ICICI Prudential AMC is India’s second-largest asset management company by QAAUM and the largest by active equity AUM. It earns revenue primarily through investment management fees from mutual funds, PMS, AIFs and offshore advisory mandates. Its key offerings include equity, debt, hybrid, passive and thematic funds used by retail, HNI and institutional investors for long-term wealth creation and asset allocation across market cycles.

Key Clients & Manufacturing / Operating Facilities
The company’s largest client is ICICI Prudential Mutual Fund, contributing over ₹22,956.7 million in FY25 revenue. It also manages AIFs, PMS mandates and offshore advisory portfolios such as Eastspring Investments distributed across Japan, Taiwan, Hong Kong and Singapore. Major operating infrastructure includes its Mumbai headquarters and technology-driven digital platforms supporting investor services, distributor engagement, product management and risk operations across India.

Product Portfolio, Market Position & Order Book
The company manages 143 schemes, the highest in India, across equity (44), debt (20), passive (61), FOF (15) and hybrid categories. Its product suite includes flagship schemes like Value Fund, Balanced Advantage Fund, Business Cycle Fund and multi-asset strategies, supporting the full client lifecycle from accumulation to preservation. With ₹10,147.6 billion QAAUM and leadership in individual AUM (₹6,610.3 billion), execution strength remains strong across all segments.

Mergers, Expansion & Capex Plans
The company is integrating Category II AIF schemes transferred from ICICI Venture, strengthening its Alternates business. Expansion includes new operations in IFSC GIFT City for ETFs, AIFs and PMS, and establishing a presence at DIFC Dubai to serve NRIs and global investors. Digital modernisation, cloud adoption and product diversification remain key capex priorities aimed at enhancing distribution, analytics and product delivery.

Employees & Bankers
As of September 30, 2025, we have 3,541 full-time employees. The Banker to the Company is ICICI Bank Limited.

Management & Vision

The management team, led by MD Nimesh Shah and ED Sankaran Naren, focuses on disciplined investment processes, product innovation and long-term investor outcomes. Their vision includes strengthening equity leadership, scaling alternates, expanding offshore presence and deepening retail penetration via SIPs and digital acquisition. For funding expansion and technology capex, the company intends to utilize internal accruals, strong cash flows and operating profitability, supported by efficient cost structures and parent ICICI group synergies.

Industry Overview

The Indian mutual fund industry reached ₹77,142 billion in QAAUM by H1 FY26, growing at a CAGR of 29% between FY23–FY25. Equity AUM grew at 36–40% for major AMCs, while individual MAAUM grew 31.6%. Globally, asset management remains a multi-trillion-dollar industry driven by rising financialization, ETFs and passive flows. ICICI Prudential AMC holds 13.2% market share in QAAUM and 13.7% in individual AUM, ranking among India’s top two AMCs with sustained industry outperformance.

Key Risk Factors

1. Market Volatility Risk
   Significant dependence on equity markets exposes revenue to AUM fluctuations. Sharp market corrections can reduce fees, affect inflows and impact profitability across equity, hybrid and passive segments due to sensitivity to investor sentiment and valuations.
2. Regulatory & Compliance Risk
   The AMC sector is tightly regulated by SEBI. Any adverse regulatory changes on fees, TER caps, product categorization or distribution norms may directly affect revenue, profitability and operational flexibility across investment products.
3. Cybersecurity & System Risks
   Despite no material breaches in recent years, the company remains exposed to potential cyberattacks and system failures. Any disruption in trading systems, investor platforms or data processing could lead to financial losses, penalties or reputation damage.
4. Conflict of Interest Obligations
   As a fiduciary, the company must prioritize investor interests over shareholder interests, potentially creating conflicts. Actions taken for investor benefit may not always align with shareholder expectations, affecting returns or strategic decisions.
5. Employee Misconduct Risk
   Instances of mis-selling, unauthorized trades or fraud by employees can result in regulatory sanctions and reputational harm. Internal controls exist, but future incidents may adversely affect the company’s brand and investor confidence.
6. Concentration of Revenue
   A single customer, ICICI Prudential Mutual Fund, contributes over 10% of revenue. High reliance on its parent group for revenue and distribution exposes the company to concentration risk.
7. Operational Integration Risks
   Expansion into GIFT City, DIFC and AIF acquisitions require integration of systems, processes and compliance frameworks. Delays or inefficiencies may impact the timely scale-up of new business verticals and profitability.

Key Strengths & Opportunities

1. Market Leadership in AUM
   ICICI Prudential AMC is among India’s top two AMCs with strong leadership in active equity, individual AUM and PMS. Its diversified AUM base enhances stability, reduces concentration and strengthens its competitive position.
2. Largest Product Suite in India
   With 143 schemes, the company has the widest product basket across categories, enabling client lifecycle coverage and offering modular solutions for retail, HNI and institutional investors across asset classes.
3. Strong Digital & Distribution Ecosystem
   The AMC has reengineered its core technology, launched advanced digital platforms and integrated with fintech ecosystems, delivering 95.3% digital purchase transactions and strengthening customer experience and distributor engagement.
4. Deep Investment Expertise
   Backed by experienced fund managers and robust research capabilities, the AMC has a consistent record of market-beating growth in equity and active AUM, supported by disciplined frameworks like buy-low-sell-high and thematic strategies.
5. Global Expansion & Offshore Advisory
   Its advisory AUM of ₹329.1 billion and new DIFC presence open access to global investors and NRIs, enhancing fee opportunities and product diversification internationally.
6. Alternates & AIF Growth Opportunity
   With ₹146.5 billion AIF QAAUM and upcoming integration of ICICI Venture schemes, the company is positioned to scale private credit, real estate and structured products—high-margin and fast-growing segments.

ICICI Prudential AMC is India’s second-largest asset management company by QAAUM and the largest by active equity AUM. It earns revenue primarily through investment management fees from mutual funds, PMS, AIFs and offshore advisory mandates. Its key offerings include equity, debt, hybrid, passive and thematic funds used by retail, HNI and institutional investors for long-term wealth creation and asset allocation across market cycles.

Key Clients & Manufacturing / Operating Facilities
The company’s largest client is ICICI Prudential Mutual Fund, contributing over ₹22,956.7 million in FY25 revenue. It also manages AIFs, PMS mandates and offshore advisory portfolios such as Eastspring Investments distributed across Japan, Taiwan, Hong Kong and Singapore. Major operating infrastructure includes its Mumbai headquarters and technology-driven digital platforms supporting investor services, distributor engagement, product management and risk operations across India.

Product Portfolio, Market Position & Order Book
The company manages 143 schemes, the highest in India, across equity (44), debt (20), passive (61), FOF (15) and hybrid categories. Its product suite includes flagship schemes like Value Fund, Balanced Advantage Fund, Business Cycle Fund and multi-asset strategies, supporting the full client lifecycle from accumulation to preservation. With ₹10,147.6 billion QAAUM and leadership in individual AUM (₹6,610.3 billion), execution strength remains strong across all segments.

Mergers, Expansion & Capex Plans
The company is integrating Category II AIF schemes transferred from ICICI Venture, strengthening its Alternates business. Expansion includes new operations in IFSC GIFT City for ETFs, AIFs and PMS, and establishing a presence at DIFC Dubai to serve NRIs and global investors. Digital modernisation, cloud adoption and product diversification remain key capex priorities aimed at enhancing distribution, analytics and product delivery.

Employees & Bankers
As of September 30, 2025, we have 3,541 full-time employees. The Banker to the Company is ICICI Bank Limited.

Management & Vision

The management team, led by MD Nimesh Shah and ED Sankaran Naren, focuses on disciplined investment processes, product innovation and long-term investor outcomes. Their vision includes strengthening equity leadership, scaling alternates, expanding offshore presence and deepening retail penetration via SIPs and digital acquisition. For funding expansion and technology capex, the company intends to utilize internal accruals, strong cash flows and operating profitability, supported by efficient cost structures and parent ICICI group synergies.

Industry Overview

The Indian mutual fund industry reached ₹77,142 billion in QAAUM by H1 FY26, growing at a CAGR of 29% between FY23–FY25. Equity AUM grew at 36–40% for major AMCs, while individual MAAUM grew 31.6%. Globally, asset management remains a multi-trillion-dollar industry driven by rising financialization, ETFs and passive flows. ICICI Prudential AMC holds 13.2% market share in QAAUM and 13.7% in individual AUM, ranking among India’s top two AMCs with sustained industry outperformance.

Key Risk Factors

1. Market Volatility Risk
   Significant dependence on equity markets exposes revenue to AUM fluctuations. Sharp market corrections can reduce fees, affect inflows and impact profitability across equity, hybrid and passive segments due to sensitivity to investor sentiment and valuations.
2. Regulatory & Compliance Risk
   The AMC sector is tightly regulated by SEBI. Any adverse regulatory changes on fees, TER caps, product categorization or distribution norms may directly affect revenue, profitability and operational flexibility across investment products.
3. Cybersecurity & System Risks
   Despite no material breaches in recent years, the company remains exposed to potential cyberattacks and system failures. Any disruption in trading systems, investor platforms or data processing could lead to financial losses, penalties or reputation damage.
4. Conflict of Interest Obligations
   As a fiduciary, the company must prioritize investor interests over shareholder interests, potentially creating conflicts. Actions taken for investor benefit may not always align with shareholder expectations, affecting returns or strategic decisions.
5. Employee Misconduct Risk
   Instances of mis-selling, unauthorized trades or fraud by employees can result in regulatory sanctions and reputational harm. Internal controls exist, but future incidents may adversely affect the company’s brand and investor confidence.
6. Concentration of Revenue
   A single customer, ICICI Prudential Mutual Fund, contributes over 10% of revenue. High reliance on its parent group for revenue and distribution exposes the company to concentration risk.
7. Operational Integration Risks
   Expansion into GIFT City, DIFC and AIF acquisitions require integration of systems, processes and compliance frameworks. Delays or inefficiencies may impact the timely scale-up of new business verticals and profitability.

Key Strengths & Opportunities

1. Market Leadership in AUM
   ICICI Prudential AMC is among India’s top two AMCs with strong leadership in active equity, individual AUM and PMS. Its diversified AUM base enhances stability, reduces concentration and strengthens its competitive position.
2. Largest Product Suite in India
   With 143 schemes, the company has the widest product basket across categories, enabling client lifecycle coverage and offering modular solutions for retail, HNI and institutional investors across asset classes.
3. Strong Digital & Distribution Ecosystem
   The AMC has reengineered its core technology, launched advanced digital platforms and integrated with fintech ecosystems, delivering 95.3% digital purchase transactions and strengthening customer experience and distributor engagement.
4. Deep Investment Expertise
   Backed by experienced fund managers and robust research capabilities, the AMC has a consistent record of market-beating growth in equity and active AUM, supported by disciplined frameworks like buy-low-sell-high and thematic strategies.
5. Global Expansion & Offshore Advisory
   Its advisory AUM of ₹329.1 billion and new DIFC presence open access to global investors and NRIs, enhancing fee opportunities and product diversification internationally.
6. Alternates & AIF Growth Opportunity
   With ₹146.5 billion AIF QAAUM and upcoming integration of ICICI Venture schemes, the company is positioned to scale private credit, real estate and structured products—high-margin and fast-growing segments.