 2026)
  • Cash Flow from Operations CAGR: 30.0% (FY21-FY26)

Shareholding Pattern

Major Institutional Holders (as of October 27, 2026):

  • Zulia Investments Pte Ltd (Temasek Group): 6.69%
  • DSP Investment Managers Pvt Ltd: 5.69%
  • Kotak Mahindra Asset Management Company Ltd: 5.30%
  • Nippon Life Asset Management Ltd: 2.05%
  • T Rowe Price: 1.95%
  • Other significant holders: HSBC, ICICI Prudential, Vanguard, Sundaram, Wasatch Global, HDFC, Canara Robeco

Market Capitalization: ₹11,931 crore

Face Value: ₹5.0

Management Team

Key Leadership:

  • Sanjay Shah: Chairman & Managing Director (35 years experience, CA)
  • Shirish Patel: CEO & Whole-time Director (26 years experience, MBA)
  • Chirag Shah: Non-Executive Director (25 years experience, CA)
  • Chirag Kothari: Chief Financial Officer (20 years experience, CS)

Independent Directors:

  • Karan Kailash Datta (25 years experience, BCOM)
  • Shilpi Thapar (20+ years experience, CS)
  • Aniket Talati (18 years experience, CA)