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Model Note · HDFC AMC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HDFC AMC LIMITED Discounted cash flow · base FY26
HDFC AMC LIMITED
Value per share, this model₹1,738
CMP 2026-09-10₹2,403.90
Difference(27.7)%
Growth the CMP implies26.6%/yr
This note states the assumptions and the arithmetic of one model of HDFC AMC LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
18% a year
FY26 17.8% · 5-yr CAGR —%
EBITDA margin
79.9%
FY26 79.9% · 5-yr average 77.5%
Depreciation · capex, % of revenue
1.8% · 0.5%, fading to 1.2× depreciation
FY26 1.8% · 0.5%
Working capital, % of added revenue · tax
0% · 22.9%
0 working-capital days · effective 22.9%
Discount rate
11.00%
1-yr beta 1.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(12) · ₹0 · ₹0 cr
FY26 net debt ₹(12) cr
Shares
42.87 crore
42.87 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4,122
4,864
5,740
6,773
7,992
9,431
growth %
17.8
18.0
18.0
18.0
18.0
18.0
EBITDA
3,295
3,886
4,586
5,411
6,386
7,535
Depreciation
(73)
(88)
(103)
(122)
(144)
(170)
NOPAT
2,484
2,929
3,456
4,078
4,812
5,679
less capex
(20)
(24)
(53)
(90)
(139)
(204)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2,992
3,507
4,110
4,817
5,645
Present value
2,840
2,999
3,166
3,343
3,529
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · HDFC AMC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
15,877
PV of the terminal value (79% of EV)
58,622
Enterprise value
74,499
less net debt
12
less non-controlling interest
0
add non-operating investments
0
Equity value
74,511
÷ 42.87 crore shares
₹1,738
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,797
1,933
2,097
2,296
2,546
10.5%
1,654
1,767
1,901
2,062
2,258
11.0%
1,532
1,627
1,738
1,870
2,027
11.5%
1,426
1,507
1,601
1,710
1,839
12.0%
1,333
1,403
1,483
1,575
1,682
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
