Down 7% in 3 sessions: This MF stock tumbles after Q4 despite dividend - What analysts say

ICICI Prudential AMC target prices: Recently listed mutual fund player ICICI Prudential Asset Management (AMC) has reported a mixed set of performance in the quarter ended on March 31, 2026 but the stock declined more than 4 per cent during Wednesday's trading session. However, brokerage firms remain mixed on the stock, with some downgrades.

ICICI Prudential Asset Management Company reported a 10.4 per cent year-on-year (YoY) jump in the net profit at Rs 763.4 crore, while revenue increased 19.5 per cent YoY to Rs 1,517 crore for the March 2026 quarter. The mutual fund player's operating profit rose 30.25 per cent YoY to Rs 1,127.9 crore and it also announced a final dividend of Rs 12.40 per share.

It reported a mixed trend in its AUM for the quarter ended March 31, 2026, with some pressure in active equity segments. The company’s total mutual fund QAAUM stood at Rs 11,04,800 crore, with a 13.5 per cent market share, while active MF QAAUM was Rs 9,20,600 crore (13.7 per cent market share). Equity schemes accounted for Rs 6,20,400 crore with a 14.2 per cent share.

ICICI Prudential AMC stock price Shares of ICICI Prudential AMC was listed at the bourses in December 2025, when the company raised a total of Rs 10,603 crore via IPO at issue price of Rs 2,165 apeice. The stock was listed at a premium of 20 per cent at Rs 2,606. The stock jumped to it's all time high at Rs 3,428 on April 10, 2026, up 58 per cent from its IPO price.

However, the stock has corrected nearly 7 per cent from its peak, hit just 3 sessions ago, to Rs 3,190. The stock has tumbled nearly 5 per cent on Wednesday. The total market capitalization of the company slipped below Rs 1.6 lakh crore. However, the stock is up 11 per cent in the last one month, despite this correction.

ICICI Prudential AMC target prices

ICICI Pru AMC delivered a resilient performance, with QAAUM rising 25.6 per cent YoY led by equity-oriented AUM. SIP flows remained strong. It retained its position as the second largest AMC, with an overall MF QAAUM market share of 13.5 per cent at end-Q4FY26 and 14.2 per cent share in equity and equity-oriented schemes, said Centrum Broking.

"Blended yield moderated to 46 bps in Q4FY26, reflecting a shift in product mix towards ETFs/passives. We expect PAT and core PAT to grow at 18 per cent and 17 per cent CAGR, respectively, over FY26–FY28E, alongside a 19 per cent QAAUM CAGR. The stock trades at 36 times P/E on FY28E EPS. Owing to upward revisions in estimates, the revised target price stands at Rs 3,600," it added.

Motilal Oswal Financial Services has maintained its earnings estimates for FY26, FY27 and FY28, factoring in relatively lower equity AUM growth, which is expected to be offset by incremental income and AUM inflows from SIF and ICICI Venture investments.

"Over FY26-FY28E, we project AUM, revenue and PAT CAGRs of 17 per cent, 15 per cent and 16 per cent, respectively. We maintain our 'buy' rating on the stock, with a target price of Rs 3,850, based on 45 times FY28E core EPS," it added.

ICICI Prudential AMC leads the MF industry by AUM in equity, debt and active. It has built a strong Alternatives franchise evident in its PMS, AIF and advisory AUM of more than Rs 70,000 crore making up 15 per cent of net revenue. The alternatives franchise has been bolstered with the ICICI Ventures’ takeover, said JM Financial.

"With superior equity yields and RoEs, and strong market share gains since September 2024, ICICI Pru AMC has commanded a premium valuation to peers, and we expect that to sustain over medium term," initiating with 'add' and target price of Rs 3,650, valuing the stock at 38 times FY28E EPS of Rs 95 – at a 15 times premium to HDFC AMC and NAM.

However select brokerage firms have downgraded the stock. ICICI Securities said that ICICI Pru AMC remains one of the better plays in India’s asset management space, given its strong industry position, scale and track record. Despite its gains by a relatively weaker AUM base in FY27E, it has downgraded the stock to 'add' from 'buy' with an intact target price of Rs 3,525.

"ICICI Pru AMC’s higher share in equity, SIPs and alternates forms a strong moat, while instated systems keep the cost CAGR in check. Q4FY26 was beset by weak market conditions, leading to flattish EBITDA QoQ. Though flows remain resilient and the structural opportunity is big, key near-term challenges, largely in market risks persist," it added.

Over 85% of analysed equity AUM has consistently ranked in Q1/Q2 quartiles over the key three-year period, continuing to support robust equity net inflows. Management indicates equity net flow market share remains higher than equity AUM market share For FY26, PMS saw net inflows of Rs 3,200 crore and overall alternate AUM stood at Rs 73,000 crore, said Equirus Securities.

'We factor in 18 per cent MF AQAAUM CAGR over FY26-FY28E and project 17 per cent EPS CAGR over the same period. We remain constructive on ICICI Pru AMC; however, current valuations of 37 times FY28E EPS leave limited upside from hereon," it added and downgraded the stock to 'add' from 'long' with a revised target price of Rs 3,640 (Rs 3,200 earlier).  

Overseas brokerage firms target price on ICICI Prudential AMC

CLSA has an 'outperform' rating on ICICI Prudential AMC with a target price of Rs 3,730, while Citi, UBS and HSBC have a 'buy' rating on the stock with a target price of Rs 3,900, Rs 3,900 and Rs 3,800, respectively. However, Morgan Stanley has an 'equalweight' rating on it with a target price of Rs 3,320.