ICICI Prudential AMC shares rise 2% as Jefferies, other brokerages revise target prices after Q2 results. Should you buy?

The shares of ICICI Prudential Asset Management Company gained around 2% on Tuesday after the company reported a 6% year-on-year (YoY) rise in net profit to Rs 889 crore in the July-September quarter of FY27, with brokerages maintaining their 'Buy' calls for the stock and revising target prices.

ICICI Prudential AMC shares rose to Rs 3,018.10 apiece on NSE on Tuesday morning. The company yesterday released its Q2 results, with revenue from operations rising 16.3% YoY to Rs 1,674 crore in Q2 FY27, compared with Rs 1,439 crore in Q2 FY26. Total expenses increased 17.9% to Rs 493 crore during the quarter, from Rs 418 crore a year earlier.

The company's operating profit jumped 16% YoY to Rs 1,181 crore during the quarter under review, while mutual fund quarterly average assets under management (QAAUM) rose 14.4% YoY to Rs 11.61 lakh crore, with a market share of more than 13%.


Assets in equity and equity-oriented schemes rose 16.3% YoY to Rs 6.59 lakh crore, from Rs 5.67 lakh crore, with a market share of 13.7%. Equity-oriented hybrid schemes recorded a 19.7% increase in QAAUM to Rs 2.29 lakh crore. The segment's market share stood at 26.4%. Monthly systematic transactions, comprising systematic investment plans (SIPs) and systematic transfer plans (STPs) across the mutual fund and PMS businesses, stood at Rs 4,672 crore in September 2026.

Also read | ICICI Prudential AMC Q2 Results: Profit rises 6% YoY to Rs 889 crore; co declares Rs 30/share dividend

Along with the Q2 results, ICICI Prudential AMC also declared an interim dividend of Rs 30 per share, with the record date fixed on October 21.

Jefferies on ICICI Prudential AMC share price

Jefferies maintained its 'Buy' call on the shares of ICICI Prudential AMC and increased its target price to Rs 3,760 apiece from Rs 3,600 apiece. The latest target price implies 24% upside potential from the stock's previous closing price.

The international brokerage noted that the company's operating profit beat its estimate by 3% due to better yields. Net profit was 6% higher than the brokerage's expectation, led by higher other income. However, it noted that the company's STP flows declined 4% from June, continuing the trend from last quarter, a function of higher redemptions.

Jefferies increased its FY27-29 EPS estimates for ICICI Prudential AMC by 1-2%, led by higher yields. Lower reliance on marquee funds, 4-10 schemes within top or upper mid-tiers in the last 5 years, and expanding alternates business, which is an additional growth lever, were listed as the factors behind the international brokerage maintaining its 'Buy' call on the stock.

JM Financial on ICICI Prudential AMC share price

JM Financial maintained its 'Add' rating on the shares of ICICI Prudential AMC but reduced its target price to Rs 3,350 apiece from Rs 3,500 apiece. The latest target price implies nearly 13% upside potential.

The domestic brokerage noted that the company reported a steady Q2 performance, with revenue up 18% YoY. Yields edged up, supported by the growing alternates business with a slightly higher alternates yield on real estate fund drawdowns. With in-line costs, operating PBT was 2% ahead of the brokerage's estimate.

That said, systematic transactions moderated, best explained by the company's limited exposure to small and mid-cap schemes (which are drawing the highest industry inflows), and rising redemptions, JM Financial said, as it cut FY27-29 EPS by 3% each.

Emkay on ICICI Prudential AMC share price

Emkay maintained its 'Buy' call on the shares of ICICI Prudential AMC with a target price of Rs 3,800 apiece. This implies around 28% upside potential from the stock's previous closing price.

The brokerage noted that the company's profit was 4% above estimates, although it fell 8% sequentially due to lower other income, ET Now reported. The company's management views building out the mid and small-cap equity franchise as a five to seven year strategic effort, it added.

Centrum on ICICI Prudential AMC share price

Centrum Institutional Research also maintained its 'Buy' call but reduced its target price to Rs 3,845 apiece, implying around 30% upside potential. The brokerage said the company delivered a healthy performance in the second quarter.

"We expect both PAT and core PAT to grow at a CAGR of 17% over FY26-FY29," Centrum said while naming the company among its top picks. It highlighted that the company's healthy performance during the quarter came amidst tougher equity markets.

Also read | AMC stocks gain up to 33% in H1 FY27 despite market turmoil

ICICI Prudential AMC share price

ICICI Prudential AMC shares have fallen over 3% in a week and more than 2% in a month. Overall, the shares of the company are up nearly 13% in 2026 so far.

The stock had debuted in December last year, listing at 20% premium over IPO price at Rs 2,600 apiece. The shares of the company have overall gained more than 14% from the listing price.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.