HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹704.90 last close on 12 Oct 2026 −0.33%
Research updated
HDFC Asset Management Co. Ltd.
NSE: HDFCAMCFinancial ServicesAsset Management
- Last close
- ₹2,289.70
- Day change
- +₹27.20 (+1.20%)vs
- Market cap
- ₹98,245 crIndian rupees
- Research updated
- 1 report
About HDFC Asset Management Co.
HDFC Asset Management Co. Ltd. is a prominent player in India's mutual fund industry, providing investment solutions across various asset classes. Its primary function is to offer a diverse range of mutual fund schemes including equities, fixed income, and hybrid funds, catering to retail, corporate and institutional investors. With a strong focus on delivering consistent long-term performance, HDFC AMC emphasizes research-driven portfolio management and prudent risk management strategies. This asset management company significantly impacts the financial sector by facilitating capital formation and promoting financial inclusion. With widespread distribution networks and partnerships, HDFC AMC helps channel domestic savings into productive investment areas, thereby playing a critical role in economic growth. As part of the HDFC Group, it benefits from a strong brand presence and trust, further enhancing its influence in the financial markets.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: HDFCAMC
- Chief executive
- Mr. Navneet Munot CFA
- Employees
- 1,713
- Headquarters
- Mumbai, India
- ISIN
- INE127D01025
- Website
- hdfcfund.com
Public research · Report of
Business model & financial foundation
HDFC AMC (NSE: HDFCAMC), Asset management (mutual funds, PMS, AIF): revenue of ₹4,122 crore in FY26 (+17.8% on FY25), an EBITDA margin of 79.9% and net profit of ₹2,858 crore.
- Revenue, FY26 (₹ crore)
- 4,122
- consolidated
- Revenue growth, FY26
- +17.8%
- on FY25
- EBITDA margin, FY26
- 79.9%
- EBITDA (revenue less fee&commission, employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 2,858
- to owners
- Return on equity, FY26
- 32.9%
- on average equity
- Market capitalisation (₹ crore)
- 1,04,630
- at the close of 12 Oct 2026
Company profile
HDFC AMC is the investment manager of HDFC Mutual Fund, India's second-largest fund house by quarterly average AUM (Rs 9.35 lakh crore in Q1 FY27, 11.2% share), with two-thirds of AUM in equity-oriented schemes. It earns management fees as a percentage of AUM (about 46 bps of AAUM) and converts about 35 bps into operating profit; it also runs PMS, AIF and GIFT City offshore funds. HDFC Bank owns 52.3%.
| Item | Value |
|---|---|
| Legal name | HDFC Asset Management Company Limited |
| Exchange and ticker | NSE: HDFCAMC; BSE: 541729 |
| ISIN | INE127D01025 |
| Sector | Financial Services |
| Industry | Asset management (mutual funds, PMS, AIF) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹1,04,630 crore (12 Oct 2026) |
| Shares outstanding | 42.80 crore shares (FY26) |
| Price | ₹2,263 (close, 12 Oct 2026) |
| 52-week range | ₹2,206 - ₹2,967 (to 12 Oct 2026) |
| Website | https://www.hdfcfund.com |
Corporate structure and shareholding
Parent: HDFC Bank Limited (52.37% at 31 Mar 2026).
| Entity | Holding | Business |
|---|---|---|
| HDFC AMC International (IFSC) Limited | 100% | GIFT City investment manager, sponsor of GIFT AIFs and PMS provider |
abrdn (former co-promoter) sold its entire stake in June 2023; HDFC Bank became the parent after the HDFC Ltd merger.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 52.42% | 52.38% | 52.37% | 52.34% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 24.69% | 23.99% | 24.45% | 24.10% |
| Domestic institutions | 14.13% | 14.89% | 14.43% | 14.76% |
| of which mutual funds | 8.58% | 8.86% | 8.44% | 8.50% |
| Retail | 8.75% | 8.73% | 8.75% | 8.80% |
| Other | 0.01% | 0.01% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
HDFC AMC manages HDFC Mutual Fund, no. 2 in India by QAAUM (9,35,100 cr in Q1 FY27, 11.2% share). It earns a fee on AUM inside SEBI's expense-ratio caps, now a base expense ratio (BER) since 1 Apr 2026. Revenue from operations ran 45-47 bps of QAAUM over FY24-Q1 FY27, and core operating profit about 35 bps. Equity-oriented schemes are 65.7% of QAAUM and earn ~58 bps, against debt at 28 bps and liquid at 13 bps (Q1 FY27 call). Individuals contribute 69% of MAAUM. A treasury book of ~9,360 cr (91% MF units) earns the other income. The company controls product, performance and brand. It does not control market levels, which drive roughly half of AUM moves, or SEBI fee caps. HDFC Bank is the 52.3% parent and a distributor.
| Peer | Why the dossier compares them |
|---|---|
| ICICI Prudential Asset Management Company (ICICIAMC) | Largest MF AUM competitor, listed Dec 2025; same fee economics |
| Nippon Life India Asset Management (NAM-INDIA) | Listed large AMC with equity-heavy retail book and ETF franchise |
| Aditya Birla Sun Life AMC (ABSLAMC) | Listed bank/group-backed AMC, top-10 by AUM |
| UTI Asset Management (UTIAMC) | Listed AMC, slower growth, lower margin benchmark |
| Canara Robeco Asset Management (CRAMC) | Listed equity-focused mid-size AMC (2025 IPO) |
| 360 ONE WAM (360ONE) | Listed wealth and alternatives manager, the segment HDFC AMC is building into |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,115 | 2,167 | 2,584 | 3,498 | 4,122 |
| Cost of revenue (vendor classification) * | 257.7 | 271.6 | 302.3 | 356.5 | 398.7 |
| Other operating costs (vendor classification) * | 178.8 | 221.3 | 259.4 | 296.5 | 325.1 |
| EBITDA (vendor classification) * | 1,638 | 1,652 | 1,989 | 2,822 | 3,342 |
| EBIT * | 1,864 | 1,880 | 2,484 | 3,295 | 3,722 |
| Finance costs | 8.64 | 9.69 | 9.09 | 9.41 | 13.3 |
| Profit before tax | 1,855 | 1,870 | 2,475 | 3,286 | 3,709 |
| Total tax expense | 462.2 | 446.7 | 532.3 | 825.4 | 851.1 |
| Profit after tax (all to owners; no NCI) | 1,393 | 1,423 | 1,943 | 2,460 | 2,858 |
| Diluted EPS (INR, bonus-adjusted) | 65.31 | 66.71 | 90.89 | 57.38 | 66.50 |
| Fees and commission expenses | 2.48 | 4.06 | 8.16 | ||
| Employee benefits expense (incl. non-cash ESOP/PSU) | 354.1 | 389.4 | 482.1 | ||
| Other expenses | 270.4 | 313.2 | 336.5 | ||
| EBITDA (revenue less fee&commission, employee and other expenses) | 1,957 | 2,792 | 3,295 | ||
| Other income | 579.0 | 561.7 | 500.0 | ||
| Depreciation, amortisation and impairment | 52.3 | 58.5 | 72.9 | ||
| Non-cash ESOP/PSU charge within employee cost | 47.1 | 22.5 | 69.2 | ||
| Employee cost excluding non-cash ESOP/PSU charge | 307.0 | 366.9 | 412.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 5,530 | 6,108 | 7,075 | 8,130 | 9,229 |
| Cash and cash equivalents * | 1.87 | 4.46 | 10.3 | 12.1 | 11.6 |
| Trade receivables * | 74.5 | 183.7 | 93.3 | 133.7 | 158.6 |
| Trade payables * | 29.2 | 34.5 | 39.0 | 40.1 | 47.4 |
| Net property, plant and equipment * | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 |
| Total assets * | 5,880 | 6,536 | 7,554 | 8,751 | 9,991 |
| Borrowings * | 109.6 | 130.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 1,919 | 1,811 | 2,656 | 3,275 | 2,528 |
| Free cash flow (vendor definition) * | 1,244 | 1,135 | 1,596 | 2,030 | 2,505 |
| Dividends paid (the provider's sign: an outflow is negative) * | -724.4 | -895.9 | -1,025 | -1,495 | -1,925 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -10.2 | -14.0 | -19.0 | -44.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 21.31 | 21.33 | 21.35 | 42.73 | 42.80 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 887.2 | 934.6 | 901.4 | 968.2 | 1,027 | 1,075 | 1,052 | 1,100 |
| Cost of revenue (vendor classification) * | 96.8 | 96.4 | 61.1 | 110.8 | 125.7 | 128.1 | 146.6 | |
| Other operating costs (vendor classification) * | 86.9 | 74.3 | -29.4 | 84.4 | 73.0 | 102.7 | ||
| EBITDA (vendor classification) * | 874.4 | 857.0 | 854.3 | 1,006 | 1,036 | 856.7 | 1,113 | |
| EBIT * | 860.7 | 842.1 | 837.7 | 988.8 | 1,017 | 837.3 | 1,093 | |
| Finance costs | 2.27 | 2.23 | 2.60 | 3.07 | 3.19 | 3.36 | 3.70 | 3.72 |
| Profit before tax | 858.4 | 839.9 | 835.1 | 985.7 | 876.0 | 1,014 | 833.6 | 1,089 |
| Total tax expense | 281.8 | 198.5 | 196.6 | 238.1 | 157.5 | 244.5 | 210.9 | 251.9 |
| Profit after tax (all to owners; no NCI) | 576.6 | 641.4 | 638.5 | 747.6 | 718.4 | 769.4 | 622.7 | 837.1 |
| Diluted EPS (INR, bonus-adjusted) | 13.45 | 14.95 | 14.89 | 17.41 | 16.71 | 17.89 | 14.48 | 19.46 |
| Fees and commission expenses | 0.90 | 1.10 | 1.16 | 1.55 | 1.88 | 2.08 | 2.65 | 3.02 |
| Employee benefits expense (incl. non-cash ESOP/PSU) | 95.9 | 95.3 | 96.9 | 109.2 | 123.8 | 123.6 | 125.4 | 143.6 |
| Other expenses | 86.9 | 74.3 | 73.1 | 84.4 | 100.9 | 73.0 | 78.3 | 102.7 |
| Other income | 171.0 | 93.1 | 124.1 | 233.0 | 96.2 | 159.3 | 11.6 | 262.8 |
| Depreciation, amortisation and impairment | 13.7 | 14.9 | 16.6 | 17.3 | 17.8 | 18.4 | 19.4 | 20.5 |
| EBITDA (revenue less fee&commission, employee and other expenses) | 703.4 | 763.9 | 730.2 | 773.0 | 800.8 | 876.4 | 845.2 | 850.4 |
| Non-cash ESOP/PSU charge within employee cost | 5.80 | 5.10 | 5.30 | 5.70 | 21.1 | 20.4 | 22.0 | 22.7 |
| Employee cost excluding non-cash ESOP/PSU charge | 90.1 | 90.2 | 91.6 | 103.5 | 102.7 | 103.2 | 103.4 | 120.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 14.2% | 2.4% | 19.3% | 35.4% | 17.8% |
| EBITDA margin | 75.7% | 79.8% | 79.9% | ||
| Net margin | 65.9% | 65.7% | 75.2% | 70.3% | 69.3% |
| Return on equity | 27.0% | 24.5% | 29.5% | 32.4% | 32.9% |
| Return on capital employed | 35.4% | 31.7% | |||
| Return on assets | 25.4% | 22.9% | 27.6% | 30.2% | 30.5% |
| Borrowings less cash (₹ crore) | 107.8 | 126.0 | |||
| Interest cover | 215.7x | 194.0x | 273.3x | 350.2x | 279.5x |
| Asset turnover | 0.39x | 0.35x | 0.37x | 0.43x | 0.44x |
| Receivable days | 13 | 31 | 13 | 14 | 14 |
| Payable days (on revenue) | 5 | 6 | 6 | 4 | 4 |
| Cash conversion | 1.38x | 1.27x | 1.37x | 1.33x | 0.88x |
| Capex intensity | 0.5% | 0.6% | 0.7% | 1.3% | |
| Free cash flow (₹ crore) | 1,909 | 1,797 | 2,637 | 3,231 | |
| Dividend payout | 52.0% | 62.9% | 52.7% | 60.8% | 67.4% |
| EPS, diluted (₹) | 65.31 | 66.71 | 90.89 | 57.38 | 66.50 |
| Book value per share (₹) | 259.5 | 286.3 | 331.4 | 190.3 | 215.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less fee&commission, employee and other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on HDFC Asset Management Co. includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on HDFC Asset Management Co.
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 13 Oct 2026.
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