CRAMC Q2 FY27 Guidance vs Delivery (CRAMC Management Mirror)

FY27 NFO Pipeline Reaffirmed at Two Launches in Sep'26 Qtr; Passives and AIF Launch Guided for Next 6-12 Months

In the Sep'26 Qtr concall, management stated plans to launch a couple of new fund offers, including an equity fund, before the end of Mar'27 subject to regulatory approvals. This reaffirms the guidance issued in the Jun'26 Qtr concall, which targeted approximately two NFO launches during FY27. While management had initially stated in the Mar'26 Qtr concall that there were no near-term plans to launch ETFs or AIFs to avoid diluting overall portfolio yields, this stance was revised in the Jun'26 Qtr to include planned expansions into passive categories and Specialized Investment Funds. Advancing this revised strategy, management now guides that the company is actively evaluating new business verticals including passives, SIFs, AIFs, and GIFT City operations, with plans to select and launch one or two sequentially over the next 6 to 12 months.