Dear Members,
The Board of Directors of Aditya Birla Sun Life AMC Limited (the
'Company') are pleased to present the 32nd Annual Report and the Audited
Financial Statements of the Company for the financial year ended 31st March,
2026 ('financial year under review').
FINANCIAL SUMMARY AND HIGHLIGHTS
The Company's financial performance for the financial year ended 31st
March, 2026 as compared to the previous financial year ended 31st March, 2025
is summarised below:
(? in Crore}
Particulars |
Consolidated |
Standalone |
| FY 2025-26 |
FY 2024-25 |
FY 2025-26 |
FY 2024-25 |
Revenue from Operations |
1,845.03 |
1,684.78 |
1,830.73 |
1,659.09 |
Profit Before Share of
Exceptional Items and Tax |
1,268.38 |
1,244.54 |
1,279.12 |
1,238.66 |
Exceptional Items |
(2.82) |
- |
(2.82) |
- |
Profit Before Tax |
1,265.56 |
1,244.54 |
1,276.30 |
1,238.66 |
Tax Expense |
(290.49) |
(313.94) |
(290.61) |
(313.94) |
Profit after Tax |
975.07 |
930.60 |
985.69 |
924.72 |
Profit after Tax Attributable to: |
|
|
|
|
Owners of the Company |
975.07 |
930.60 |
985.69 |
924.72 |
Non-Controlling Interest |
- |
- |
- |
- |
Other Comprehensive Income |
13.46 |
0.07 |
0.63 |
(2.55) |
Total Comprehensive Income
Attributable to: |
|
|
|
|
Owners of the Company |
988.53 |
930.67 |
986.32 |
922.17 |
Non-Controlling Interest |
- |
- |
- |
- |
Profit Attributable to Owners of
the Company |
975.07 |
930.60 |
985.69 |
924.72 |
The above figures are extracted from the Consolidated and Standalone
Financial Statements of the Company.
PERFORMANCE OVERVIEW
The Company acts as an Investment Manager to Aditya Birla Sun Life
Mutual Fund ('ABSLMF'), which is one of the largest Mutual Funds in India, in terms of the
Quarterly Average Assets under Management ('QAAUM') as on 31st March, 2026. The
Company also operates multiple alternate strategies including Portfolio Management
Services, Real Estate Investments and Alternative Investment Funds.
Key Highlights of the Company's performance for the financial year
ended 31st March, 2026 are as under:
• QAAUM of ABSLMF as on 31st March, 2026 was ? 4,35,866
Crore with a market share of 6.02% (excluding ETF) representing 14% Year on Year (y-o-y)
growth.
• Equity QAAUM of ABSLMF as on 31st March, 2026 was ?
1,97,374 Crore with a market share of 4.06% and Fixed Income QAAUM of ABSLMF as on 31st
March, 2026 was ? 2,38,492 Crore with a market share of 7.25% (including ETF) and ?
2,25,568 Crore with market share of 10.45% (excluding ETF).
• Consolidated Revenue of the Company for FY 2025-26 was ?
1,845.03 Crore as against ? 1,684.78 Crore in FY 2024-25 representing 9.51% y-o-y growth.
• Consolidated Profit After Tax for FY 2025-26 was ? 975.07 Crore
as against ? 930.60 Crore in FY 2024-25 representing 4.78% y-o-y growth.
• Return on Equity for FY 2025-26 was 25.53% with a consistent
dividend paying track record.
• As on 31st March, 2026, the Company offered Portfolio
Management Services, Alternative Investment Funds, Offshore and Real Estate offerings,
with an aggregate QAAUM of ? 38,136 Crore.
ACCOUNTING METHOD
The Consolidated and Standalone Financial Statements of the Company
have been prepared in accordance with Indian Accounting Standards ('Ind AS'), as notified
under Sections 129 and 133 of the Companies Act, 2013 (the 'Act') read with the Companies
(Accounts) Rules, 2014, as amended and other relevant provisions of the Act.
In accordance with the provisions of the Act, applicable Accounting
Standards and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
('SEBI Listing Regulations'), the Audited Consolidated and Standalone Financial Statements
of the Company for the financial year ended 31st March, 2026, together with the
Auditor's Report forms part of this Annual Report.
The Audited Financial Statements of the Company as stated above and the
Financial Statements of each of the Subsidiaries of the Company, are available on the
Company's website at https:// mutualfund.adityabirlacapital.com/shareholders/%20annual-
reports.
MATERIAL EVENTS DURING THE FINANCIAL YEAR
Incorporation of a Wholly Owned Subsidiary
During the financial year under review, Aditya Birla Sun Life AMC
International (IFSC) Limited ('ABSLAMC IFSC') was incorporated on 4th December,
2025 as a Wholly Owned Subsidiary of the Company. ABSLAMC IFSC has been established in
Gujarat International Finance Tec-City ('GIFT City'), International Financial Services
Centre ('IFSC'), and has obtained Fund Management Entity - Retail registration from the
International Financial Services Centres Authority ('IFSCA').
ABSLAMC IFSC has been set up with the strategic objective of
undertaking fund management activities in accordance with the IFSCA (Fund Management)
Regulations, 2025 and providing investment management, portfolio management, advisory and
related financial services, including management of Alternative Investment Funds and other
global investment strategies for domestic and international clients under the IFSC
framework.
Further, pursuant to the Business Transfer Agreement entered into
between the Company and ABSLAMC IFSC on 23rd March, 2026, the Company
transferred its GIFT City, IFSC Branch Fund Management business to ABSLAMC IFSC.
HOLDING/SUBSIDIARIES/JOINT VENTURES/ ASSOCIATE
COMPANIES
Holding Company
The Company does not have a Holding Company.
Subsidiaries
As on 31st March, 2026, the Company has 7 (seven)
subsidiaries including step-down subsidiaries (subsidiaries by virtue of holding
management shares). During the financial year, ABSLAMC IFSC was incorporated as a Wholly
Owned Subsidiary of the Company on 4th December, 2025. The subsidiaries of the
Company are engaged in financial services.
As required under Regulations 16(1)(c) and 46 of the SEBI Listing
Regulations, the Board has approved and adopted the Policy for determining Material
Subsidiaries. The Policy is available on the Company's website at
https://mutualfund.adityabirlacapital.
com/-/media/bsl/files/resources/policies-and-codes/policy-for-
determining-material-subsidiaries.pdf. During the financial year under review, the Company
did not have any material subsidiaries.
Pursuant to Section 129(3) of the Act, a statement containing salient
features of the financial statements of the Company's subsidiaries in the prescribed Form
AOC - 1 is enclosed as Annexure I to the Board's Report.
Joint Ventures/Associates
The Company does not have any Joint Venture/Associate Company.
DIVIDEND
The Board of Directors of the Company have recommended payment of
dividend of ? 25.50 per equity share of face value of ? 5 each for the financial year
ended 31st March, 2026, subject to the approval of the Shareholders at the
ensuing Annual General Meeting ('AGM') of the Company. Accordingly, the dividend pay-out
for FY 2025-26 would amount to approx. ? 737 Crore.
The dividend recommended is in line with the Company's Dividend
Distribution Policy, which is available on the Company's website at
https://mutualfund.adityabirlacapital.com/-/media/
bsl/files/resources/policies-and-codes/dividend-distribution-policy.pdf.
Further, pursuant to Finance Act, 2020, as amended from time to time,
and applicable provisions of the Income-tax Act, 2025, dividend income will be taxable in
the hands of shareholders and the Company is required to deduct tax at source from
dividend paid to shareholders at the prescribed rates. The Company shall withhold tax at
source appropriately.
TRANSFER TO RESERVES
The Company had transferred ? 1.17 Crore to the General Reserves for
the financial year ended 31st March, 2026.
SHARE CAPITAL
During the financial year under review, 3,16,911 equity shares of ? 5
each of the Company were allotted to the eligible employees pursuant to the exercise of
Stock Options and Restricted Stock Units in terms of Aditya Birla Sun Life AMC Limited
Employee Stock Option Scheme 2021.
Consequently, the issued, subscribed and paid-up share capital of the
Company increased from ? 144.24 Crore comprising of 28,84,89,286 equity shares of ? 5 each
as on 1st April, 2025 to ? 144.40 Crore comprising of 28,88,06,197 equity
shares of ? 5 each as on 31st March, 2026.
DEPOSITORY
All the equity shares of the Company are held in dematerialised mode
and are compulsorily tradable in electronic form.
DEPOSITS
The Company, being an Asset Management Company, primarily governed by
SEBI (Mutual Funds) Regulations, 2026 has not accepted any deposits from the public during
the financial year under review, in accordance with Sections 73 and 74 read with Chapter V
of the Act.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of loans and guarantees given, investments made or security
provided, if any, during the financial year under review pursuant to the Section 186 of
the Act are provided in the Notes to the Financial Statements forming part of this Annual
Report.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
The Company is in financial services industry and does not consume high
levels of energy. However, regular efforts are made to adopt appropriate energy
conservation measures and technology absorption methods. The particulars regarding
conservation of energy and technology absorption as required to be disclosed pursuant to
Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014
are not relevant to the Company's activities.
However, some of the steps taken by the Company for conservation of
energy includes:
• The Company is committed to reducing negative environmental
impact.
• The Company has tied up with ViaGreen, an organisation that
helps the Company in waste management and recycling.
• Most of the offices of the Company have installed LED lights
making them energy-efficient. Additionally, regular garbage bags have been replaced with
biodegradable garbage bags.
• At the Registered Office in Mumbai, wet and dry waste are
segregated, and wet waste is processed through an Organic Waste Compost Machine, with the
compost generated being utilised for plantation and horticulture activities within the
premises.
• As a step towards further reducing the environmental impact, the
documents for Board and Committee Meetings of the Company are transmitted electronically
using a secure web-based application, thereby saving paper.
• The other energy saving measures include selecting and designing
offices to facilitate maximum natural light utilisation, video-conferencing
facilities/Microsoft Teams/ Zoom calls across all offices to reduce the need of employee
travel, digital learning initiatives for employees, optimised usage of lights and
continuous monitoring and control of the operations of the air conditioning equipment as
well as elimination of non-recyclable plastic in the offices.
FOREIGN EXCHANGE EARNINGS AND OUTGO
• Foreign exchange earnings during the financial year: ? 15.28
Crore (Previous year: ? 12.54 Crore).
• Foreign exchange expenditure during the financial year: ? 14.46
Crore (Previous year: ? 16.73 Crore).
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the
Business Responsibility and Sustainability Report ('BRSR') along with the report on
assessment of the BRSR Core attributes for the financial year ended 31st March,
2026, provided by DNV Business Assurance India Private Limited, forms part of this Annual
Report and is also available on the Company's website at https://mutualfund.
adityabirlacapital.com/shareholders/annual- reports.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY
There were no material changes and commitments affecting the financial
position of the Company between the end of the financial year up to the date of this
Report.
CHANGE IN NATURE OF BUSINESS
During the financial year under review, there has been no change in the
nature of business of the Company.
EMPLOYEE STOCK OPTION SCHEMES
Employee Stock Options have been recognised as an effective instrument
to attract talent and align the interest of employees with that of the Company, thereby
providing an opportunity to the employees to share in the growth of the Company and to
create long-term wealth in the hands of employees, thereby acting as a retention tool.
Aditya Birla Sun Life AMC Limited Employee Stock Option Scheme 2021
('ESOP Scheme 2021')
In view of above, the Company has adopted ESOP Scheme 2021 for the
benefit of the employees of the Company and its Subsidiaries. During the financial year
under review, the Company had not granted any Stock Options and/or Restricted Stock Units
to the eligible employees under ESOP Scheme 2021. Further, there were no material changes
made to the ESOP Scheme 2021 during the financial year under review.
Aditya Birla Sun Life AMC Limited Employee Stock Option and Performance
Stock Unit Scheme 2025 ('ESOP Scheme 2025')
Pursuant to the recommendation of the Nomination, Remuneration and
Compensation Committee of the Company, the Board of Directors of the Company at their
Meeting held on 24th October, 2025, had approved the adoption of the ESOP
Scheme 2025. Subsequently, the Members of the Company, through special resolutions passed
by way of postal ballot on 19th December, 2025, had approved the adoption of
ESOP Scheme 2025 including the extension of its benefits to the employees of the
Subsidiary Companies.
During the financial year under review, the Company had granted
9,82,768 Stock Options and 2,24,032 Performance Stock Units to the eligible employees
under ESOP Scheme 2025.
The details/disclosure(s) on the ESOP Scheme 2021 and ESOP Scheme 2025
as required under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations,
2021, are available on the Company's website at https://mutualfund.
adityabirlacapital.com/shareholders/annual-reports. The certificate issued by the
Secretarial Auditor of the Company with respect to the implementation of the ESOP Scheme
2021 and ESOP Scheme 2025 will be available for inspection by the Shareholders at the
ensuing AGM of the Company.
Further, Aditya Birla Capital Limited ('ABCL') had adopted "Aditya
Birla Capital Limited Employee Stock Option Scheme 2017" and "Aditya Birla
Capital Limited Employee Stock Option and Performance Stock Unit Scheme 2022" for the
benefit of the employees of ABCL, its Subsidiaries and Group Companies. The benefits of
the said Schemes are extended to the permanent employees in the Management cadre of the
Company, as applicable from time to time.
Employee Stock Appreciation Rights Scheme
The Company has adopted a long-term incentive plan namely, "Aditya
Birla Sun Life AMC Limited Stock Appreciation Rights Scheme 2022" ('SAR 2022') for
the welfare of the employees of the Company and its Subsidiaries. Under SAR 2022, cash
incentive benefits are provided to the eligible employees through grant of Stock
Appreciation Rights. During the financial year under review, the Company had not granted
Stock Appreciation Rights to the eligible employees.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34(2) of SEBI Listing Regulations, the
Management Discussion and Analysis Report for the financial year under review forms part
of this Annual Report.
CORPORATE GOVERNANCE REPORT
The Corporate Governance Report as stipulated under Regulation 34(3)
read with Schedule V of the SEBI Listing Regulations forms part of this Annual Report. The
certificate from M/s. N L Bhatia & Associates, Practicing Company Secretaries, on
compliance with the requirements of Corporate Governance is enclosed as Annexure II to the
Board's Report.
RISK MANAGEMENT
Risk Management is fundamental to the business, ensuring an optimal
balance between risk and return in alignment with the Company's risk appetite. The
Company's comprehensive risk management framework monitors Governance, Risk and Compliance
across the organisation. The Risk Management philosophy focusses on the following
organisational structure to manage risks through the following three lines of defence:
First Line is the Management (Functional Heads/Process Owners) that has
the primary responsibility to own and manage risks associated with day-to-day operational
activities.
Second Line function enables the identification of emerging risks in
daily operations of the business. It does this by providing compliance and oversight in
the form of framework, policies, tools, and techniques to support risk and compliance
management.
Third Line function provides objective and independent assurance
through audits.
The Board has constituted a Risk Management Committee as required under
SEBI Listing Regulations and SEBI (Mutual Funds) Regulations, 2026 to frame, implement and
monitor the risk management plan of the Company and the Schemes of the Aditya Birla Sun
Life Mutual Fund.
The objectives and scope of the Risk Management Committee broadly
include:
• Risk Identification;
• Risk Assessment;
• Risk Response and Risk Management Strategy; and
• Risk Monitoring, Communication and Reporting.
Over the years, the Company has built a strong Risk Management
Framework supported by well-established policies and procedures and a talented pool of
risk professionals.
Further, the Company has adopted the Risk Management Framework
prescribed by SEBI through circular dated 27th September, 2021. Through this
framework, the Company has devised the mechanism for identifying and measuring the AMC
level and Mutual Fund's Scheme level risk appetite and has also setup a robust risk
control assessment mechanism to report key emerging risks and control environment at
functional level to the Management and the Board of the Company.
The Company has an enterprise risk management framework in place, which
includes key risk management activities such as risk identification, risk assessment, risk
response and risk management strategy. The identified risks are evaluated and managed by
either avoidance, transfer, mitigation or retention. The risks faced can be broadly
classified as reputation risk, people risk, regulatory risk, operational risk, investment
risk, technology risk, strategic risk and business risk. Close monitoring and control
processes, including the establishment of appropriate key risk indicators and key
performance indicators are put in place to ensure that risk profiles are managed within
limits.
The Company's Investment function operates under the Investment
Governance framework approved by the Investment Committee and the Board. The framework
helps in not only ensuring regulatory compliance but also provides the framework for
management and mitigation of the risks associated with investments.
The Company has implemented an Operational Risk Management framework to
manage specific risks that may arise from inadequate or failed internal processes, people,
systems, or external events. To manage and control such risks, the Company uses various
tools including self-assessments, operational risk alerts and key risk indicator
monitoring. The Company recognises that information is a critical business asset and,
accordingly, the Company has an information security and cyber security framework that
ensures all information assets are safeguarded by establishing comprehensive management
processes throughout the organisation.
The Company's risk management systems and procedures highlight its
dedication to ethical operations and profitable functioning while adhering to best
practices, applicable laws, rules, and regulations. These systems aim to provide
reasonable, though not absolute, assurance against material misstatements or loss. They
also ensure the safeguarding of assets, the maintenance of accurate accounting records,
the reliability of financial information, and the identification and management of
business risks.
The detailed Risk Management framework is enclosed as Annexure III to
the Board's Report.
Business Continuity
The Company has instituted a comprehensive Business Continuity
Management Programme to ensure uninterrupted functioning of critical operations during
unforeseen disruptions. This is underpinned by a robust Disaster Recovery Framework that
addresses both business and technology-related interruption risks, thereby safeguarding
service continuity for customers. A formal Business Continuity Policy further reinforces
this framework by outlining a structured response to contingencies, ensuring timely
recovery of essential activities in alignment with regulatory expectations. Regular
testing of all business-critical processes is conducted to validate preparedness and
operational resilience.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
During the financial year under review, all transactions entered into
by the Company with related parties were in ordinary course of business and at arm's
length basis and were not considered material as per the provisions of Section 188 of the
Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation
23 of the SEBI Listing Regulations. Hence, disclosure in form AOC-2 under Section
134(3)(h) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, is not
applicable.
Prior approval of the Audit Committee is obtained for all Related Party
Transactions ('RPTs') which are of a repetitive nature and entered in the ordinary course
of business and at arm's length. A statement on RPTs specifying the details of the
transactions, pursuant to each omnibus approval granted, is placed on a quarterly basis
for review by the Audit Committee.
Pursuant to Regulation 23(9) of SEBI Listing Regulations, disclosures
of RPTs are submitted to the Stock Exchanges on a half-yearly basis and published on the
Company's website at https://mutualfund.adityabirlacapital.com/shareholders/
announcements-and-updates.
There were no material transactions entered into with related parties
during the period under review, which may have had any potential conflict with the
interests of the Company at large. The details of transactions with related parties of the
Company for the financial year under review, are given in Notes to the Financial
Statements, which forms part of this Annual Report.
The policy on RPTs is available on the Company's website at
https://mutualfund.adityabirlacapital.com/-/media/bsl/ files/
resources/policies-and-codes/Policy-on-Related-Party- Transaction.pdf.
INTERNAL FINANCIAL CONTROLS
The Company has well-established internal control systems in place
which commensurate with the nature of its business and size, scale and complexity of its
operations.
Further, the Internal Audits are undertaken on periodic basis to
independently validate the existing controls as per the scope assigned to the Internal
Audit Function. The Internal Audit Reports are regularly reviewed by the Management and
corrective actions, if any, are initiated to strengthen controls and enhance the
effectiveness of existing systems. During the financial year under review, no material or
serious observation was identified for inefficacy or inadequacy of such controls.
The Company also periodically engages outside experts to carry out
independent review of the effectiveness of various business processes. The observations
and best practices suggested are reviewed by the Management and the Audit Committee and
appropriately implemented with a view to continuously strengthen internal controls.
INTERNAL AUDIT
The Company has in place an adequate internal audit framework to
monitor the efficacy of internal controls with the objective of providing to the Audit
Committee and the Board of Directors of the Company, an independent and reasonable
assurance on the adequacy and effectiveness of the organisation's risk management,
internal control and governance processes. The framework is commensurate with the nature
of the business, size, scale and complexity of its operations with a risk based internal
audit approach. The audit plan is approved by the Audit Committee, which regularly reviews
the compliance to the plan.
The internal audit plan is developed based on the risk profile of
business activities of the organisation. It covers process audits at the head office and
across various branches of the organisation. The internal audits are carried out by an
independent external firm. Additionally, there is an appointed Head Internal Audit to
ensure that the audit process is conducted in accordance with the Company's policies and
regulatory requirements, and to oversee the implementation of audit recommendations/timely
closure of management actions to improve internal controls and operational efficiency.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act and to the best of their
knowledge and belief and according to the information and explanations obtained from the
Management, the Directors of the Company state that:
i. in the preparation of the Annual Accounts for the financial year
ended 31st March, 2026, the applicable accounting standards have been followed
and there were no material departures from the same;
ii. the Directors had selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at 31st
March, 2026 and of the profit of the Company for financial year ended on that date;
iii. the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv. the Directors had prepared the Statement of Accounts for the
financial year ended 31st March, 2026 on a 'going concern basis';
v. the Directors had laid down Internal Financial Controls and that
such Internal Financial Controls were adequate and were operating effectively; and
vi. the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are adequate and operating
effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on 31st March, 2026, the Board of Directors of the
Company comprised of 9 (nine) Directors including 1 (one) Woman Independent Director.
Appointment
Based on the recommendation of the Nomination, Remuneration and
Compensation Committee ('NRCC') and pursuant to the approval of the Board of Directors of
the Company, the Members of the Company, by way of a special resolution passed through
postal ballot on 21st June 2025, approved the appointment of Ms. Anita
Ramachandran as an Independent Director of the Company for a term of five consecutive
years, effective from 25th March, 2025 upto 24th March, 2030.
Retirement by Rotation
Pursuant to Section 152 of the Act, read with the Articles of
Association of the Company, Mr. Sandeep Asthana, Non-Executive Director of the Company is
liable to retire by rotation at the ensuing AGM and, being eligible, has offered his
candidature for re-appointment. The NRCC and the Board of Directors of the Company have
recommended the re-appointment of Mr. Asthana as a Non-Executive Director of the Company
at the ensuing AGM. The brief resume and other related information of Mr. Asthana have
been detailed in the Notice convening the AGM of the Company.
Declaration by Independent Directors
In terms of Section 149 of the Act and the SEBI Listing Regulations,
Mr. Navin Puri, Mr. Ramesh Abhishek, Mr. Sunder Rajan Raman, Mr. Supratim Bandyopadhyay
and Ms. Anita Ramachandran are the Independent Directors of the Company as on the date of
this Report.
All Independent Directors have submitted the declaration of
Independence, pursuant to the provisions of Section 149(7) of the Act and Regulation 25(8)
of the SEBI Listing Regulations, stating that they meet the criteria of Independence as
provided in Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing
Regulations and they are not aware of any circumstance or situation, which exist or may be
reasonably anticipated, that could impair or impact their ability to discharge their
duties with an objective independent judgement and without any external influence. The
Board is of the opinion that the Independent Directors of the Company possess requisite
qualifications, experience, expertise and hold the highest standards of integrity.
The Independent Directors have also confirmed their registration with
the data bank of Independent Directors maintained with the Indian Institute of Corporate
Affairs in compliance with requirements of the Companies (Appointment and Qualification of
Directors) Rules, 2014.
Fit and Proper Criteria
All the Directors meet the fit and proper criteria as stipulated under
SEBI (Mutual Funds) Regulations, 2026 and SEBI (Intermediaries) Regulations, 2008 (as
amended from time to time).
Key Managerial Personnel (KMP)
In terms of the provisions of Sections 2(51) and 203 of the Act, read
with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr.
A. Balasubramanian, Managing Director & CEO, Mr. Pradeep Sharma, Chief Financial
Officer and Mr. Prateek Savla, Company Secretary are the KMPs of the Company.
Annual Performance Evaluation
The evaluation framework for assessing the performance of the Directors
of the Company comprises of contributions at the Meeting(s) and strategic perspective or
inputs regarding the growth and performance of the Company, amongst others.
Pursuant to the provisions of the Act and SEBI Listing Regulations and
in terms of the Framework of the Board Performance Evaluation, the Board of Directors of
the Company have carried out an annual performance evaluation of the Board as-a- whole,
performance of various Committees of the Board and Individual Directors and fulfilment of
Independence criteria by the Independent Directors. A separate Meeting of the Independent
Directors was also held during the financial year under review for the evaluation of the
performance of Non-Independent Directors and performance of the Board as-a-whole. The
manner in which the evaluation has been carried out has been set out in the Corporate
Governance Report, which forms part of this Annual Report.
Outcome of the Evaluation
The Board of the Company was satisfied with the functioning of the
Board and its Committees. Non-Executive Directors and Independent Directors demonstrate a
strong understanding of the Company and its requirements. They keep themselves current on
the areas to be discussed at the Board Meetings. The Committees are functioning well and
besides covering the Committees' terms of reference, as mandated by applicable laws,
important issues are brought up and discussed in the Committee Meetings. The Board was
also satisfied with the contribution of Directors in their individual capacities.
MEETINGS OF THE BOARD AND ITS COMMITTEES
Board
The Board meets at regular intervals, inter alia, to discuss and decide
on the Company's performance and strategies. During the financial year under review, the
Board met eight times on 28th April, 2025, 26th May, 2025, 25th
June, 2025, 24th July, 2025, 24th October, 2025, 7th
January, 2026, 22nd January, 2026, and 12th March, 2026.
Further details on the Board Meetings are provided in the Corporate
Governance Report, which forms part of this Annual Report.
Audit Committee
The Board of Directors of the Company have constituted an Audit
Committee with its composition, quorum, powers, role and scope in line with the applicable
provisions of the Act, SEBI Listing Regulations and SEBI (Mutual Funds) Regulations, 2026.
During the financial year under review, the Audit Committee of the
Company reviewed the internal controls put in place to ensure that the accounts of the
Company are properly maintained and that the accounting transactions are in accordance
with the prevailing laws and regulations. In conducting such reviews, the Committee found
no material discrepancy or weakness in the internal control systems of the Company.
Further details on the Audit Committee of the Company, its Meetings,
composition and attendance are provided in the Corporate Governance Report, which forms
part of this Annual Report. During the financial year under review, all recommendations
made by the Audit Committee were accepted by the Board.
Nomination, Remuneration and Compensation
Committee
The Board of Directors of the Company have constituted a Nomination,
Remuneration and Compensation Committee ('NRCC'), with its composition, quorum, powers,
role and scope in line with the applicable provisions of the Act and SEBI Listing
Regulations.
The NRCC has formulated a policy on criteria of appointment,
qualification, remuneration, etc. for the Directors, KMPs and Senior Management Personnel
of the Company under the provisions of Section 178(3) of the Act, which is enclosed as
Annexure IV to the Board's Report and the same is uploaded on the website of the Company
at
https://mutualfund.adityabirlacapital.com/-/media/bsl/files/resources/policies-and-codes/executive-
remuneration-policy-amc.pdf.
Further, details on the NRCC, its Meetings, composition and attendance
are provided in the Corporate Governance Report, which forms part of this Annual Report.
Other Board Committees
The Board of Directors of the Company have also constituted the
following Committees of the Board under the relevant provisions of the Act read with the
applicable SEBI laws:
• Risk Management Committee
• Stakeholders Relationship Committee
• Corporate Social Responsibility Committee
• Unit Holder Protection Committee
Details of mandatory Committees of the Board as per the Act, SEBI
Listing Regulations and SEBI (Mutual Funds) Regulations, 2026 are provided in the
Corporate Governance Report, which forms part of this Annual Report.
ANNUAL RETURN
Pursuant to the provisions of Section 92(3) read with Section 134(3)(a)
of the Act, the Annual Return for FY 2025-26 is available on the Company's website at
https://mutualfund.adityabirlacapital. com/shareholders/annual-reports.
AUDITORS Statutory Auditor
In terms of Section 139 of the Act read with the Companies (Audit and
Auditors) Rules, 2014, S. R. Batliboi & Co. LLP, Chartered Accountants, (Firm Reg.
No.: 301003E/E300005) were re-appointed as the Statutory Auditor of the Company for a
period of five consecutive years i.e. from the conclusion of 30th AGM held in
the year 2024 till the conclusion of 35th AGM of the Company to be held in the
year 2029.
The reports issued by the Statutory Auditor on the Standalone and
Consolidated Financial Statements of the Company for the financial year ended 31st
March, 2026 do not contain any qualification, observations, comments or remark(s) which
have an adverse effect on the functioning of the Company and therefore, do not call for
any comments from Directors of the Company.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of the SEBI Listing Regulations, the Members of the Company at the previous
AGM held on 30th July, 2025, approved the appointment of M/s. N L Bhatia &
Associates, Practicing Company Secretaries (Firm Reg. No.: P1996MH055800), as the
Secretarial Auditor of the Company for a term of five consecutive years i.e. from FY
2025-26to FY 2029-30. The Secretarial Audit Report in Form MR-3 for the financial year
ended 31st March, 2026, is enclosed as Annexure V to the Board's Report. The
Secretarial Audit Report does not contain any qualification, reservation, disclaimer or
adverse remarks.
Further, the Secretarial Compliance Report for the financial year ended
31st March, 2026 on compliance of all applicable SEBI Regulations and
circulars/guidelines issued thereunder, obtained from M/s. N L Bhatia & Associates,
Secretarial Auditor, is available on the website of the Company and can be accessed at
https://mutualfund.adityabirlacapital.com/-/media/bsl/files/resources/shareholder-intimation/secretarial-compliance-report-
for-the-year-ended-march-31-2026.pdf.
Reporting of Frauds by Auditors
During the financial year under review, neither the Statutory Auditor
nor the Secretarial Auditor have reported to the Audit Committee or the Board of Directors
of the Company, any instances of fraud committed against the Company by its officers or
employees under Section 143(12) of the Act.
CORPORATE SOCIAL RESPONSIBILITY
In accordance with Section 135 of the Act and Rules made thereunder the
Board of Directors of the Company have constituted a Corporate Social Responsibility (CSR)
Committee. The CSR Committee has formulated and recommended to the Board a Corporate
Social Responsibility Policy ('CSR Policy') indicating the CSR activities to be undertaken
by the Company, which has been approved by the Board. The CSR Policy is available on the
Company's website at https://mutualfund.adityabirlacapital. com/-/media/
bsl/files/resources/csr/corporate-social-responsibilty-policy.pdf.
During FY 2025-26, the Company spent ? 16.03 Crore on various CSR
projects including overhead costs and Impact Assessment cost. The annual report on CSR
activities for FY 2025-26 as per the Rule 8 of Companies (Corporate Social Responsibility
Policy) Rules, 2014, as amended is enclosed as Annexure VI to the Board's Report.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
In compliance with the provisions of Section 177(9) of the Act read
with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation
22 of the SEBI Listing Regulations, the Company has formulated a Whistle Blower Policy/
Vigil Mechanism for Directors and Employees to report concerns, details of which are
covered in the Corporate Governance Report, which forms part of this Annual Report. The
said policy is available on the Company's website at http://mutualfund.
adityabirlacapital.com/-/media/BSL/Files/Resources/Policies-And-Codes/Whistleblower-Policy_
ABSLAMC.
POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE
The Company has in place a policy which is in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 ('POSH Act'). An Internal Complaints Committee has been set up to
redress and resolve complaints, if any, received regarding sexual harassment of women. The
Company has complied with the provisions relating to the constitution of the Internal
Complaints Committee under the POSH Act. All employees (permanent, contractual, temporary,
trainees) are covered under this policy. During the financial year under review, one
complaint was received and resolved within a period of 90 days under the POSH Act.
PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details, as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are enclosed as Annexure VII to the
Board's Report.
Details as required under Section 197(12) of the Act read with Rule
5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, with respect to information of employees of the Company will be provided upon
request by a Member. In terms of the provisions of Section 136(1) of the Act, the Annual
Report is being sent to all the Members of the Company whose email address(es) are
registered with the Company/Registrar and Share Transfer Agent/Depository Participants,
excluding the aforesaid details which shall be made available for inspection by the
Members. If any Member is interested in obtaining a copy thereof, the Member may write to
the Company Secretary at the Registered Office of the Company in this regard or send an
email to abslamc.cs@adityabirlacapital.com.
HUMAN RESOURCES
As of 31st March 2026, the Company's workforce stood at
1,501 employees, with gender diversity at 30%, reflecting the Company's continued
commitment to building a diverse, inclusive and high-performing organisation.
The Company remained steadfast in its aspiration to create a workplace
that attracts, nurtures and enables talent to thrive. The Company believes that meaning at
work is created when people connect with the organisation's purpose, feel supported by
their leaders and experience a strong sense of belonging. The Company's focus continues to
be on making people successful by fostering an environment that promotes collaboration,
encourages meritocracy, and provides opportunities for individuals to grow in line with
their aspirations.
Culture and Organisation
During the financial year, we strengthened our culture framework, which
defines the behaviours and ways of working aligned to our business goals. It provides a
unified identity for how we engage with colleagues, customers and partners, while
reinforcing a shared, value-driven approach across the organisation.
To bring this to life, we drove strong leadership ownership through
culture workshops led by senior leaders, followed by train-the-trainer interventions. This
enabled leaders to cascade the framework across teams through workshops, townhalls and
team interactions, ensuring consistency in messaging and deeper organisational alignment.
As we position ourselves for the next phase of growth, we focused on
strengthening organisational capacity across new and emerging areas. This included
building teams across priority segments such as Direct HNI Sales, Technology, Digital and
Marketing, while also augmenting investment capabilities to capitalise on opportunities in
evolving strategies, including those under the SIF framework. These efforts ensured that
the organisation is structurally equipped to support growth and respond effectively to
evolving market opportunities.
Talent Management
Strengthening our talent pipeline and ensuring leadership continuity
remain central to our people strategy. During the financial year, we reinforced this by
enabling leadership continuity at critical roles, including at the CXO level, through
internal talent movements. This reflects the strength of our leadership bench and our
commitment to building from within.
We also supported leadership transitions through targeted coaching
interventions, enabling leaders to adapt quickly and succeed in their expanded roles,
thereby ensuring continuity and strengthening leadership effectiveness across the
organisation.
In parallel, we have leveraged advanced analytics to strengthen our
retention efforts. Our predictive analytics framework enables early identification of
potential attrition risks, allowing for timely and personalised interventions. This
data-driven approach has helped deepen engagement and sustain strong retention outcomes.
Employee Engagement and Well-being
Fostering a positive and engaging work environment continues to be a
key priority. Our employee engagement survey saw strong participation, reflecting the
trust and involvement of our workforce. We also witnessed improvement across key
dimensions, signalling higher employee confidence, energy and alignment with
organisational purpose, and reinforcing a culture of pride and commitment.
Employee well-being remains central to our people approach. Alongside
preventive healthcare through annual health assessments, we provide targeted health
coaching for employees requiring focused support. Our well-being initiatives also include
access to on-site medical assistance, doctor-on-call facilities, and round-the-clock
mental health support through counsellors and medical professionals.
We have also encouraged employee-led interest groups, including book
reading and fitness clubs, among others, fostering stronger connections and a sense of
community across the organisation.
Learning and Capability Building
Learning continues to be a cornerstone of our efforts to build a
future-ready organisation. During the year, we strengthened capability-building
initiatives with a strong focus on our sales teams. Manager-led product teach-back
sessions, supported by structured assessments, have helped embed product knowledge and
foster a culture of continuous learning, helping teams stay ahead of the curve and
maintain a competitive edge.
We also introduced structured development interventions for frontline
sales managers, aimed at enhancing managerial effectiveness and preparing them for larger
responsibilities. Focused workshops on alternate asset products further enabled teams to
build deeper domain expertise in line with evolving business priorities.
In addition, we continued to reinforce a strong culture of governance
and compliance through structured learning interventions covering areas such as
information security and regulatory requirements. Regular safety audits further support
our commitment to maintaining a secure and compliant workplace, while strengthening
accountability across the organisation.
SECRETARIAL STANDARDS
During the financial year under review, the Company has complied with
the applicable Secretarial Standards issued by the Institute of Company Secretaries of
India.
CODE FOR PROHIBITION OF INSIDER TRADING
Pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015, as
amended, the Company has a Code of Conduct on Prohibition of Insider Trading for
Securities of the Company and a Code of Practice and Procedures for Fair Disclosure of
Unpublished Price Sensitive Information. The details of which are covered in the Corporate
Governance Report, which forms part of this Annual Report.
AWARDS AND CERTIFICATIONS
During the financial year under review, the Company was felicitated
with the following awards:
• ET Brand Equity's Brand Disruption Award for Best Technology
Driven Marketing Campaign (Silver).
• Pitch Finovate BFSI Marketing Award for Most effective Mutual
Fund Marketing Campaign (Silver).
• FE FuTech for Best Storytelling in Digital Campaigns (Bronze).
• E4m Indian Marketing Award 2025 for Best Use of Print.
• GMF Bharat BFSI Award for AIF Performance Excellence.
• GMF Bharat BFSI Award for PMS Performance & Value Creation.
• GMF Bharat BFSI Award for GIFT City Financial Innovation.
• Cafemutual Innovator Award 2025 for 3-6 month debt Index fund
category.
• Finixx SIP IE Campaign Award for Best TV Campaign - Financial
Literacy Initiative.
• e4m DigiOne Award for Best Digital Video Campaign.
• Financial Express FUTECH Award 2025 for Best Storytelling in
Digital Campaigns for SIPScribe.
• Golden Star Award for Excellence in BFSI for Best Fund House in
Investor Education.
OTHER DISCLOSURES
In terms of applicable provisions of the Act, the Company discloses
that during the financial year under review:
i. there were no issue of shares (including sweat equity shares) to
employees of the Company under any scheme except under Employee Stock Option Schemes
referred to in this Report.
ii. the Company did not undertake any public issue, rights issue, bonus
issue, preferential issue, or issue of shares with differential voting rights.
iii. there were no revisions in the Financial Statements of the
Company.
iv. there was no transfer of any unpaid or unclaimed dividend amount
and/or corresponding equity shares to the Investor Education and Protection Fund.
v. there were no significant or material orders passed by the
Regulators or Hon'ble Courts or Tribunals impacting the going concern status of the
Company and its operations in future.
vi. there was no application made or proceeding pending against the
Company under the Insolvency and Bankruptcy Code, 2016, as amended.
vii. there was no receipt of any remuneration by the Managing Director
& CEO of the Company from any of its subsidiaries.
viii. there were no failures to implement any Corporate Action.
ix. there were no borrowings from Banks or Financial Institutions and
no instance of one-time settlement with any Bank or Financial Institutions.
x. the Company has complied with the provisions relating to the
Maternity Benefit Act, 1961.
xi. disclosure pertaining to maintenance of cost records as specified
by the Central Government under sub-section (1) of Section 148 of the Act, is not
applicable to the Company.
ACKNOWLEDGEMENTS
The Directors take this opportunity to express sincere appreciation for
the continued support and guidance from the Trustees of ABSLMF, Securities and Exchange
Board of India, Reserve Bank of India, Financial Intelligence Unit (FIU-IND), Association
of Mutual Funds in India (AMFI), Stock Exchanges, Depositories, Clearing Corporations,
Depository Participants, Custodians, Bankers, Registrars & Share Transfer Agents,
Distributors & Agents, Central and State Governments and other Regulatory Authorities
and the Shareholders who have always supported and helped the Company to achieve its
objectives.
The Directors would also like to express their appreciation for the
support and co-operation extended by various partners and the business associates of the
Company.
The Directors would like to thank Aditya Birla Group and Sun Life
Financial Inc., for their constant support, guidance and co-operation. The Directors also
place on record their appreciation for the exemplary contribution made by the Employees of
the Company and its Subsidiaries at all levels. Their dedicated efforts and enthusiasm
have been pivotal to the Company's growth.
The Directors also express their sincere appreciation for the
confidence placed by the investors in ABSLMF and look forward to their continued support.
| For and on behalf of the Board of Directors |
|
| Aditya Birla Sun Life AMC Limited |
|
| Vishakha Mulye |
A. Balasubramanian |
| Non-Executive Director |
Managing Director & CEO |
| (DIN: 00203578) |
(DIN: 02928193) |
| Place: Mumbai |
|
| Date: 23rd April, 2026 |
|
|