Antique’s profit estimates for these four stocks, over financial year 2026-2028, is 5% to 7% higher than consensus estimates. It has chosen HDFC AMC and Nippon Life AMC among its top picks within the four stocks due to their stable and rising flow market share, consistent fund performance and well-diversified equity portfolio. Lets look at these four names individually;
HDFC AMC
Antique has initiated coverage on HDFC AMC with a “buy” rating and a price target of ₹6,000, which implies a potential upside of over 17% from Tuesday’s closing levels. It said that HDFC AMC’s equity AUM market share has rebounded to nearly 13% as of March 2025, having dipped to 11.5% in December 2021. A higher equity mix compared to peers, it operates at a 60% net margin and 33% return on equity (RoE). That, coupled with a 80% dividend payout, justifies its premium valuation compared to peers. Over financial year 2025-2028, Antique is projecting a revenue and Profit After Tax CAGR of 15% and 16% respectively.
Nippon Life India AMC
Antique’s “buy” recommendation comes with a price target of ₹950, which implies a potential upside of 21% from Tuesday’s close. It said that NAM has the widest retail investor base, along with a 38% share of unique investors and 13.8% in total folios. NAM’s share in SIP inflows has doubled from 5% in Q4 FY22 to over 10% in Q4 FY25, given the strong performance of its key equity schemes. Key risks here include equity market volatility and any sharp deterioration in fund performance.
Aditya Birla Sun Life AMC
Antique has ascribed a price target of ₹900 on the stock, which implies a potential upside of 11% from current levels. Although the company’s equity AUM market share has been declining, the turnaround in fund performance signals a breakout since the Mercer-led restructuring in 2022, Antique said. It is focusing on process consistency, mandate-specific talent, and leveraging quant tools for disciplined investing. Top ranking in debt AUM, wide network, strong digital partnerships support flows at a lower cost. It anticipates revenue and PAT CAGR of 12% each on a high base between financial year 2025-2028. Rising competition, execution risks in alternate assets and global mandates are some key risks.
US AMC
Antique has also given UTI AMC a “buy” recommendation with a price target of ₹1,500 per share, which is a 12% upside from Tuesday’s close. It expects the improving fund performance to drive higher inflows and expects only a mid-single-digit increase in costs, in comparison to at least low-double-digit increase for its peers. UTI AMC is a leader in the passive space and is likely to continue launching ETFs and index funds selectively, in-line with the market appetite. Antique also expects a revenue and PAT CAGR of 12% each over financial year 2025-2028. Rising competition, fee compression and execution risk in equity turnaround are some key risks.
