Abakkus Asset Manager IPO

Strengths · 7

• 01Revenue from operations grew from Rs 418.60 crore in FY2024 to Rs 765.91 crore in FY2026, a CAGR of 35.27%.
• 02Profit after tax rose from Rs 205.43 crore in FY2024 to Rs 327.05 crore in FY2026, with a PAT margin of 41.08% in FY2026.
• 03Total QAAUM grew from Rs 27,310.29 crore in FY2024 to Rs 41,409.10 crore in FY2026, a CAGR of 23.14%.
• 04Return on equity was 56.49% in FY2026, and the operating profit margin was 53.05%.
• 05Net cash from operations was Rs 332.04 crore in FY2026, close to the profit after tax of Rs 327.05 crore.
• 06The number of unique PMS clients rose from 8,140 in FY2024 to 11,735 in FY2026.
• 07The draft lists no outstanding criminal, tax, regulatory or material civil cases against the company, its directors, promoters or subsidiaries.

Risks · 10

• 01Fees depend on assets under management. The company estimates a 10% fall in average AUM would have cut FY2026 management and advisory fee income by about Rs 66.02 crore.
• 02Alternates and private equity made up 88.92% of QAAUM in FY2026 and 97.78% of revenue from operations, so the business leans on a few product types.
• 03The top 10 distributors brought 45.68% of QAAUM on 31 March 2026 and 52.12% on 31 March 2024.
• 04The whole offer is a sale by Abakkus Expert Professionals LLP of up to 1,50,00,000 shares. The company receives no money from the offer.
• 05The selling promoter's weighted average cost is Rs 0.67 per share, so it sells at a price far above its cost.
• 06Promoters and the promoter group hold 99.79% before the offer and will keep a large stake after it. The company is also subject to periodic SEBI and IFSCA inspections.
• 07Employee benefit expenses rose from Rs 32.75 crore in FY2025 to Rs 80.57 crore in FY2026, or 10.52% of revenue. Share-based payment expense was Rs 28.68 crore in FY2026.
• 08Key managerial personnel attrition was 33.33% in FY2026, and on-roll employee attrition was 18.64%.
• 09Other income was Rs 30.14 crore in FY2026 and Rs 60.06 crore in FY2024. It includes gains on the fair valuation of investments.
• 10In FY2025 the company paid Rs 138.60 crore to Abakkus Expert Professionals LLP as partner withdrawals, equal to 20.28% of revenue.

Abakkus Asset Manager Limited is an Indian asset manager based in Mumbai. It began as a limited liability partnership, Abakkus Asset Manager LLP, on 14 March 2018. It became a private company on 24 September 2024 and a public limited company on 5 September 2026.

The company earns fee and commission income. In FY2026 this was Rs 765.91 crore, and all of it came from fees. The fees come from portfolio management services (PMS), Category III alternative investment funds (AIFs), private equity funds, an offshore UCITS fund called Aryabhata India Fund, registered investment advisory work and, since FY2026, mutual funds.

Its average assets under management (QAAUM) were Rs 41,409.10 crore in FY2026, against Rs 33,994.71 crore in FY2025 and Rs 27,310.29 crore in FY2024. PMS was the largest vertical at Rs 20,774.23 crore in FY2026. Category III AIFs added Rs 13,389.51 crore, mutual funds Rs 3,129.47 crore and private equity funds Rs 2,655.83 crore. The company had 11,735 unique PMS clients in FY2026, up from 8,140 in FY2024.

The company's three largest PMS strategies are Abakkus All Cap Approach, Abakkus Emerging Opportunities Approach and Abakkus All Cap (FPI) Approach. It had 141 on-roll employees on 31 March 2026, including 35 investment team members.

Under a business transfer agreement dated 30 June 2026, the Alternates (AIF Category III and PMS) and private equity businesses moved to its wholly owned subsidiary, Abakkus Investment Managers Private Limited. The transfer became effective on 1 July 2026. The financials in the draft document are consolidated, so they include this subsidiary.

The promoters are Sunil Banwarilal Singhania, Kanchan Sunil Singhania, Abakkus Expert Professionals LLP, SUKK Family Trust and Ecosmart Climate Solutions Private Limited. Sunil Banwarilal Singhania is the Chairman and Managing Director.

The industry

The industry report was prepared by ICRA and paid for by the company. It says the Indian mutual fund industry's AUM reached Rs 73.7 trillion in FY2026, against Rs 65.7 trillion in March 2025. PMS industry AUM rose from Rs 20.7 trillion in FY2021 to Rs 41.4 trillion in FY2026, a CAGR of about 14.9%. AIFs grew from Rs 2.0 trillion to Rs 6.8 trillion over the same period, and Category III AIFs were the fastest-growing segment at a CAGR of 38.6%. Between FY2022 and FY2026, AIFs grew at a 22.3% CAGR and PMS AUM excluding EPFO/PF at 16.1%.

Customer concentration: Top 10 distributors brought 45.68% of total QAAUM on 31 March 2026 (49.58% in 2025 and 52.12% in 2024).