UTIAMC's Q2 FY27 numbers came in strong, with revenue of Rs. 398.40 Cr (+2.15% YoY) and PAT growth of +17.08% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 23, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 398.40 Cr (+2.15% YoY) |
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| PAT (Q2) | Rs. 132.31 Cr (+17.08% YoY) |
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| EPS (Q2) | Rs. 10.29 (+16.67% YoY) |
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| Market cap | Rs. 10,502.38 Cr |
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| CMP | Rs. 817.05 |
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Quarter Snapshot
UTI AMC delivered core revenue of Rs.398.40 crore (+5.19% QoQ, +2.15% YoY) with normalized PAT up 20.56% YoY consolidated, while reported PAT of Rs.132.31 crore (+17.08% YoY) absorbed a Rs.14.74 crore fair-value loss. Costs landed inside all guided FY27 bands and cost-to-income improved ~950 bps YoY to 52.32%, confirming the VRS-driven cost reset. The international business remains the drag with revenue down 30.08% YoY, and Sep'26 AUM/market-share KPIs await the October 27, 2026 call.
Key Investment Insights
Key Positives
- Core revenue (sale of services) grew 5.19% QoQ and 2.15% YoY to Rs.398.40 crore consolidated; domestic fee revenue up 5.32% YoY
- Normalized PAT grew 20.56% YoY consolidated (Rs.143.31 crore) and 27.25% standalone (Rs.145.69 crore)
- Cost-to-income improved to 52.32% consolidated from 61.87% YoY (standalone 42.55% vs 57.41%)
- Employee cost within guided FY27 bands: Rs.94.23 crore standalone (Rs.90–95 cr band) and Rs.128.20 crore consolidated (Rs.125–130 cr band)
- Other expenses running below guidance: H1 +2.33% YoY standalone vs +7–8% guided; −0.37% consolidated vs ~10% guided
- H1 consolidated ETR of 21.54% running below the ~26–27% full-year guidance band
- Final dividend of Rs.40/share paid, 95.22% of FY26 standalone PAT, meeting the >95% payout policy
- No exceptional items in Q2 FY27 or H1 FY27 (FY26 carried Rs.108.90 crore VRS/Labour Code exceptional)
Risk Factors
- International segment revenue fell 30.08% YoY to Rs.24.38 crore and 4.05% QoQ, with no recovery visible
- Q2 booked a Rs.14.74 crore consolidated net fair-value loss vs a Rs.187.13 crore gain in Q1, driving reported revenue down 28.95% QoQ
- H1 consolidated CFO/PAT of 0.60x, below the 0.8x threshold, on receivables build and other-payables outflow
- Standalone PAT declined 13.90% YoY (Rs.143.10 crore vs Rs.166.21 crore), partly on nil dividend income vs Rs.44 crore in Q2 FY26
- Rs.3.32 crore Section 270A income-tax penalty for AY 2020-21 received September 26, 2026; company to appeal