Ladies and gentlemen, good morning, and welcome to the Q4 and Full Year 2026 Earnings Conference Call of Canara Robeco Asset Management Company. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Arun Prakash from Adfactors PR for opening comments. Thank you, and over to you, Arun.
Yeah, thank you. Good morning to all participants who have joined the call. A very warm welcome to our Q4 and full year 2026 earnings conference call. To guide us through the results today, we have the senior management team of Canara Robeco Asset Management Company Limited, led by Mr. Rajnish Narula, MD and CEO, Mr. Ashwin Purohit, the CFO, Mr. Atit Turakhiya, Head of Corporate Development and MIS, and Mr. Gaurav Goyal, Head of Sales and Marketing. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature. The actual results may vary as they are dependent on several external factors. With that stated, I would now like to hand over to Mr. Rajnish to share his opening remarks. Thank you, and over to you, sir.
Thank you. Good morning to everybody. Thank you for joining this call today. We trust you've reviewed our results and presentation. I will begin with a brief perspective on the broader industry environment, followed by key trends in the Indian mutual fund landscape, and then cover our performance for the quarter. On the industry side, the quarter was characterized by elevated volatility across global and domestic markets, largely influenced by geopolitical developments and macro uncertainties. Benchmark indices declined meaningfully during this quarter, with Nifty correcting approximately 15% during this period. Broader markets, particularly mid and small caps, also witnessed meaningful corrections. Despite this, the mutual fund industry continued to show relative resilience, supported by strong domestic participation and structural flows.
In terms of industry AUM growth trends, the industry quarterly average AUM stood at approximately INR 81.5 lakh crore for Q4 FY 2026, reflecting approximately a 21% year-on-year growth. The sequential growth remained muted at approximately 0.7% due to macro uncertainties. In terms of flows and SIP momentum, one of the most encouraging trends continues to be the consistency of flows through SIPs. SIP contributions remain robust with monthly inflows crossing INR 32,000 crore for the industry in March 2026, which is an all-time high. SIP AUM crossed INR 50.1 lakh crore as of March 2026, contributing approximately 20% of the total mutual fund assets. This highlights the discipline and stickiness of retail flows even during volatile market conditions.
In terms of the overall industry, despite near-term volatility impacting mark-to-market valuations, the industry continues to exhibit strong structural flows, continued retail participation, diversification across asset classes, improving geographical penetration, expanding investor base. Overall, the industry is becoming more resilient and structurally stronger over time. Coming to the company, CRAMC key operational highlights as of March 31, 2026. Our closing AUM stands at approximately INR 1.07 lakh crores, up by almost 3.2% year-on-year, supported by a base of over INR 50.8 lakh investor folios across India. Our quarterly average AUM also grew 14% year-on-year to close approximately at INR 1.17 lakh crore, a testament to our disciplined investment philosophy and enduring trust of our investors. Our growth has been well-rounded, driven by a healthy equity to debt mix of approximately 91%-9%.
Individual investors-centric investor base contributing approximately 86% and institutional investors 14% of our assets. Progress has also been fueled by a robust and growing distribution ecosystem of over 56,000 empaneled partners, and we've grown our branches to 29 branches from 23 of last year. This growth has been further supported by the increasing adoption of our digital platforms, enabling seamless investor engagement across geographies while also driving operational efficiencies and scalability. In terms of financial highlights coming through our financial performance, FY 2026 was marked by continued focus on sustainable and profitable growth. In FY 2026, our revenue from operations stood at INR 424.9 crore as compared to INR 364.5 crore in FY 2025, representing a 17% year-on-year growth.
In FY 2026, total income stood at INR 454.6 crore compared to INR 43 crore in FY 2025, representing a growth of 13% year-on-year. Profit after tax for FY 2026 has stood at INR 203.8 crore compared to INR 190.7 crore in the previous year, marking a robust 7% year-on-year growth. With this, I will actually open the floor for questions. Thank you.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, a reminder: if you wish to ask a question, please press star and one. We take the first question from the line of Nilesh Doshi from Prospero Tree. Please go ahead.
Good morning, sir. Thank you for the opportunity. Sir, there are around 52 AMC. What exactly we are doing, other AMC are not doing to differentiate our business and to attract the more investor and to grow our AUM?
Thank you very much. Actually, it's a good question. One of the things about this industry is that the regulator expects you to have the same kind of product. If you look at product categorization, it ensures that every AMC has to have similar products so that the investor can actually choose which is a better product for them. The way investors choose better products is consistency in return and performance and trust that they have in the AMC. To me, it is relatively a simple business. You got to keep it simple. You can introduce products, but within the product framework that the regulator has, but you need to deliver performance over time. To me that is gonna be the key going forward. You can always bring in new innovative products, but it can always be copied by the industry.
You got to understand that ours is a commoditized business in more ways than one. Your true differentiator will be the trust you're able to build with your investors and performance over time.
Our performance will be the differentiating factor from other AMC. Is it correct?
Performance and the way you service your clients, both investors as well as distributors.
Now there are, sir, 52 AMC. We provide the same commodity type business. See every mutual fund has the flexi fund, equity-oriented, large cap, mid cap, small cap, hybrid. Can we launch out some scheme where we can attract the more NRI and more foreign funds like the some AMC, like the Motilal Oswal has launched the Nasdaq 100 or S&P 500, which provide the Indian citizen to invest in the foreign market. Same way, can we launch some scheme where the NRI or foreign investor can invest through Canara Robeco?
Well, there are options that are available. While other AMCs may choose different product strategies to grow their business, we will choose strategies that we think best fit our risk profile as well as the interest of our investors. Yes, it is a possibility for us to do so. It's an aspect that we keep looking at, and it's something that we will continue to look at going forward as well.
Another thing, see, our most of the schemes are equity-oriented and the large AUM from the equity portion. Should we not launch some even in the equity basket, some index fund or ETF or some in the last year there was a gold ETF and silver ETF has outperformed many mutual funds. Can we launch? Do you think some scheme must be available let the investor participate through Canara Robeco also?
It's again a good question. You know, these are cyclical, you know, products. You would realize that commodities typically follow a cycle. They're not all-weather, outperformers. We like to be in a category which can outperform over a longer period of time and not be very cyclical. Yes, there are opportunities to look at index funds. There are opportunities to look at commodity funds. Right now we are focused on the main aspect, which is the mutual fund and the kind of spaces that we have to bring in some new products and new innovations there. We will focus on the mutual fund space. The other is about being an active fund manager versus a passive fund manager. Currently, we are on the active space. Index funds tend to be part of the passive space.
We currently are on the active space. It doesn't mean that we will not do passives in the future, but currently we are focused on the active space.
My last question. I understand that the last year was not good for the Indian equity market, and so, the growth may be lower. Is our AUM beat the industry AUM growth rate or we are below the industry AUM growth rate?
Well, ours is an equity-focused fund house. 91% of our funds are equity oriented. In periods where markets actually have a negative return, we will slightly underperform. Periods when markets do well, we will do very well as compared to the industry. That's the nature of our AUM. It's actually designed that way because we certainly believe that seven out of 10 years equities will outperform every other asset class. That's the basic principle on which this asset allocation has been designed.
Thank you. Thanks. Thank you, sir.
Thank you.
Thank you. We take the next question from the line of Lalit Mohan Dev from Aquarius Securities. Please go ahead.
Yeah. Hi, sir. Good morning. Sir, just two, three questions. Firstly, on the revenue side, like this quarter, we are seeing that our revenue yields have improved to like 39 basis points as compared to 35.5 basis points. Like, what were the reasons for the same? And also could you provide segment-wise yields also? Second question would be like post this April TER change from April onwards, like how much of an impact are we seeing in our books and is it a positive impact also because of the TER change? And last bit is on the expense side, like we have seen the employee expenses have normalized to around INR 23 crore-INR 24 crore.
Should we take this as a quarterly trend data from here on or like, how should we think about this number?
Okay. I'll take the first part of the question, which is with respect to the yield. So actually, you're right that this quarter we saw an increase. While we are also still investigating the reasons for it, but we believe that it is likely because of expensive assets going out of the system and being replaced by cheaper assets. So that's one of the reasons. In terms of the split, for the financial year FY 2026, our equity AUM contributed yield was about 37 bps. Fixed income was about 30 bps. Liquid was about 3 bps. And then on an overall basis, we are at about 35 bps. Talking about your second question with respect to BER and the impact thereof.
Yeah. As you're aware that there has been a structural change. The DER has now been replaced by BER, and the GST component is separate. We are still evaluating impact of that and are talking to our key distributors to see how best we can share that impact between the two of us. There's still an evolving situation with us. At worst, we will be neutral on this. At best, we probably may gain a couple of basis points.
Employee expense.
Sure, sir. Just lastly on the employee expenses side, sir.
With respect to employee benefit expenses, you have said that whether the new normal will be INR 23.7 crore or not, which is there in the quarter four actually. I would like to say that with the condition of whatever the income we have drawn upon and the increments and the other, we have factored in the last year, the INR 23 crore is the new normal. Henceforward, it will be a forward-looking statement. When the income will increase, the number of employees, the increment rate, and other things will going to follow. The first quarter, we will going to show you the not what will be the new normal actually. Right now it is INR 23.7 looks like a normal, sir.
You need to also factor in that we are increasing our branch presence across the country. There are some regulatory related costs that are gonna get built in as well. You should expect some increase in the employee costs. The way we like to look at employee costs or total costs is a cost to income ratio. We like it to be between 40%-50%. That's the range we look at. That's how you need to build your model.
Sure, sir. Okay. Thanks, sir.
Thank you. We take the next question from the line of Vineet Sharma from Param Capital. Please go ahead.
Oh, thank you, sir. My question was already answered. I tried to get on queue, but I couldn't. Sorry.
Okay. Thank you.
Thank you. We take the next question from the line of Anuj Kashyap from A3 Capital. Please go ahead.
Hello, good morning. I'm audible?
Yes, please go ahead.
Sir, as a company, I want to know your future perspective, like your peers, like the ICICI AMC, HDFC AMC. They are focusing on, like, PMS also, AI, AIS, AIF and the other stuff just to increase their margins, because I think that the nature of that business are margin-accretive. As a company, are you looking to venture into those spheres in the future?
Well, we like to believe that all options will be available to us going forward. One of the things you need to also factor in that whenever you diversify, you extend resources into new areas, you also basically increase the risk that you take as an organization. You need to understand that anything that you do, especially in our kind of business, there's a risk associated with it. We always evaluate the trade-off between the risk and the opportunity that is there and then strategize accordingly. Currently, we believe that it is better for us to focus on the mutual fund space itself, and that's where we want to put our resources in. Each asset manager will have their own strategy and there's no right or wrong strategy. It's a question of what's good for you.
At Canara Robeco, we believe keeping it simple, focused on things that matter, keeping the client at the center of what we do is what's important for us. We do not want to diversify in a big way and very quickly because there are risks to be managed as we go along. Yeah, these are opportunities, as you said, that are available for us in future. I also believe there is no first mover advantage in this industry. You could be the first one to launch a product, and I've said this before, but if you don't have performance, you won't get assets beyond a point. You could be the last one in the industry to launch the same product, but if you have performance, you will naturally get assets as well.
To us, it's about being well-calibrated in terms of strategy.
Yeah. Very, very helpful, sir. Sir, one more question, sir. Like, you are like a south-based company, like more of your parent was in Bangalore. Sir, do you even tell your strategy like to what, to diversify your geographical mix like north, south? Like south you dominated more. What about north, east, and west? What's your strategy?
Well, actually, let me just try and, you know, put things in perspective. We are actually a Mumbai-based and headquartered out of Mumbai. One of our shareholders, Canara Bank is south based, so hence, and because Canara is part of our name, a lot of people think that we are headquartered out of the south. We are not. We are actually headquartered out of Mumbai. We do have very good and even spread across all regions, north, south, east, west. Even east is something that in terms of a geographical spread, we actually have a good mix of places where we are well represented. Yes, we do have a higher brand recall in the south, and that's because of one of the shareholders being headquartered out of there.
We are, and continue to be a pan-India kind of organization. We're building pan-India. Our ambition is to be, you know, a mutual fund of choice for every single Indian household, and that's what we wanna do.
Thank you, sir. Thank you. Sorry for my errors. Thank you.
No, not at all. Not at all. Please. I'm glad you asked the question.
Thank you.
Thank you. We take the next question from the line of Nihal Shah from Prudent Corporate Advisory. Please go ahead.
Yes, thank you for the opportunity. My question was on the other expenses, like, they have gone up by around 34-35% in this quarter and for the year as well. They were up around 24%. How do we see these things growing moving ahead, despite our revenue only growing by around mid-teens%?
I would like to highlight upon the other expenses. There is a one-time expenses included because we have a NFO in the last quarter, in fact in the March. Some of the expenses, advertisement and marketing expenses related to that NFO, and we are having a regulatory and other risk-related costs, which are one time in nature, which are factoring in the quarter four of the financial year. The new norm or the new normal will not be this much. There will be slightly a reduction in the expenses, as you will find out.
Okay. Like the last quarter was around INR 15 crore-INR 16 crore. That should be the norm, I guess.
Because there will be an increase in the turnover, so there will be some more expenses will be there in the financial year in the coming forward. You can't say, oh, INR 16 crore will be a new normal. I would like to say the one-time expenses were included in this particular quarter, sir.
Okay. Thank you. Thank you.
Thank you.
Thank you. We take the next question from the line of Hitaindra Pradhan from Maximal Capital. Please go ahead.
Hi, sir. I hope I'm audible. My question is related to our like flows. What was our like you know March you know inflow to our equity category you know versus industry, if you can give some color to that.
The flows data is not there in public domain, so we are unfortunately not able to share that. What we can say is that we were in line or better than the industry when it comes to the flows. We would not be able to spell out the number.
Sir, quarter-over-quarter, like from December to March, there has been a dip, right? I mean, but we see that, you know.
That's driven by the market largely.
Yeah. Yeah. Yeah.
In terms of the flows, we're doing better than last year.
Our flow market share gain has been better than the industry for the quarter?
Sorry?
Our flow market share gain has been better than the industry. Is that understanding correct?
Maintained. I think we maintained more or less at the same share as such.
Okay. Sir, if I got it correctly, our yield is 57 basis points for the equity categories, right?
No, no. It's 35 basis points total. 37 basis points is on equity-oriented schemes.
30 basis points. Okay.
37 basis points.
Sir, compared to, correct me if I'm wrong, like, you know, equity yields are slightly higher for, you know, the other, AMCs. Is it like, you know, based on the, maturity of our schemes or, you know, something else kind of, you know, goes into this yield? I mean, could it increase from here or it's completely related to the market performance only?
No. We have a different perspective on yields. While it's an important metric, it's not the most important metric for us. For us, PAT is the most important metric in that sense. Yield, just to give you an example, I mean, if your phone that you have, the manufacturer, once he sells the phone, the yield on that phone is basically the manufacturer gets that. If it's INR 100, they get INR 100. But there is no annuity income based on that particular phone. Our business is slightly different. As long as the money stays, every year, I will actually get annuity on that. The yield to me is not that significant.
You know, you also need to realize that you will have opportunities in the marketplace where you could grow AUM and for that, naturally the TER also comes down because of telescopic pricing. All that impacts it. For us, we are comfortable with yields being in the range of INR 32-INR 40. That's the range we look at. We focus more on PAT.
Got it, sir. It will be right to assume that most of our revenue within the equities come from index only, and we are not planning to launch any ETFs or any SIFs anytime soon.
Not in the near term, because that will only help you grow the AUM, but it'll impact the overall yield.
Right. Finally, on the expenses side, I mean, you mentioned there were some one-offs in the other expenses side. Can you quantify, you know, what are the one-offs, the regulatory and the forward-looking?
Well, some one-offs are related to the labor code. Some one-offs are related to some employee costs. There are some which are related to technology investments that we've made to support the regulatory environment.
Okay. It would kind of, you know, normalize by next quarter. Is that correct?
I think it's best to wait for the next quarter, you know, numbers, and that would help us, you know, give you further guidance on it.
Sure. Okay, sir. Thank you.
Thank you. Ladies and gentlemen, a reminder, if you wish to ask a question, please press star and one. We take the next question from the line of Shobhit Sharma from HDFC Securities. Please go ahead.
Yeah. Hi, sir. Thanks for the opportunity. I have two, three questions. First question is on your core revenue. Can you please quantify how much is the revenue which we have received from ORIX in terms of the investment advisory fees for quarter four and for the full year FY 2026? And how should we think about this stream of revenue for the years to come? Secondly, your employee cost has declined considerably given as compared to quarter 3. Can you please let us know what's the employee? Is this because of the reduction in the employee headcount, or is there something else? And lastly, coming to your business flows. If I look at your SIP flows have been going down every quarter for the last three quarters. Even the SIP folios have gone down.
How is that trending for the month of April? What are we doing to revive this SIP flows? This would be my questions.
Let me just answer the last question first on the SIPs. SIP is an important constituent for us. It contributes roughly one-third of our AUM. We are aware that there is a trend in terms of SIPs, but we also understand the reasons for it. For example, ELSS as a scheme has SIPs in it, but because of the changes in taxes that we'll see some challenges going forward across the industry. In terms of going forward, what we are planning to do is actually set up sales teams dedicated to SIPs so that we are doing that across five locations, and we'll expand it further if needed.
We are putting resources behind this initiative, and you will see in the next six months a directional change in the way the SIP book will grow for us. I'm gonna pass it on to Atit Turakhiya for the other two questions.
On the other question with respect to the advisory fees, this quarter-wise breakup is not provided in the split. However, I can give you a guidance that more than 90% of our fees comes from the management side. Our annual report will eventually contain the split also, so that will be reflected in that. The other question with respect to employee costs, Ashwin will answer.
Yeah. You spoke about employee benefit expenses has been reduced from INR 26 crore- INR 23.7 crore. There is a one-off expense has been saved in the last year. It is better to look at the yearly cost, which is been increased by 21% from INR 88.5 crore- INR 107.1 crore. The second assumption which you have said is whether there is a reduction in the employee or is there a reduction in the cost? No. It is not. The employee has increased, the branches has increased, and we have given a normal incremental rate. So that assumption is not correct, sir. This is the clarification.
Rajnish, sir, as you mentioned that we are facing some stress on the ELSS scheme which we have, wherein we have seen some discontinuance. That scheme contributes almost 8% of our overall equity AUM. That seems to be a bigger task. Do you think that we'll be able to arrest that AUM depletion in that scheme? Or we'll be launching new schemes or new funds to counter that AUM erosion?
Well, not all AUM in that scheme is through SIPs. I was only addressing the SIP portion there. There is the 8% that you talk about is not entirely SIP. I was just giving you an insight into why the SIP for us is looking on a downward trend. It's because we see some of these factors which are more macro related. If there's a change in the tax and it impacts people, then they will take steps to ensure that they mitigate that. I was just trying to address that. For us, SIPs are a strategy that across our funds, it all depends on the risk profile of the investor.
There are some people who would like to do a SIP in a small cap fund where they are willing to take a higher risk, and there are others that may go for a balanced advantage fund, which is more moderate risk profile. I will not isolate ELSS. I was just giving you an example as in terms of ELSS. I will not take that as an, you know, that AUM is under threat.
Okay. Sir, lastly, your SIP AUM has declined more than the overall AUM. Usually, it is believed that the SIP AUM is much more stickier, but we have not seen that kind of trend in your case for the last quarter. How should we read about that? Is this primarily related to some scheme level performance, or is there any other reason as well?
Well, it's more mark-to-market. You know, the equity market is 15% down and SIPs are generally in equity-oriented funds. You've got to see whether the AUM has declined by more than 15%. If it has not, then you know it's only mark-to-market.
Okay. Thank you.
Thank you. We take the next question from the line of Ankit Dharamshi from RNM Capital Trust. Please go ahead.
Hi. Good morning. Thanks for the opportunity. Just a follow-up question on the same SIP declining. I guess our B30 AUM also declined quarter-on-quarter. I understand you just referred that to be the market challenges; it's a structural issue. What is the strategy going forward that we are going to kind of initiate or execute for further growth in the B30 penetration? You just mentioned that we are going to have dedicated team, but can you put some more color on it? There was one more fund. I mean, we had announced that we'll be launching two funds. One NFO has already been launched last quarter, then what are the plans for the second NFO? Yeah.
On the NFO, we will be launching another NFO in the next 4-5 months. We have already got board approvals for the next fund, but they still need to go through a process of getting the regulatory approval before we are able to announce it. So that's on the fund. We typically try and do about two funds a year, and that should be the path or course even for this financial year.
Yeah. I think there were two questions. One was on the B30 and the second was on SIP. I just wanted to add to what Rajnish said. When you look at from a B30 perspective, it is largely, you know, Q4 mark-to-market impact, you know, which has happened. Also, I'm sure you'll appreciate that when you look at the overall assets of, you know, for us it is, I mean, you know, dominated by equity. To that extent, you know, from a March perspective, we got impacted. It is in line when you look at from an industry perspective also, there is a similar, impact on the B30 in the market as well. On SIP, what, you know, Rajnish has also shared, in terms of that is a core to our strategy.
When we look at it in terms of SIP across, we have a very healthy book across the products. Clearly, I think we are very confident in terms of growing that. We are putting up that's core to our strategy and we are putting up, you know, in terms of, working with our partnerships to grow that entire book. This is something which, you know, as the dedicated initiative also which we are taking, will help us to grow that business. From a ELSS perspective, what Rajnish mentioned is one part of it. But we have, in fact very healthy growth in a few, you know, other products as well.
When you will see more market volatility, you will see some kind of, you know, emotional, of course, reactions from the investors in terms of responding to that market volatility. Structurally, we continue to be in our growth journey, and that remains core to our strategy.
We have been able to retain the market share and base across B30, right? I mean, that's one of our strength.
Yeah. Yeah.
Okay. Thank you.
Thank you. Ladies and gentlemen, a reminder: if you wish to ask a question, please press star and one. We take the next question from the line of Nilesh Doshi from Prospero Tree. Please go ahead.
Thank you. Thank you, sir, for providing the second time opportunity. Sir, you just mentioned that the performance of the scheme is one of the differentiate factor from other AMC, and the performance of the any particular schemes depends upon the market condition as well as the selection of the particular stock. For the selection of the stock, thorough research is required and fund manager skill is required. Can you throw some lights on the fund managers and research team composition and their experience?
Yeah. Yeah. In fact, we believe that we have one of the strongest fund management teams that are there in the industry.
We spend a lot of time and effort in making sure that the team is well. In terms of covering various sectors, we have a full coverage of the sectors through the research analysts. In terms of fund management team, we have a good balance between experience as well as track record that the fund managers have. Our CIO for equities has been with us for over 10 years and has over 18 years of work experience. So very strong team in there. Having said that, we also believe there's a process you need to follow, and you need to stick to that discipline going forward through market cycles.
There will be periods where you could underperform, and that's true for any fund house, and there are periods that you will outperform as well. It's consistency of performance, risk-adjusted returns, and making sure you have liquidity during stress times. Those are important criteria. Sometimes you may even wish to sacrifice a bit of your performance to keep liquidity just in case investors need to redeem. There's a lot of things that go into while managing the fund, and we have a very strong and capable team that does that.
Sure. Sir, do we have an in-house research team or are we relying on the outsourcing?
No, we have an in-house research team. The in-house research team also gets qualitative input from outside research. We have a very strong in-house research team.
Sir, last question. A few questions were asked regarding the SIP, and this is my suggestion from my side. Sir, generally, LIC launched the awareness scheme or awareness to restart the LIC premium, those who have discontinued the LIC premium. Can we launch some scheme where we can reactivate the SIP closed account or those who have discontinued the SIP?
Well, actually, something very topical, and I'm very glad you brought it up. We just three days ago, launched that on a digital platform. A very nice campaign, aimed at investors who for whatever reason, have paused their SIPs.
Okay. Thank you. Thank you. All the best, sir. That's all from my side.
Thank you, sir.
Thank you. We take the next question from the line of Anuj Kashyap from A3 Capital. Please go ahead.
Hello. Sir, just I want to know in percentage terms, can you share the data set? Like, what total number of contributions, like, we as a company will receive? What is the percentage of digital mode we are getting from? Like, what is the 80%
The digital AUM, 28% of our AUM comes from the digital channel. That is the number that is there for the digital direct channel, and majority of that will be the digital format.
Sir, one more, sir. Can you share the data set, like, the percentage of accounts which are five years old, 10 years old, 15 years old? Like
We do not have that offhand. We will try and see if we can share it with you.
Okay. Thanks.
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. As there are no further questions from the participants, I now hand the conference over to Mr. Rajnish Narula for his closing comments.
Well, to conclude, the quarter was characterized by heightened market volatility. However, the mutual fund industry and our business have demonstrated strong resilience supported by structural growth drivers. Our priorities remain clear. We will aim to deliver consistent risk-adjusted return and performance, deepen retail and SIP-led franchise, expand our product offerings, and leverage technology to enhance investor experience. At the same time, we will remain focused on cost discipline, operational efficiency, and long-term value creation for all our stakeholders. With a strong foundation, disciplined execution, and a structural growing industry, we are well-positioned to deliver sustainable growth over the long term. We are building an institution that we believe will survive time. Thank you very much.
Thank you. On behalf of Canara Robeco Asset Management Company, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.