NSE: HDFCAMC · BSE: 541729
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Actively managed equity funds, Debt and liquid funds, Alternatives platform, Distribution and other operating income. Asset-light, fee-based asset management; revenue scales with AUM and bps yield per asset class.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,167 | 2,584 | 3,498 | 4,122 |
| EBITDA (ex other income) | 1,617 | 1,957 | 2,792 | 3,295 |
| margin % | 74.6 | 75.7 | 79.8 | 79.9 |
| Owners' profit | 1,423 | 1,943 | 2,460 | 2,858 |
| EPS, as reported (₹) | 66.72 | 91.00 | 115.16 | 66.77 |
| ROE % · ROCE % | 23.3 · — | 27.5 · — | 30.3 · — | 31.0 · — |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 1,149 | 1,615 | 2,075 | 2,528 |
| Capex | (7) | (14) | (40) | (20) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 887 | 935 | 901 | 968 | 1,027 | 1,075 | 1,052 | 1,100 |
| Profit before tax | 858 | 840 | 835 | 986 | 876 | 1,014 | 834 | 1,089 |
| Net profit | 577 | 641 | 638 | 748 | 718 | 769 | 623 | 837 |
| EPS (₹) | 26.99 | 30.02 | 29.87 | 34.95 | 33.58 | 17.97 | 14.54 | 19.53 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ICICI PRUDENTIAL AMC LTD | 1,37,899 | 52.1 | 33.06 | — | 79.1 | — | — | 84.0 |
| HDFC AMC LIMITED ◆ | 98,592 | 26.9 | 10.68 | — | 31.0 | — | — | 101.2 |
| NIPPON L I A M LTD | 59,340 | 36.1 | 12.74 | — | 32.8 | — | 20.6 | 88.4 |
| ADIT BIRL SUN LIF AMC LTD | 25,131 | 24.9 | 6.22 | — | 24.1 | — | — | 90.7 |
| UTI ASSET MNGMT CO LTD | 10,604 | 23.0 | 2.35 | — | 10.5 | — | 7.8 | 65.9 |
| CANARA ROBECO AMC LIMITED | 4,155 | 14.9 | 5.57 | — | 27.3 | 35.9 | — | 88.2 |
| SHRIRAM ASSET MANAGEMENT CO.LT | 425 | — | 2.79 | — | (13.3) | — | — | (370.7) |
| IL&FS INVESTMENT MANAGERS | 239 | 47.5 | 1.13 | — | 2.3 | — | 3.5 | 36.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.9 | 26.9 | 4 of 7 | 50% |
| P/B | 10.7 | 5.9 | 6 of 8 | 29% |
| ROE | 31.0 | 25.7 | 3 of 8 | 71% |
| EBITDA margin | 101.2 | 86.1 | 1 of 8 | 100% |
| Revenue growth | 13.6 | 20.0 | 4 of 6 | 40% |
| Profit growth | 12.0 | 13.9 | 4 of 6 | 40% |
| Market cap | 98592 | 17868 | 2 of 8 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · HDFC AMC allots 17,980 shares under ESOP schemes | capital market events | low | — | — |
| 21 Oct 2026 · HDFC AMC Q2 FY27 earnings call: AUM rises 10% YoY to Rs 9.69 trillion | investor communications | medium | — | — |
| 16 Oct 2026 · HDFC AMC schedules non-deal roadshow in Singapore from Oct 26 to 29 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Newspaper publication of Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 15 Oct 2026 · HDFC AMC shares link to Q2 FY27 earnings call recording | investor communications | low | — | — |
| 15 Oct 2026 · HDFC AMC Q2 FY27 Results: PAT up 4% at Rs 7,499 mn, AUM at Rs 9.69 trn | investor communications | medium | — | — |
| 15 Oct 2026 · HDFC AMC Q2 FY27 results: PAT at Rs 749.81 Cr, revenue up 14% YoY | results | high | — | — |
| 15 Oct 2026 · HDFC AMC grants 68,850 stock options and PSUs to employees | capital market events | medium | — | — |
| 1 Oct 2026 · HDFC AMC to host Q2 FY27 results call on Oct 15, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Board meeting on Oct 15 to approve Q2 and H1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.