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HDFC Asset Management Co. Ltd.
(HDFCAMC)
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Rating:78Outperform
Price Target:
₹2,918.00
▲(16.45% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by excellent fundamentals—strong growth, high profitability, very low leverage, and cash flows that closely support earnings. Offsetting this, technical indicators point to weaker near-term momentum and the valuation appears premium (P/E ~30.6), though the ~2.06% dividend yield provides some support.
Positive Factors
Strong Revenue Growth
Multi-year AUM and revenue acceleration—FY2026 +25.2% YoY—indicates durable demand and effective distribution. For an asset manager, recurring fee income scales with AUM, so sustained top-line growth supports operating leverage, higher earnings potential and long-term profitability expansion.
Negative Factors
Net Margin Compression
Observed net margin compression in FY2026 relative to FY2024–FY2025 suggests rising costs or fee pressure. If this trend persists—driven by a shift to lower-fee AUM, higher distribution payouts, or cost inflation—it would meaningfully erode the firm’s high earnings power and reduce funds available for returns or reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Multi-year AUM and revenue acceleration—FY2026 +25.2% YoY—indicates durable demand and effective distribution. For an asset manager, recurring fee income scales with AUM, so sustained top-line growth supports operating leverage, higher earnings potential and long-term profitability expansion.
Read all positive factors
HDFC Asset Management Co. Ltd. (HDFCAMC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.04T
Dividend Yield2.22%
Average Volume (3M)75.20K
Price to Earnings (P/E)28.4
Beta (1Y)1.52
Revenue Growth10.92%
EPS Growth12.99%
CountryIN
Employees1,713
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)85.62
Shares Outstanding428,810,550
10 Day Avg. Volume100,329
30 Day Avg. Volume75,203
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)10.28
Price to Sales (P/S)20.67
P/FCF Ratio37.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹3,127.50Price Target Upside24.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)76.12
Revenue Forecast (FY)₹49.31B
HDFC Asset Management Co. Ltd. Business Overview & Revenue Model
Company Description
HDFC Asset Management Company Limited is a publicly traded investment management firm specializing in creating and overseeing a diverse range of investment products. For its clientele, the company develops and administers mutual funds spanning equ...
How the Company Makes Money
HDFCAMC earns revenue mainly by managing assets on behalf of investors in HDFC Mutual Fund schemes and charging fees tied to those assets. The core revenue stream is management fees (often referred to as investment management/advisory and other re...
HDFC Asset Management Co. Ltd. Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.32B | 45.90B | 34.98B | 25.84B | 21.67B | 21.15B |
| Gross Profit | 40.91B | 44.22B | 31.42B | 22.88B | 19.01B | 18.60B |
| EBITDA | 38.96B | 37.82B | 33.54B | 25.36B | 19.33B | 19.18B |
| Net Income | 29.48B | 28.58B | 24.60B | 19.43B | 14.23B | 13.93B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 99.91B | 87.59B | 75.53B | 65.39B | 58.80B |
| Cash, Cash Equivalents and Short-Term Investments | 91.69B | 547.40M | 20.95B | 390.60M | 11.31B | 13.47B |
| Total Debt | 0.00 | 2.18B | 0.00 | 1.25B | 1.30B | 1.10B |
| Total Liabilities | -92.29B | 7.41B | 6.21B | 4.79B | 4.28B | 3.50B |
| Stockholders Equity | 92.29B | 92.29B | 81.30B | 70.75B | 61.08B | 55.30B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 25.48B | 20.30B | 15.96B | 11.35B | 12.44B |
| Operating Cash Flow | 0.00 | 25.70B | 20.75B | 16.15B | 11.49B | 12.54B |
| Investing Cash Flow | 0.00 | -6.86B | -5.98B | -5.42B | -2.17B | -5.08B |
| Financing Cash Flow | 0.00 | -18.86B | -14.75B | -10.66B | -9.30B | -7.46B |
HDFC Asset Management Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹1.04T | 28.43 | ― | 2.22% | 10.92% | 12.99% | |
77 Outperform | ₹745.92B | 46.13 | ― | 1.81% | 18.20% | 20.56% | |
72 Outperform | ₹115.73B | 25.65 | ― | 9.56% | -6.59% | -35.75% | |
71 Outperform | ₹308.30B | 31.20 | ― | 2.34% | 2.41% | 3.48% | |
62 Neutral | ₹328.68B | 29.45 | ― | 1.60% | 13.03% | 3.59% | |
58 Neutral | ₹446.79B | 35.17 | ― | 1.09% | 28.01% | 12.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.