Core revenues grew 20% y-o-y/ 7% q-o-q driven by strong growth in QAAUM (up 29% y-o-y/ 8% q-o-q). Blended revenue yields were at 45 bps versus 48 bps y-o-y. Core PBT grew by 23% y-o-y/ 8% q-o-q. Overall market share rose by 21 bps q-o-q in QAAUM to 7.67%. Equity market share (exc. ETF) also rose 15 bps q-o-q to 6.67%.
OutlookWe maintain a Buy rating with a revised PT of Rs. 615. Strong market share gains along with higher retail mix is a key positive. At CMP, the stock trades at 29.6x/ 27.1x its FY2025E / FY2026E EPS.
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