This article first appeared on GuruFocus .
-
Total AUM:INR22.42 lakh crores as of September 30, 2025, up 11% from INR20.16 lakh crores a year ago.
-
Mutual Fund AUM:INR3.78 lakh crores compared to INR3.43 lakh crores last year.
-
Core Income (Consolidated):INR390 crores for Q2, up 5% year on year and 3% quarter on quarter.
-
Consolidated Core PAT:INR107 crores for Q2, with a normalized figure of INR127 crores excluding pension impact.
-
Standalone Core Income:INR319 crores for Q2, up 5% YoY and 3% QoQ.
-
Standalone Core PAT:INR104 crores for Q2, with a normalized figure of INR124 crores excluding pension impact.
-
SIP AUM:INR42,267 crores as of September 2025, a growth of 5.98% over the previous year.
-
SIP Inflows:INR2,338 crores for Q2; INR4,599 crores for H1 FY26, up 17.70% YoY.
-
Market Share:6.2% of gross sales for Q2 and 6.4% for H1 FY26.
-
Index and ETF AUM:INR1,62,443 crores for Q2, up 4.75%.
-
UTI Pension Fund AUM:INR3.89 lakh crores, up 15.82% YoY.
-
UTI International AUM:USD2.66 billion (INR23,647 crores) as of September 30, 2025.
-
UTI Alternatives AUM:INR2,669 crores as of September 30, 2025.
-
Warning! GuruFocus has detected 3 Warning Sign with BOM:543238.
-
Is BOM:543238 fairly valued? Test your thesis with our free DCF calculator.
Release Date: October 18, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
UTI Asset Management Co Ltd ( BOM:543238 ) has seen a significant growth in market capitalization, tripling since its 2020 listing.
-
The company's total assets under management (AUM) grew by 11% year-on-year, reaching INR22.42 lakh crores as of September 2025.
-
UTI AMC's strategic focus on expanding in B30 cities has been successful, contributing approximately 80% of their AUM.
-
The company has launched new products, such as the UTI multi-cap fund, which has seen substantial growth since its inception.
-
UTI AMC has made significant strides in digital adoption, with 89% of gross sales in the quarter coming from digital platforms.
Negative Points
-
Equity mutual fund inflows fell by 9% in September compared to the previous month, indicating some investor caution.
-
The SIP stoppage ratio increased to 76.27% in September, up from 74.51% in August, reflecting potential investor hesitancy.
-
UTI International business saw an 8% decline in AUM due to mark-to-market impacts and fund maturities.
-
The company is implementing a voluntary retirement scheme (VRS) which could lead to significant one-time costs.
-
Despite growth in digital channels, UTI AMC's SIP market share has slightly decreased, indicating competitive pressures.
Q & A Highlights
Q: How does UTI AMC plan to capture more flows in the hybrid category given the decline in net inflows? A: Vetri Subramaniam, CEO Designate, explained that the focus remains on hybrid strategies due to market valuations. UTI AMC is pushing hybrid products like the multi-asset fund and aggressive hybrid fund through both lump-sum and SIP modes. The balance advantage fund, although younger, is also being promoted, with expectations of increased platform recommendations once it reaches a three-year track record.
Q: What caused the decline in UTI International's AUM, and what are the future expectations? A: Vinay Lakhotia, CFO, attributed the decline to the maturity of the UTI Phoenix Fund and mark-to-market impacts on the UTI India Dynamic Equity Fund and UTI Innovation Fund. He expects meaningful inflows into the UTI Dynamic Equity Fund as growth categories deliver better value.
Q: Can you explain the financial impact of the Voluntary Retirement Scheme (VRS) and its expected cost? A: Vinay Lakhotia stated that the VRS impact will depend on the number of employees opting for it, with an average payout of INR 60-65 lakh per employee. The financial impact will be communicated after the application period ends. Imtaiyazur Rahman, CEO, added that the family pension scheme revision, part of the VRS package, has already been accounted for as a one-time expenditure.
Q: How is UTI AMC addressing the decline in SIP market share? A: Sandeep Samsi, Head of Investor Relations, noted that despite a slight market share decline, UTI AMC has seen a month-on-month growth in SIP numbers, with a significant portion coming through digital channels. The company is focusing on augmenting its network and deepening its presence in smaller cities to sustain growth.
Q: What are the strategic priorities for UTI AMC under the new leadership of Vetri Subramaniam? A: Vetri Subramaniam outlined key focus areas including workforce rejuvenation, enhancing brand visibility, and improving digital engagement. He emphasized the importance of increasing SIP market share and leveraging fund management talent for offshore business growth. The aim is to maintain cost control while investing in brand and digital assets.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
