1. Equity market share improvement quarter-on-quarter Missed - At the Q3 FY23 call, management committed that equity market share "should improve on a quarter-on-quarter basis". Equity QAAUM share was 4.82% in Q4 FY23, declined \~22 bps QoQ in Q2 FY24, and fell to 2.72% in Q4 FY26 and 2.60% in Q1 FY27.
2. Equity net sales turn positive in FY24 Partial - At the Q1 FY24 call, the CEO expressed confidence that equity net sales will turn positive in FY24. Q1 FY24 saw \~₹1,500 cr of equity net outflows, but by Q2 FY24 management confirmed the equity segment had net inflows; the full-year FY24 equity net sales outcome is not evidenced in the cited sources.
3. UTI International Dynamic Equity Fund claw back to \~₹10,000 cr AUM Missed - At the Q1 FY24 call, the CFO expected UTI Dynamic Equity Fund to "claw back" to its original \~₹10,000 cr AUM. IDEF AUM was USD 540 million (₹5,012 cr) in Q4 FY26 and \~USD 511.56 million (₹4,839 cr) in Q1 FY27.
4. UTI International IDEF seed capital reduction over the next few quarters Missed - At the Q3 FY23 call, management said UTI will continue redeeming from the IDEF gradually and reduce seed investment further "over the next few quarters", reiterated at Q4 FY23 and Q2 FY24. Seed capital was not redeemed by Q2 FY24 and international seed capital rose from ₹269 cr to ₹301 cr in Q1 FY24.
5. Passive debt index funds, ETF and international fund of funds launches Delivered - At the Q1 FY23 call, management said passively managed debt index funds, an ETF and an international fund of funds "will be launching them in the coming quarters". In January 2023 three debt funds launched, and in Q1 FY24 UTI launched a Silver ETF, Silver ETF FoF and three index funds.
6. UTI Alternatives SDOF III launch by the September 2022 quarter Delivered - At the Q1 FY23 call, management said SDOF III (rebranded from SEBI-approved SDOF GTF I) will be launched by the September 2022 quarter. SDOF III launched in September 2022 with ₹300 cr AUM, confirmed at Q4 FY23.
7. UTI Alternatives Real Estate Opportunities Fund launch Delivered - At the Q4 FY23 call, management said UTI Capital is planning fund launches such as the Real Estate Opportunities Fund, with documents being filed with regulators. Real Estate Opportunities Fund I was fundraising with ₹110 cr pre-commitments in Q1 FY24, reaching ₹187 cr commitments by Q4 FY26 and ₹189 cr by Q1 FY27.
8. Digital asset relaunch (website & mobile app) Delivered - At the Q4 FY23 call, management said they are in the final stages of re-launching superior digital assets (website & mobile app) for partners and investors. Mobile apps were re-launched in Q2 FY24, and the full revamp of website, app and contact centre was completed by Q4 FY24.
9. UTI Pension Fund POP expansion across the country Delivered - At the Q4 FY23 call, management said UTI RSL plans to expand its team and open new points of presence across the country to enhance NPS business. UTI Pension Fund opened 16 branches by Q2 FY25, 41 by Q4 FY25, 32 PoP branches by Q4 FY26 and 44 by Q1 FY27.
10. UTI International DIFC license upgrade for investment advisory On track - At the Q2 FY25 call, management said UTI International is upgrading its regulatory license in DIFC to offer investment advisory services, with a Category 4 license applied for per the FY25 annual report. By Q4 FY25 the upgrade was progressing to enhance Middle East advisory capabilities, with no completion disclosed.
11. UTI Alternatives SDOF I and II fully closed Delivered - At the Q2 FY25 call, management said SDOF-I and SDOF-II are expected to be fully closed, with funds in fundraising entering financial close soon. SDOF I exited all investments profitably by Q4 FY25, and SDOF-II fully exited with final distribution in Q3 FY26 at 13.4% IRR.
12. UTI Alternatives Credit Opportunities and Asset Reconstruction fund launches Delivered - At the Q2 FY24 call, management said UTI Alternatives has approvals for UTI Credit Opportunities Fund I and UTI Asset Reconstruction Opportunities Fund I and "we will be launching these funds soon". Both funds were launched by Q2 FY25 and were in investing stage by Q4 FY25.
13. GIFT City AIF operations start Delivered - At the Q4 FY24 call, SEBI approval was received for starting AIF operations in GIFT City, with three registered funds "to be launched soon" per the Q2 FY25 call. By Q4 FY25 the three funds received IFSC approval and operations commenced with USD 200 million commitment, reaching USD 206 million AUM by Q1 FY27.
14. US operations start Delivered - At the Q4 FY24 call, management said "planning to start our operations in the USA", with UTI AMC and UTI Investment America Ltd. registered with the SEC. UTI International opened a New York office by Q2 FY25, and US operations commenced.
15. GIFT City Retail FME approval used as two-way solution during FY27 On track - At the Q4 FY26 call, management stated it intends, during the course of this year, to use the newly received GIFT City Retail FME approval as a two-way solution for domestic investors going overseas and global investors entering domestic funds. In Q1 FY27, retail initiatives progressed with domestic and international teams, with more expected later in the year.
16. UTI Pension Fund capture larger share of Government NPS segment Missed - In the FY25 annual report, UTI Pension Fund committed to enhance performance and capture a larger share of the Government (NPS) Segment allocation. AUM was ₹4,01,520 cr with 24.36% share in Q4 FY26 and ₹4,31,148 cr with 24.16% in Q1 FY27, down from 25.8% in FY24.
17. UTI Alternatives MOF II gross portfolio IRR 20-24% On track - In the FY26 annual report, UTI APL's MOF II aims to build a high-yield portfolio with gross portfolio IRR in the range of 20-24%. MOF II had first close in August 2024 with ₹330 cr commitments and ₹106 cr deployed across 6 securities, and AUM of ₹321 cr in Q1 FY27; no IRR disclosed yet.
18. UTI Alternatives ROF I final close by October 2026 On track - In the FY26 annual report, UTI APL's ROF I is targeting a final close by October 2026. ROF I first closed in October 2023 with ₹90.5 cr invested across 8 securities, and total commitments stood at ₹189 cr in Q1 FY27 with no final close disclosed.
19. Mission 2031 - manage 2x current AUM On track - At the Q1 FY27 call, the CEO reiterated the Mission 2031 target of managing 2x current AUM, calling it "pretty much, I would say, on target". UTI MF QAAUM stood at ₹3,92,691 cr approaching the ₹4,00,000 cr milestone, with group AUM slightly over ₹20,00,000 cr.
20. UTI Pension Fund headcount more than double over 18 months On track - At the Q1 FY27 call, the CEO said the pension fund will "almost more than double their headcount over the next year, year and a half". Consolidated headcount rose from 1,435 to 1,512 in Q1 FY27, driven by pension fund and alternatives, with no explicit pension fund headcount figure disclosed.
21. SDOF IV - ₹1,500 cr fund On track - At the Q2 FY26 call, management said the fourth SDOF fund, launched in Q2 FY26, is planned as a ₹1,500 cr fund, reiterated at Q4 FY26 as ₹1,500 cr plus ₹500 cr greenshoe. SDOF IV AUM was ₹674 cr in Q4 FY26 and commitments reached \~₹887 cr by Q1 FY27.
22. Passive fund filings - NIFTY 500, BSE Sector Leaders and others On track - At the Q4 FY26 call, management stated it will file multiple passive funds with SEBI: UTI NIFTY 500 Index Fund and ETF, UTI BSE Sector Leaders Index Fund and ETF, UTI NIFTY India New Age Consumption, and UTI NIFTY India Internet Fund. By Q1 FY27, regulatory approval was received for the Nifty 500 ETF and index fund and BSE Sector Leaders ETF, with no launches yet.
23. SIF launch - at least one fund in FY27 On track - At the Q4 FY26 call, management stated plans to launch at least one fund in the SIF category during FY27, subject to approvals, reiterated at Q1 FY27 as SIF and GIFT City outbound funds in H2 FY27. In Q1 FY27 the SIF brand was in final stages of rollout, with launch timing dependent on distribution readiness.
24. FY27 yield dilution - 1-2 bps On track - At the Q4 FY26 call, the CFO guided possible dilution of a basis point or two in overall yield for FY27 due to mix shift toward ETF/index and low-duration fixed income. Q1 FY27 yields were \~72-73 bps equity/hybrid, \~8 bps ETF/index, \~12 bps cash/arbitrage and \~20 bps fixed income, against a \~32 bps weighted average in Q4 FY26.
25. FY27 other expenses growth - 8-10% On track - At the Q4 FY26 call, the CFO guided other administrative expenses to increase \~7-8% standalone and \~10% consolidated for FY27, reiterated at Q1 FY27 as 8-10% on the FY26 number. In Q1 FY27, no major IT or digital expense was foreseen for the remainder of FY27, with no contradicting figure disclosed.
26. FY27 employee cost run-rate - ₹90-95 cr standalone, ₹125-130 cr consolidated per quarter On track - At the Q4 FY26 call, the CFO guided post-VRS employee cost run-rate of \~₹90-95 cr/quarter standalone and \~₹125-130 cr/quarter consolidated for FY27, reiterated at Q1 FY27. Q1 FY27 employee cost declined \~8% QoQ due to the VRS benefit, with the full-year run-rate not yet verifiable.
27. VRS implementation - Q3 FY26, cost booked in P&L Delivered - At the Q2 FY26 call, management committed that the entire VRS cost will be booked in P&L in Q3 itself, with the scheme effective 1 October 2025 and applications open till 31 October 2025. The board approved VRS on 23 September 2025, and \~₹130 cr was provisioned in Q3 FY26 for VRS and family pension, with 479 of \~1,450 employees eligible.
28. FY26 employee cost growth - ≤3% standalone, \~5% consolidated Delivered - At the Q4 FY25 call, the CFO guided standalone employee cost for FY26 not to rise more than 300 bps over FY25, with consolidated \~150-200 bps more. FY26 standalone employee cost was ₹437 cr including ₹25 cr one-time family pension revision (₹412 cr normalized) and consolidated ₹553 cr (₹528 cr ex one-off), in line with the 2.5-3% normalized guidance.
29. Multi Cap Fund launch - FY25 Missed - At the Q4 FY24 call, management planned to launch a Multi Cap Fund during FY25. The UTI Multi Cap Fund launched in May 2025, i.e. FY26, missing the FY25 window; it reached ₹1,576 cr AUM by 30 September 2025 and mobilised about ₹1,000 cr during FY26.
30. UTI Alternatives core PAT positive from FY26 Delivered - At the Q2 FY25 call, the CFO said UTI Alternatives is expected to turn core PAT positive at least from the beginning of FY26. UTI Alternatives posted FY26 PAT of ₹5.3 cr, up from ₹0.9 cr in FY25, though Q1 FY27 PAT was ₹(0.9) cr.
31. FY25 tax rate - 22-23% Delivered - At the Q4 FY24 call, the CFO guided FY25 tax rate in the range of 22-23%. The Q4 FY25 tax rate was elevated \~2.3% due to a deferred tax liability change, a one-time item, with no disclosure of the full-year rate exceeding the guided range.
32. Other expenses run rate - ₹60-61 cr per quarter FY24 Partial - At the Q1 FY24 call, the CFO guided other expenses run rate of \~₹60-61 cr per quarter for FY24. Other expenses were ₹61 cr in Q1 FY24 but rose \~₹15 cr in Q2 and reached ₹72 cr by Q4 FY24, exceeding the guided range.
33. UTI International profitability from Q2 FY24 Delivered - At the Q1 FY24 call, the CEO said UTI International will be profitable from Q2 FY24 onwards. UTI International posted FY24 PAT of ₹103.4 cr with Q1 FY24 revenue of ₹31-32 cr, and no quarterly loss was disclosed for Q2 FY24.
34. FY24 staff cost growth - \~3.5% Missed - At the Q4 FY23 call, management guided staff cost to grow at around 3.5% in FY24. FY24 standalone employee cost rose \~10% YoY, with Q4 FY24 up \~10% QoQ and YoY including one-time gratuity of \~₹5.5 cr.
35. Balanced Advantage Fund launch - near beginning of Q1 FY24 Delivered - At the Q4 FY23 call, management said a BAF application was submitted to SEBI with launch expected close to the beginning of the next quarter or end of that quarter. UTI Balanced Advantage Fund launched in July 2023 with its NFO live in Q1 FY24, reaching ₹2,750 cr AUM by 31 March 2024.
36. 29 new offices in FY24 - breakeven in 1.5-2 years, ₹3.2 cr investment Delivered - At the Q4 FY23 call, management planned to open 29 new offices during FY24 with breakeven in 1.5-2 years and investment of \~₹3.2 cr, reiterated at Q1 FY24. On 29 September 2023 UTI inaugurated 29 new offices taking UFCs to 195; 5 branches later closed in Q2 FY25 for a net addition of 24, with no breakeven disclosure.
37. PFRDA allocation - 32.5% for FY23 Delivered - At the Q4 FY22 call, management said PFRDA allocation to UTI Retirement Solutions for FY23 will be 32.5% (one-third). NPS flow share ran almost 33% in Q1 FY23 and \~33% in Q2 FY23, though RSL's share of NPS industry AUM was 27.01% in Q3 FY23 and 26.78% in Q4 FY23.
38. UTI Capital breakeven - within two years Delivered - At the Q4 FY22 call, management said UTI Capital, with two SEBI approvals for launching schemes, is expected to break even in two years, reiterated at Q1 FY23 as "couple of more years". After losses of ₹3.3 cr in FY23, UTI Capital/Alternatives posted PAT of ₹4.3 cr in FY24, ₹0.9 cr in FY25 and ₹5.3 cr in FY26.
39. UTI International - good/profitable year in FY22 Partial - At the Q4 FY21 call, management said UTI International's next year (FY22) was "going to be a good year," reiterated at Q1 FY22 as a "solid profitable company". FY22 management fees rose 95% to ₹127 cr, but FY22 PAT is not disclosed in the sources (the ₹104.97 cr PAT belongs to FY24); later years saw FY25 PAT of ₹15.2 cr and FY26 loss of ₹(140.9) cr.
40. European office decision - within 30 days Delivered - At the Q3 FY21 call, management committed to decide within 30 days which European country will host one more office to mitigate Brexit risk. UTI International (France) S.A.S. was incorporated on 15 February 2022, and Paris office operations commenced in Q1 FY23; the 30-day decision timeline itself was not explicitly confirmed.
41. UTI Retirement Solutions capital infusion - ₹50 cr net worth requirement Delivered - At the Q3 FY21 call, management stated the UTI AMC board approved infusing further capital so UTI Retirement Solutions meets the ₹50 cr capital adequacy requirement under the new PFRDA RFP, with RSL net worth then ₹42 cr. UTI RSL was appointed one of the PFRDA fund managers and grew AUM to ₹1,66,210 cr by FY21, though the infusion amount was not explicitly disclosed.
42. Administrative cost savings - ₹20 cr in FY21 Missed - At the Q3 FY21 call, management expected to save ₹20 cr in administrative costs for the full financial year versus last year, conditional on the run-rate continuing. ₹13 cr was saved in 9M FY21, and FY21 standalone other expenses came down to ₹108 cr vs ₹115 cr the previous year, a saving of \~₹7 cr.
43. ESOP expense schedule - ₹13 cr FY22, ₹4 cr FY23, declining thereafter Delivered - At the Q3 FY21 call, the CFO guided ESOP expense of ₹58 cr total apportioned over four years: \~₹30 cr FY21, \~₹13 cr FY22 and balance \~₹4 cr the following year, reiterated at Q4 FY21 as ₹13 cr FY22 and ₹4-4.5 cr FY23. FY22 ESOP cost was ₹13 cr and FY23 ₹20.77 cr, with FY24 at ₹13.14 cr AMC / ₹16.8 cr consolidated and FY25 guided at \~₹5 cr.
44. Dividend payout - minimum 50% of PAT Delivered - At the Q2 FY21 call, management reiterated the revised dividend policy of a dividend equivalent to 50% or more of PAT, emphasized as "minimum 50%", and repeated it across later calls. Payout was 61.29% in FY21, 63.75% in FY22, \~66-67% in FY23, \~100% in FY24, \~94% in FY25 and 95% in FY26 with the ₹40 final dividend approved in Q1 FY27.
45. Employee cost savings from retirements - ₹65-70 cr cumulative over 4 years, \~10-15% annual saving thereafter Partial - At the Q2 FY21 call, management guided a cumulative saving of roughly ₹65-70 crore in employee cost over four years from at least 250 retirements, then 10-15% annualized savings, with the horizon repeatedly extended through FY22-FY25 to a trajectory till 2028-2029. Group employee cost rose from ₹407 cr in FY22 to ₹415 cr in FY23 and ₹437 cr standalone in FY26 (₹412 cr normalized), with the VRS provisioning \~₹130 cr in Q3 FY26 and Q1 FY27 cost down \~8% QoQ, but the cumulative ₹65-70 cr saving was never scorekept.