ABSLAMCNSEQ4 & FY26April 29, 2026

Aditya Birla Sun Life AMC Limited

8,344words
67turns
6analyst exchanges
2executives
Management on call
A Balasubramanian
MANAGING DIRECTOR AND CHIEF
Pradeep Sharma
CHIEF FINANCIAL OFFICER – ADITYA BIRLA SUN LIFE AMC LIMITED
Key numbers — 40 extracted
3.1%
ons across emerging market as a result of that. The IMF now projects global growth to moderate to 3.1% in 2026, down from 3.4% in 2025, with headline inflation expected to rise modestly. The peak of t
3.4%
et as a result of that. The IMF now projects global growth to moderate to 3.1% in 2026, down from 3.4% in 2025, with headline inflation expected to rise modestly. The peak of tariff-related uncertaint
6.75%
Domestic growth momentum remains fundamentally healthy, and we expect the GDP growth to be about 6.75% for the year, preserving India's position as the fastest-growing major economy. CPI inflation is
₹81.5 lakh crore
pdate on the mutual fund industry, the quarterly average AUM for the industry as a whole stood at ₹81.5 lakh crores as of 31st March 2026, compared to ₹67.42 lakh crores as of 31st March 2025, registering year-on
₹67.42 lakh crore
age AUM for the industry as a whole stood at ₹81.5 lakh crores as of 31st March 2026, compared to ₹67.42 lakh crores as of 31st March 2025, registering year-on-year growth of 21%. The industry recorded its highe
21%
ch 2026, compared to ₹67.42 lakh crores as of 31st March 2025, registering year-on-year growth of 21%. The industry recorded its highest-ever SIP contribution, approximately ₹32,000 crores for March
₹32,000 crore
ear-on-year growth of 21%. The industry recorded its highest-ever SIP contribution, approximately ₹32,000 crores for March '26, representing a year-on-year growth of 24%. Total mutual fund folio stood at app
24%
P contribution, approximately ₹32,000 crores for March '26, representing a year-on-year growth of 24%. Total mutual fund folio stood at approximately 29 crores as of March 2026. During Q4 FY '26, t
29 crore
'26, representing a year-on-year growth of 24%. Total mutual fund folio stood at approximately 29 crores as of March 2026. During Q4 FY '26, the industry saw total NFO collection of approximately ₹11,2
₹11,200 crore
crores as of March 2026. During Q4 FY '26, the industry saw total NFO collection of approximately ₹11,200 crores across equity and debt funds, with the equity collection driven predominantly by Flexi Cap Fund,
₹47.4 lakh crore
the long-term growth potential of Indian equities. Individual average AUM for March 2026 stood at ₹47.4 lakh crores, contributing to about 60% of the total industry size. And B30 cities, with an average AUM of ₹1
60%
equities. Individual average AUM for March 2026 stood at ₹47.4 lakh crores, contributing to about 60% of the total industry size. And B30 cities, with an average AUM of ₹14.43 lakh crores, accounted
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Guidance — 20 items
A. Balasubramanian
opening
“The peak of tariff-related uncertainty is behind us, and potential productivity gains from AI provide a meaningful structural tailwind over the medium term.”
A. Balasubramanian
opening
“Domestic growth momentum remains fundamentally healthy, and we expect the GDP growth to be about 6.75% for the year, preserving India's position as the fastest-growing major economy.”
A. Balasubramanian
opening
“Encouragingly, sustained participation from domestic mutual funds and retail investors cushioned the decline, underscoring the growing maturity of our domestic liquidity and reinforcing that disciplined, long-term investing and trusted guidance have never been more valuable.”
A. Balasubramanian
opening
“Building on this foundation, we plan to add several new locations in FY '27, further expanding our geography footprint.”
A. Balasubramanian
opening
“Our PMS and AIF assets grew significantly from ₹11,300 crores in Q4 FY25 to ₹32,570 crores in Q4 FY26, which is again a growth of about three times.”
A. Balasubramanian
opening
“We plan to launch the ABSL Global Emerging Market Fund Series II very soon through the GIFT City.”
A. Balasubramanian
opening
“In our passive business, we continue to witness significant momentum with our Quarterly Average AUM crossing the ₹40,000 crores mark to stand at ₹41,200 crores in Q4 FY26, representing year-on-year growth of 25% and our customer base expanding to 16.91 lakh folios.”
A. Balasubramanian
opening
“This will be based out of GIFT City, feeding into our fund in India.”
A. Balasubramanian
opening
“Building on this momentum, we plan to introduce a pipeline of new offerings as guided by SEBI's new circular in the near term to further strengthen and scale this platform.”
A. Balasubramanian
opening
“Moving to the financial numbers, Q4 FY26 revenue from operation is at ₹458 crores as compared to ₹429 crores in Q4 FY25.”
Risks & concerns — 15 flagged
For India, the disruptions in the Asian market due to the geopolitical risk have driven energy costs higher and depreciated the Indian Rupee versus the US dollar, which continues to remain a risk in the very short term.
— A. Balasubramanian
The risk-off sentiment has prompted FIIs outflow and broad-based equity market corrections across emerging market as a result of that.
— A. Balasubramanian
Aditya Birla Sun Life AMC Limited Thursday, 23rd April 2026 Turning to the equity market, the last quarter witnessed a sharp transition from optimism to caution, with markets correcting from near record highs driven by persistent FII outflows, global risk-off sentiment and rising crude prices.
— A. Balasubramanian
Encouragingly, sustained participation from domestic mutual funds and retail investors cushioned the decline, underscoring the growing maturity of our domestic liquidity and reinforcing that disciplined, long-term investing and trusted guidance have never been more valuable.
— A. Balasubramanian
As far as the flows concern, Dipanjan, I think the last quarter, which I also mentioned, and this quarter also the way I look at it, what we are trying to build in addition to the arbitrage fund, which is also considered as active equity, where we have seen a good pickup in the first half of this year in terms of our arbitrage fund.
— A. Balasubramanian
However, going forward, there would be an impact of around ₹8 crores to ₹10 crores per quarter in the next year.
— Pradeep Sharma
So as for your first question concern with respect to the optimization, I think see this is after multiple rounds of discussion, when the first circular came, and the final circular came.
— A. Balasubramanian
But at the same time, these normally happens any such kind of volatile period we do see SIP cancellation increasing.
— A. Balasubramanian
In fact, I myself was during the volatile period, keep harping on the importance of not cancelling SIPs.
— A. Balasubramanian
It's also being appreciated by people because during the volatile period, giving guidance to the investors is extremely important.
— A. Balasubramanian
As far as the yield concern, I will just give it to Pradeep to give you insight.
— A. Balasubramanian
So, I think March quarter, I think there was also pressure on the fixed income side due to the volatility as well as interest rates, and banks are under tremendous pressure to raise deposits.
— A. Balasubramanian
So I think if I take every other thing constant, then probably a 3-basis point yield decline in the equity segment.
— Harshit T
There could be more passives, basically index funds etc., would have increased that would have led to that decline?
— Harshit T
So, just the other point you mentioned that the impact of the TER revisions, you would want to keep the distributor also, you would want the distributor commissions not being impacted.
— Harshit T
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Q&A — 6 exchanges
Q
Good evening, everyone, and thanks for the opportunity. My first question is on the regulatory impact. So, from the first of April, we see that there would be a 5-basis point impact on the equity AUM. So how do you intend to mitigate the impact? And what would be the net impact on our books?
A. Balasubramanian
I think the broad impact generally post the regulatory changes is in the range of about 3 to 4 basis points, roughly. But however, given the fact that the way the industry has been operating, the way we also have been operating, we will planned, do the structures in such a manner that it does have the least impact as far as the P&L concerns, given the fact that the reduction is actually quite marginal, and suitably making these structures that we have both on the commission structures and other expenses. Keeping all those things in mind, we'll try and make it neutral to everyone and win-win fo
Q
Hello. Good evening. Just a few questions from my side. First, you mentioned in your previous comment that your flows in the funds that we have been pushing or funds or performance is good, there has been improvement in flows quarter-on-quarter. But if I look at the overall active Aditya Birla Sun Life AMC Limited Thursday, 23rd April 2026 equities as a cohort for you and look at, let's say, 4Q versus 3Q or 4Q versus last year's 4Q, how the quarter-on-quarter and Y-o-Y look like for the entire active equity basket as a whole? My second question is on the expense side. You mentioned in your com
A. Balasubramanian
Sure. As far as the flows concern, Dipanjan, I think the last quarter, which I also mentioned, and this quarter also the way I look at it, what we are trying to build in addition to the arbitrage fund, which is also considered as active equity, where we have seen a good pickup in the first half of this year in terms of our arbitrage fund. Then we have started seeing pickup coming in Flexi Cap Fund, Multi Asset Allocation Fund, multi-cap fund, and Balanced Advantage Fund. So that's why we continue to see inflows, and even we are also promoting these kinds of five- six focus products. On the the
Q
Hi sir, good afternoon and thank you for the opportunity. Three questions from my side. First one on this regulatory impact. So, I just wanted to understand. And will we be getting some clarity on what is the full extent of the impact? Because we are already in the third week of April. And, so would it be like that we will have an idea as we close April or would it be like that optimization will continue for a few months as we move in there? So, if you could give some clarity on that. Secondly, in terms of customers, how has the movement been during the quarter? The reason why I asked you this
A. Balasubramanian
Yes. So as for your first question concern with respect to the optimization, I think see this is after multiple rounds of discussion, when the first circular came, and the final circular came. All of you would have known, and as an industry we worked with SEBI and brought it to a scenario where it would have the least impact, including the broking firm with whom we deal with on the equity side. So, in fact, I was personally involved in working with the other team members of the industry to see to it that it has least impact. So that's a broader approach in which we did. And then whatever the f
Q
Hi, sir, Harshit here. Sir, I joined a bit late, maybe you got covered it, but what was the equity yields which you mentioned, sir, the equity segment yield?
Pradeep Sharma
Yes. So, equity yields were 62 to 63 basis points, debt it was 24 to 25 basis points, and liquid 12 to 13 basis points. Okay. Sir, when I look at the equity yields, at least if I back calculate broadly, so there is a good around 2 - 3 basis point yield reduction which would have happened this quarter. So I think if I take every other thing constant, then probably a 3-basis point yield decline in the equity segment. Is it anything particular to do here? No, so there's no specific reason. I think this is the function of telescoping pricing as well as mix of products. So, both these things will h
Q
Hi Thank you Sir. Just one question is sir, you mentioned on the banking front, we've got some approvals from some products. So, can we get some more colour on that? And how do we see the strategy on the banking channel changing? I understand it's a small proportion of the AUM channel mix?
A. Balasubramanian
Yes, sure. See, I think the way we look at our banking channel is who are the large key partners for Aditya Birla Sun Life Mutual Fund. It's basically starting from HDFC Bank, Kotak Bank, Axis Bank, ICICI Bank, and Standard Chartered Bank. And the other smaller banks, we can say, IDFC Bank and others. Bank of Baroda is a large distributor. While we used to always have a presence, but I think each one of them has to generate in terms of volume coming in, and that we are seeing it across each of these channels. Second, like HDFC Bank, they have tightened their product recommendation after the 20
Q
Thank you, everyone, for joining for this call. And with this, we conclude our Q4 FY26 Earnings call. Thank you.
Management
Speaking time
A. Balasubramanian
23
Pradeep Sharma
9
Moderator
8
Harshit T
8
Mohit Mangal
6
Meghna Luthra
5
Dipanjan Ghosh
5
Swarnabh Mukherjee
3
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Opening remarks
Meghna Luthra
Thank you, Rutuja. Good evening, everyone. On behalf of InCred Equities, I welcome you all to Aditya Birla Sun Life AMC's fourth quarter and full year FY '26 ended Earnings Conference Call. We have along with us Mr. A. Balasubramanian, MD and CEO and Mr. Pradeep Sharma, CFO. We are thankful to the management for allowing us this opportunity to host them. I would now like to hand it over to Bala sir for his opening remarks. Over to you, sir.
A. Balasubramanian
Thank you, Meghna, and good evening to everyone, and thank you for joining our Q4 FY '26 Investor Call. I hope you all had the opportunity to read through the Earnings Presentation, which is available on both the Stock Exchanges and our company website. Let me begin by sharing our perspective on the current macroeconomic environment, followed by an update on the quarter ending FY '26 for our mutual fund business. The ongoing conflict as is known in West Asia and the wave of global uncertainty are fundamentally changing the world order. Surging energy prices have changed the global macro perspective and are posing challenges for global economic growth. For India, the disruptions in the Asian market due to the geopolitical risk have driven energy costs higher and depreciated the Indian Rupee versus the US dollar, which continues to remain a risk in the very short term. The risk-off sentiment has prompted FIIs outflow and broad-based equity market corrections across emerging market as a r
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