1. FY27 exit-load TER sharing - at least maintaining existing sharing ratio Delivered - At the Q4 FY26 call, management committed to share the exit-load/TER impact with distributor partners "as best as possible", at least maintaining the existing sharing ratio. In Q1 FY27, commission and fee expenses grew at a slower pace of 9.8% due to the GST regime change and removal of 5 bps exit load from TER, with stand-alone commission cost at 56.2% of revenue vs 62.7% in Q1 FY26.
2. FY27 GST pass-through to distributors - at least equal to sharing ratio Delivered - At the Q2 FY26 call, management was "very, very confident" it will be able to pass on the insurance GST hit to distributors at least equal to the sharing ratio or a little higher. By Q3 FY26, health insurers passed on 100% of the GST cut to distributors while life insurers passed on only around 10%, and Q1 FY27 commission and fee expenses grew 9.8% due to the GST regime change.
3. FY27 net revenue yield - \~31 bps net of commissions On track - At the Q1 FY27 call, management said current net revenue yield (\~31 bps net of commissions) should continue in the near future/this year; over medium to long term it may go down by 1-2 bps. Q1 FY27 stand-alone commission cost was 56.2% of revenue, implying net yield of \~31 bps on \~88 bps gross yield.
4. FY27 gross sales - ₹30-35,000 crore On track - At the Q4 FY26 call, management guided FY27 gross sales in the range of ₹30-35,000 crore on total AUM of ₹1,30,000 crore. Q1 FY27 equity gross SIP inflow was ₹3,570 crore, 49.1% of gross equity inflows, implying total equity gross inflows of \~₹7,270 crore and an annualized run-rate of \~₹29,000 crore, at the lower end of the guided range.
5. 30 new branches in FY27 On track - At the Q1 FY27 call, management planned to add around 30 new branches during FY27, also stated in the FY26 Annual Report. More than 12 of the planned \~30 new branches were already operationalized during Q1 FY27.
6. FY27 gross yield - \~88 bps On track - At the Q1 FY27 call, management said it is well poised to maintain gross yield at around 88 basis points going forward, after the \~2.8 bps regulatory impact. Q1 FY27 gross yield settled at 88.4 bps.
7. FY27 employee cost growth - 22-24% On track - At the Q1 FY27 call, management expected full-year FY27 employee cost growth (including ESOP expenses) in the range of 22% to 24%. Q1 FY27 employee cost rose 19% sequentially, reflecting annual wage revision (\~14% for existing employees) plus branch-expansion-driven headcount increase; the full-year outcome is not yet due.
8. FY27 gross SIP flow - ₹14,256 crore On track - In the Q4 FY26 PPT, management expected gross flows from SIPs of ₹14,256 crore in FY27, annualising the March-26 monthly SIP book of ₹1,188 crore, reiterated in the Q1 FY27 PPT. Q1 FY27 equity gross SIP inflow was ₹3,570 crore, an annualized run-rate of \~₹14,280 crore, in line with the target.
9. FY26 distributor additions - \~4,700-4,800 Delivered - At the Q3 FY26 call, management expected to add the same number of distributors as last year - close to around 4,700-4,800. FY26 saw 5,100 new partners added during the year.
10. Indus acquisition - annualized MF commission ₹22-23 crore, cash PBT ₹15 crore Pending - At the Q2 FY26 call, management expected the Indus acquisition to deliver annualized mutual fund commission of about ₹22-23 crore and cash profit before tax of approximately ₹15 crore. Indus AUM of \~₹2,050 crore was integrated in the last week of September 2025 and grew to ₹2,250 crore with 100% manpower retention by Q4 FY26; specific annualized commission and cash PBT figures were not disclosed.
11. FY26 monthly SIP book - ₹1,200 crore by March 2026 Partial - At the Q2 FY26 call, management aimed to reach around ₹1,200 crore in monthly SIP flow by March 2026, reiterated at Q3 FY26. Monthly SIP book stood at ₹1,188 crore as of March 2026.
12. FY26 mutual fund yield - \~90 bps Delivered - At the Q1 FY26 call, management reiterated confidence in sustaining mutual fund yield within the guided range of 90 basis points for full FY26. FY26 mutual fund yield was stable at 91 bps for the full year, and for the last three years in a row.
13. FY26 operating profit margin - 23-24% (excluding ESOPs) Delivered - At the Q1 FY26 call, management guided full-year operating profit margin of 23% to 24% (excluding ESOPs), contingent on payout staying within 64-64.5%. FY26 operating margin was 23.6%, and 23.55% including ESOP costs.
14. FY26 employee cost growth - \~20% Delivered - At the Q1 FY26 call, management guided full-year employee cost increase of roughly \~20% (including variable pay) versus last year, driven by a 15-16% annual fixed salary hike. FY26 employee expenses (ex-ESOPs) grew 21.2%.
15. FY26 gross SIP flow - ₹11,750 crore Delivered - In the Q4 FY25 PPT, management expected gross flows from SIPs of ₹11,750 crore in FY26, annualising the March-25 monthly SIP flow of ₹981 crore. FY26 gross equity inflows through SIPs were ₹12,329 crore.
16. FY26 net equity sales - ₹11,000-12,000 crore Delivered - At the Q4 FY25 call, management guided FY26 net equity sales equivalent to gross SIP inflow, to the tune of ₹11,000-12,000 crore, roughly 11-12% of opening equity AUM. FY26 equity net sales were ₹13,900 crore, the highest ever.
17. 16 new branches in FY25 Delivered - At the Q4 FY24 call, management planned to open 16 new branches in FY25 - "highest ever". 16 branches were opened in FY25, with 16 new branches opened in April-June in Q1 FY25.
18. FY25 gross SIP flow - ₹8,700 crore Delivered - In the Q4 FY24 PPT, management expected gross flows from SIPs of ₹8,700 crore in FY25, annualizing the March-24 monthly SIP flow of ₹726 crore. FY25 gross SIP inflow was ₹10,214 crore.
19. FY25 consolidated operating margin - better than FY24 Missed - At the Q4 FY24 call, management guided consolidated operating margin in FY25 should be better compared to FY24. FY25 consolidated OPM was 23.8% vs FY24's 24.0%, a decline of 20 bps.
20. FY25 regular trail yield - 87-88 bps ex-B30 Delivered - At the Q2 FY24 call, management guided that in FY25, assuming everything constant, regular trail yield would be in the range of 87 to 88 basis points, with B-30 revenue completely nil from March 2024, reiterated at Q3 FY24; at Q4 FY24 the ex-B30 expectation was revised to about 88-89 bps. FY25 mutual fund yield was \~90-91 bps including B-30 residual, with ex-B30 yield in the 87-88 bps range through FY24 and into FY25.
21. ₹1,000 crore monthly SIP book - by March 2026 Partial - At the Q1 FY24 call, management set an internal target for monthly SIP flow to cross ₹1,000 crore, with the ₹1 lakh crore AUM target, by March 2026, reiterated through Q4 FY24 and in the FY24 Annual Report; at Q1 FY25 the target was brought forward to March 2025 and reiterated at Q2 and Q3 FY25. Monthly SIP book stood at ₹981 crore as of March 2025, crossed ₹1,000 crore in July 2025, and reached ₹1,188 crore by March 2026.
22. ₹1 lakh crore AUM - by March 2026 Delivered - At the Q4 FY23 call, management set a goal to reach ₹1 lakh crore AUM within 3-4 years; at Q1 FY24 this was tightened to "by the end of 3 years" (\~March 2026), reiterated at Q2 FY24, Q3 FY24, Q4 FY24 and in the FY24 Annual Report. AUM crossed ₹1 lakh crore on 26th July 2024, nearly 1.5 years ahead of target, and closing AUM on 31st March 2026 was ₹1,19,304 crore.
23. FY24 net sales growth - 10-11% Delivered - At the Q4 FY23 call, management guided net sales growth of 10% to 11% in FY24, with remaining \~10% from mark-to-market gains. FY24 net equity sales were ₹6,164 crore, up 25% vs ₹4,915 crore in FY23.
24. FY24 gross SIP flow - \~₹6,200 crore Delivered - At the Q4 FY23 call, management guided gross SIP flow of \~₹6,200 crore in FY24, annualizing the March 2023 monthly SIP of ₹522 crore, also stated in the Q4 FY23 PPT. FY24 gross equity inflows through SIPs were ₹7,177 crore.
25. FY23 distributor additions - \~5,000 new MFDs Missed - At the Q2 FY23 call, management believed it could add about 5,000 distributors in FY23, reiterated at Q3 FY23 with "I am sure we will be able to reach that number at least closely". FY23 MFD count ended at 26,949, up from 23,763 in March 2022 - an addition of \~3,186, with the Q4 FY23 call noting MFD additions slowed slightly in FY23 vs FY22.
26. FY23 monthly SIP book - ₹500 crore by fiscal end Delivered - At the Q3 FY23 call, management expected the monthly equity SIP book to close at ₹500 crore within FY23. March 2023 monthly SIP flow stood at ₹522 crore.
27. FY23 net equity sales - ₹5,000 crore target Partial - At the Q1 FY23 call, management guided \~₹5,000 crore of expected net equity sales for FY23, reiterated as firm guidance across Q2 and Q3 FY23. FY23 net equity sales were ₹4,915 crore, with Q3 net sales of ₹780 crore and the full-year figure confirmed at ₹4,915 crore in the Q4 FY24 call.