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Performance in-line

* Prudent reported operating revenue of ~INR2.9b, marking an 18% YoY increase (in line) in 1QFY26.

* Commission and fees income for the quarter rose 17% YoY to ~INR2.9b, of which INR2.5b (+21% YoY) was contributed by the distribution of MF products and INR291m (+11% YoY) by insurance products.

* QAAUM grew 23% YoY to INR1.1t, while the closing AUM stood at ~INR1.2t for the quarter. Monthly SIP flow grew to ~INR10b from INR7.8b in 1QFY25, reflecting a market share of 3.5%.

* Total insurance premium for the quarter came in at INR1.4b (+22% YoY), of which life insurance premium stood at INR1.1b (+19% YoY) and general insurance premium stood at INR376m (+33% YoY).

* Other income for 1QFY26 rose 47% YoY to INR103m (14% beat).

* Operating expenses grew 19% YoY to INR2.3b (in line), with fees and commission expenses growing 22% YoY (in-line), employee expenses growing 16% YoY (8% above estimates), and other expenses growing 2% YoY (12% below estimates).

* EBITDA grew 14% YoY to INR673m (in line), reflecting an EBITDA margin of 22.9% (vs 23.6% in 1QFY25 and our est. of 23.2%).

* PAT at INR519m, marking a 17% YoY increase (in line).

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