Net profit fell 16.76% QoQ as other income swung negative
Standalone operating margin improved to 76.47%, but the other-income reversal and a higher tax rate pulled profit down.
Filed 13 Apr 2026, 17:46 IST · after market close · ICICI Prudential Asset Management Co Ltd (ICICIAMC)
Key takeaways
- Standalone net profit fell 16.76% QoQ to Rs 763.42 cr as other income turned negative at Rs -89.28 cr.
- Operating margin expanded 1.18 percentage points to 76.47% because expenses fell 4.65% while revenue rose 0.15%.
- The stock fell 3.95% on the results session, underperforming its benchmark by 5.58% despite a 4.12x volume ratio.
Price around the results
Other income reversed the profit trend
ICICI Prudential Asset Management’s standalone revenue was broadly flat sequentially, rising 0.15%, while operating profit increased 1.73%. Profit before tax nevertheless fell 14.79% and net profit declined 16.76% because other income moved from Rs 108.91 cr to Rs -89.28 cr. Other income represented -8.6% of pre-tax profit in the quarter, making reported profit weaker than operating performance.
Lower costs lifted the operating margin
Expenses fell 4.65% QoQ while revenue edged up 0.15%, so operating margin widened 1.18 percentage points to 76.47%. Interest increased 2.69% and depreciation rose 6.35%, but neither offset the benefit from lower operating expenses. The tax rate increased 1.74 percentage points to 26.49%, adding another drag below operating profit.
Margin remained above the sector median
The 76.47% operating margin was 17.06 percentage points above the 59.41% median for the 52 Financial Services peers that had reported the quarter. Sequentially, margin improved from 75.29% in Q3FY26, marking an operating recovery even as net profit moved lower. The quarter’s profit trend therefore diverged from its core operating trend.
Shares fell sharply before a partial rebound
The stock declined 3.95% on the results session and underperformed its benchmark by 5.58%, with trading volume at 4.12 times the reference level. The sequence points to an initial negative reaction followed by a partial recovery.
Q4FY26 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,517 cr | ₹1,515 cr | +0.15% |
| Other income | ₹-89 cr | ₹109 cr | — |
| Expenses | ₹357 cr | ₹374 cr | -4.65% |
| Operating profit | ₹1,160 cr | ₹1,140 cr | +1.73% |
| Operating margin (%) | 76.47% | 75.29% | — |
| Interest | ₹5 cr | ₹4 cr | +2.69% |
| Depreciation | ₹28 cr | ₹26 cr | +6.35% |
| Profit before tax | ₹1,039 cr | ₹1,219 cr | -14.79% |
| Tax | ₹275 cr | ₹302 cr | -8.80% |
| Net profit | ₹763 cr | ₹917 cr | -16.76% |
| EPS (₹) | ₹15.45 | ₹18.55 | -16.71% |
Operating margin of 76.47% compares with a Financial Services sector median of 59.41% across 52 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -3.95% | -5.58% |
| Next session | -1.76% | — |
| 5 sessions | +2.35% | +0.11% |
| 15 sessions | -1.54% | — |
| 30 sessions | +5.52% | — |
Volume on the results session was 4.12× its 20-day average.
What to watch
- Whether operating margin holds above 76.47% next quarter.
- Whether other income remains below zero after the Rs -89.28 cr reported in Q4FY26.
- Whether the tax rate moves back below 26.49%.