HDFC Asset Management Company Limited (HDFCAMC)
Large CapFinancial Services stocks · Large cap · NSE
HDFC Asset Management Company Limited (HDFCAMC) is Investment Manager to HDFC Mutual Fund, one of India's largest mutual funds with ₹9.32 trillion closing AUM as of June 30, 2026. It offers mutual funds, PMS, and AIFs, serving 17.1 million unique investors across 280 offices and 110k+ distribution partners, with ~98% pincode reach.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +14% YoY · PAT +12% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,100 Cr | +13.6% | +4.6% |
| EBITDA | ₹850 Cr | +10.0% | +0.6% |
| Operating margin | 77.0% | -300 bps | -300 bps |
| PAT | ₹837 Cr | +11.9% | +34.4% |
| PAT margin | 76.1% | -118 bps | +1687 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
HDFCAMC reported Q1 FY27 PAT of ₹8,383 million, up 12% YoY, and Revenue from Operations of ₹10,985 million, up 14% YoY. Operating Profit from core AM business increased 10% YoY to ₹8,276 million, reflecting strong growth in AUM and operational efficiency.
HDFCAMC demonstrated robust Q1 FY27 performance with double-digit YoY growth in PAT, revenue, and operating profit, driven by strong AUM expansion. Its market leadership in actively managed equity and focus on individual investors and B-30 cities are key strengths, despite a slight QoQ dip in debt AUM.
Quarterly Average AUM by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Actively Managed Equity
Actively managed equity-oriented QAAUM grew 16% YoY to ₹5,740 billion, maintaining a 12.8% market share.
Individual Investor Focus
Individual MAAUM constitutes 69% of total AUM, significantly higher than the industry average of 61%, indicating strong retail penetration.
Systematic Transactions
SIP AUM reached ₹2,332 billion, with 17.2 million systematic transactions valued at ₹48.1 billion processed in June 2026.
Digital Adoption
98% of transactions in Q1 FY27 were executed digitally, enhancing efficiency and customer reach.
Industry AUM Growth
Overall industry QAAUM grew 15% YoY, with equity AUM up 16% YoY, providing a favorable market backdrop.
SIP Contribution Growth
Industry SIP contribution increased to ₹318 billion in June 2026 from ₹273 billion in June 2025, indicating sustained retail inflows.
B-30 Market Penetration
HDFC AMC has an 11.8% market share in beyond the top 30 (B-30) cities, supported by 196 offices in these locations.
Debt AUM Decline
Debt QAAUM decreased 3% YoY and 6% QoQ to ₹1,658 billion.
Cyber-security Incident
A cyber-security incident occurred on May 16, 2026, requiring system strengthening, though management states no material financial impact.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing long-term growth and seasonal trends in AUM and profitability. QoQ comparison provides insight into sequential momentum, particularly in AUM flows and operational efficiency.
Quarterly Average AUM (QAAUM)
Overall QAAUM was ₹9,351 billion, up 13% YoY and 1% QoQ.
Actively Managed Equity-oriented QAAUM
Actively managed equity-oriented QAAUM was ₹5,740 billion, up 16% YoY and 1% QoQ.
Market Share (Overall QAAUM)
Market share in overall QAAUM of the mutual fund industry was 11.2% for Q1 FY27.
Market Share (Actively Managed Equity-oriented QAAUM)
Market share in actively managed equity-oriented QAAUM was 12.8% for Q1 FY27.
Digital Innovation
Driving innovation with AI Chatbot, 24*7 WhatsApp statements, and enhanced security for mobile apps and corporate website.
ESG Integration
ESG mission to create sustainable wealth for every stakeholder by focusing on People, Planet, and Prosperity.
Alternatives Expansion
Launched HDFC AMC Select Opportunities Fund (CAT II) and received approval for HDFC AMC Emerging Opportunities Fund-I (CAT III).
Financial Literacy Initiatives
Engaging in initiatives like 'Barni Se Azadi', 'Mission Samriddhi', and 'Bharosa' to promote financial independence and knowledge.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall QAAUM Growth | 13% YoY | Sustained double-digit YoY growth and market share stability. |
| Actively Managed Equity AUM Growth | 16% YoY | Continued outperformance relative to passive funds and the broader industry. |
| Operating Margin | 35 bps | Stability or improvement, especially given rising employee benefit and other expenses. |
| B-30 AUM Contribution | 19.6% | Increasing share from B-30 locations as a driver of new customer acquisition. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
HDFCAMC will continue efforts to maintain its operating margins within the 33 to 36 basis point band.
"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).
HDFCAMC aims to gradually build its PMS business across fixed income and equity, covering both discretionary and non-discretionary segments.
"we would like to build that gradually"
HDFCAMC will soon launch a second private equity and venture capital fund and will engage with large global institutional clients for it.
"we would soon be coming with the second fund"
The overall industry is expected to experience strong growth for the next several years.
"I feel very optimistic on the overall industry growth for next several years."
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -1.1% / mo · MACD − · near 52W low
Technical chart
HDFCAMCdaily · 1Y · AUTO-3.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.2% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 59% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 5.8% of the 30-week proxy.
- The 30-week proxy changed +0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -48.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 96th pctile, median 62 · Large: 86th pctile, median 73
141 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 35.80
- P/B
- 11.43
- EV/EBITDA
- 30.56
- Market Cap
- 105414.00Cr
Profitability
- ROE
- 32.90%
- ROCE
- 42.90%
- ROA
- 29.51%
- Dividend Y
- 2.20%
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
- 1.83%
- FCF Positive Y
- 3/5
- OCF
- 2528.00 Cr
- EPS TTM
- 68.81
Shareholding
- Promoter Hold
- 52.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.