ICICI AMC Q2 FY27 Results (NSE: ICICIAMC)
Signal: Steady quarter
The read
The operating trajectory remains resilient: Q2FY27 revenue rose 16.3% YoY to ₹16,737.9 million and the derived operating margin was 72.6%, but PAT growth was only 6.1% because Q2FY26's other income of ₹718.6 million and Q1FY27's ₹1,808.0 million created a high-volatility comparison; the key watchpoint is whether fee revenue growth persists without relying on treasury income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,673.79 Cr | +16.3% | +7.0% |
| Net profit | ₹888.96 Cr | +6.1% | |
| EPS | ₹17.99 | +6.1% | |
| EBIT margin | 72.6% |
P&L walk
Revenue increased 16.3% YoY and 7.0% sequentially, while the derived operating margin was 72.6%, down 44bps YoY but up 768bps QoQ as other income normalized from the unusually high Q1FY27 level; PAT rose 6.1% YoY but fell 7.8% QoQ.
Key positives
- Revenue from operations rose 16.3% YoY to ₹16,737.9 million and 7.0% QoQ, sustaining double-digit growth despite no disclosed volume or AUM split.
- Derived operating margin recovered to 72.6% from 64.9% in Q1FY27, a 768bps sequential improvement as other income normalized.
- Operating cash flow was ₹16,882.3 million in H1FY27, up 5.6% YoY and broadly consistent with reported profit generation.
- EPS rose 6.1% YoY to ₹17.99 in line with PAT growth, with no dilution signal from the PAT-to-EPS cross-check.
Key concerns
- PAT growth of 6.1% YoY lagged revenue growth of 16.3% because the reported bottom line remains sensitive to other income, which was ₹169.1 million in Q2FY27 versus ₹718.6 million a year ago.
- Fees and commission expense increased 30.3% YoY to ₹1,328.5 million, materially faster than revenue growth and requiring monitoring for pressure on the operating-cost base.
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