HDFC AMC LIMITED

Manages pooled mutual fund portfolios for Indian investors and charges fees as a percentage of assets under management (AUM). In Q1 FY27, quarterly average AUM stood at ₹9.35 trn with an 11.2% share of the industry mutual fund market (12.4% excluding ETFs); equity-oriented funds made up 65.7% of AUM versus 56.6% for the industry, with actively managed equity AUM of ₹5.74 trn. The customer base spans 16.7 million unique investors across 30 million total folios, with new investor acquisition running heavily through a fintech distribution channel that registered 8.6 million systematic investment plans (SIPs) in the quarter. Alongside the core equity, debt and liquid fund business, an alternatives platform manages ₹148 bn (up from ₹60 bn a year earlier), spanning a private credit fund and a newly seeded VC/PE fund; a first Specialized Investment Fund (SIF) has also been approved. For FY26, revenue from operations was ₹41.2 bn and PAT was ₹28.6 bn; FY27 opened with the regulator's shift from TER to BER on 1 April 2026, with management maintaining an operating margin corridor of 33–35 bps of AUM. The cost base is dominated by employee expenses at 11.7% of revenue and other operating expenses at 8.2%; there is no materials input.