Good morning, everyone, and thank you for joining us on the Q2 and H1 FY27 earnings conference call for Canara Robeco Asset Management Company Limited. Today, we are joined by Mr.

Rajnish Narula, Managing Director and Chief Executive Officer; Mr. Ashwin Purohit, Chief Financial Officer; Mr.

Gaurav Goyal, Chief Business Officer; and Mr. Atit Turakhiya, Head of Corporate Development and MIS.

We'll begin the call with the opening commentary by the management, followed by a Q&A session. I would now like to invite Mr.

Rajnish Narula, Managing Director and Chief Executive Officer for Canara Robeco Asset Management Company Limited, to give his opening remarks. Over to you, sir.

Thank you, and good morning. Thank you for joining us today.

I hope you've had an opportunity to go through the investor presentation. Let me start by setting the context for the quarter, first, with a brief perspective on the broader industry environment, and then with a closer look at our performance for the first half of the year.

On the industry and market environment, the first half of FY27 was characterized by global and domestic volatility, due to geopolitical developments and macroeconomic uncertainty shaping the market environment. September was particularly challenging.

The Nifty 50 declined by approximately 6% during the month, erasing the gains accumulated in the first 2 months of the quarter, and closing nearly 14% below its 52-week high. Indian equities face pressure from elevated US bond yields, a strengthening US dollar, foreign portfolio outflows, geopolitical tensions in West Asia, and concerns around crude oil prices.

Despite these headwinds, one of the key positives was the resilience of the domestic investor participation. Domestic institutional investors more than offset foreign selling, recording net purchases.

More importantly, SIP flows continued to provide a structural anchor for the mutual fund industry. Monthly SIP contributions crossed ₹32,000 crore, while the number of SIP accounts are above the 10 crore mark.

The domestic retail investor base has matured significantly and is increasingly becoming a steady, long-term, and relatively price-agnostic source of capital. In my view, this resilience of domestic flows is one of the most important developments shaping the Indian mutual fund industry today.

If we come to the company operational highlights, on the operational front, our closing AUM as of September 30th, 2026, stood at 1.17 lakh crore. Our September 2026 quarterly average AUM saw a growth of 4% on a year-on-year basis.

As of September 30th, 2026, our investor folios stand at 50.1 lakh, reflecting the continued trust of our investors across the country. Individual investors contribute over 86% of our AUM.

Contributions from systematic plan was ₹676 crores in September across 19.6 lakh active SIP accounts. B30 strength, the monthly average AUM from beyond the top 30 cities was 28,944 crore, which reflects 23.6% of our total AUM.

Our distribution network has expanded to over 57,186 empaneled partners, and we have 29 branches. We're looking to expand our product offering and targeting to come out with a couple of NFOs this financial year, subject, of course, to the regulatory approvals.

With this, I would like to now hand over to Mr. Ashwin Purohit, our CFO, who will take you through our financial performance for Q2 and H1 FY27 in detail.

Over to you, Ashwin.

Thank you, sir. Good morning, everyone.

For financial performance for the quarter and half-year ended 30th September 2026. Financial highlights: Q2 FY27 performance.

Revenue from operations stood at 1. 121.6 crore for the quarter compared to 103.9 crore in Q2 FY26, registering a Y-o-Y growth of 17%.

Total income stood at 128.1 crore compared to 108.00 crore, that is for Q2 FY26, representing a Y-o-Y growth of 19%. On the profitability front, PAT stood at 59.2 crore compared to 48.7 crore in Q2 FY26, registering a Y-o-Y growth of 21%.

Now I am moving to our H1 FY27 performance. Revenue from operations stood at 237.8 crore compared to 201.0 crore in H1 FY26, registering a Y-o-Y growth of 18%.

Total income stood at 274 crore compared to 229.3 crore in H1 FY26, representing a Y-o-Y growth of 19%. Our H1 FY27 PAT stood at ₹134.8 crore compared to 109.7 crore of H1 FY26, registering a Y-o-Y growth of 23%.

We are also pleased to announce that Board of Directors has declared an interim dividend of ₹2 per equity share for FY26-27, equivalent to 20% of our face value at ₹10 per share. With this, I will open the floor for the question.

Thank you very much.

Good morning to the team. I have two questions.

My first question is just want to understand a forward-looking guidance. Beyond the regular outlook, what are the top two to three execution priorities you are focusing on the next few quarters, primarily to drive growth across the SIP franchise and the main MF holdings?

Alongside that, what do you see as a key risk from market volatility, changing investors point of view, or competitive pressures, and how are you preparing to manage them while strengthening the company's position in the market? Thank you.

That's my first question. I'll ask my second question after this.

Thank you. Okay.

Thank you very much. I think it's a very good question.

In terms of execution priorities for the next 6 to 12 months for us is, of course, focusing on new products, which I had mentioned earlier as well. Also looking at perhaps a new line of business.

We are evaluating a few new lines of businesses that we can choose from. They are Passives, they are SIF, AIF, and GIFT City.

We will choose one of them to go ahead over the next 6 to 12 months. Those are the initiatives that we plan.

On the SIP agenda in particular, we have a renewed focus on SIPs, and we are working with selected partners on increasing our market share on SIPs as well. Those are initiatives that the company is looking at.

Maybe Gaurav, who's the CBO, will elaborate a bit more on the SIP initiative.

Sure. I think from a SIP perspective, as Rajnish said, alluded that, okay, we are working with our channel partners and anchoring different strategies.

Particularly when you look at channel partners like Canara Bank, which have a large network. Our SIP strategy is focused in terms of how we can harness the potential there, and can work with our bank partners, can how we can work with our MFDs and NDs and digital partners to anchor it.

What we have seen is, of course, as you see that we were early ones in terms of our SIP journey, and therefore, some of our vintage funds where we have seen that maturity of the SIPs, which are happening. At the same time, I think what we are also finding it very encouraging that in the product lines like mid-caps, multi-caps, which we have launched recently in the last three years, we have seen a very, very healthy growth in terms of our SIP book.

It's a combination of both in terms of our product strategy, how we are positioning our SIP, and also working with our channel partners. In addition to it, we have strengthened our communication around SIPs because of the last two years of the market volatility and being a flat market, of course, there is some kind of nervousness which we see in the investors, and therefore, we have strengthened our communication around in terms of continuing, staying invested to the investors and distributors.

We have launched a new initiative, which is called Goal SIP, which is again in terms of targeting the behavioral aspect of the SIP and how we can encourage investors to stay invested towards their goals. These are some of the initiatives which we have taken.

Also, there is a focused SIP team which is working with some of the key channel partners where we are working very, very closely with these channel partners to build up the entire SIP book.

Thank you. My second question is just touching base on the last point that you mentioned.

Given the current market scenario, how the markets are going and as along with the geopolitical upheaval that's going on, do you expect any guidance from the government in regards to this to stabilize the market? Just want to understand if you have any point of view on this.

Thank you.

As you can see that the government and RBI have been stepping in periodically to stabilize the market. You see initiatives coming from the RBI to stabilize the rupee.

You see that. The government did do something last September over last year on the GST front as well.

The government is doing all that it can. It's got enough in its toolkit to make sure that the markets are stable.

If you see the kind of volatility that has actually happened especially globally and the impact on India, to my mind, India has withstood that very, very well. That's, I guess, to do with the policies that the government and the rest of the regulatory bodies have had.

We're very positive for the Indian markets going forward.

Thank you, and best wishes.

Thank you.

Thank you.

Hello?

In the previous earnings call, the management indicated that a new product launch was expected within the subsequent two to three months, and it was identified as a passive product is a short to medium term opportunity. Could the management now share an update on the product launch pipeline?

I think what we had said in the last call was we were looking at new product launches over the next one or two quarters. We are on track with that.

You will see at least a couple of product launches that will happen before the end of March 2027, subject, of course, to regulatory approvals. As you're aware, the products require regulatory approval.

We're quite confident that we will have those approvals in place to be able to have those launches. Passives and the others lines of businesses, like I mentioned earlier, which is to do with SIF, AIF, and GIFT City, are all being evaluated.

We will launch them sequentially, not necessarily all of them, but one or two of them for sure, over the next 6 to 12 months.

Got it. I think that answers my question.

Thank you.

You're welcome.

Hi. Two questions.

First on the yields. They have held up in line with Q1.

Our outlook was that we could see some moderation. If you can share your outlook on the yields.

Second, on the SIP strategy. We've seen the book is slightly shrinking with some decline in SIP accounts, and number of folios are also down.

What is driving this, whether this is due to the bank channel share slipping or if you can throw some more outlook on what is happening on the SIP front? Thanks.

On the yields, we've been very consistent in terms of giving a range in terms of yields. We've always said between 35 and 40 is where we are comfortable, and that's the range with which we'd like to work with.

That remains the same. For us, our view doesn't change on that.

On the SIP, we continue to work on different strategies with different partners to increase our SIP throughput. If you look at the value of total SIP AUM, it's actually up.

I think it's roughly about 42

41,000 crores.

In terms of value, our SIP book is up, contributing to roughly about 34% of our AUM. We continue to develop new initiatives with strategic partners to build on the SIP strategy for the company.

Sure. Your endeavor is to improve this directionally.

What we would like to understand is what has not worked over the last, let's say, 12 months on the data that I'm looking at, let's say, on the SIP book shrinking versus the industry's book sort of rising? Something on that, what has happened in the last 12 or 18 months?

For example, this is generic. I would imagine it's also for the industry in a way, perhaps.

You would find the tax saver fund, where the law has changed. People who had SIPs there will not be inclined to renew SIPs in that fund because the tax advantage is gone.

We see some of that. We also see SIP maturities happening, and therefore people redeem at that point in time.

Some, of course, SIP closures are also due to volatility in the market. You got to factor in a lot of different things that happen.

Having said all of that, this continues to be a very stable source of flows for us and the industry. It's an important aspect of our business.

It's a huge building block for us. Like I said earlier, we will continue to focus on this to make sure that it continues to remain strong throughout going forward as well.

Right. My last question is on the outlook that you shared about evaluating new lines of business.

Now, this is about, let's say, the Y-o-Y growth. We are absent in some of the segments like SIFs or on the passive side.

Are you packing growth for the AMC versus the categories that we are present in the industry? Ex of that, would your growth be materially better if we have to look only the category growth, if you can share some analysis around that if you would have done internally?

You're absolutely right. It's actually a very good question.

If you look at growth in the categories we are present, of course, our growth is far better. We always present data, which is the industry data.

For example, arbitrage fund, if you look at that segment itself, we are not present there, but the industry does grow in that segment. We don't take that off when we look at our numbers.

You're absolutely right. If you just look at our numbers, ex of that, we will be a lot better.

I think it's only fair. These are choices we make.

It's only fair to compare ourselves with with what the broader market is all about.

Got it. Thanks.

Hi, sir. Am I audible?

Yes, you are.

Sure, thanks. Thanks for giving me the opportunity.

I had asked this question even in the last call. If you could start this disclosing the net inflows, that will be helpful.

From what I think the numbers we calculate based on publicly available data, the net inflows seem to be negative. Is that correct?

Is that the way you or you and the team look at the business? Just want to understand that.

I'm going to pass this question to Atit to respond. Just to give you a general view, we disclose what is disclosed in the industry itself, so.

Go ahead, Atit.

Thanks for the question. Like Rajnish mentioned, we are in line with the industry, we are trying to maintain the same standard of disclosure that is being done by other participants of the industry.

Hence, unfortunately, at this point of time, we are not disclosing the net flows data as of now.

Got it. Okay.

Second question is we were looking at your quartiles of your top four, five schemes. I think if we look at a little longer term data basically, the quartiles for the some of the schemes basically has fallen over time.

This is also linked to the second part of the question, which is where the competition is going and there are some new AMCs which have come up. Given that the number of mutual fund players are up and they are coming with newer products, there's competition, how do you see maintaining, defending your quartiles over time?

That's the second question. Yeah.

Yeah. As you're aware, all funds across all fund houses will go through cycles.

You will find funds sometimes being in quartile one, two, or sometimes three and four as well. Every fund, irrespective of which house manages that money, if especially over a 5-, 10-year period would have seen that or could find themselves in different quartiles at different points in time, depending on the views taken by the fund manager at that point in time.

It's not unique. It's not something new to us.

What really helps us is the process and discipline for investing. There is a lot of background to how we manage money, and it's a very disciplined approach, that's one.

Two, we continuously strengthen our investment team and our research capabilities in-house. We've done that over the last two years by adding more people to that team, so that there is broader coverage.

As our size grows, the number of stocks that we need to track are that much more, and hence, we need that capability internally. Of course, we have, for us, the brand.

The Canara Robeco brand is extremely strong in India, and that helps us during both across cycles. Money does come to us irrespective what cycles the market is in or what cycle our funds are in.

A lot of that combined is the strength of the company. We are very confident where we find some funds of ours which may be challenged at the moment in terms of quartiles, we're quite confident they will bounce back pretty soon.

Got it, sir. Improvement in quartiles is linked to the KPIs for the fund manager and the research team?

Just trying to understand that, because you've emphasized research and I really appreciate the investments, individual, that you do company-wide. Just trying to understand, is there a KPI which is linked to fund managers' performance and the fund performance?

Absolutely. The KPIs do link the fund performance for fund managers.

There is a weightage for the 1-year performance and a 3-year performance. It's not that we restrict it to a short-term performance alone.

Similarly, the research analysts are tracked on a model portfolio as well. Their KPIs are also linked to performance.

Sure, sir. Thank you.

I'll fall back in the queue. Thank you.

Thank you, Sonal.

Hello? Hello?

Hi, we can hear you.

Yeah. Very good morning, sir, and to the team.

Sir, while markets have been volatile in the past two quarters, wanted to understand, I think last on the DRHP, we have mentioned our equity market share was about 2% plus. How are we in terms of maintaining our market share?

Do we plan to use Canara Bank's network to grow the market share over the next 2 years? What is the long-range strategy in terms of growing market share with equities, and how do we plan to do that?

It's a good question. Market share continues to be stable around the 2% mark.

That remains stable. We continue to use Canara Bank along with the other strategic partners we have as avenues for us to grow our business.

Clearly, the new product launches that we anticipate over the next 3, 6 months are geared towards increasing the equity base as well for us. At the end of the day, equity continues to contribute a large proportion of our AUM.

It's now at about 91% of our AUM. Structurally, for us, that is a good position to be in.

The last earnings call, you had mentioned, you're quite bullish on equities. Seven out of 10 years, we expect equities to outperform.

The past 2 years have been volatile and sort of flattish. I'm sure you would be seeing equities outperforming from here on, maybe in the next few quarters.

Just want to understand, given our commissions to distributors, we are paying much higher obviously compared to the rest of the industry, are we satisfied with the inflows they are bringing in? I understand markets have been tough, so, getting in AUM is a challenge in these times, but just want to get a sense of that.

Yeah. Our view on yields is a little different.

I've explained our view on yields. Like I said, our range of 35 to 40 is what we are comfortable with.

For the industry, each one has their own strategy in terms of yields and commission payouts. I still believe that seven out of 10 years, equities will outperform the broader markets.

I still believe that. If you can look at our numbers in terms of the company profitability, despite the challenges in the equity market and despite us having over 91% of our AUM in equities, our PAT is on a year-on-year basis, September '25 and September '26, is up by about 17%, 18%.

Clearly, despite the huge volatility, the company has inherent strengths and has delivered a very strong performance.

Absolutely. Sir, one last question from my end.

Last quarter, there was this other income that we saw of ₹29 crores. I just wanted to understand, what was that logic?

I think it's something to do with your debt investments, the ₹600 crore book that you guys have. Just want to get a sense of how will that work out in the next few quarters?

Oh,

well, that's actually got to do with the skin in the game. As you are aware, from a regulatory perspective, we are required, the fund house, to invest in all our schemes as a certain percentage of the scheme with our own capital.

We have roughly about ₹110 crores of skin in the game, roughly, and that needs to be every quarter, marked-to-market to reflect the actual value. You'll see that will move quite substantially if the markets are very volatile quarter-on-quarter.

September quarter was lower than the March quarter that you would see. If you notice, we split our income into two, which is income from operations, and the other one is other income.

Income from operations is what shows you the steady-state growth in the business itself. The other income, which basically includes this skin in the game, that will vary quarter-on-quarter going forward because of the fact that it is invested, 90% of it is in equity.

Sir. Understood.

Thank you.

Hi, sir. Thank you for the opportunity.

I just had a few questions. One is again on the SIP front.

Our SIP monthly contribution has also seen a decline, and it has been soft over the last few quarters. Sir, is there any reason particularly because the industry has not seen this kind of softness as compared to our numbers in the monthly contribution?

Is it largely because the accounts are closing down or anything else?

I'm going to get Gaurav, who's our Chief Business Officer, to answer this question for you, Meghna.

Sure. Thanks, Meghna, for asking that.

I think Rajnish alluded to it. I think the way we look at in terms of SIP, when you compare it with market, I think one of the aspects I'm sure you will appreciate that, it's a very highly concentrated, flows what we witness what we are witnessing in the market and you know which is largely towards, few product categories.

While when we look at internally in terms of, the way our SIP growth is, I think we, apart from the the quantity of the growth, I think if you look at the qualitative aspect of that growth, I think we are very much, in terms of satisfied with the direction which it which is there. When I say in terms of the qualitative aspect of that growth, what gives us comfort is in terms of, the way our product mix is in terms of our volumes which both in terms of the inflows which you're getting and even the SIP registration.

I think what particular to us, one aspect which is coming in is one that, on the ELSS space, when you look at, I think we were pretty much, in terms of our contribution, we were pretty much very strong there. That because of both in terms of the market trend, we are seeing that okay, there is a decline.

In terms of the net folios also, there is a drop which is happening, and which is, some kind of some kind of impact to us. The second is in terms of, the we were early one in terms of our SIP growth journey, and therefore, some of the vintage funds, we are seeing the SIP maturity.

Therefore, that is, some kind of impact it is showing as far as in terms of the number of folios or when you look at in terms of the SIP book. When you look at, I think overall, when we look at our product mix, there are, many funds where we are seeing very continuous very good growth which is happening there.

If if I have to just give you a perspective what I mean in terms of the quality of the growth, even in terms of our AUM growth when you look at, for example, our large, our flagship scheme has seen now it's more than ₹25,000 crore fund. Apart from it, we have four funds which are more than ₹10,000 crore fund.

We have another, three funds where which are in ₹5,000 to ₹10,000 crores, and particularly our new strategies like multi-cap and mid-cap, which we launched three years back, have crossed ₹5,000 crore. I think what we are really the way we are looking at in terms of our growth is how widespread, how diversified it is across the channels, across the products.

That is actually, moving in the right direction. From a SIP perspective, we have taken various initiatives to arrest that, which, one aspect is in terms of some of the product launches which we have done.

Clearly, we are filling up those gaps, and really they are really becoming our growth engines and helping us in terms of further growth. Second is channel-specific initiatives also, which we have taken, particularly with the strategic partners, retail banks, and MFD partners, that is going to help us in terms of our SIP growth.

Even initiatives in terms of the product initiatives like Goal SIP, which I have talked about, is, because also what we are witnessing is that because of the market volatility, some of the older SIPs where, apart from tenure, there is a behavioral aspect also which we are addressing. We have taken various initiatives right from the training initiatives for our partners, talking about, this new initiative in terms of Goal SIP, strengthening our entire communication around SIP.

I think, there are multiple initiatives which we are working to kind of address that, growth aspect. When you look at and compare it from a market perspective, I think you need to keep into a account that, from a market perspective, it is very, very concentrated.

I think even if you look at the market flows, 65% of the flows in in this half of the current year is only in the three product categories. For us, when you look at in terms of AUM growth, is very well diversified across channels and across products.

Got it. Thank you for the elaborate answer.

Sir, just one more thing. What proportion of our SIP would be coming from ELSS, say, last year compared as compared to this year?

That would help give more color on the impact of ELSS.

I think that's not the data in the public domain which is being there, I can't share on that. That is one of the funds where, of course, industry-wide also, there is a challenge, which is happening because of the changes in the taxation.

That has had some impact in terms of when you look at the folio count and the SIP count.

Okay. What could the average tenure of our SIP book?

I think if you look at, I think Rajnish has alluded in terms of our SIP AUM. I think that will be a very good parameter for you to look at it.

Our SIP AUM has increased to 41,000 crore, which is about 1/3, more than 1/3 of our equity AUM. I think that long-term contribution of the long-term assets to the overall AUM is very, very healthy for us.

Yeah. Specifically on the tenure, which you mentioned, my understanding is it's above 3 years would be the average.

Okay. Sir, lastly, is there anything in the pipeline equity scheme thematic or sectoral scheme?

Yes, we are planning to have a fund launch before the end of March 2027, which would be an equity fund as well. Clearly, that's on the cards.

Okay. Thank you.

All the best.

Thank you, Meghna. Thank you.

Hello, sir. If you could first spell out segment-wise yield of equity, debt, and liquid.

If you can help us understand I am seeing yield expansion of four to five bps, if you could help us understand the reason for that?

I'll ask Atit to respond to you on that.

Yeah. Our yield for the quarter was somewhere in the range of or on an overall basis was between 37 and 38 bps.

Equity yield was in around the 40 bps level, fixed income yield was somewhere around 28 bps level, and liquid and overnight was around the 2 bps level. That's the break-up of the yields.

Okay. Thank you.

Hi, sir. My question has already been answered.

I tried to opt out of the queue, but didn't happen.

Thanks.

hello. Good morning.

Sir, just I wanted to know, it has been a 1 year now we have got listed as a firm. Sir, I just wanted to know as a medium-term outlook, how as a fund house we see ourself?

We want to be branch heavy, or we want to be say 90% is our equity-oriented scheme. Our investments are going to equity.

What are the age groups we are targeting as a fund house? What is the attrition, sir, of the SIP accounts?

If you have the number, can you let us know?

Thank you for your question. I would like to broadly answer that we are a fund house that looks long-term, plans for long-term.

We want to be an AMC that survives time, if you know what I mean. That's what we are building, and that's our ambition.

That's what we want to be. We will put into place short-term strategies that help us with a long-term goal, which is to make sure that we remain relevant across periods of time.

At the end of the day, quarter-on-quarter is something that, while we are mindful of it, it doesn't drive medium- or long-term strategy. For us, medium- and long-term strategy is, like I mentioned, being relevant across timeframes.

We're building this AMC for the long term. That's clearly our stated goal.

Everything that you see right now, even in the kind of product launches that we do, we're not a fund house that rushes in and launches multitudes of products. Probably given our size, we have probably one of the smallest baskets of products.

There is enough scope for us to launch new products going forward, as well as in lines of businesses, as you can see, we currently only focus on the mutual fund space, but are looking to diversify based on what we believe will be the right and opportune moment for us to do so, and in the segment that we'd like to choose. If you want to look at us, I think we are a long-term fund house.

In all aspects, that's what I'd like you to take away as well.

Sir, do you have any number what is the attrition in the SIP accounts?

That detail is not there in public domain, unfortunately, we will not be able to share that.

Sir, what is the average years of your SIP accounts? Do you have that number?

I did mention, I think it's over 3 years that the average SIP account would be.

Thank you, sir. Thank you for the elaborate answer.

Thank you.

Thank you, Anuj.

Yeah. Hi.

Thanks for taking my question. Sir, just a very broad-level question.

The products which you chose to be concentration and the products you chose to ignore, what is the rationale behind it because as you rightly mentioned sometime back, maybe the alternatives hybrids are one of the fastest growing and you chose to stay put at this point of time? If that's the thing, how would you like to maintain the market share or grow the market share over a very long period of time?

Thank you.

I think the rationale for choosing certain products or certain lines of business is based on basically two things. One is focus, the other is what are your strengths.

To us, those are the key determining factors for us before we get into any particular product space. I always believe that there is in our industry there's very limited first-mover advantage because it's your performance of your scheme that really counts at the end of the day.

You could be the first one with a certain product, but if you don't have a track record that merits consideration, then you won't get inflows. You could be also the last one in the same product category, but if you're able to deliver better performance than your competitors, then the likelihood of you getting more flows than the others will also stand out.

To us, like I said, there are two things that we look at is we need to focus, and second is build on our strengths.

Just to add or complement looking at the distribution channel, if for a small distributor if the AMC or the manufacturer doesn't provide full bouquet of products, then the probability of dealing with you in terms of the distribution and then making giving inflows will also significantly reduce over a period of time. How do you think about this?

Actually, that's a good question. I think the generic products that everyone looks for is available with us.

On the debt side and on the equity side, the generic products are available. It's only in certain specialized parts of debt or equity that we perhaps may not be present.

Clearly, that's for a very niche kind of distributor as well. On a generic basis, I think we have covered most of the bases on the debt side and the equity side.

Okay. One last question from my side, sir.

We believe to understand that there are certain regulations which are changing in terms of restricting the overlap of holdings between the schemes. As we understand, the overlap is significantly higher for Canara Robeco equity schemes.

Does that impact in terms of the performance? As of now, what we see is also two types of fund houses.

One where all the schemes outperform at the same point of time, underperform at the same point of time. When I say all, majority of them, thanks to the style which they stick to.

There are certain fund houses which allow different styles of what I can say, asset management. Looks to me like you are in the first bucket, and it's going to impact and it brings in cyclicality to your inflows.

Do you think this is a fair assessment or would you like to disagree on this?

To be honest, that's a question for my Head of Equities to respond because at the end of the day, portfolio construction is entirely their domain. Having said that, on a broad basis, the overlap in terms of your products is just a very recent regulatory guideline that has come through.

Everyone's assessing it. I think when you look at us across the industry, we're actually better than the industry.

There's only one product of ours which is an outlier, but other than that, everywhere else, we compare favorably with the rest of the industry as well. Clearly, it is something that the equity team is cognizant of, they're looking at, and if they believe there are certain changes required to a couple of schemes, they perhaps may implement that.

That's all. This is really helpful.

Thank you.

Thank you.

Hi. I was doing this exercise of breaking down the equity AUM growth specifically on a closing basis to come to the conclusion of how much inflow that we might have gotten.

The exercise says that around we are flat in terms of inflows, net equity inflows for the quarter, Q2, assuming that NSE 500 has gone down by 4% in the quarter. Would that be a fair assessment that the inflows have been zero this quarter?

Unfortunately, Shreyas, I can't respond to it only because I can't give you the data because it's not in public domain. Having said that, the equity markets are challenged.

We all see that. The flows, as Gaurav mentioned, are coming only in selective products at the moment across the industry.

Yes, it is only a question of time when the markets turn and you will see better performance across the industry for all mutual funds going forward on this particular item as well. I can't elaborate unfortunately more than that.

Sure. I understand, and thank you so much for the response.

Because the yields that we have seen this quarter has been flat, revenue yields quarter-on-quarter. The pass-through that we had because of the change in TER to BR structure, last quarter we had seen improvement in the yields.

Is it behind us? How is the dynamics with the distributors now?

Is there any chance of rationalization of commissions? Can you elaborate on that a little bit, please?

I think like I said earlier as well, Shreyas, that we are comfortable between the 35 and 40 range, we will continue to be there. We would rather focus on growth and additional volumes than focus solely on yields.

Clearly, our partnerships are built around making sure that the distributor gets a fair remuneration for the work that they do for us. Clearly, we are very happy with the kind of structures currently that we have with our key distributors.

Sure. That answers.

Congrats on the quarter, and all the best.

Thank you.

To conclude, the market correction during the quarter was a reminder of the importance of disciplined and long-term investing. Encouragingly, our investors continue to demonstrate resilience and stay focused on their long-term financial goals.

Despite heightened market volatility, the mutual fund industry and our business have remained resilient, supported by strong structural drivers such as rising retail participation, steady SIP flows, and deeper penetration across Tier 2 and Tier 3 cities. Looking ahead, our priorities remain clear.

We will continue to focus on delivering consistent, risk-adjusted performance for our investors while deepening our retail and SIP-led franchise and explore expanding our product offering. We will also leverage technology to make investing simpler and the overall investor experience more seamless and user-friendly.

With a strong foundation, disciplined execution, and a structurally growing industry, we remain confident in our ability to deliver sustainable long-term growth and create sustainable value for all our stakeholders. Thank you for your time this morning and your continued support.