Motilal Oswal reiterates buy on ICICI Prudential AMC with INR 3,800 target

Motilal Oswal reaffirmed its Buy rating on ICICI Prudential AMC and kept its target price at INR 3,800. For 1QFY27, the company reported operating revenue of INR15.6b, up 18% year on year, while PAT rose to INR9.6b, up 23% year on year and 26% quarter on quarter, helped mainly by MTM gains, according to the report. EBITDA margin was 72.4% and PAT margin was 61.7%, both improving from a year earlier. The brokerage said higher employee costs and lower debt AUM assumptions were offset by higher other income and lower operating expenses, leaving FY27/FY28 earnings estimates broadly unchanged.