ICICI AMC presents a strong growth story, supported by India’s rising financialisation of savings

$ICICIAMC As of March 31, 2026, ICICI AMC had MF quarterly average AUM of approximately ₹11.05 lakh crore, growing 25.6% YoY, with a market share of 13.5%. Its equity and equity-oriented AUM grew 27.2% YoY to nearly ₹6.2 lakh crore, while equity-oriented hybrid AUM increased 31.8% YoY. This leadership provides a strong base to benefit from sustained domestic equity participation. Profitability is another major positive. FY26 revenue from operations rose to ₹5,764.6 crore, while profit after tax reached ₹3,298.3 crore. The company generated an ROE of 85.8% in FY26, highlighting exceptional capital efficiency and the scalability of the asset-management model. The long-term opportunity remains attractive. India is witnessing a structural shift from physical savings toward financial assets, with SIPs and retail participation continuing to expand. ICICI AMC is well positioned to capture this trend through its large investor base, diversified product suite, strong brand and extensive distribution network. The company served around 17 million unique customers as of March 2026, while its passive and alternatives businesses are also expanding. Overall, ICICI AMC offers market leadership, high profitability, scalable economics and exposure to India’s long-term savings-to-investment shift. While valuation and market-cycle risks should be monitored, the underlying fundamentals remain robust. For long-term investors, the company looks well placed to compound earnings as India’s mutual fund industry continues to deepen. Bullish View: Positive on ICICI AMC from a long term, backed by strong AUM growth, category leadership, high ROE and industry tailwinds. Ahead