Brokerages divided on Aditya Birla Sun Life AMC post Q2; Buy or sell?

Aditya Birla Sun Life AMC posted its second quarter (Q2FY26) results on Friday, during market hours. On Friday, Aditya Birla Sun Life AMC’s share price closed 2.4 per cent lower at ₹830.95 per share on BSE.   Today, at 10:02 AM, Aditya Birla Sun Life AMC share price was up 0.23 per cent at ₹832.85 per share. In comparison, BSE Sensex was up 0.56 per cent at 84,686.5.

Aditya Birla Sun Life AMC Q2 results: Key highlights 

• Aditya Birla Sun Life AMC, part of Aditya Birla Capital, reported a flat growth in profit after tax (PAT) at ₹241.3 crore in Q2FY26, as compared to ₹242.4 crore year-on-year (Y-o-Y). 
• The company's revenue from operations rose 9 per cent to ₹461.3 crore in Q2, from ₹424.2 crore a year ago. 
• Its assets under management (AUM) stood at ₹4.25 trillion at the end of September 2025, a growth of 11 per cent.
• Equity mutual funds AUM rose by 7 per cent Y-o-Y and Q-o-Q to ₹19.2 trillion with equity yields moderating in the 64-65 basis points (bps) range in Q2FY26, as compared to 67-68 bps in Q1FY26. 
• Equity share stood at 45.2 per cent, as compared to 47.1 per cent in Q2FY25.
• Passive AUM rose 20 per cent Y-o-Y to ₹36,100 crore. Further, offshore AUM stood at ₹4,800 crore, as compared to ₹10,600 crore in Q1FY26 
• Both its equity and overall Quarterly Average Assets Under Management (QAAUM) market share declined to 4.15 per cent and 6.14 per cent in Q2FY26, respectively, as compared to 4.19 per cent and 6.24 per cent in Q1FY26.

ALSO READ | Brokerages see near-term upside in Dr Reddy's on Semaglutide, ex-US growth 

Brokerages' view on Aditya Birla Sun Life AMC stock

Nuvama Institutional Equities has retained ‘Hold’ on Aditya Birla Sun Life AMC stock, while cutting the target to ₹950 per share from ₹990. 

 

“We are lowering FY26E/27E/28E Net operating profit less adjusted taxes (NOPLAT) by 4.3 per cent/6.4 per cent/3.3 per cent and roll forward valuation to Sep-27E,” said Nuvama. 

 

Similarly, BOB Capital Markets maintained ‘Buy’, but cut the target to ₹982 per share from ₹1,000. 

 

According to the brokerage note, the company reported a healthy operating performance during the quarter. However, profit after tax (PAT) was impacted by lower other income. While its funds’ performance has witnessed improvement, sustaining performance over a longer duration (of 3-5 years) would be key, going ahead.

 

On the other hand, InCred Equities has retained ‘Buy’ and raised its target to ₹1,100 per share from ₹1,000, as it sees a favourable risk-reward ratio.

 

“We believe the company is pushing the right buttons for improving its market share,” the brokerage said. However, it flagged downside risks: Low traction in new funds and a higher employee attrition rate.