1QF27: In-line quarter. EW.

研报英文原文证据摘录

1QF27: In-line quarter. EW.

Update

July 13, 2026 05:33 PM GMT

Morgan Stanley India Company Private Limited+MICICI Prudential AMC | Asia Pacific Subramanian Iyer

Equity Analyst

1QF27: In-line quarter. EW. Subramanian.Iyer@morganstanley.comMeera Midha +91 22 6118-2234

Research Associate

What’s Changed Meera.Midha@morganstanley.com +91 22 6118-1232

Sakshi V Chaplot

ICICI Prudential Asset Management (IICL.NS) From To Research Associate

Price Target Rs3,410.00 Rs3,320.00 Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

Reaction to earnings

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research ICICI Prudential Asset Management (IICL.NS, ICICIAMC

IS)

Operating profit was 1% below MSe as employee costs were India Financials | India

higher. Per management, MF inflows have remained resilient. We Stock Rating Equal-weight

raise our F27 estimates given market recovery but trim our F28 IndustryPrice targetView Rs3,320.00Attractive

forecasts, which are still 5-7% ahead of consensus. We like the Up/downside to price target (%) 4

Shr price, close (Jul 13, 2026) Rs3,205.60

franchise but find valuation full. 52-Week Range Rs3,611.00-2,530.00

Sh out, dil, curr (mn) 494

Mkt cap, curr (mn) Rs1,584,395

Key Takeaways Avg daily trading value (mn) Rs2,447

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

Operating profit rose 20% YoY, -3% QoQ; 1% below MSe on higher operating

EPS (Rs)** 67.03 79.42 101.15 124.23

expenses (9% YoY, 17% QoQ) as 4QF26 saw one-time provision reversal. Prior EPS (Rs)** 66.73 77.00 104.05 129.11

Sales / Revenue (Rs 60,885 72,376 90,881 111,023

PAT beat MSe by 1%. Other income (non-core), at Rs1.81bn, was better than MSe mn)**