Motilal Oswal reiterates buy on ICICI Prudential AMC with INR 3,800 target
AI Market Summary
Motilal Oswal reiterated a BUY on ICICI Prudential AMC with a target of INR 3,800 after 1QFY27 results showed 18% YoY revenue growth and a 6% PAT beat driven largely by MTM-related other income. Margins improved despite higher employee costs and softer debt AUM assumptions, with FY27'F28 estimates broadly unchanged. Market impact is likely limited as this is single-name, India-specific research.
Impact level
● Low
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● Neutral
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Motilal Oswal reaffirmed its Buy rating on ICICI Prudential AMC and kept its target price at INR 3,800. For 1QFY27, the company reported operating revenue of INR15.6b, up 18% year on year, while PAT rose to INR9.6b, up 23% year on year and 26% quarter on quarter, helped mainly by MTM gains, according to the report. EBITDA margin was 72.4% and PAT margin was 61.7%, both improving from a year earlier. The brokerage said higher employee costs and lower debt AUM assumptions were offset by higher other income and lower operating expenses, leaving FY27/FY28 earnings estimates broadly unchanged.
