{"id":181751,"date":"2026-04-22T05:55:37","date_gmt":"2026-04-22T09:55:37","guid":{"rendered":"https:\/\/alphastreet.com\/india\/aditya-birla-sun-life-amc-ltd-abslamc-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-22T21:33:24","modified_gmt":"2026-04-23T01:33:24","slug":"aditya-birla-sun-life-amc-ltd-abslamc-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/aditya-birla-sun-life-amc-ltd-abslamc-q3-2026-earnings-call-transcript\/","title":{"rendered":"Aditya Birla Sun Life Amc Ltd (ABSLAMC) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Aditya Birla Sun Life Amc Ltd (NSE: ABSLAMC) Q3 2026 Earnings Call dated Jan. 22, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

A. Balasubramanian<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Pradeep Sharma<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Meghna Luthra<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Mangal<\/strong> \u2014 Analyst<\/em><\/p>\n

Prayesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijeet Sakhare<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to Aditya Birla Sun Life AMC Limited Q3 and 9M FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-<\/p>\n

Only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Meghna Luthra from InCred Equities. Thank you, and over to you, Ms. Luthra.<\/p>\n

Meghna Luthra<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Kendra. Good evening, everyone. On behalf of InCred Equities, I welcome all to Aditya Birla Sun Life AMC’s third quarter and nine months FY26 ended Earnings Conference Call. We have along with us, Mr. A. Balasubramanian, MD and CEO; and Mr. Pradeep Sharma, CFO. We are thankful to the management for allowing us this opportunity to host them. I would now like to hand it over to Bala sir for his opening remarks. Over to you, Sir.<\/p>\n

A. Balasubramanian<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you, Meghna, and good evening, everyone, and thank you for joining us today. Let me begin by extending my warm wishes for a happy and prosperous New Year to everyone. I hope you all had the opportunity to review our earnings presentation, which is accessible on both the stock exchanges and our Company website.<\/p>\n

Let me start by outlining the current economic outlook and providing an update on developments within the mutual fund industry. As you know, the global economy has entered a phase of recalibration and despite persistent tariff tensions and policy volatility, growth is stabilizing toward trend levels of approximately 3.2%, as estimated. Nations are fundamentally reassessing supply chains and trade partnerships in response to these disruptions and uncertainty.<\/p>\n

Meanwhile, inflation continues its moderating trajectory, allowing central banks to pivot their focus towards supporting growth. The convergence signals a shift from crisis management to a strategic adaptation. India continues to outpace global peers with remarkable consistency. Our real GDP is on track to expand by a robust 7.4% in FY26. While CPI inflation has moderated to a favourable 2.2%, a Goldilocks movement of strong growth paired with low inflation continues. And we maintain a positive outlook for FY27, projecting nominal GDP growth of 9.75%.<\/p>\n

This optimism is underpinned by several factors: the transmission of monetary and fiscal stimulus, expectations of easing of tariff pressures, robust rural demand supported by strong agricultural output and continued fiscal support for rural India. We anticipate inflation to normalize around 3.75%, well within the RBI’s comfort zone and preserving space for growth-supportive monetary policy. Conditions appear favourable for a capital expenditure cycle, with capacity utilization at elevated levels and healthy corporate balance sheets.<\/p>\n

While global uncertainty remains a key risk, India’s fundamentals position it strongly for sustained growth momentum. Hopefully, the budget should also drive the future growth more aggressively. Indian equity markets told a tale of two forces in this quarter, external pressures testing resilience and domestic strength providing the cushion. There was intermittent volatility with global uncertainties, FPI outflows and profit booking pressures. These downward movements were largely offset by robust domestic institutional participation. Overall, equities concluded the quarter on firm ground, underscoring the structural strength of India’s equity ecosystem, despite short-term market fluctuations as we have witnessed in the last few days as well.<\/p>\n

Continuing with the mutual fund industry update. The mutual fund industry quarterly average AUM stood at INR81 lakh crores as of 31st December 2025, compared to INR68 lakh crores as of 31st December 2024, registering year-on-year growth of about 18%. The industry recorded SIP inflows of approximately INR31,000 crores for December 2025, reflecting quarter-on-quarter growth of about 6%. The total number of mutual fund folios stood at approximately 26.97 crores as of December 2025.<\/p>\n

During Q3 FY26, the industry saw NFO collections of approximately INR13,300 crores across equity and debt funds, with equity collections predominantly driven by sectoral\/thematic and Flexi Cap funds. Individual average AUM for December 2025 stood at INR49.28 lakh crores, contributing about 60.1% of the total AUM, and B30 cities, with an average AUM of INR15.12 lakh crores, accounted for 18.4% of the total AUM, growing by 18% year-on-year.<\/p>\n

At Aditya Birla Sun Life AMC performance highlights, our overall average assets under management, including alternate assets, now stand at INR4.81 lakh crores, our highest-ever AUM achievement, growing at 20% year-on-year. Our mutual fund quarterly average AUM has reached INR4.43 lakh crores, representing 14% year-on-year increase. And within this, our equity mutual fund quarterly average AUM stands at INR2lakh crores, growing by 11% year-on-year.<\/p>\n

As an AMC, we firmly believe that SIPs continue to remain a cornerstone of long-term investing in India. Our SIP contribution for December 2025 stood at INR1,080 crores, supported by 40 lakh contributions coming from SIP accounts. In alignment with this vision, we have launched a new SIP-led initiative under our investor education program, Plan for Life. This campaign goes beyond wealth creation. It encourages investors to think long-term, plan for life’s milestones, and, importantly, prepare for retirement through Systematic Withdrawal Plans.<\/p>\n

Our total number of investor folios for December 2025 stood at 1.08 crores, witnessing 3% year-on-year growth. We are driving growth by building scale through increased market traction. Our overall fund performance has improved significantly, leading to better market perception and, importantly, stronger flows into our core products. While the momentum gives us confidence as we look ahead.<\/p>\n

Building on this strong foundation, one of our key priorities continues to be strengthening our core equity offerings, particularly the Flexi Cap Fund, Multi Asset Allocation Fund, and our Balanced Advantage Fund, as well as some of the thematic funds that we have been seeing flows, such as the Conglomerate Fund as well as the Consumption Fund. These are some of the key product focus that reasonably improved flows coming of this segment. Our focus remains on scaling these flagship products through a combination of consistent SIP inflows, robust contributions across all distribution channels, improved fund performance, and increased market engagement. Our drive to build scale through enhanced traction, coupled with improved overall performance, has led to a better market perception and rising flows in core products, creating momentum for continued growth.<\/p>\n

Turning to the alternate business, the PMS and AIF Equity segments have demonstrated robust momentum, supported by a steadily expanding suite of credit offerings. We continue to enhance and refine our solutions to address the evolving, sophisticated recruitment of HNIs, family offices and some of the institutional investors. Our PMS\/AIF\/Advisory assets experienced substantial growth, expanding from INR3,853 crores a year back to INR32,000 crores in Q3 FY26, representing eight times increase in size. Of course, the winning of ESIC mandate accounted for about INR28,000 crores as of December 31, 2025, while our PMS and AIF AUM, excluding the ESIC mandate, registered strong year-on-year growth of about 17%, reflecting a robust organic momentum in our core alternate business. And during the quarter, we received EPFO allocation letter, appointing us as one of the managers for the fixed income mandate. We are now progressing through the required regulatory formalities and expect to onboard the assets before the current quarter ending.<\/p>\n

On the fixed income credit side, we successfully completed the final closure of our ABSL India Special Opportunities Fund Series I, with commitments of around INR500 crores during the quarter, and currently have fundraising underway for Series II, ABSL India Structured Opportunities Fund II and Money Manager Fund. We are also preparing to launch ABSL India Select Sector Fund under the AIF category in equity.<\/p>\n

Our real estate business has built significant momentum and gained considerable traction, driven by strong investor interest and a robust deal pipeline. And during the quarter, we launched the Aditya Birla Real Estate Credit Opportunities Fund-Series II, a Category II AIF focused on senior secured lending to post-approval, brownfield real estate projects across Tier I cities. Our real estate portfolio stood at INR700 crores[Phonetic], registering year-on-year growth of approximately 44%.<\/p>\n

The offshore average AUM stood at INR4,847 crores. We have incorporated our new wholly-owned subsidiary company, Aditya Birla Sun Life AMC International IFSC Limited in GIFT City, to expand our GIFT City operations and are currently in the process of securing regulatory approvals and hopefully, before the quarter ending, we will be up and running. We continue to see flows through our current branch setup across our existing funds, such as the India ESG Engagement Fund, the ABSL Flexi Cap Fund for inward remittance, and the Global Bluechip Fund for outward remittance umbrella has come really well, delivering globally competitive solutions to our investors.<\/p>\n

Our passive business has continued to demonstrate good momentum, with quarterly average AUM touching INR38,600 crores, representing a year-on-year growth of about 28%, and the customer base expanding to 15.1 lakh folios. Our ETF offerings have witnessed robust traction, with ETF quarterly average AUM growing 40% year-on-year, significantly outperforming the industry ETF growth rate of 24%. We are building towards a better long-term outcome by improving on tracking difference as a key focus, while also improving tracking error. Last year, industry-wide, we witnessed good inflows into precious metals like gold and silver, and our offerings in this space make an exceptional case for diversification. As of today, our passive product suite comprises of 52 distinct offerings across Equities, Fixed Income, Commodities and Multi-Asset solutions, designed to address the diverse investment needs of our investors.<\/p>\n

Moving to the financial performance. Q3 FY26 revenue from operations stood at INR478 crores, up 7% year-on-year. Q3 FY26 profit before tax was at INR358 crores, up by 19% year-on-year. FY26 profit after tax stood at INR270 crores, up by 20% year-on-year. Our nine-month revenue from operations stood at INR1,387 crores, up 10% year-on-year. Our nine-month profit before tax stood at INR1,046 crores, up by 11% year-on-year, and profit after tax for the nine-month stood at INR788 crores, up by 12% year-on-year.<\/p>\n

With this, I would like to open the floor for any questions that you may have. And I’ll be joined by Pradeep Sharma to answer any questions you may have.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from the line of Mohit Mangal with Centrum. Please go ahead.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are. Please go ahead.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah. Thanks for the opportunity. So, my first question is towards the employee benefit expenses. So even if I remove that labour code extra cost, the employee benefit expenses were higher by around 20% YoY. So, what explains this increase in employee benefit expenses?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yes. Pradeep is answering.<\/p>\n

Pradeep Sharma<\/strong><\/p>\n

So, Mohit, actually employee benefit expenses have gone up YoY basically on two counts. One is the additional impact of gratuity based on the new labour code, right, which accounts for around INR2.82 crores. That is one. Second is on the ESOP cost, this is actually our parent company, ABCL, some ESOPs were given to our select employees. So, there is an cost of ESOP of around INR4.66 crores for this quarter. So these are the two factors which are actually increasing the cost for the quarter.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Okay. So, going forward, we should expect this to be recurring, or is it one-time?<\/p>\n

Pradeep Sharma<\/strong><\/p>\n

No. So, gratuity is a one-time cost. It’s not recurring. And the ESOP cost would be there for the next four quarters — three more quarters on this account.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yes. That is basically post this rolling out of the ESOP option for employees in the recent Board meeting.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood. And secondly, if you can share segment-wise yields?<\/p>\n

Pradeep Sharma<\/strong><\/p>\n

Yes. So, equity yields are around 64 basis points, 65 basis points. For debt is around 24 basis points, and liquid is around 13 basis points.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood. And in terms of PMS and AIF, can you give some revenue numbers for 9M and Q3?<\/p>\n

Pradeep Sharma<\/strong><\/p>\n

Yes. So, the alternate revenue for Q3 was around INR34crores, which is around 4.5% of our total revenue.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood. That is helpful. Sir, lastly, on yields, how do you see yields actually going forward for the next four to five quarters? Do you see a meaningful decline? How do we see the yields basically?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Broadly, Mohit I think, at this point in time, we estimate the impact of the circular would be minimal, and to that extent, a very limited impact we should see. At the same time, since we are looking at building the size, we are already seeing some kind of momentum coming in the overall key portfolios in terms of traction. So, as the size of the funds increases, there will be a corresponding increase in revenue, but it may come with a marginal reduction on the other side.<\/p>\n

But again, I don’t see it as very significant. At the same time, we’re also looking at building our other businesses, especially the alternate, as well as the PMS and broader on an overall basis from the AMC point of view, we should see an improved performance rather than any significant reduction in the yield.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Right. So, sir, when you say the yield is minimal impact because of circular, do you mean to say that we’ll be able to pass on to the distributor?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

No. We will see as we come closer to the implementation date of course, we will see how best it can be optimally utilized for the benefit of everyone, keeping in mind the investor at the center. This is a preliminary assessment is actually, and we will have to balance it out to ensure there is minimal impact.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood. Sir, my last question is on SIF, your thoughts, and when will we be able to launch it?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yes. So, in the case of SIF, we have already filed the applications, and the approval is awaited. We had thought it would launch this month. And since we have asked for a revised structure in the portfolio, the approval is likely to come this month. I think hopefully in the month of February we should launch it. By the time the budget would also be out, and we will be the first ones to launch, our first fund will be launched in the month of February. We will also of course plan to launch the equity long-short fund. We are making applications once we are confident that we have the talent pool to manage the fund, once the person comes on board. One fund we will launch, which is a hybrid fund, will have equity taxation sometime in February.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood. That’s very helpful Sir. Thanks, and wish you all the best.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question comes from the line of Prayesh Jain from Motilal Oswal Financial Services Limited. Please go ahead.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Hi. Good evening, sir. Firstly, our fund performance has been improving, and you know quite a few schemes are appearing in the top quartile on a one-year return basis. And they contribute to a large portion of our equity AUM as well. But in spite of that, we kind of continue to lose market share on the equity side, as well as if I look at the SIP data that you provided, that also keeps coming down. Generally, it does take a lag effect and I understand from fund performance improvement to market share improvement. But still, it’s been some time since our fund performance has improved. But we’re still not seeing any even market share not been stable. We keep seeing a decline month-on-month in terms of market share. So, when do you see the effect of this fund performance translating into market share gains, both on SIP as well as normal market share?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yes. Thanks, Prayesh. See I think the way I look at it is if I look at the whole of last 1.5 years, the market share loss has been coming down in terms of annual [Phonetic] basis points. That is something we are seeing now, and we have almost come to a stage where it is getting stabilized. That’s one.<\/p>\n

Second is on the fund performance moving from one year to two and three years, and we are already seeing this start reflecting across most of our funds. While we are done very well over 1.5 years is now starting to reflect in the three-year performance. Normally, what happens is as short-term performance starts to reflect in long-term performance, it comes as part of the recommendation list. We have already seen that happen in the last two quarters. The number of approvals that is coming from the organized channel partners that is something should be taken as a signal of products coming as part of the recommendation list and the basis on which keeps coming in.<\/p>\n

And second, some of the online platforms where we also saw significant flows on funds which were top-performing funds, we already started seeing some of our funds appearing in that segment as well. That is why it takes some time for all these things to reflect in performance, or in the so-called public domain. So I think these are some of the things we are already seeing that start reflecting in net inflows coming into funds like the Sun Life Equity Fund, the Flexi Cap Fund, and the Commonwealth Fund we are seeing improvement in terms of flows. The Balanced Advantage Fund has also seen good flows, and the Multi-Asset Allocation Fund has got good flows.<\/p>\n

So, I think that, of course, the category in which we even see an industry-wide outflow is ELSS scheme, if I knock that off and then other schemes, we are getting the flows already begun. See, SIP is driving, if I look at SIP numbers minus the STP. STP is something which comes from large ticket investors. They, of course, dynamically manage that, and therefore, minus the STP, we have to take it. I think we are already seeing that SIP numbers on equity are getting better.<\/p>\n

Of course, there is no question that it has to gain further momentum given the fact that the industry is also has coming as a segment. I think the lastly, of course, from a sales team point of view, the high focus that we have been put in place in terms of improving the productivity of every RM across the country, with improved fund performance and a reasonably high level of engagement and performance of activities in the retail segment, which our retail team is doing it.<\/p>\n

I think we should start reflecting in terms of improved performance coming on the numbers as we move forward. I’m reasonably confident the way things are shaping up. I think it should remain to improve these numbers on a quarter-on-quarter basis. See, as far as the markets are concerned, of course, if I have to look at the top 10 players versus the rest of the players, we must also, of course, remember that the overall market is expanding and more players are coming in.<\/p>\n

I think we also keep a close watch on our absolute performance improvement. In fact, when I look at this year whole of this year nine months numbers, and close to about INR1,600 crores of net sales we have got in some of our equity assets products. And overall, as a fund house, we have seen about INR55,000 crores net sales. But these numbers are actually a reflection of the confidence in the team. The team is driving the whole thing. The improved performance will only further boost the confidence of the entire team across the country and our distribution partners to bring the numbers up. And that is something I am already seeing the reflection coming from–<\/p>\n

Prayesh Jain<\/strong><\/p>\n

So, sir, if I got your number right, you said INR4,500 crores of flows in this year, in these nine months?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

No. The total is about INR55,000 crores [Phonetic] roughly overall for the fund house, including fixed income. And equity will be close to about INR16,000 crores of inflows net sales, across all our equity schemes put together including arbitrage funds. And so I show it as a trend. I’m just saying. I’m just saying why Prayesh number is not disclosed generally. It is a number we internally track to see how we are progressing on a quarter-on-quarter basis. These numbers are not generally disclosed anywhere, but I am going by trend that I’m seeing. Like Flexi Cap Fund, I’m seeing some inflows. Multi-Asset Allocation Fund, we are seeing inflows. Maybe the rate of inflows could be lower. But I think what I see is actually the beginning of the reverse of the trend itself will gain momentum. Yeah.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Right. Sir, anything on the distribution side where you would want to take action given that we are there in the top quartile performance? Any commission actions that you would want to take wherein you kind of increase a bit of commissions and take some pressure on your yields and get the volume growth which can help you? Is there anything of that sort as a part of the strategy?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

So that’s something we keep doing it, Prayesh, as part of our strategy. Products which can generate the volume. At the same time, if one has to consider for a brief period in terms of supporting sales activities, that’s something we do it. Already the focus product that I’m talking about it, the team do have some of the flexibility to push for the volume. That’s something we keep doing it. I think as we start seeing, we keep in mind, even from an employee point of view, in order to motivate employees to run around the market, improve their productivity, we do incentivize them to drive with a lot of. But that’s something we keep doing it.<\/p>\n

I’m sure this strategy will always be evolving. And nothing is one-time we have to do it. This anyway is a continuous process. We also run another segment-wise distribution partners which we call the Privilege Club. Something again we keep driving it in order to help them improve their overall ranking and whatever we can do in terms of various activities that we undertake. That remains as one of our focus areas.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got it. So last question. Is your flow market share coming closer to, or is it very close to your back-book market share, probably in the month of December or currently in January? How is it kind of panning out? Is it very close to your back-book market share?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yes. Somewhere we can say. I think it’s this. See, the way I see is the moment we see the rate of falling comes down, then somebody will raise the equilibrium and then we start reflecting on the reverse trend.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got it. All the best. Thank you so much.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question comes from the line of Dipanjan Ghosh with Citi. Please go ahead.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi. Good evening, sir. So a few questions from my side. On the expense side, if I look at your other expense run rate and not looking at quarterly volatilities, but looking at it more from a, let’s say, rolling 12-month sort of a thing, it seems that the run rate has meaningfully been controlled despite your kind of growing your alternate suite. You’re also kind of probably scaling up your sales personnel on the MX side given the traction in flows. So just wanted to get some sense of how should one think of the trajectory on the other expense side in case, let’s say, you were to kind of scale up initiatives given that your performance is not back on track?<\/p>\n

The second question is on the flow share, and I’m trying to triangulate this math that your SIP market share is fully yet to stabilize. But obviously, your redemptions have probably kind of narrowed down, resulting in improvement in net flow trajectory. So just from a channel perspective, would it be fair to assume that when performance improves, maybe the MFTs or the more assisted channels are the fastest to pick up in terms of both net new money and maybe lower churn rate? I mean, are you seeing that, or maybe I can stand corrected in case that’s not the trajectory?<\/p>\n

The third question is on the similar lines. I mean, you mentioned some number on the flow part in reply to the previous participant’s question. But you included arbitrage also. I mean, is it possible to give some idea of the quantum excluding arbitrage? And just two housekeeping questions. If you can spell out the employee number and SIP AUM number as of December 31st.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

On the expense part, Pradeep, do you want to answer?<\/p>\n

Pradeep Sharma<\/strong><\/p>\n

So Dipanjan, actually, the expense in our initial two quarters, we had our vantage summit and growth summits across the country. And actually, for this, increasing the engagement of our distributors and investors. Q3, those activities have been low. And that is why you see that there was no increase on quarter-on-quarter basis. In fact, it is flat. But if you see on a year-on-year basis, I think that average, I think, would continue to be in coming quarters. So these all activities of our field engagement with our distributors and investors will keep on happening. However, there would be some quarter-on-quarter fluctuation when some few quarters will have those events, few quarters may not have. But I think the right way to look at is the to-date average.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Okay, and the employee number is currently around 1,683 to be precise. And SIP AUM is around 87,000 approx. 86,984. Around 87,000 gross. Yeah. Just to answer the other question, Dipanjan, as far as the channel concerns, definitely the organized channel, which is the banking channel, MD channel, and MFD channel, which contributes roughly about 80% of the AUM. And we do have a very strong relationship built historically. The performance improvement definitely improves the confidence of our partners and goes aggressively in pushing it. And MFD is one channel which we are already seeing some traction. Organized channel, of course, goes by the recommendation of the product, which I mentioned earlier.<\/p>\n

Some of the organized channel which sells, say, three, four products of each of the category, we are already seeing is coming as part of the recommendation list, barring one or two where we are in the borderline case for the product to become part of our list. And as for the MDs concerned, again, some of the products are now coming as part of the recommendation. As it comes as part of the recommendation list, then naturally, there is a higher responsibility, ownership, and incentive to sell the product from those channel partners. But that I see the trend is reversing.<\/p>\n

As for the online, which is digital platform concerns, while we do have a presence with each of these partners which built over a period of time, the strong partner for all of them. Given the fact they go by criteria they apply in selection of the funds. And some of the funds, again, coming as part of the recommendation list, and therefore build a strategy around it. How do we get higher volume? We have seen this kind of volume coming in a few quarters back on some of the funds. Based on their understanding and evolving situation, that’s something we’ll push. I think largely, if I look at it, it’ll be a mix of all the channels because we can’t say there’s one channel. We have the fund house that have got separate responsibility for each of the channel partners with the people around it.<\/p>\n

And therefore, with respect to the flows, I just give you a broader trend in terms of though we don’t give the individual fund-wise or category-wise flows. But overall, equity category, we just give the number. I think broadly, we can take it about 60 to 60, 40 kind of ratio, 60 for arbitrage and 40 for other funds. So we don’t give the individual numbers. But broadly, that’s the kind of [Indecipherable] you can take as a breakup.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. So just to clarify, this was for 3Q or 9M, this data that you mentioned? The last data point was flows?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

We are nine-month, yeah. Correct. Correct. For the full year, yeah. nine-month, yeah. Correct.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

And sir, if I can just squeeze in one small question, and thanks for the answers to the previous questions. Your performance is improving after some time, right? And what we’ve seen over the last few years for some of your peers where we saw a turnaround in performance, while AUM market share picks up, it never really recovers to the previous peaks. And maybe that’s a function of market fragmentation or maybe changing industry dynamic and also distribution. Difficult to kind of pinpoint.<\/p>\n

Having said that, in this environment, given that your performance improvement somehow coincides with the time frame when there’s a regulatory change also, would it be fair to assume that you would want to kind of maybe take a differentiated stance with respect to payouts to your distributors such that maybe there’s a motivation to kind of aggressively push your products a little? How do you already kind of follow suit in terms of passing on the hit to the distributors?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

No, no. As far as it is going, the business concerns that commitment because if we have to grow a little faster, we’re going to apply multiple strategies which includes temporary incentives that need to be provided for pushing the sales. Normally, we do that on a select basis. It is nothing new to us. At the end of the day, again, we should also, of course, have a profitability target that we generally keep. We have to do the balance between profitability versus overall growth in AUM versus the revenue.<\/p>\n

That’s something we keep doing it. I cannot say this will not do that. I think our industry is so dynamic. It’s very difficult to take a single stand and basically push it. Now, with that performance improvement coming, performance pull comes, recognition comes, the volume starts coming in. Therefore, we have to give a little bit of higher push. That means temporary adjustment on the pricing, which, of course, normally we are open. But again, we try to, of course, do the balancing between growing the size and maintain the overall profitability expectations. That’s something we’ll continue to keep.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. Thank you, sir, and all the best. Yeah.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question comes from the line of Abhijeet Sakhare with Kotak Securities. Please go ahead.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Hi. Good evening, everyone. My first question was if you could indicate how have been the yields on the fresh inflows that have come up in the last couple of months compared to the overall book yields. And the context is just to kind of check this with reference to your earlier comment that the idea will be to keep the yields intact, right? I mean, not just because of the telescopic decline, but also the new regulations that will set in from next year onwards.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah. On the incremental price, more or less the same. There’s no difference. We have not done anyway, of course per se, in this quarter. Therefore, more or less, the yield remains the same as what Pradeep mentioned earlier. The intent of maintaining overall yield, I was just mentioning, given the fact, of course, the regulatory framework might have a marginal impact. But broadly, the intention is to keep the trend on the margins more or less the same. So that’s the attempt we’ll make through a mix of product, through a mix of momentum that we are bringing in certain high-margin asset classes.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Got it, sir. And how should we think about the expense growth for next couple of years?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah. So, Abhijit, expense growth would be the normal expense growth. No shockers on that account, which would be in line with inflation and closer to that. Except, we may see impact of the new ESOP scheme which we have rolled out in the month of January, so next few quarters, we will have impact on the manpower cost on account of this new ESOP scheme.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

And the basis is the third quarter, right, sir? Sorry to interrupt.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Sorry, so otherwise, other expenses would be in line with the normal inflationary, except in employee cost on account of ESOP cost.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

And that’s already kind of showing up in the third quarter employee cost, right? The impact of ESOP?<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

No, third quarter is not completely showing because the new ESOP scheme of ABSL AMC has been rolled out in January. Third quarter actually is having the impact of the parent company ESOPs given to select employees. So it’s not going to be spread over three years? It’s not going to be spread over three years, which allowed to make operations.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Okay. And sir, last question. I missed the data on equity flows that you mentioned in the previous question with respect to the nine-month flows. Sir, if you could please repeat that.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

I said overall, the flows have been improving in the equity. And broadly, I said as a fund house, close to about 50% growth of inflows, which includes fixed income, equity, and arbitrage. And within the equity, I mentioned close to about INR1,600 crores[Phonetic] of kind of inflows, rough cut number. That’s why I just mentioned. And within that, the focal product that we are pushing, which is the Flexi Cap Fund, Multi-Asset Allocation Fund. In fact, we also started getting flows on the small and mid-cap funds. But though may not be in the same order as what the industry is getting it. But these are some of the trends to go through. I’m seeing on at least about seven or eight products in terms of flows improvement.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Got it, sir. Very useful. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, as there are no further questions, we have come to the end of the question-and-answer session. I would now like to hand the conference over to the management for closing comments.<\/p>\n

A. Balasubramanian<\/strong><\/p>\n

Yeah. Thank you. And thank you, everyone, for joining. And with this, we conclude our Q3 FY 26 earnings call. If you have any query, of course, either call or write back to Pradeep Sharma and Shivani Manga. Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Aditya Birla Sun Life Amc Ltd (NSE: ABSLAMC) Q3 2026 Earnings Call dated Jan. 22, 2026 Corporate Participants: A. Balasubramanian \u2014 Managing Director and Chief Executive Officer Pradeep Sharma \u2014 Chief Financial Officer Analysts: Meghna Luthra \u2014 Analyst Mohit Mangal \u2014 Analyst Prayesh Jain \u2014 Analyst Dipanjan Ghosh \u2014 Analyst Abhijeet Sakhare \u2014 Analyst Presentation: […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[11680,10169,9175,9104,9092,14492,10089],"class_list":["post-181751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-abslamc","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170487,"url":"https:\/\/alphastreet.com\/india\/abslamc-q1-fy26-earnings-results\/","url_meta":{"origin":181751,"position":0},"title":"ABSLAMC Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 22, 2025","format":false,"excerpt":"Aditya Birla Sun Life AMC Ltd, incorporated in 1994 as a joint venture between Aditya Birla Capital Ltd and Sun Life AMC, provides mutual fund services, portfolio management, as well as offshore and real estate investment offerings. 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