ICICI Prudential AMC Q2 results beat estimates, here's what brokerages say 

Shares of ICICI Prudential Asset Management Company Limited are in focus today after the firm said its net profit for the July-September quarter of FY 2026-27 rose 7%. Net profit came at Rs 888 crore in Q2 against Rs 837 crore in the year ago period. Revenue from operations grew 16.3% year-on-year from Rs 1,439.06 crore in the September 2026 quarter of the previous year. Total income rose 11.9% compared with Rs 1,510.92 crore a year earlier.

However, the growth in expenses outpaced revenue growth during the quarter, with total expenditure rising 17.9% year-on-year to Rs 493 crore from Rs 418.31 crore.

Interim dividend

ICICI Prudential AMC announced an interim dividend of Rs 30 per equity share on Monday, October 12, 2026.

According to the company's exchange filing, the dividend will be paid to eligible shareholders whose names appear in the company's register of members or in the records of depositories as beneficial owners on the record date.

The company has fixed Wednesday, October 21, 2026, as the record date for determining shareholder eligibility for the interim dividend.

Expenses Increase 

ICICI Prudential AMC's total expenses climbed to Rs 493 crore in the September quarter, compared with Rs 418.31 crore in the year-ago period.

Fees and commission expenses rose 30.3% year-on-year to Rs 132.85 crore, while employee benefit expenses increased 14.3% to Rs 212.77 crore.

Profit before tax (PBT) grew 9.6% year-on-year to Rs 1,197.70 crore from Rs 1,092.61 crore in the corresponding quarter last year. Tax expenses increased 21.3% to Rs 308.74 crore.

Operating profit before tax advanced 15.7% year-on-year to Rs 1,180.79 crore from Rs 1,020.75 crore.

Earnings Per Share

The company's earnings per share (EPS) stood at Rs 17.99 in Q2 FY27, compared with Rs 19.52 in the preceding June quarter and Rs 16.95 in the corresponding quarter of the previous financial year.

While EPS improved on a year-on-year basis, it declined sequentially from the previous quarter.

Brokerages on Q2 earnings

Jefferies has a buy call on the firm with a target price of Rs 3,760. Its earlier target was Rs 3,600.

The global investment bank said Q2 results beat estimates, led by higher revenue yield. Yield improvement was driven by higher alternate and equity yields. It further said that redemptions led to a net outflows, while gross flows remained stable. Expansion in alternates business remains on track.

The global investment bank further said it has increased FY27-29e EPS estimates by 1-2%, led by higher yields.

"As we roll over, our target price increases to Rs 3,760, based on a December 28 estimates P/OPAT multiple of 43x. We maintain our BUY rating, considering: (1) lower reliance on marquee funds, (2) 4-10 schemes within top/upper mid-tiers in the last 5 years, and (3) expanding alternates business, which is an additional growth lever," said Jefferies.

Brokerage Emkay said Quarterly Average Assets Under Management (QAAUM) rose 4% QoQ, revenue climbed 7% and margins at 72.6%, with yields improving to 57.5 bps.

Profit after tax fell 8% QoQ on MTM losses but beat estimates by 4%. Emkay maintained a buy call on the stock with a target price of Rs 3,800.