ICICI Prudential AMC shares gain 2% after Q1 net profit rises 23% to Rs 965 crore. Here’s what brokerages say

Shares of ICICI Prudential AMC gained 2% to Rs 3,285 on the BSE on Tuesday after the company reported a 23% year-on-year growth in net profit to Rs 965 crore for the first quarter of FY27, from Rs 784 crore reported in the corresponding quarter of FY26, with brokerages remaining bullish on the stock.

The company on Monday released its results for the April-June quarter of the ongoing financial year 2027. Revenue from operations meanwhile increased 18% YoY to Rs 1,564 crore in the quarter under review. Its mutual fund assets under management (AUM) rose around 11% YoY to Rs 82.40 lakh crore as on March 31, 2026.

The company’s total expenses rose 12% YoY to Rs 464.4 crore, while employee benefit expenses stood at Rs 204 crore, up 11% from Rs 184 crore a year earlier and 45% higher than Rs 141 crore in the March quarter. Fees and commission expense increased to Rs 124 crore from Rs 103 crore a year earlier. Other expenses stood at Rs 104 crore, compared with Rs 98 crore in the year-ago quarter.


ICICI Prudential AMC's profitability remained strong, with profit before tax margin at 81.87% of revenue from operations. Profit after tax margin stood at 61.67%.

Also Read | ICICI Prudential AMC Q1 Results

JM Financial on ICICI Prudential AMC share price

JM Financial noted that ICICI Prudential AMC reported strong Q1 earnings. Following the sharp market correction in March, broader markets recovered strongly during Q1 FY27 led by nearly 20% gains in mid and smallcap indices, the domestic brokerage said, adding that while quarter-end AUM recovered meaningfully, QAAUM remained broadly flat QoQ as the market decline occurred at the beginning of the quarter.

Management indicated that revenue yields across equity (66bps), debt (32bps) and liquid (12bps) remained stable sequentially, with no impact from SEBI's revised TER regulations. “Given the company's strong execution in protecting yields over FY23–26, we believe management would continue to offset regulatory pressure through distributor commission rationalisation. Furthermore, increasing contribution from higher-yielding alternatives (PMS/AIF) should support blended yields over medium term,” JM Financial said.

The domestic brokerage added that management commentary reinforces its confidence that the revised TER framework is unlikely to materially impact profitability for even the large, leading AMCs while the growing contribution from alternatives should support earnings growth over the medium term. It maintained its ‘Add’ rating on the shares of the company with a target price of Rs 3,600 apiece, implying an upside potential of more than 12% from the stock’s previous closing price.

Motilal Oswal on ICICI Prudential AMC share price

Motilal Oswal Financial Services broadly maintained its FY27 and FY28 earnings estimates, as higher employee costs and lower debt AUM assumptions were offset by higher other income and lower operating expenses. It expects the company to report an AUM CAGR of 15%, revenue CAGR of 14% and profit CAGR of 15% over FY26-28.

The domestic brokerage maintained a ‘Buy’ rating on the shares of the company with a target price of Rs 3,800 apiece, implying an upside potential of nearly 19% from the stock’s previous closing price.

Emkay on ICICI Prudential AMC share price

Emkay maintained its ‘Buy’ rating on the shares of ICICI Prudential AMC with a target price of Rs 4,000 apiece, implying an upside potential of nearly 25% . The brokerage noted that the company reported a steady quarter with stable AUM growth and resilient yields, with PAT beating estimates due to higher mark-to-market gains, ET Now reported.

Emkay added that a robust product pipeline is expected to support long-term AUM growth and diversification, while strong brand, wide distribution and consistent fund performance remain key advantages.

ICICI Prudential AMC share price

The shares of ICICI Prudential AMC made a decent market debut in December last year, listing with a premium of 20% over the IPO price at Rs 2,606.20 apiece on BSE. This came after the IPO was subscribed 39.17 times overall, driven primarily by qualified institutional buyers, whose portion was subscribed nearly 124 times.

After listing, the shares of the company fell around 3% to hit a record low of Rs 2,528.90 apiece in the same month. The stock then soared 43% in nearly five months to hit a record high of Rs 3,609.85 apiece in May. The shares of the company have fallen more than 11% since then to close at Rs 3,205.6 apiece on Monday. The stock is still 23% higher than its listing price and 48% higher than its IPO price of Rs 2,165 apiece.

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