Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct
Source: Bse
HDFC Asset Management Company Limited (HDFCAMC)
Large CapFinancial Services stocks · Large cap · NSE
HDFC Asset Management Company Limited is an investment manager to HDFC Mutual Fund offering a comprehensive suite of savings and investment products including mutual funds, PMS, and AIFs, backed by 17.7 million unique investors and 32.3 million live accounts as of September 30, 2026.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 02:40 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -6.6% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 49
Sector 3M: -5.1% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HDFCAMCD candles · FIT view-17.6%Latest close ₹2273.20 on 2026-10-22
Bar
-1.5%
RSI
42
MACD hist
7.24
52W pos
10%
2026-10-22O ₹2308.00H ₹2308.00L ₹2258.00C ₹2273.20Vol 11.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HDFCAMCNifty Financial ServicesNifty 500
- HDFCAMC
- -10.7%
- Nifty 500
- -6.2%
- Nifty Financial Services
- -5.8%
- Vs Nifty 500
- -4.5 pp
Chart stats
22 Oct 2026- From 52W high
- -23.4%
- 52W range position
- 9%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.36x
- Avg traded value
- ₹202 Cr
- 20D price channel
- ₹2,223.3 - ₹2,458.7
₹2,967.3
₹2,205.6 - ₹2,967.3
₹66.3
Latest completed session
20-session average
35.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +13.9% · PAT +4.3% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model-35.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 55/100Rev +14% YoY · PAT +4% YoY · margin expansion · +6% QoQ
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,170.2 Cr | +13.9% | +6.4% |
| EBITDA | ₹929.9 Cr | +16.1% | +9.3% |
| Operating margin | 79.5% | +146 bps | +213 bps |
| PAT | ₹748.7 Cr | +4.3% | -10.6% |
| PAT margin | 64.0% | -593 bps | -1214 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.56
- P/B
- 10.60
- EV/EBITDA
- 28.37
- Market Cap
- 102919.13Cr
Profitability
- ROE
- 32.90%
- ROCE
- 42.90%
- ROA
- 29.51%
- Dividend Y
- 2.37%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 240.93×
- Altman Z
- 9.14
- Book Value
- 215.00
Cash Flow
- FCF Yield
- 1.97%
- FCF Positive Y
- 3/5
- OCF
- 2528.00 Cr
- EPS TTM
- 69.40
Shareholding
- Promoter Hold
- 52.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,170+6.4% vs prev
Net Profit
₹ CrLatest: 749-10.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
-6.5%
3M return
-10.7%
6M return
-16.9%
1Y return
-15.3%
RS 1D
-1
RS 20D
+4
Sector rank
#10
Industry rank
#16
Stage evidence
- Price is 11.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 84.74-1.02%
RS vs Nifty 50085
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth12/25
Quality20/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -35.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
34.6
PB
10.6
EV/EBITDA
28.4
ROE
32.9%
ROCE
42.9%
FCF Yield
2.0%
Debt/Equity
0.0
MoS
-35.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-35.9%
Previous: -38.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹579.42
-292.3% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹1,672.54
-35.9% MoS
PEG
2.40
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UTIAMC
Large
UTI Asset Management Company Limited
NBFC / Capital Markets / Insurance
match 149
33
21.0
10.3%
-255%
WATCHLIST
RECLTD
Large
REC Limited
NBFC / Capital Markets / Insurance
match 130
60
5.1
20.1%
+81%
UNDERVALUED
CHOLAFIN
Large
Cholamandalam Investment and Finance Company Limited
NBFC / Capital Markets / Insurance
match 127
33
23.2
19.4%
+12%
WATCHLIST
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 127
39
69.8
1.2%
-159%
WATCHLIST
TATACAP
Large
Tata Capital Limited
NBFC / Capital Markets / Insurance
match 126
22
25.1
12.4%
+5%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T03:41:05.459Z
Management commentary snapshot
HDFC AMC reports Q2 FY27 Profit After Tax of ₹7,499 million, up 4% YoY, driven by a 14% increase in revenue from operations and 16% growth in operating profit from core AM business.
The core investment thesis remains intact with steady market share retention in actively managed equity-oriented funds at 12.7% and robust systematic transactions growth reaching 18.9 million in September 2026. Operating margins remain stable at 36 bps of AAUM, validating pricing power.
Current business mix
Quarterly Average AUM by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Equity-oriented67.1%
Debt-oriented16.7%
Liquid8.9%
Others7.3%
Growth engines
Systematic Transactions Momentum
POSITIVEProcessed 18.9 million systematic transactions with a value of ₹48.0 billion during the month of September 2026.
Individual Investor Preference
POSITIVEIndividual MAAUM accounts for 69.9% of total MAAUM, with live individual accounts growing to 6.73 million.
Digital Platform Adoption
POSITIVE98% of total transactions in H1 FY27 were executed digitally, alongside a faster onboarding journey and deep payment app links.
Tailwinds
Industry SIP Inflows
POSITIVEIndustry SIP contribution reached ₹325 billion in September 2026 with SIP AUM scaling to ₹17.9 trillion.
Retail Financialization
POSITIVEIndividual investors and B-30 locations continue to expand, with industry individual MAAUM reaching ₹53.2 trillion.
Risk radar
Cybersecurity Incident
MONITORA cybersecurity incident occurred on May 16, 2026, though management states it has had no material impact on financial results.
Volatility in Other Income
CAUTIONOther income declined by 26% YoY in Q2 FY27 to ₹709 million compared to ₹959 million in Q2 FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ metrics are valuable. YoY comparison highlights structural growth in AUM and operating profit, while QoQ comparison captures sequential momentum in revenue and core operating margins.
Sector KPIs management disclosed
Total QAAUM
POSITIVETotal QAAUM stood at ₹9,691 billion for the quarter ended September 30, 2026, up 10% YoY.
Actively Managed Equity-oriented QAAUM
POSITIVEActively managed equity-oriented QAAUM reached ₹6,085 billion as of September 30, 2026, growing 14% YoY with a market share of 12.7%.
Operating Margin
STABLEOperating margin was 36 bps of AAUM for Q2 FY27 compared to 35 bps in Q1 FY27.
Product Mix (Equity vs Non-Equity)
POSITIVEThe ratio of equity to non-equity oriented QAAUM is 67:33 for HDFC MF compared to the industry ratio of 58:42 for Q2 FY27.
Management forward view
Long-Term Retail Engagement
POSITIVEManagement emphasizes that individual customers prefer equity-oriented schemes and stay invested for longer periods.
Robust IT and Security Enhancement
NEUTRALThe company engaged specialist firms following the May 2026 cyber incident to strengthen its IT infrastructure and security controls.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Equity QAAUM Market Share | 12.7% | Sustained market share in actively managed equity-oriented funds amidst passive competition. |
| Digital Transaction Share | 98% in H1 FY27 | Continuation of high digital adoption rates and app engagement metrics. |
| Systematic Transactions | 18.9 million per month | Month-on-month stability and growth in SIP/STP inflows. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookpartially deliveredquantified
HDFCAMC will continue efforts to maintain its operating margins within the 33 to 36 basis point band.
Timeframe: ongoingDirection: maintainConfidence: we continue to work hard
"we continue to work hard to maintain margins within this band."
Outcome check: OPM moved from 82.0% to average 80.0% (-2.0 pp).
market share expansionnot yet verifiable
HDFCAMC aims to gradually build its PMS business across fixed income and equity, covering both discretionary and non-discretionary segments.
Timeframe: ongoingDirection: build that graduallyConfidence: we would like to build that gradually
"we would like to build that gradually"
project executionnot yet verifiable
HDFCAMC will soon launch a second private equity and venture capital fund and will engage with large global institutional clients for it.
Timeframe: soonDirection: launchingConfidence: we would soon be coming with the second fund
"we would soon be coming with the second fund"
sector recoverynot yet verifiable
The overall industry is expected to experience strong growth for the next several years.
Timeframe: next several yearsDirection: growthConfidence: very optimistic
"I feel very optimistic on the overall industry growth for next several years."
Trust Score
82Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 94th percentile of the scored universe and 96th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
162 docs text-extracted · 61 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Financial Services: 96th pctile, median 62 · Large: 86th pctile, median 73
Evidence depth
Financial-only
162 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸Debt/equity is 0.00.
- ▸ROCE is 42.9%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HDFC Asset Management Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Oct - Intimation of Investor/analyst meeting/conference - Schedule of Meet - Non-deal roadshow
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Sep - Allotment of Equity shares pursuant to Employee Stock Option Scheme
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 Aug - Allotment of Equity Shares pursuant to Employee Stock Options Scheme
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 Jul - Allotment of Equity Shares pursuant to Employee Stock Options Schemes
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jun
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 1 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.