UTI AMC Q1: consolidated PAT ₹294 Cr up 16% YoY, treasury gains lift margin to 50%

UTI AMC reported consolidated Q1 FY27 net profit of ₹293.86 Cr, up 15.8% from ₹253.86 Cr a year ago, on revenue from operations of ₹583.51 Cr (+6.7% YoY). Profit attributable to owners rose ~24% to ₹293.86 Cr as non-controlling interest dropped to nil (from ₹17.01 Cr a year ago), lifting basic EPS to ₹22.86 from ₹18.50. Net margin expanded to ~50.2% from 46.3%.

The growth is treasury-led, not fee-led. Core management-fee income (sale of services) was ₹378.74 Cr, essentially flat versus ₹379.29 Cr a year ago; the YoY topline gain came from higher net fair-value gains on investments (₹187.13 Cr vs ₹153.18 Cr) and interest income (₹13.62 Cr vs ₹10.71 Cr). The sharp sequential swing from Q4 FY26's ₹51.44 Cr net loss is a mark-to-market artifact — Q4 carried a ₹174.80 Cr fair-value loss that reversed this quarter — and should not be read as an operating turnaround. Total expenses fell 2.4% YoY to ₹217.29 Cr, reinforcing the margin expansion.

The stock went into the print at ₹909.55, down 2.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

On guidance, management's FY27 quarterly cost run-rate targets were met — consolidated employee cost ₹121.63 Cr (guide ~₹125 Cr) and standalone ₹92.02 Cr (guide ~₹95 Cr) — consistent with the cost-discipline priority flagged on the Q4 concall. But the flat core fee line means the AUM/SIP-led growth management projected has yet to show in the print. Standalone profit was near-flat at ₹217.80 Cr (+0.8% YoY) on revenue of ₹437.72 Cr, so the consolidated growth sits in subsidiary/treasury lines rather than the core India AMC. The board's ₹40/share FY26 final dividend was approved at the July 21 AGM. No specific Q1 FY27 street consensus was published; the earnings call is scheduled for July 23.