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In this blog you are going to get info of Full stocks analysis ETF providers of India. We can actually say these are Asset Management Companies of India which are biggest ETF providers and it is going to be interesting to know fundamentals of these companies.
So, let’s find out.
List and Stocks Price of India’s Biggest Asset Management Companies :
| AMC (ETF Provider) | Parent Company (Listed) | Market Cap (₹ Cr) | Net Profit (₹ Cr, Latest) | Stock Price (₹, Approx.) | Key ETF Index Tracked |
|---|---|---|---|---|---|
| Nippon India ETF | Nippon Life India AMC Ltd | ~₹35,000 Cr | ~₹650 Cr (FY23) | ~₹350 | Nifty 50, Gold, Others |
| SBI ETF | State Bank of India (SBI) | ~₹5,80,000 Cr (SBI) | ~₹50,000 Cr (SBI, FY23) | ~₹750 (SBI) | Nifty 50, Sensex |
| ICICI Prudential ETF | ICICI Bank Ltd | ~₹7,50,000 Cr (ICICI) | ~₹40,000 Cr (ICICI, FY23) | ~₹1,050 (ICICI Bank) | Nifty Next 50, Bharat 22 |
| HDFC ETF | HDFC Bank Ltd | ~₹11,00,000 Cr (HDFC) | ~₹50,000 Cr (HDFC, FY23) | ~₹1,450 (HDFC Bank) | Nifty 100, Gold |
| Motilal Oswal ETF | Motilal Oswal Fin. Serv. | ~₹25,000 Cr | ~₹1,200 Cr (FY23) | ~₹1,100 | Nasdaq 100, Nifty Midcap 150 |
| UTI ETF | LIC, T Rowe Price, Others | (Not Listed) | – | – | Nifty Next 50 |
| Kotak Nifty ETF | Kotak Mahindra Bank Ltd | ~₹3,50,000 Cr (Kotak) | ~₹15,000 Cr (Kotak, FY23) | ~₹1,700 (Kotak Bank) | Nifty Bank |
| Mirae Asset ETF | Mirae Asset (Not Listed) | – | – | – | NYSE FANG+, Nasdaq 100 |
| Aditya Birla Sun Life ETF | Aditya Birla Capital Ltd | ~₹35,000 Cr | ~₹1,500 Cr (FY23) | ~₹200 | Nifty 50 |
| LIC MF ETF | LIC of India | ~₹4,50,000 Cr (LIC) | ~₹35,000 Cr (LIC, FY23) | ~₹900 (LIC) | Nifty 50 |
| Axis ETF | Axis Bank Ltd | ~₹3,30,000 Cr (Axis) | ~₹12,000 Cr (Axis, FY23) | ~₹1,100 (Axis Bank) | Nifty 50 |
| Franklin Templeton ETF | Franklin Templeton (US) | (Not Listed in India) | – | – | Short-Term Bonds |
Financial & Fundamental Analysis of ETF Provider Asset Management Companies of India :
| ETF Provider / Parent Co. | Debt/Equity | P/E Ratio | P/B Ratio | ROE (%) | ROA (%) | Dividend Yield (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| Nippon Life India AMC(Nippon ETF) | 0.01 | ~25x | ~6.5x | ~26% | ~18% | ~1.2% | ~14 |
| SBI (SBI ETF) | 1.2 | ~10x | ~1.8x | ~14% | ~0.9% | ~1.8% | ~65 |
| ICICI Bank (ICICI Prud. ETF) | 1.8 | ~16x | ~2.9x | ~17% | ~1.8% | ~0.7% | ~60 |
| HDFC Bank (HDFC ETF) | 1.5 | ~20x | ~3.2x | ~16% | ~1.9% | ~1.1% | ~75 |
| Motilal Oswal Fin. Serv.(MO ETF) | 0.5 | ~22x | ~4.0x | ~20% | ~4.5% | ~0.5% | ~50 |
| Kotak Mahindra Bank(Kotak ETF) | 1.3 | ~18x | ~3.0x | ~13% | ~1.6% | ~0.4% | ~85 |
| Aditya Birla Capital(ABSL ETF) | 2.0 | ~15x | ~2.2x | ~12% | ~1.2% | ~0.3% | ~8 |
| LIC India (LIC MF ETF) | 0.0 (Debt-free) | ~15x | ~3.5x | ~10% | ~0.8% | ~1.5% | ~45 |
| Axis Bank (Axis ETF) | 1.6 | ~14x | ~2.4x | ~15% | ~1.5% | ~0.6% | ~70 |
Key Insights from the Financial Metrics of ETF Provider Companies of India
The table provides key financial ratios of listed Indian ETF providers (or their parent companies). Below is a clearer breakdown of what each metric means and why it matters for investors:
1. Debt/Equity (D/E) – Financial Stability Check
- What it means: Measures how much debt a company uses compared to its equity.
- Key Takeaways:
- Nippon AMC (0.01) & LIC (0.0) → Almost debt-free, low risk.
- Aditya Birla Capital (2.0) → Higher debt due to NBFC operations (riskier).
- Banks (SBI, HDFC, ICICI, Kotak, Axis) ~1.2–1.8 → Moderate leverage (normal for banks).
Best for low-risk investors: Nippon AMC & LIC (minimal debt).
2. P/E Ratio – Valuation (Are Stocks Overpriced?)
- What it means: Price-to-Earnings ratio shows if a stock is cheap/expensive relative to profits.
- Key Takeaways:
- Low P/E (10–15x): SBI (10x), Axis (14x), LIC (15x) → Potentially undervalued.
- Moderate P/E (16–22x): ICICI (16x), HDFC (20x), Motilal Oswal (22x) → Fairly valued.
- Nippon AMC (25x) → Higher due to strong AMC growth expectations.
Best for value investors: SBI, Axis, LIC (lower P/E).
3. P/B Ratio – Asset Valuation
- What it means: Price-to-Book compares stock price to net asset value.
- Key Takeaways:
- Nippon AMC (6.5x) → Very high (investors pay premium for asset-light AMC model).
- Banks (~1.8–3.2x) → Reasonable (HDFC & ICICI at higher end due to brand strength).
- Motilal Oswal (4.0x) → High due to strong capital markets business.
Caution: A P/B > 3x may mean overvaluation unless growth justifies it.
4. ROE (%) – Profitability from Shareholder Money
- What it means: Return on Equity shows how well a company generates profits from equity.
- Key Takeaways:
- Nippon AMC (26%) & Motilal Oswal (20%) → Very high (AMCs are high-margin businesses).
- Banks (~13–17%) → Decent but capped by regulations.
- LIC (10%) & Aditya Birla (12%) → Lower due to large asset bases.
Best for high-profitability seekers: Nippon AMC, Motilal Oswal.
5. ROA (%) – Efficiency in Using Assets
- What it means: Return on Assets measures profit per rupee of assets.
- Key Takeaways:
- Nippon AMC (18%) & Motilal Oswal (4.5%) → Extremely efficient (AMCs need fewer assets).
- Banks (~0.9–1.9%) → Low (banks hold massive loans/investments).
Best for efficiency-focused investors: Nippon AMC.
6. Dividend Yield (%) – Passive Income Potential
- What it means: Annual dividend as % of stock price.
- Key Takeaways:
- SBI (1.8%) & LIC (1.5%) → Best for dividend seekers.
- HDFC (1.1%) & Nippon AMC (1.2%) → Moderate payouts.
- Kotak (0.4%) & Motilal Oswal (0.5%) → Focus on growth, not dividends.
Best for dividend investors: SBI, LIC.
7. EPS (₹) – Earnings Power
- What it means: Earnings Per Share shows profit per share.
- Key Takeaways:
- Kotak (₹85) & HDFC (₹75) → Strongest earnings among banks.
- Nippon AMC (₹14) → Lower but growing (AMCs scale well with AUM growth).
Best for earnings growth: HDFC, Kotak, ICICI.
Final Summary: Who Should Invest Where?
| Investor Type | Best ETF Providers (Based on Metrics) |
|---|---|
| Low-Risk Investors | Nippon AMC, LIC (low debt) |
| Value Investors | SBI, Axis, LIC (low P/E) |
| High-Growth Seekers | Nippon AMC, Motilal Oswal (high ROE/ROA) |
| Dividend Lovers | SBI, LIC (high yield) |
| Efficient Businesses | Nippon AMC (best ROA) |
Piotroski F Score Analysis of ETF Provider Assess Management Companies of India :
Piotroski F-Scores of Listed ETF Providers
| Company | Piotroski Score (0-9) | Financial Health | Key Weaknesses |
|---|---|---|---|
| Nippon India AMC | 8 (Strong) | High profitability, low debt, improving liquidity | Slight decline in cash flow (1 point deducted) |
| SBI (SBI ETF) | 6 (Moderate) | Strong revenue growth, but high leverage | Low ROA (banking sector issue) |
| ICICI Bank (ICICI ETF) | 7 (Good) | Good profitability & asset quality | High debt/equity (bank norm) |
| HDFC Bank (HDFC ETF) | 6 (Moderate) | Stable margins but slowing deposit growth | Post-merger integration risks |
| Motilal Oswal Fin. | 7 (Good) | High ROE, low debt | Market-linked earnings volatility |
| Kotak Mahindra Bank | 5 (Average) | Decent profitability | Rising NPAs, slower loan growth |
| Aditya Birla Capital | 4 (Weak) | High leverage | Low interest coverage ratio |
| LIC India (LIC MF ETF) | 5 (Average) | Strong cash flows | Low ROE (large asset base drag) |
| Axis Bank (Axis ETF) | 6 (Moderate) | Improving NIMs | Moderate asset quality concerns |
Key Insights from Piotroski Scores
1. Top Performers (Score 7-9)
Nippon India AMC (8) – Best in class due to:
- High profitability (Consistent ROE > 25%)
- Zero debt (AMC business is asset-light)
- Positive operating cash flow
ICICI Bank (7) & Motilal Oswal (7) – Strong fundamentals but with minor risks:
- ICICI: Good NIMs (Net Interest Margins) but high leverage (banking norm).
- Motilal Oswal: High ROE but earnings depend on capital markets.
2. Moderate Performers (Score 5-6)
SBI (6), HDFC Bank (6), Axis Bank (6), LIC (5) – Decent but with flaws:
- Banks: Suffer from low ROA (<1%) due to RBI regulations.
- LIC: Massive AUM but low ROE (10%).
3. Weakest (Score ≤4)
Aditya Birla Capital (4) – High debt (D/E = 2.0) and weak interest coverage.
Investment Implications
| Score Range | ETF Provider | Suitability |
|---|---|---|
| 8-9 | Nippon India AMC | Best for long-term investors (Low risk, high growth) |
| 6-7 | ICICI, Motilal, HDFC | Moderate risk (Good but sector-specific risks) |
| ≤5 | Aditya Birla, LIC | Higher risk (Weak fundamentals or structural issues) |
Final Recommendation
- Conservative Investors: Stick to Nippon India AMC (8) or ICICI (7).
- Risk-Takers: Consider Motilal Oswal (7) for capital market growth.
- Avoid: Aditya Birla Capital (4) until debt reduces.
Credit Ratings of Indian ETF Providers & Parent Companies
(Ratings reflect issuer strength, not ETF performance)
| Company | Credit Rating (Domestic) | Outlook | Rating Agency | Key Strengths | Risks |
|---|---|---|---|---|---|
| Nippon Life India AMC | AAA (Stable) | Stable | CRISIL | Zero debt, strong cash flows | Market-linked AUM volatility |
| State Bank of India (SBI ETF) | AAA (Stable) | Stable | ICRA | Govt backing, high liquidity | NPA risks in loan book |
| ICICI Bank (ICICI Prud. ETF) | AAA (Stable) | Stable | India Ratings | Strong capitalization | Exposure to corporate loans |
| HDFC Bank (HDFC ETF) | AAA (Stable) | Stable | CRISIL | Robust retail banking | Post-merger integration |
| Motilal Oswal Fin. Serv. | AA+ (Stable) | Stable | CARE | High ROE, low leverage | Capital markets dependence |
| Kotak Mahindra Bank | AAA (Stable) | Stable | ICRA | Strong CASA ratio | RBI restrictions on growth |
| Aditya Birla Capital | AA (Negative) | Negative | India Ratings | Diversified NBFC biz | High leverage (D/E ~2.0) |
| LIC India (LIC MF ETF) | AAA (Stable) | Stable | CRISIL | Sovereign support | Low profitability (ROE ~10%) |
| Axis Bank (Axis ETF) | AAA (Stable) | Stable | CARE | Improved NIMs | Retail NPA concerns |
Key Insights from Credit Ratings
- Top-Rated (AAA):
- Banks (SBI, ICICI, HDFC, Kotak, Axis): Benefit from government backing (PSUs) or strong private capital.
- LIC & Nippon AMC: Sovereign/Govt-linked safety.
- Mid-Tier (AA+/AA):
- Motilal Oswal (AA+): Strong but reliant on market cycles.
- Aditya Birla Capital (AA): Downgraded due to rising NPAs in NBFC arm.
- Negative Outlook:
- Only Aditya Birla Capital has a “Negative” outlook (debt concerns).
Conclusion :
ETF Providers: Investment Outlook (2024-2025)
(Ranked by Financial Health & Growth Potential)(here LT/ST means Long Term vs Short Term)
| ETF Provider / Parent | Future Prospects | Bullish Factors | Bearish Factors | Financial Health | LT/ST Suitability | Why Invest? | Why Avoid? |
|---|---|---|---|---|---|---|---|
| Nippon India AMC | High (AUM growth, passive fund boom) | – Zero debt – High ROE (26%) – Dominant ETF market share | – Competition from index funds – Market volatility impact | ★★★★★ (Strong) | LT (5+ yrs) | Best pure-play AMC, low-risk structure | Expensive valuations (P/E 25x) |
| ICICI Bank (ICICI Prud. ETF) | Stable (Banking + ETF synergy) | – AAA credit rating – Bharat 22 ETF monopoly | – Slow deposit growth – Corporate NPA risks | ★★★★☆ (Good) | LT (3-5 yrs) | Trusted brand, diversified revenue | Banking sector regulatory risks |
| HDFC Bank (HDFC ETF) | Moderate (Post-merger integration) | – Strong retail base – Nifty 100 ETF demand | – Margin pressures – Leadership churn | ★★★★☆ (Good) | LT (3+ yrs) | Consistent performer, low-cost ETFs | Short-term underperformance likely |
| SBI (SBI ETF) | High (PSU backing, low-cost ETFs) | – Govt. support – Highest AUM in PSU ETFs | – High NPAs in banking arm | ★★★☆☆ (Moderate) | ST (1-3 yrs) | Safe bet for PSU exposure | Low ROE (14%) drags growth |
| Motilal Oswal (Nasdaq 100 ETF) | High (Global ETF demand) | – Only Nasdaq 100 ETF in India – Tech sector rebound | – High TER (Expense ratio) – INR-USD volatility | ★★★★☆ (Good) | ST (1-2 yrs) | Sole play on US tech giants | Currency risk, expensive fund |
| Kotak Mahindra Bank (Kotak ETF) | Moderate (Sectoral ETF focus) | – Nifty Bank ETF dominance – High CASA ratio | – RBI growth restrictions | ★★★☆☆ (Moderate) | LT (3+ yrs) | Banking sector recovery play | Limited upside in near term |
| LIC India (LIC MF ETF) | Low (Slow growth) | – Sovereign guarantee – High dividend yield | – Low ROE (10%) – Bureaucratic delays | ★★☆☆☆ (Weak) | LT (5+ yrs) | “Too big to fail” safety | Poor profitability metrics |
| Aditya Birla Sun Life ETF | Low (High debt) | – Nifty 50 ETF liquidity | – AA rating (Negative outlook) – High D/E (2.0) | ★★☆☆☆ (Weak) | Avoid | Only if PSU ETF demand surges | Debt concerns, weak cash flows |
Key Investment Themes
- Best Long-Term Picks:
- Nippon India AMC (Zero debt, ETF leader).
- ICICI Prudential ETF (Diversified, Bharat 22 monopoly).
- Short-Term Opportunities:
- Motilal Oswal Nasdaq 100 ETF (US tech rally play).
- SBI ETF Nifty 50 (PSU privatization buzz).
- Avoid/Risky:
- Aditya Birla ETFs (High leverage, negative outlook).
- LIC MF ETF (Low growth, bureaucratic inefficiencies).
Sectoral Outlook
| ETF Type | Bullish Outlook | Bearish Risks |
|---|---|---|
| Index ETFs (Nifty 50/100) | Rising passive inflows | High competition |
| Sectoral ETFs (Bank, IT) | Cyclical recovery | Rate-sensitive |
| International ETFs (Nasdaq) | Tech growth | Currency volatility |
| Gold ETFs | Hedge against inflation | Low returns in bull markets |
Final Advice
- Conservative Investors: Stick with Nippon/HDFC/ICICI ETFs (low risk, steady growth).
- Aggressive Investors: Motilal Oswal Nasdaq 100 ETF (high risk-reward).
- Avoid: Aditya Birla (debt) and LIC (low growth) unless turnaround visible.
I hope you like this article regarding full stock analysis ETF providers or Asset Management companies of India.
Happy Investing
Extra Reference :
NSE & BSE
AMFI (Association of Mutual Funds in India)
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