ICICI AMC Q1 FY27 Results (NSE: ICICIAMC)
Signal: Margin expansion
The read
Q1FY27 standalone PAT at ₹9,646 mn (+23% YoY) beat driven by revenue growth and a sharp swing in other income, but operating margin contracted 340bps QoQ to 72.4% as employee costs jumped 45% QoQ, partly from ESOP grants; the BTA acquisition of AIF management rights from ICICI Venture contributed from April 2026.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,564.22 Cr | 17.6% | 1.5% |
| Net profit | ₹964.63 Cr | 23.1% | |
| EPS | ₹19.52 | ||
| EBIT margin | 72.4% |
P&L walk
Revenue grew 17.6% YoY to ₹15,642 mn, driven by higher average AUM and the BTA acquisition of AIF management rights from ICICI Venture effective April 2026; employee costs jumped 44.6% QoQ (to ₹2,040 mn) due to variable pay and ESOP costs, compressing operating margin 340bps QoQ to 72.4%; other income swung from negative ₹899 mn to positive ₹1,808 mn, boosting PAT 23.1% YoY.
Key positives
- Revenue grew 17.6% YoY to ₹15,642 mn, supported by AUM growth and BTA acquisition.
- PAT grew 23.1% YoY to ₹9,646 mn, aided by higher other income.
- Operating margin improved 130bps YoY to 72.4% on operating leverage.
Key concerns
- Operating margin contracted 340bps QoQ from 75.8% to 72.4% due to sharp increase in employee costs (up 44.6% QoQ).
- Other income swung from negative ₹899 mn in Q4 to positive ₹1,808 mn – volatile and not from core operations.
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