The opening
The fund house that prints money
Parag Parikh Financial Advisory Services — parent of PPFAS Mutual Fund — delivered its best year ever in FY26. Revenue crossed ₹600 crore for the first time, net profit surged 41% YoY to ₹347.6 crore, and the flagship Flexi Cap breached ₹1.3 lakh crore AUM. Zero debt, 77%+ operating margins, and a flywheel that its larger rivals cannot replicate.
01 · P&L snapshot
FY26 at a glance
Total Revenue (Consol.)
₹602 Cr
▲ 40.2% YoY
Net Profit (Consol.)
₹347.6 Cr
▲ 41.0% YoY
EPS (Basic)
₹447.9
▲ 39.5% YoY
Dividend Recommended
₹25/sh
▲ 67% vs FY25
Revenue from operations vs net profit (₹ Cr)
Consolidated · FY22–FY26 · Audited
Revenue from ops
Net profit
YoY revenue growth (%)
Fees & commission income · Consolidated
Quarterly revenue (₹ Cr)
Consolidated · FY25–FY26
Q3 FY26 was the strongest quarter on record at ₹169.3 Cr. Q4 dips due to fair value MTM losses (₹21.4 Cr in Q4 FY26) on the investment portfolio.
02 · Revenue mix
Where the money comes from
Revenue composition FY26
Consolidated · Total ₹601.8 Cr
Fees & commission
Fair value gains
Interest
Fees income — quarterly (₹ Cr)
FY24–FY26 comparison
FY25
FY26
EBITDA nearly tripled from ₹146 Cr (FY24) to ₹476 Cr (FY26) — a 2.9x jump in just 2 years — as revenue grew faster than costs. OPM expanded sharply from 68.9% to 79.7% between FY24–FY25, and held at 79.1% in FY26.
03 · Profitability
Operating leverage in full force
Operating margin (%)
FY24–FY26
Profit before tax (₹ Cr)
FY24: ₹146 Cr → FY26: ₹467 Cr
EPS (₹ per share)
FY24: ₹142 → FY25: ₹321 → FY26: ₹439
Expense structure — FY24–FY26 (₹ Cr)
Total expenses grew 44.9% vs revenue +40.2% · Labour code one-off inflated employee costs
FY25
FY26
Employee costs jumped 54.7% (₹62.9 Cr → ₹97.3 Cr), partly due to a one-time past service cost of ₹3.0 Cr from New Labour Code implementation. Excluding this, opex growth tracks revenue growth closely.
04 · Balance sheet
A fortress of equity
Asset composition (Mar 2026)
Total assets ₹1,072 Cr · +52.7% YoY
Investments
Receivables
Other assets
Equity vs liabilities (₹ Cr)
Equity now 94.2% of total funding
Investment portfolio grew 59% from ₹604.9 Cr to ₹963.0 Cr as management deployed excess cash. Zero financial debt (only lease liabilities). One of the cleanest balance sheets in Indian financial services.
05 · Cash flow
Converting profit to cash
Cash flow waterfall — FY26 (₹ Cr, consolidated)
Strong operating generation; investing outflow is discretionary portfolio deployment, not capex
Positive
Negative
Operating CF vs PBT (₹ Cr)
Cash conversion: ~74.9% in FY26
Net investment deployed (₹ Cr)
FY26: nearly 2x vs FY25
Free cash flow (OCF minus capex of ₹10.3 Cr) = ~₹339.8 Cr (~97% of OCF). The entire investing outflow is discretionary allocation, not maintenance capex — highlighting near-zero capital intensity.
06 · Peer comparison
How PPFAS stacks up
Revenue comparison FY26 (₹ Cr) · Listed AMC peers
FY26 · Standalone · ₹ Cr · ICICI: ₹5,999 Cr | HDFC: ₹4,611 Cr | PPFAS: ₹602 Cr
Operating margin — peers (%)
FY26 · Higher is better
3-year net profit CAGR (%)
FY24–FY26 · 2Y PAT CAGR (exact)
Valuation & returns scorecard
FY26 actuals (Screener.in standalone) · *PPFAS unlisted; P/E estimate based on transaction multiples
| Company | Mkt Cap | Price | P/E | ROE | ROCE | OPM | EPS (₹) | Div Yield | 2Y PAT CAGR |
|---|---|---|---|---|---|---|---|---|---|
| PPFAS Ltd ★ UNLISTED · +40.2% 1Y |
~₹14,100 Cr* | ₹17,950* | ~41x* | ~38% | ~42% | 79.1% | ₹439.44 | ~1.4%* | 78.5% |
| HDFC AMC NSE: HDFCAMC |
₹1,16,551 Cr | ₹2,719 | 40.8x | 32.9% | 42.9% | 82% | ₹66.8 | 1.99% | 21.2% |
| ICICI Pru AMC NSE: ICICIAMC · Listed Dec 2025 |
₹1,69,481 Cr | ₹3,429 | 51.4x | 85.8% | 115% | 75% | ₹66.7 | 0.79% | 26.8% |
PPFAS's 2Y PAT CAGR of 78.5% (FY24–FY26: ₹109 Cr → ₹347.6 Cr) dwarfs HDFC AMC (21.2%) and ICICI AMC (26.8%) — despite being a fraction of their size. Scale is catching up fast.
HDFC AMC leads on OPM (82%) vs PPFAS (79.1%) and ICICI (75%). However PPFAS's margin is remarkable given it runs a single-scheme-dominant model with no institutional distribution advantage.
06b · Price performance
1-year return comparison
Indexed price performance — last 1 year (base = 100)
PPFAS unlisted price from UnlistedZone · HDFC AMC & PPFAS from Jul 2025 · ICICI AMC from Dec 2025 (listed date)
PPFAS (Unlisted)
HDFC AMC
ICICI Pru AMC (from Dec 25)
PPFAS unlisted — 1Y price (₹)
+40.2% return · ₹12,800 → ₹17,950
1-year absolute return (%)
ICICI AMC +35.6% since Dec 2025 listing · HDFC AMC +10.1% 1Y
PPFAS unlisted stock re-rated sharply in Aug–Sep 2025 (+40% jump) as AUM crossed ₹1 lakh crore and FY25 results impressed. It has held the ₹18,000 range since, reflecting high conviction in the growth story.
ICICI AMC listed at ₹2,529 in Dec 2025 and has rallied 35.6% to ₹3,429 — a strong debut. HDFC AMC returned +10.1% over 1 year (₹2,469 → ₹2,719), though its journey was volatile — peaked at ~₹3,000 in Aug-Sep 2025, corrected to ~₹2,200 by Mar-Apr 2026, and has since recovered.
07 · The verdict
What to make of this
Revenue momentum
Strong ▲
AUM CAGR driving 40%+ revenue growth. Flywheel accelerating.
Margin trajectory
Stable ~
77.6% OPM; labour code one-off impacted; structural margins intact.
Unlisted valuation
Attractive ▲
3x growth premium to peers; discount to listed P/Es unwarranted.
Disclaimer: This note is for informational purposes only and does not constitute investment advice. PPFAS shares are unlisted and carry liquidity risk. Market cap estimates are indicative. Peer data from Screener.in. Financials from audited consolidated & standalone statements for FY26 (year ended 31 March 2026), audited by Chokshi & Chokshi LLP. Past performance is not a guarantee of future results. Please consult a SEBI-registered investment advisor before making any investment decision.