ICICI Prudential AMC gets new 'Buy' from Antique on 'superior execution'

Antique initiated with a 'Buy' rating on ICICI Prudential AMC with a target price of ₹3,600, implying a 19 per cent upside from Thursday's closing price

Antique Stock Broking has initiated coverage on ICICI Prudential Asset Management Company Ltd., citing that the premium valuation will be driven by the company's superior execution.  

The domestic brokerage initiated with a 'Buy' rating on the stock with a target price of ₹3,600, implying a 19 per cent upside from Thursday’s closing price. 

Antique said the stock currently trades at 37 times and 32 times its estimated price-to-earnings (P/E) for financial year 2027 (FY27) and FY28, respectively. It believes the premium valuation is justified given the company's superior growth visibility, strong franchise positioning and high return profile. 

According to Antique, ICICI Prudential AMC has delivered consistent fund outperformance, with more than 80 per cent of its equity assets under management (AUM) ranked in the top two quartiles across trailing one, three, five and ten-year horizons as of December 2025. This has helped the company gain net flow market share and retain pricing power despite structurally declining net revenue yields. 

The brokerage highlighted that ICICI Prudential AMC has positioned itself as a long-term hybrid asset class specialist with an industry-leading 26.3 per cent market share and has been a pioneer in advocating multi-asset allocation strategies. 

The asset manager has built one of the largest individual investor franchises, with around 16.2 million investors and an average monthly AUM of ₹7.03 trillion as of December 2025. Systematic investment plan (SIP) flows, including systematic transfer plans from mutual funds and portfolio management services (PMS), have more than doubled to ₹50.37 billion between March 2023 and December 2025.  ALSO READ | Pvt banks to outperform PSBs post H1FY27: PL Capital; bets on SBI, ICICI Bk 

Antique also noted strong traction in the passive segment, with passive AUM growing 3.3 times over FY23 to year-to-date FY26. The surge has been driven by robust inflows into index and precious commodities exchange-traded funds, steady institutional participation and rising retail adoption. Beyond mutual funds, ICICI Prudential AMC has built a rapidly scaling PMS and alternatives franchise that offers a structurally higher-fee, less AUM-elastic profit pool, providing higher-margin growth optionality for the core business, Antique said.  

Last month, the AMC reported a 45 per cent jump in its consolidated net profit to ₹917 crore in Q3FY26. During the same period last year, the asset manager reported a profit of ₹632 crore. On a sequential basis, profit increased 9.8 per cent from ₹835.43 crore.

ICICI Prudential AMC share price history

ICICI Prudential AMC counter has risen 13.7 per cent this year, compared to a 2.5 per cent decline in the benchmark Nifty 50. The AMC has a total market capitalisation of ₹1.49 trillion. 

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