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HDFC Asset Management Co. Ltd.
(HDFCAMC)
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Rating:77Outperform
Price Target:
₹2,588.00
▲(3.28% Upside)
Action:Reiterated
Date:10/15/26
Strong overall score driven primarily by excellent financial strength (high profitability, near-zero leverage, and cash flows that closely support earnings) and a mostly constructive earnings narrative around AUM/revenue growth and product expansion. The main drag is weak technical momentum with the stock trading below key moving averages and negative MACD; valuation is reasonable but not clearly cheap given the ~26.8 P/E.
Positive Factors
Strong revenue and profit growth
Double-digit revenue and operating-profit growth indicates that the franchise is converting expanding assets and investment demand into earnings. Continued operating leverage and a large recurring fee base can support durable profitability over the next several quarters.
Negative Factors
Debt-fund outflows
Debt-fund outflows can pressure asset levels and fee income in a meaningful product category, particularly when investors rotate toward liquid funds or other vehicles. Persistent allocation weakness would make revenue growth more dependent on equity markets and equity-oriented inflows.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profit growth
Double-digit revenue and operating-profit growth indicates that the franchise is converting expanding assets and investment demand into earnings. Continued operating leverage and a large recurring fee base can support durable profitability over the next several quarters.
Read all positive factors
HDFC Asset Management Co. Ltd. (HDFCAMC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹989.40B
Dividend Yield2.34%
Average Volume (3M)45.28K
Price to Earnings (P/E)33.2
Beta (1Y)1.59
Revenue Growth11.96%
EPS Growth8.24%
CountryIN
Employees1,713
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)69.50
Shares Outstanding429,091,370
10 Day Avg. Volume66,919
30 Day Avg. Volume45,280
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
₹2,970.00Price Target Upside18.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)75.04
Revenue Forecast (FY)₹49.45B
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 primarily earns revenue by managing assets on behalf of investors and charging fees tied to the assets it manages and the services it provides.
1) Management fees (primary revenue stream): The company manages mutual fund schemes and earns...
HDFC Asset Management Co. Ltd. Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 20, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, supported by 10% year-on-year AUM growth, 14% revenue growth, 16% operating profit growth, record SIP contributions, a growing investor base, resilient SIP market share and continued expansion across AIF, PMS, SIF, passive and international products. The main challenges were the roughly 5% market decline, INR 607 billion of debt mutual fund outflows, temporary STP softness, some market-share pressure in hybrid categories, lower blended equity yield versus a cited peer and currently small non-mutual-fund revenue. Overall, the highlights significantly outweighed the lowlights.Positive Updates
Resilient SIP and Equity Fund Industry Flows
Equity-oriented funds attracted net inflows of INR 1.161 trillion during the quarter, marking the 67th consecutive month of positive equity flows. Monthly SIP contributions reached a new high of INR 325 billion in September, compared with INR 294 billion a year ago and INR 318 billion in June 2026. Contributing SIP accounts crossed 100 million, and monthly SIP contributions have multiplied almost 10x over the last decade.
Negative Updates
Market Correction During the Quarter
The Nifty 50 gained about 2% in July, declined modestly in August and experienced a sharper 6% correction in September. Overall markets ended the quarter down around 5%.
Read all updates
Q2-2027 Updates
Positive
Negative
Resilient SIP and Equity Fund Industry Flows
Equity-oriented funds attracted net inflows of INR 1.161 trillion during the quarter, marking the 67th consecutive month of positive equity flows. Monthly SIP contributions reached a new high of INR 325 billion in September, compared with INR 294 billion a year ago and INR 318 billion in June 2026. Contributing SIP accounts crossed 100 million, and monthly SIP contributions have multiplied almost 10x over the last decade.
Read all positive updates
Company Guidance
Management said it does not give guidance on when the alternate business will reach INR 100 crore of revenues; AIF fees are in the range of 80 basis points-90 basis points, depending on the product, and the company is anticipating first close for its Category 2 equity fund in this quarter. Regular operating expenses should be inflation linked and in line with the growth in the business, while the company will continue to invest in people, technology and distribution. It expects a couple of SIF product launches over the next few quarters, said the non-cash expense for ESOP cost for the full year FY 2027 would be around INR 79 crore-INR 80 crore, and said it will continue to keep growing its GIFT City strategies and launching products as demand, capability and market opportunities develop.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 | 45.50B | 45.90B | 34.98B | 25.84B | 21.67B | 21.15B |
| Gross Profit | 41.83B | 44.22B | 31.42B | 22.88B | 19.01B | 18.60B |
| EBITDA | 39.99B | 37.82B | 33.54B | 25.36B | 19.33B | 19.18B |
| Net Income | 29.78B | 28.58B | 24.60B | 19.43B | 14.23B | 13.93B |
Balance Sheet | ||||||
| Total Assets | 94.02B | 99.91B | 87.59B | 75.53B | 65.39B | 58.80B |
| Cash, Cash Equivalents and Short-Term Investments | 450.70M | 547.40M | 20.95B | 390.60M | 11.31B | 13.47B |
| Total Debt | 2.97B | 2.18B | 0.00 | 1.25B | 1.30B | 1.10B |
| Total Liabilities | 7.84B | 7.41B | 6.21B | 4.79B | 4.28B | 3.50B |
| Stockholders Equity | 86.18B | 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. Technical Analysis
Negative
2505.70
Price Trends
2406.30
Negative
2508.12
Negative
2531.59
Negative
Market Momentum
-27.18
Negative
46.59
Neutral
42.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HDFCAMC, the sentiment is Negative. The current price of 2505.7 is above the 20-day moving average (MA) of 2309.94, above the 50-day MA of 2406.30, and below the 200-day MA of 2531.59, indicating a bearish trend. The MACD of -27.18 indicates Negative momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 42.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HDFCAMC.
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 |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹989.40B | 33.23 | ― | 2.34% | 11.96% | 8.24% | |
77 Outperform | ₹579.24B | 35.71 | ― | 2.44% | 22.78% | 20.44% | |
72 Outperform | ₹104.07B | 21.67 | ― | 10.87% | -1.49% | -18.64% | |
68 Neutral | ₹232.93B | 23.53 | ― | 3.17% | 4.05% | 1.49% | |
66 Neutral | ₹322.18B | 29.08 | ― | 1.60% | 13.03% | 3.59% | |
59 Neutral | ₹401.12B | 32.08 | ― | 1.37% | 24.87% | 7.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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HDFC Asset Management Co. Ltd. Corporate Events
HDFC AMC Discloses Independently Assigned ESG Rating
Sep 18, 2026
HDFC Asset Management Company Limited disclosed that Niche Ninety Nine Capability and Certifications (OPC) Private Limited has independently assigned it an ESG rating of 78.72, based on publicly available information. The company clarified that it...
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.