ICICI Prudential Mutual Fund Shares Decline by Nearly 4% Amid Mixed Q4 Performance and MTM Impact

ICICI Prudential AMC Stock Declines Amid Q4 FY26 Results, Brokerages Maintain Bullish Views

On Wednesday, April 15, ICICI Prudential Asset Management Company Ltd stock traded lower throughout the session, with the shares ultimately settling at Rs 3,221, a 4 percent decline for the day. Despite the short-term setback, the stock has demonstrated resilience, gaining 24.5 percent since its listing in December 2025, with a market capitalisation of Rs 1.59 lakh crore.

The decline in stock value comes on the heels of the company's Q4 FY26 results, which revealed a sequential drop in profit due to mark-to-market (MTM) losses. However, the underlying operating performance remained steady. ICICI Prudential AMC reported a profit of Rs 763 crore for the quarter ended March 31, 2026, a 10 percent year-on-year increase but a 17 percent quarter-on-quarter decline amid market volatility.

The company's revenue from operations rose to Rs 1,517 crore, while operating profit increased 30 percent to Rs 1,128 crore. Brokerages attributed the weakness in the results to MTM losses, while the core performance remained intact.

| Brokerage | Rating | Target Price (per share) | Key Observations | | --- | --- | --- | --- | | CLSA | Outperform | Rs 3,730 | Steady industry conditions, strong SIP and lump-sum flows, and a 40 basis points market share gain in active equity assets under management. | | Citi | Buy | Rs 3,900 | Core profit before tax was in line with estimates, rising 2 percent sequentially. However, it highlighted sluggish average AUM growth due to weak equity sentiment and an unfavourable mix shift that weighed on yields and profitability. | | HSBC | Buy | Rs 3,800 | Earnings beat consensus estimates on higher treasury gains and cost discipline. It expects market share gains, yield levers and operating leverage to support earnings growth. | | UBS | Buy | Rs 3,900 | Core performance was strong despite MTM-related impact on headline earnings. It highlighted continued franchise momentum driven by equity and hybrid fund outperformance, improving margins, and manageable near-term yield headwinds. |

Brokerages such as CLSA, Citi, HSBC, and UBS maintained their bullish views on the long-term outlook for ICICI Prudential AMC, despite the short-term decline in stock value. These brokerages cited factors such as steady industry conditions, strong SIP and lump-sum flows, and market share gains as positives for the company.

Operationally, the company saw a mixed trend in assets under management during the quarter. Total mutual fund QAAUM stood at Rs 11,048 billion with a 13.5 percent market share, while active MF QAAUM was Rs 9,206 billion with a 13.7 percent share. Equity schemes accounted for Rs 6,204 billion, with a 14.2 percent market share.