Whalesbook
Okay, toh Canara Robeco AMC ne Q4 FY26 mein apna revenue 13% tak badhaya hai. Lekin, net profit mein 1% ki girawat aayi hai, aur reason hai kuch one-off expenses jo naye fund offer campaign aur tech upgrades par kharch hue hain. Acchi baat yeh hai ki core operating profit 17% tej hua hai.
Magar asli tension toh AUM growth mein hai. Company ka AUM ek saal mein 13.7% badha, jo ki mutual fund industry ke 12.2% growth se kam hai. Yeh number industry peers ke muqable peeche reh raha hai, aur isse market share kam hone ki chinta badh rahi hai. Stock bhi pichle saal 18.19% gir kar ₹245.80 par aa gaya hai, jo investors ki pareshani dikhata hai.
Aur baat karein toh, Canara Robeco AMC ka gross yield 35 basis points hai, jo ki ICICI Prudential AMC jaise bade players ke 52 basis points se kaafi kam hai. Iska matlab hai ki har AUM par company kam revenue bana pa rahi hai, jo margins par pressure daal raha hai. Iske alawa, SIP accounts bhi 14% kam ho gaye hain, jo pehle 2.37 million the ab 2.04 million reh gaye hain. Yeh retail inflows mein kami dikhata hai, maybe tax changes ki wajah se bhi ho raha hai.
Valuation ki baat karein toh, Canara Robeco AMC ka P/E multiple 24x FY26 earnings par hai, jo HDFC AMC (35-41x) aur ICICI Prudential AMC (32-49x) jaise peers se sasta lag raha hai. Par yeh discount shayad performance ki wajah se hi hai. Return on Equity (ROE) bhi peers se kam hai - HDFC AMC ka 32.9% aur ICICI Prudential AMC ka 85.8% ke muqable CRAMCL ka ROE 27-30% ke aas paas hai. AUM growth ka yeh peeche rehna ek badi chinta hai, aur iske bina company market share kaise pakdegi yeh sawal hai.
Analysts ne bhi is situation ko dekh kar apna rating 'Neutral' kar diya hai. Jab tak company AUM growth ko tez nahi karti aur apna yield industry average ke kareeb nahi le aati, tab tak iske stock mein badi tezi ki ummeed kam hi hai.