HDFC Asset Management Company Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Solid return on assets for a lender - ROA of 30.5%
- Company has a healthy return on capital (ROCE) of 41.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
- Asset quality is healthy - gross NPA of just 0.0%
- Company generates healthy free cash flow
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Operating margins have contracted to 79.9% from 89.2%
- Stock is trading at 10.5x its book value
- Valuation is stretched - P/E of 35.3 is well above its own 5-year median (20.6)
- Thin net interest margin of 0.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ICICIAMC | 3002.90 | 217.28 | 148420.89 | 3.40 | 9646.30 | 1130.96 | 15642.20 | 1075.51 | 115.10 | 72.41 |
| SBIFUNDS | 551.95 | 36.65 | 112422.70 | 14.42 | 8802.55 | — | 11527.29 | — | 56.50 | 80.51 |
| HDFCAMC | 2427.00 | 35.31 | 104072.32 | 2.23 | 8371.30 | 1019.83 | 10997.20 | 1035.90 | 42.89 | 77.33 |
| NAM-INDIA | 1165.90 | 45.57 | 74592.13 | 1.84 | 503.70 | 27.16 | 766.87 | 26.42 | 44.61 | 66.30 |
| ABSLAMC | 1065.45 | 30.60 | 30829.70 | 2.39 | 309.49 | 11.68 | 462.96 | 3.48 | 32.71 | 55.65 |
| UTIAMC | 900.35 | 25.10 | 11573.03 | 4.44 | 293.86 | 15.76 | 583.51 | 7.42 | 14.61 | 65.56 |
| CRAMC | 238.45 | 21.77 | 4755.11 | 1.68 | 756.03 | 1139.86 | 1162.01 | 1097.36 | 41.10 | 62.65 |
| IVC | 9.97 | 63.58 | 313.09 | 12.04 | 12.12 | 5239.21 | 81.72 | 1309.69 | 4.55 | -18.65 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 575 | 643 | 671 | 695 | 775 | 887 | 935 | 901 | 968 | 1,027 | 1,075 | 1,052 | 10,997 | |
| 146 | 162 | 162 | 157 | 181 | 184 | 171 | 171 | 195 | 227 | 199 | 206 | 2,735 | |
| Operating Profit | 428 | 481 | 509 | 539 | 594 | 703 | 764 | 730 | 773 | 801 | 876 | 845 | 8,504 |
| OPM % | 74.57% | 74.81% | 75.85% | 77.46% | 76.67% | 79.29% | 81.73% | 81.01% | 79.84% | 77.94% | 81.52% | 80.37% | 77.33% |
| Other Income | 158 | 122 | 143 | 156 | 173 | 171 | 93 | 124 | 233 | 96 | 159 | 12 | 2,628 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 37 |
| Depreciation | 13 | 13 | 13 | 13 | 13 | 14 | 15 | 17 | 17 | 18 | 18 | 19 | 205 |
| 571 | 588 | 637 | 679 | 752 | 858 | 840 | 835 | 986 | 876 | 1,014 | 834 | 10,890 | |
| Tax % | 16.43% | 25.77% | 23.38% | 20.33% | 19.74% | 32.83% | 23.63% | 23.54% | 24.16% | 17.98% | 24.12% | 25.30% | 23.13% |
| Net Profit | 0 | 0 | 0 | 0 | 604 | 577 | 641 | 638 | 748 | 718 | 769 | 623 | 8,371 |
| 22 | 20 | 23 | 25 | 28 | 27 | 15 | 15 | 17 | 34 | 18 | 15 | 20 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 2,167 | 2,584 | 3,498 | 4,122 | 14,151 | |
| 550 | 627 | 707 | 827 | 3,367 | |
| Operating Profit | 1,617 | 1,957 | 2,792 | 3,295 | 10,784 |
| OPM % | 74.64% | 75.74% | 79.80% | 79.94% | 76.21% |
| 316 | 579 | 562 | 500 | 2,895 | |
| Interest | 10 | 9 | 9 | 13 | 47 |
| Depreciation | 53 | 52 | 59 | 73 | 261 |
| Profit before Tax | 1,870 | 2,475 | 3,286 | 3,709 | 13,614 |
| Tax % | 23.89% | 21.51% | 25.12% | 22.95% | 23.01% |
| Net Profit | 1,423 | 1,943 | 2,460 | 2,858 | 10,482 |
| EPS | 66.71 | 91.00 | 115.07 | 66.71 | — |
| Dividend Payout % | 71.97% | 76.92% | 78.21% | 80.94% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 24%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 8%
- 3 Years:
- 22%
- 1 Year:
- -16%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 32%
- Last Year:
- 34%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 107 | 107 | 107 | 214 |
| 5,890 | 6,810 | 7,865 | 8,818 | |
| 96 | 88 | 112 | 172 | |
| Trade Payables | 34 | 39 | 40 | 47 |
| 410 | 510 | 626 | 740 | |
| Total Liabilities | 6,536 | 7,554 | 8,751 | 9,991 |
| 150 | 153 | 198 | 273 | |
| 6,076 | 7,156 | 8,255 | 9,362 | |
| 0 | 93 | 134 | 159 | |
| Cash & Bank | 7 | 40 | 42 | 43 |
| 302 | 112 | 122 | 156 | |
| Total Assets | 6,536 | 7,554 | 8,751 | 9,991 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 1,560 | 1,615 | 2,075 | 2,528 | |
| Cash from Investing | -217 | -542 | -598 | -643 |
| Cash from Financing | -930 | -1,066 | -1,475 | -1,886 |
| 3 | 6 | 2 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - HDFC Asset Management Company Limited has informed the Exchange about Schedule of meet
2026-08-20 - HDFC Asset Management Company Limited has informed the Exchange regarding allotment of 23752 securities pursuant to ESOP/ESPS at its meeting held on August 20, 2026
2026-08-18 - HDFC Asset Management Company Limited has informed the Exchange about Schedule of meet
2026-08-11 - HDFC Asset Management Company Limited has informed the Exchange about ESG rating
2026-08-04 - HDFC Asset Management Company Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-04 - HDFC Asset Management Company Limited has informed the Exchange about change in Management
2026-08-03 - HDFC Asset Management Company Limited has informed the Exchange about Schedule of meet
2026-07-20 - HDFC Asset Management Company Limited has informed the Exchange regarding allotment of 133528 securities pursuant to ESOP/ESPS at its meeting held on July 20, 2026
2026-07-17 - HDFC Asset Management Company Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for HDFCAMC
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