ABSLAMCNSEQ1 FY26July 30, 2025

Aditya Birla Sun Life AMC Limited

5,444words
50turns
6analyst exchanges
3executives
Management on call
A Balasubramanian
MANAGING DIRECTOR AND
Pradeep Sharma
CHIEF FINANCIAL OFFICER
Prakash Bhogale
HEAD, ADITYA BIRLA SUN LIFE AMC LIMITED
Key numbers — 40 extracted
6.5%
ar as India is concerned, the macroeconomic outlook remains strong. The economy expanded by about 6.5% in FY25, aligning with the long-term growth trajectory. And the Reserve Bank of India has maintai
2.7%
's macroeconomic fundamentals are stable. Headline inflation has dropped significantly, averaging 2.7% in Q1 FY26 and is expected to remain below 3.5% for the full fiscal year, under RBI 4% target. Th
3.5%
inflation has dropped significantly, averaging 2.7% in Q1 FY26 and is expected to remain below 3.5% for the full fiscal year, under RBI 4% target. The country’s fiscal position is sound with the go
4%
veraging 2.7% in Q1 FY26 and is expected to remain below 3.5% for the full fiscal year, under RBI 4% target. The country’s fiscal position is sound with the government on track to meet its FY26 fisc
700 billion
h large current account reading showing a surplus and foreign exchange reserves nearing a record $700 billion and the Indian rupee remaining one of the most stable currencies globally, thereby enhancing Indi
INR 72.13 lakh crore
ian mutual fund industry. The quarterly average AUM of the industry as on June 30, 2025, stood at INR 72.13 lakh crores compared to INR 58.96 lakh crores as of June 30, 2024, which is a growth of about 22% on a year-
INR 58.96 lakh crore
terly average AUM of the industry as on June 30, 2025, stood at INR 72.13 lakh crores compared to INR 58.96 lakh crores as of June 30, 2024, which is a growth of about 22% on a year-on-year basis. During the quarter
22%
.13 lakh crores compared to INR 58.96 lakh crores as of June 30, 2024, which is a growth of about 22% on a year-on-year basis. During the quarter ended 30th June 2025, the industry witnessed strong n
INR 134,000 crore
basis. During the quarter ended 30th June 2025, the industry witnessed strong net equity sales of INR 134,000 crores. The total NFO collection during this quarter were about INR 6,500 crores, primarily coming fr
INR 6,500 crore
g net equity sales of INR 134,000 crores. The total NFO collection during this quarter were about INR 6,500 crores, primarily coming from equity funds, mainly driven by sectoral, thematic funds, multi-cap funds,
INR 27,269 crore
of the key competitors in the industry. The industry SIP contribution for the June 2025 stood at INR 27,269 crores, growing by 5% on a quarter-on-quarter basis. The total number of mutual fund folios stood at 24
5%
industry. The industry SIP contribution for the June 2025 stood at INR 27,269 crores, growing by 5% on a quarter-on-quarter basis. The total number of mutual fund folios stood at 24.5 crores as o
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Guidance — 17 items
Meghna Luthra
opening
“On behalf of InCred Equities, I welcome all to Aditya Birla Sun Life AMC's First Quarter FY26 Earnings Conference Call.”
A. Balasubramanian
opening
“The economy expanded by about 6.5% in FY25, aligning with the long-term growth trajectory.”
A. Balasubramanian
opening
“And the Reserve Bank of India has maintained in FY26 a growth forecast of 6.5%.”
A. Balasubramanian
opening
“Headline inflation has dropped significantly, averaging 2.7% in Q1 FY26 and is expected to remain below 3.5% for the full fiscal year, under RBI 4% target.”
A. Balasubramanian
opening
“The country’s fiscal position is sound with the government on track to meet its FY26 fiscal goals.”
A. Balasubramanian
opening
“Coming to Aditya Birla Sun Life AMC performance, we have witnessed a healthy business momentum in Q1 FY26.”
A. Balasubramanian
opening
“In fact, the net sales for the Q1 FY26 delivered strong growth, exceeding the net sales of the entire FY25 of last year, reflecting a strong overall positive business momentum driven by improved fund performance across all categories and various ongoing initiatives that we have been engaging with the market to also maintain our overall market share over the last 2 quarters.”
A. Balasubramanian
opening
“And the AUM stood now about INR 24,260 crores for the quarter ended June 30, 2025, and consequently, our PMS/ AIF assets witnessed impressive 8x growth, including ESIC mandate, rising from INR 3,368 crores in Q1 FY25 to about INR 28,657 crores in Q1 FY26.”
A. Balasubramanian
opening
“Our offshore assets stood at about INR10,588 crores for Q1 FY26.”
A. Balasubramanian
opening
“Q1 FY26 revenue from operations stood at INR 447 crores, up 16% year-on-year.”
Risks & concerns — 3 flagged
So, like this quarter, we have seen some sequential decline.
— Lalit Deo
So, could you tell us the reasons why there has been a decline in the employee’s expenses?
— Lalit Deo
We are educating these customers in the current low interest rate regime, which are the least - - the minimum risk that they can take.
— A. Balasubramanian
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Q&A — 6 exchanges
Q
Sir, Thank you for taking the question, just a few data-keeping questions from my side. One is if you could share the operational revenue from the non-mutual fund business and also the ESOP expense for the quarter.
A. Balasubramanian
So, Yash, Prakash is answering. So, Yash, the other than MF, non-operational income from the alternate asset is around INR 32 crores for this quarter, and the ESOP expense is around INR 1.6 crores. Sorry, 1 point? INR 1.6 crores. INR 1.6 crores. Okay. And sir, the SIP AUM share, if you could please repeat? I know you mentioned it in the opening remarks, but I think I missed it. SIP AUM is around Rs 84,000 Crores. And lastly, just on the market share, if you could share the divergence between the flow and the stock market share for net equity and equity-oriented flows? Aditya Birla Sun Life AMC
Q
Hi Sir, good evening. Firstly, on the yield side, could you give us the segment-wise yields across equity, debt, liquid and passive side? Second question was on the employee expenses. So, like this quarter, we have seen some sequential decline. So, could you tell us the reasons why there has been a decline in the employee’s expenses? And how should one look at it for the whole year? And lastly, just a clarification, when we say that the overall net sales in this quarter have been higher than the full year -- has higher than FY25. So, this is only for the equity segment, or this is for all the
A. Balasubramanian
Last question, of course equity, what I mentioned. And other 2 questions in terms of yield, I'll ask Prakash to answer. So, Lalit, the yield on the equity is around 67- 68 basis points. It is in the range of around 24- 25. And liquid, it is in the range of around 13- 14 basis points. And employees then. And the employee cost is mainly on account of the variable pay. It was a little bit on the higher side in the last quarter. So how should -- when we look at it like for the whole year, sir? No. So, Lalit, actually, so this -- on a yearly basis, we see this variable pay basis of business perform
Q
Hi Sir, Thanks for the opportunity. Sir, my first question is on the equity AUM side, like we have seen 7% sequential growth. So I just want to know like was it majorly driven by M to M, or we have seen good traction in the net sales also because as per -- and you also -- can you also comment here on the market share over the net sales.
A. Balasubramanian
Yes, after I explained earlier, Tanmay, on this. One, of course, net sales largely, I mentioned about its net sales with adding to the overall AUM. Market share remained somewhat flat. That's actually largely on account of, one, of course, net sales are improving on certain segments. There are certain schemes, which, of course, not been favourable from an overall investors' point of view. So therefore, the market share remained somewhat flat. But overall number, if you have to look at it, given the large size, of course, the industry itself so large, we still have to go further in terms of sho
Q
So, the first question is on yields. If I recall correctly, I think equity yields are now down 1 basis point sequentially. despite about 7%, 8% equity AUM growth. So just wanted to double check if there's been any tweaks with respect to commissions or this is just the normal slab movement? Aditya Birla Sun Life AMC Limited Thursday, 24th July 2025 Aditya Birla Sun Life AMC Ltd. ADITVA BIRLA CAPITAL ASSET MANAGEMENT
A. Balasubramanian
Yes, Abhijeet, I'll ask Prakash to answer. Abhijeet, this is largely on account of increase in the AUM only. If you see our AUM has increased to around INR 180,000 crores from last year -- last quarter is INR 1,69,000 crores. So, there is no tweak in the -- on the brokerage structures. It is mainly because of the increase in the AUM. Let's say, if you look at the bottom line, the yields more or less remain the same, especially in the operating profit level, if you take, the yields are a little better than the last quarter as well. Yes, sir. Sir, secondly, in terms of net flows, I think, again,
Q
Hi Thank you. A couple of questions. One, what is the yield on the ESIC mandate? And two, have we taken any cuts on the distribution commission in recent quarters? So, do we plan to take some like our peers have done? And what is the pipeline on the specialized investment fund look like?
A. Balasubramanian
ESIC mandate, anyway, the government mandate, it only use the headline number, no doubt, but it doesn't give us the much profit. But we'll barely -- we'll, of course, we will have some cost we'll incur, which I call it as the investment that we have to make to serve government of India. So, we are happy to do that. With respect to the SIF, we do have a plan. We already taken approval from our Board to have a separate brand, which I can, of course, share, which is called Apex, internally already named, and we'll come with a press release on this very soon. At the same time, we have already iden
Q
Thank you, and thank you, everyone, for joining. And with this, we conclude our Q1 FY26 earnings calls. And thanks for all your support. Aditya Birla Sun Life AMC Limited Thursday, 24th July 2025 Aditya Birla Sun Life AMC Ltd. ADITVA BIRLA CAPITAL ASSET MANAGEMENT
Management
Speaking time
A. Balasubramanian
16
Moderator
8
Prakash Bhogale
7
Yash
5
Abhijeet
4
Meghna Luthra
3
Tanmay Choudhary
3
Lalit Deo
2
Pradeep Sharma
2
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Opening remarks
Meghna Luthra
Thank you, Hamshad. Good evening, everyone. On behalf of InCred Equities, I welcome all to Aditya Birla Sun Life AMC's First Quarter FY26 Earnings Conference Call. We have along with us Mr. A. Balasubramanian, MD and CEO; Mr. Pradeep Sharma, CFO; and Mr. Prakash Bhogale, Head of Investor Relations. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. Bala sir for his opening remarks. Over to you, sir.
A. Balasubramanian
Yes. Thanks, Meghna. Thank you for the introduction. And good evening, everyone, and thank you for joining today's investor call. I hope you have had the opportunity to review our earnings presentation, which is available on both the stock exchange and as well on our website. Let me quickly begin with outlook on economy and an update on the mutual fund industry. The global economy is undergoing major changes in policy framework, which could have significant implication for global growth, trade and capital movement. Rising trade tensions and heightened policy uncertainty is expected to weigh on global economic growth and performance. However, the situation is still developing and despite notable policy disruptions, particularly around tariffs, global growth has experienced only a mild impact so far. As far as India is concerned, the macroeconomic outlook remains strong. The economy expanded by about 6.5% in FY25, aligning with the long-term growth trajectory. And the Reserve Bank of Ind
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