AI-generated · cited to primary sources · not investment advice
UTI AMC (543238) Oct 2025 Filing Analysis
Does management do what it says?
The company successfully launched the fourth fund in the SDOF series during Q2 FY26. (1 met across 1 tracked commitment)
“We have launched the fourth fund of our SDOF series in quarter 2 and this fund has been planned as a Rs. 1,500 crore fund.”
The effective tax rate for FY26 was approximately 26.9% (calculated from PBT of 553 Cr and PAT of 404 Cr), falling within the guided range. (3 met, 2 missed across 5 tracked commitments)
“So for the full year, we maintain a guidance of close to around 7%-8% for the other expenses.”
Management noted that while market share in SIPs dipped slightly (2.9% to 2.7%), they are seeing a pick-up in performance in growth-oriented schemes over the last year and expect flows to follow with a 2-3 year 'sweet spot' lag. (1 in progress across 1 tracked commitment)
“Strong focus on growing SIP book Digitally”
The company failed to reach the target of 40 branches for UTI Pension Fund Limited by the end of FY26, ending the year with 32 branches. (1 missed, 1 met across 2 tracked commitments)
“We currently operate through 31 branches across India and plan to take the total number of branches to 40 in FY26.”
Consolidated employee benefit expenses for H1 FY26 increased by 26% YoY, significantly exceeding the guided 400-500 bps (4-5%) growth range. This was partly due to a one-time impact of ₹ 25 crore for family pension revision. (4 missed across 4 tracked commitments)
“Employee Benefit Expense1 ... H1 FY26 288 [cr] H1 FY25 229 [cr] YoY (%) 26%”
See the full cited Management analysis of UTI AMC
What could break the thesis?
The Equity market share has deteriorated further to 2.93% from 3.32% YoY. Since equity is the highest-margin product, this mix shift negatively impacts the blended revenue yield. (2 intensifying, 3 easing)
“Equity... Sep'24 3.32% [to] Sep'25 2.93%”
STABLE. Market share in gross sales is holding at 6.4% for H1 FY26. However, SIP market share has dipped slightly from 2.9% to 2.7% YoY, which is a critical lead indicator for future AUM. (2 stable)
“If I look at the SIP market share, which was there in September 2024, which was about 2.9% and now it is about 2.7%.”
See the full cited Risk analysis of UTI AMC
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