Company Snapshot

Established: 1983

Headquarters: Mumbai

Overview: ASK Investment Managers Ltd is the flagship discretionary equity Portfolio Management Services (PMS) arm of the ASK Asset & Wealth Management Group.

Ownership: In 2021, Blackstone acquired ~71%–74% from Advent International and co-founder Asit Koticha.

Business Model & Services

• Specializes in pure discretionary management of listed Indian equities, catering to high-net-worth individuals (HNI/UHNI), institutions, family offices, and sovereign wealth funds
• Pioneered industry firsts such as the first PMS set up in GIFT City for overseas clients and India’s first AIF with digital onboarding
• Operates a broad PMS strategy portfolio across multi-cap, flexi-cap, small & mid-cap, and sector-based strategies, with 8–14 active investment approaches across various sources

Assets & Performance

AUM Trend

• ~₹25,100 cr as of May 2025 with over 14,500 clients
• PMS Bazaar cites AUM of ₹18,161.9 cr as of May 2025, with ~11,703 clients
• As of June 2025, Business Today reported ₹17,927.9 cr AUM across eight strategies

Financials (FY 2024)

• Revenue: ₹1,062 cr (↑ ~13.5% YoY)
• EBITDA: ₹470 cr (margin ~38%)
• PAT: ₹403 cr (↑ ~19.9%, margin ~38%)

Market Cap & Valuation

• Share Price: ₹1,535/share
• Implied MCAP: ₹13,900 cr
• Valuation:
  • P/E ~34–45×
  • P/S ~12×
  • P/B ~7–9×

Investment Philosophy & Team

ASK emphasizes value investing through a disciplined process — buying quality businesses at fair prices, with a long-term compounding wealth focus.

Key Personnel

• Sunil Rohokale – CEO & MD
• George Heber Joseph – CIO & Head – Equity
• Fund Managers: Sumit Jain, Sandip Bansal, Chetan Thacker.etc

Strengths, Risks & Outlook

Strengths

• Strong focus on recurring advisory income (~95%), minimal operational risk from broking or lending activities
• High profitability (~38% PAT margin), zero debt, and robust financial health
• Strong industry reputation for long-term equity investing and consistent governance.

Risks

• Experienced client outflows reported in 2024 (loss of ~3,700 PMS clients), leading to AUM decline from ₹25,851 cr to ₹23,952 cr in a few months
• Underperformance of certain strategies relative to benchmarks affected client retention.
• Heavy reliance on affiliated banks for distribution; limited third-party reach could constrain client acquisition

Summary: ASK is a high-margin, annuity-fee PMS firm with deep roots in India's wealth space. While leadership continues in discretionary strategies, focus on distribution and retention is critical for future growth.

Industry Outlook

The Indian PMS industry managed over ₹6.9 lakh crore (June 2025), up from ₹4.8 lakh crore (FY 2021), across 450+ providers.

Growth Drivers

• Rising HNI/UHNI population: 1India’s wealthy class is expanding rapidly, with more than 1.4 million HNIs expected by 2027.
• PMS is preferred for customized, actively managed equity portfolios.
• Investment sophistication: Investors are shifting from mutual funds to PMS for alpha generation, direct ownership, and transparency.
• SEB's reforms have strengthened compliance (e.g., minimum investment of Rs 50lakh, reporting norms), adding credibility
• Onboarding and reporting have become more digital and investor-friendly.
• GIFT City growth: Global investors (NRI, FPI) increasingly use PMS platforms based in GIFT IFSC, enhancing cross-border flows.

Key Trends

• Thematic, concentrated strategies (ESG, small-cap, dividend-yield)
• Evolving fee models (fixed + performance-based)
• Use of AI, analytics in portfolio management
• Rise of AIFs competing for the same investor base

Challenges

• Volatile market underperformance risk
• High churn due to fee sensitivity and short-term expectations
• Limited reach in Tier 2/3 cities
• Small independent distribution network

Conclusion: PMS in India is moving into a mature, high-margin phase powered by wealth creation, digital transformation, and rising investor demand for personalized performance-driven strategies.

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