ICICI Prudential Asset Management
ICICI Prudential Asset Management
Capital MarketsKey Fundamentals
LargecapAMC Mutual FundCapital MarketsPrice-based figures as of 9 Oct 2026, 3:51 pm IST · EPS basis: Standalone · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 83.0%
- Company has been maintaining a healthy dividend payout of 103%
Weaknesses
1- Stock is trading at 36.3 times its book value
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, ICICI Prudential Asset Management Co Ltd traded at Rs 3,084.4, with a market capitalisation of Rs 152,449.1 crore, a TTM P/E of 30.55x and a P/B of 36.55x. The company carries zero debt and posts ROE of 79.07% and ROCE of 103.63%. TTM sales grew 21% and profit grew 24%, both slower than the 3-year CAGRs of 28% and 30%. The stock sits 14.6% below its 52-week high of Rs 3,611 and 21.9% above its 52-week low of Rs 2,530.
- The company has unusually high capital efficiency. ROE is 79.07% and ROCE is 103.63%, and 3-year and 5-year average ROE are 83% and 80%. This points to an asset-light model that needs very little capital to grow.
- Debt-to-equity is 0. With no debt, there is no interest burden or refinancing risk, and the balance sheet has flexibility in market downturns.
- Growth has been strong over several periods. Profit grew at a 30% CAGR over 3 years and 22% over 5 years, while sales grew at 28% and 22%. The business has compounded consistently.
- Operating leverage is visible. TTM profit growth of 24% is ahead of TTM sales growth of 21%, which suggests margins are expanding as the business scales.
- Shareholders get a large share of earnings back. The reported dividend payout is 103%, so cash generation is strong enough to return more than reported profit in the period measured.
- Measured against growth, the valuation is less stretched than the headline multiple suggests. A TTM P/E of 30.55x against 24% TTM profit growth gives a PEG of about 1.27x.
- At Rs 3,084.4, the stock is 14.6% below its 52-week high of Rs 3,611. Some of the earlier valuation premium has come off.
- With a market capitalisation of Rs 152,449.1 crore, it is one of the larger listed players in the capital markets sector. That brings scale, visibility and liquidity.
- The stock trades at 36.55x book value, against a book value per share of roughly Rs 84 (Rs 3,084.4 / 36.55). This leaves little room for error if growth or return ratios disappoint.
- Growth is slowing. TTM sales growth of 21% is below the 3-year CAGR of 28%, and TTM profit growth of 24% is below the 3-year CAGR of 30%.
- Return ratios are edging down. Current ROE of 79.07% is below last year's 86% and the 3-year average of 83%, a sign that the very high returns may be normalising.
- The earnings yield is low. A P/E of 30.55x implies an earnings yield of about 3.27%, which offers limited cushion if earnings growth falls short of the 22-30% CAGR seen historically.
- Dividend income at the current price is modest. The 0.87% yield implies about Rs 26.8 per share, or roughly 27% of TTM EPS of Rs 100.95. That is well below the reported 103% payout, so the 103% figure may not reflect the current run-rate. A payout above 100% is also not sustainable over the long run.
- Earnings depend on market cycles. AMC revenue is tied to assets under management and equity market levels, so the 21% TTM sales growth could slow sharply in a prolonged market correction or if net flows weaken.
- The listed track record is short. 10-year growth, 10-year ROE and all stock-price CAGR figures are unavailable, which limits evidence of how the stock behaves across a full market cycle.
- The stock is volatile. Its 52-week range of Rs 2,530 to Rs 3,611 is about 43% from low to high, and the current price is 21.9% above the low, showing significant swings in investor sentiment.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2FY27 earnings call Oct 12 Oct 7
ICICI Prudential AMC will hold its Q2FY27 earnings call on October 12, 2026, at 6:15 pm IST to discuss its unaudited financial results.
- Board reshuffle: Mishra out, Banerjee in Oct 5
The board accepted Sidharatha Mishra's resignation and appointed Anindya Banerjee as Non-Executive Director, effective October 2026.
- CLSA investor forum participation Sep 17
The company will meet investors at the 33rd CITIC CLSA Flagship Investors' Forum on September 22, 2026, in one-to-one and group meetings held in person.
TL;DR: All recent news for ICICI Prudential AMC is procedural: an earnings call date, a non-executive board change and an investor conference. None of it gives a clear bullish or bearish signal. The Non-Executive Director change shows no sign of trouble, and the CLSA forum may raise interest from institutional investors. The Q2FY27 results on October 12, 2026 will set the near-term direction, with AUM growth, SIP flows and margin trends as the key numbers to watch.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 1,227 | 1,269 | 1,331 | 1,420 | 1,515 | 1,542 | 1,564 |
| Expenses | 347 | 375 | 385 | 372 | 374 | 374 | 432 |
| Operating Profit | 880 | 894 | 946 | 1,047 | 1,140 | 1,168 | 1,133 |
| OPM % | 72% | 70% | 71% | 74% | 75% | 76% | 72% |
| Other Income | -25 | 51 | 147 | 72 | 109 | -90 | 181 |
| Interest | 5 | 5 | 5 | 4 | 4 | 5 | 5 |
| Depreciation | 21 | 24 | 25 | 27 | 26 | 28 | 28 |
| PBT | 828 | 917 | 1,062 | 1,089 | 1,219 | 1,046 | 1,281 |
| Tax % | 24% | 25% | 26% | 23% | 25% | 27% | 25% |
| Net Profit | 632 | 692 | 784 | 835 | 917 | 769 | 965 |
| EPS in Rs | 358 | 392 | 44.39 | 47.33 | 18.55 | 15.55 | 19.52 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 2,230 | 2,634 | 2,837 | 3,758 | 4,977 | 5,999 | 6,040 |
| Expenses | 513 | 641 | 766 | 981 | 1,343 | 1,471 | 1,552 |
| Operating Profit | 1,717 | 1,993 | 2,072 | 2,777 | 3,635 | 4,528 | 4,488 |
| OPM % | 77% | 76% | 73% | 74% | 73% | 75% | 74% |
| Other Income | 4 | 1 | 1 | 3 | 2 | 2 | 272 |
| Interest | 16 | 14 | 15 | 16 | 19 | 18 | 17 |
| Depreciation | 47 | 51 | 50 | 66 | 85 | 106 | 108 |
| PBT | 1,658 | 1,929 | 2,007 | 2,698 | 3,533 | 4,407 | 4,634 |
| Tax % | 25% | 25% | 24% | 24% | 25% | 25% | — |
| Net Profit | 1,245 | 1,454 | 1,516 | 2,050 | 2,651 | 3,298 | 3,486 |
| EPS in Rs | 706 | 824 | 859 | 1,161 | 1,502 | 66.73 | 101 |
| Div. Payout % | 75% | 84% | 84% | 76% | 81% | 153% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 49 |
| Reserves | 1,745 | 2,000 | 2,295 | 2,865 | 3,499 | 4,122 |
| Borrowings | 112 | 118 | 116 | 0 | 0 | 0 |
| Other Liabilities | 240 | 310 | 356 | 630 | 810 | 832 |
| Total Liabilities | 2,115 | 2,445 | 2,784 | 3,513 | 4,327 | 5,003 |
| Fixed Assets | 134 | 137 | 150 | 199 | 309 | 634 |
| CWIP | 3 | 4 | 7 | 6 | 289 | 7 |
| Investments | 1,772 | 2,041 | 2,287 | 2,883 | 3,285 | 3,857 |
| Other Assets | 207 | 262 | 340 | 424 | 444 | 505 |
| Total Assets | 2,115 | 2,445 | 2,784 | 3,513 | 4,327 | 5,003 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 1,195 | 1,333 | 1,400 | 1,765 | 2,574 | 3,282 |
| Investing | -329 | -79 | -129 | -246 | -513 | -469 |
| Financing | -869 | -1,244 | -1,264 | -1,527 | -2,068 | -2,694 |
| Net Cash Flow | -3 | 10 | 6 | -8 | -8 | 119 |
| Free Cash Flow | 1,171 | 1,310 | 1,359 | 1,710 | 2,162 | 3,167 |
| CFO/OP | 90 | 91 | 92 | 85 | 95 | 97 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 11 | 14 | 14 | 19 | 17 | 11 |
| Cash Conversion Cycle | 11 | 14 | 14 | 19 | 17 | 11 |
| Working Capital Days | -8 | -10 | -9 | -22 | -27 | -26 |
| ROCE % | — | 97% | 89% | 102% | 111% | 115% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY21–FY27.
Documents
Frequently Asked Questions about ICICI Prudential Asset Management
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Company Information
Incorporated in 1993, ICICI Prudential AMC is an Asset Management Company operating across mutual funds, PMS, AIFs, and offshore advisory services.[1]
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