Abans Investment Managers Limited

What AIML is Abans Investment Managers Ltd is a subsidiary of Abans Financial Services Ltd (AFSL), which is listed on BSE and NSE (listed December 2022). The parent group was founded in 2005 by Abhishek Bansal — the "Abans" name comes from his — and built a net worth of over ₹1,350 cr by March 2026 through proprietary fund management, i.e. trading the company's own money, mainly in derivatives. In January 2019 the group moved into public fund management and hired Bhavik Thakkar as CEO (22 years' experience: Standard Chartered 7.25 yrs, Kotak Mahindra 5.5 yrs, Aditya Birla Wealth 2.25 yrs). How it makes money AIML itself doesn't hold the licences. The group holds regulatory licences across India and Mauritius entities; AIML is the distribution/sales arm. Its team signs up distribution partners in India and globally (B2B2C), and AIML earns commission/revenue from the group entities for mobilising AUM and managing partners and clients. Products Abans Global Arbitrage Fund — USD, for NRIs (ex-US clients) Abans Multi Asset Fund — USD, for resident Indians Abans Hedge Fund — USD, both NRI (ex-US) and resident Indians Market Linked Debentures — INR, Nifty/stock-linked, resident Indians only PMS — Abans Growth & Momentum, Abans Smart Beta AUM trajectory (₹ cr) FY21 153 → FY22 263 (+71%) → FY23 500 (+91%) → FY24 735 (+47%) → FY25 1,060 (+44%) → FY26 1,640 (+55%) → June 2026 1,800. FY26 financials Net revenue ₹8.46 cr. Operating expenses ₹1.54 cr, salaries ₹2.84 cr, ESOP ₹7.80 cr → EBIT of negative ₹3.72 cr. Management's argument: ESOP is non-cash, so adding it back gives EBIT of +₹4.08 cr. Balance sheet is tiny — total ₹20.56 cr, equity ₹19.46 cr, almost all of it current assets. Q1 FY27 (quarter to June 2026) Net operating revenue ₹2.80 cr, opex ₹0.31 cr, salaries ₹0.81 cr, no ESOP charge, PAT ₹1.30 cr. Annualised earnings yield 0.62% of AUM. Valuation as the company frames it The July 2024 Series A was done at a pre-money of ₹142.50 cr ≈ 20% of the then AUM of ₹735 cr, raising ₹9.88 cr for 1,04,000 shares at ₹950. Shares outstanding: 16,04,000. An ESOP pool of 10% (1,60,400 shares) was approved in December 2024. Applying the same 20%-of-AUM rule: at March 2026 → ₹328 cr → ₹2,045/share; at June 2026 → ₹360 cr → ₹2,244/share. On earnings, that's a P/E of 107x on FY26 adjusted PAT of ₹3.06 cr, or 69x on annualised Q1 FY27 PAT of ₹5.20 cr; PEG of 1.94 and 1.38 respectively. They also benchmark earnings yield against mutual funds: AIML 0.51% for FY26 vs HDFC 0.48%, Birla 0.42%, UTI 0.39%, Nippon 0.33% — with AUM growth of 55% vs 6–20% for those AMCs. The explanation offered for the higher yield is that AIML's products all carry equity-like commission economics, whereas AMC AUM is a mix of equity and debt. They also note MLDs were unavailable for ~4 months in FY26 due to internal restructuring, and adjusting for that lifts the yield to ~0.62%