ICICI Prudential Asset Management Company Limited

Financial Services — Asset Management · NSE

₹2,809.30−₹28.50 (−1.00%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of ICICI Prudential Asset Management Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

ICICI Prudential Asset Management Company Limited, an asset management company, provides a range of investment solutions. The company manages mutual and alternative funds; and offers portfolio management and advisory services to offshore clients.

IndustryAsset Management

SectorFinancial Services

Employees3,585

Annual revenue₹5,765 Cr

How does it make money?

Turns over ₹5,765 Cr a year. Of every ₹100 of sales, about ₹57 reaches shareholders as profit, with ₹75 left at the operating level before interest, tax and depreciation. Each of its 3,585 employees supports ₹1.61 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.61 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

17 analysts covering the stock expect revenue to grow about 22.3% and earnings to grow about 18.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+22.3%

Est. earnings growth+18.4%

Analysts17

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +114% while net margin moved +2% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+114%

Margin effect+2%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 39.3x already prices in growth
✓ P/E is 29% below its own historical median of 55.5x — cheap by its own standards
✗ P/B of 25.99x is a steep premium to book

Quality vs. Valuation

Company Quality

84/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

46/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

39.3x

1.0Y Median

55.5x

12 monthly readings · mean 53.3x · range 42.1x–66.0x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 1.0y median of 55.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 131% above the peer median of 17.0x.

vs. its own history

Cheap

55.5x median over 12 months · -29%

vs. sector peers

Expensive

17.0x median of 4 peers · +131%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

31.9x

PEG

1.33

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 73.2% to 75.5% over 3 years.
Return on equity is rising
ROE has improved from 65.5% to 79.1%.
Return on capital is rising
ROCE has improved from 80.4% to 98.3%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 73.2% to 75.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 131% above the peer median. That premium needs a reason that persists, or it closes.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 22% a year✓ 28.9% CAGR
Latest reported year was 11.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 73%✓ 75.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 74%✓ 76.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 55.5x✓ 39.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹1.39 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

39.3x

Fair

Fairly valued against the generic band

P/B Ratio

25.99x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹71.5

Profitable

Profitable on a per-share basis

ROE

76.2%

Strong

Strong capital efficiency

ROCE

98.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

11.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.1%

Modest

Slow profit growth

Dividend Yield

0.97%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹3,137 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

31.2x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

53.5%

Good

Assets are working hard

Operating Margin

71.1%

Good

Healthy core-business profitability

Net Margin

54.7%

Good

Strong bottom-line conversion

Current Ratio

13.73

Comfortable

Healthy short-term liquidity

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3076.4 / 3088.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

13.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,689 Cr	₹3,376 Cr	₹4,683 Cr	₹5,765 Cr	+28.9%
EBITDA	₹1,969 Cr	₹2,457 Cr	₹3,411 Cr	₹4,350 Cr	+30.2%
EBITDA Margin	73.2%	72.8%	72.9%	75.5%	—
PAT (Net Profit)	₹1,516 Cr	₹2,050 Cr	₹2,651 Cr	₹3,298 Cr	+29.6%
EPS	₹30.67	₹41.47	₹53.6	₹66.7	+29.6%
ROE	65.5%	71.1%	75.4%	79.1%	—
ROCE	80.4%	85.7%	91.4%	98.3%	—
Free Cash Flow	₹1,359 Cr	₹1,710 Cr	₹2,162 Cr	₹3,166 Cr	+32.6%

🟢 Revenue has grown at 28.9% a year over 3 years.

🟢 EBITDA has grown at 30.2% a year over 3 years.

🟢 EBITDA Margin has risen from 73.2% to 75.5% over 3 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 29.6% a year over 3 years.

🟢 EPS has grown at 29.6% a year over 3 years.

🟢 ROE has risen from 65.5% to 79.1% over 3 years (+13.5 pts).

🟢 ROCE has risen from 80.4% to 98.3% over 3 years (+17.9 pts).

🟢 Free Cash Flow has grown at 32.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹5,050 Cr

Total Liabilities

₹879 Cr

Total Debt

—

Cash & Equivalents

₹134 Cr

Operating Cash Flow

₹3,282 Cr

Capex

-₹115 Cr

Shareholding (proxy)

Institutional Holding

60.9%

Insider Holding

34.6%

Corporate Actions

Dividend Rate

₹27.25

Ex-Dividend Date

21 Oct 2026

Analyst Consensus

Recommendations

16 Buy · 2 Hold · 1 Sell

Target Price (Mean)

₹3,545.37

+26.2% vs CMP

Target Range

₹3,080 – ₹3,900

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive1 mixed4 general

ICICI Prudential Asset Management (NSEI:ICICIAMC) - Stock Analysis

Simply Wall Street, 15 Oct

Tech Query: ICICI Prudential Asset Management Company (AMC), Latent View Analytics, Rashtriya Chemicals and Fertilizers, IRB Infrastructure Developers — What is the outlook? Where are these stocks headed?

BusinessLine, 17 Oct

Dividend alert: IRFC, Tech Mahindra, ICICI Prudential AMC, among 11 stocks to watch next week: Check record date, payout

Livemint, 17 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

ICICI Prudential AMC to attend non-deal US roadshow from November 2

scanx.trade, 16 Oct

ICICI Prudential AMC gains 2% after steady Q2 nos, positive analyst views

Business Standard, 13 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Buy ICICI Prudential Asset Management Company; target of Rs 3420: Prabhudas Lilladher

Moneycontrol.com, 13 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Risk

MiddlingValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑