HDFC Asset Management Company Ltd.

•

₹ 2,610-0.53%

2026-08-21

hdfcfund.comBSE: 541729NSE: HDFCAMC

Market Cap₹ 1,08,826 Cr.

Current Price₹ 2,624

High / Low₹ 2,967 / 2,206

Stock P/E36.9

Book Value₹ 230

Price to Book10.51

Dividend Yield2.13 %

ROCE42.9 %

ROE33.6 %

Face Value₹ 5

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ABOUT

KEY POINTS

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%
Valuation is stretched - P/E of 36.9 is well above its own 5-year median (20.6)
Stock is trading at 10.5x its book value
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Financial ServicesFinanceFinance - Asset Management

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	ICICIAMC	3262.05	236.03	161229.60	3.13	9646.30	1130.96	15642.20	1075.51	115.10	72.41
2.	SBIFUNDS	553.75	36.77	112789.33	14.37	8802.55	—	11527.29	—	56.50	80.51
3.	HDFCAMC	2538.00	36.92	108826.09	2.13	8371.30	1019.83	10997.20	1035.90	42.89	77.33
4.	NAM-INDIA	1210.10	47.29	77412.28	1.78	503.70	27.16	766.87	26.42	44.61	66.30
5.	ABSLAMC	1002.30	28.79	29002.40	2.54	309.49	11.68	462.96	3.48	32.71	55.65
6.	UTIAMC	893.45	24.90	11484.30	4.48	2938.60	1057.57	5835.10	966.96	14.61	65.56
7.	CRAMC	251.40	0.00	5013.35	1.59	756.03	1139.86	1162.01	1097.36	41.10	62.65
8.	IVC	8.25	52.62	259.08	8.48	12.12	5239.21	81.72	1309.69	7.18	-18.65

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
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
Equity Capital	107	107	107	107	107	107	107	107	107	107	214	214	2,143
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	107	107	107	107	107	107	107	107	107	107	214	214	2,143
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 575
: 146
Operating Profit: —
OPM %: —
Other Income: 158
Interest: 2
Depreciation: 13
: 571
Tax %: 16.43%
Net Profit: 0
: 22
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 643
: 162
Operating Profit: —
OPM %: —
Other Income: 122
Interest: 2
Depreciation: 13
: 588
Tax %: 25.77%
Net Profit: 0
: 20
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 671
: 162
Operating Profit: —
OPM %: —
Other Income: 143
Interest: 2
Depreciation: 13
: 637
Tax %: 23.38%
Net Profit: 0
: 23
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 695
: 157
Operating Profit: —
OPM %: —
Other Income: 156
Interest: 2
Depreciation: 13
: 679
Tax %: 20.33%
Net Profit: 0
: 25
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 775
: 181
Operating Profit: —
OPM %: —
Other Income: 173
Interest: 2
Depreciation: 13
: 752
Tax %: 19.74%
Net Profit: 604
: 28
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 887
: 184
Operating Profit: —
OPM %: —
Other Income: 171
Interest: 2
Depreciation: 14
: 858
Tax %: 32.83%
Net Profit: 577
: 27
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 935
: 171
Operating Profit: —
OPM %: —
Other Income: 93
Interest: 2
Depreciation: 15
: 840
Tax %: 23.63%
Net Profit: 641
: 15
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 901
: 171
Operating Profit: —
OPM %: —
Other Income: 124
Interest: 3
Depreciation: 17
: 835
Tax %: 23.54%
Net Profit: 638
: 15
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 968
: 195
Operating Profit: —
OPM %: —
Other Income: 233
Interest: 3
Depreciation: 17
: 986
Tax %: 24.16%
Net Profit: 748
: 17
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,027
: 227
Operating Profit: —
OPM %: —
Other Income: 96
Interest: 3
Depreciation: 18
: 876
Tax %: 17.98%
Net Profit: 718
: 34
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 107
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,075
: 199
Operating Profit: —
OPM %: —
Other Income: 159
Interest: 3
Depreciation: 18
: 1,014
Tax %: 24.12%
Net Profit: 769
: 18
Equity Capital: 214
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 214
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,052
: 206
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 4
Depreciation: 19
: 834
Tax %: 25.30%
Net Profit: 623
: 15
Equity Capital: 214
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 214
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 10,997
: 2,735
Operating Profit: —
OPM %: —
Other Income: 2,628
Interest: 37
Depreciation: 205
: 10,890
Tax %: 23.13%
Net Profit: 8,371
: 20
Equity Capital: 2,143
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 2,143
Reserves: 0
Promoter Pledge %: 0.00%

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	1,933	2,536	3,354	3,795	—
OPM %	89	98	96	92	—
Other Income	316	579	562	500	2,895
Interest	10	9	9	13	47
Depreciation	53	52	59	73	261
	1,870	2,475	3,286	3,709	13,614
Tax %	24	22	25	23	23
Net Profit	1,423	1,943	2,460	2,858	10,482
EPS	67	91	115	67	—
Dividend Payout %	72	77	78	81	—
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	33	46	58	67	—
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	33	46	58	67	—

Mar 2023

: 2,167
: 550
Operating Profit: 1,933
OPM %: 89
Other Income: 316
Interest: 10
Depreciation: 53
: 1,870
Tax %: 24
Net Profit: 1,423
EPS: 67
Dividend Payout %: 72
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33

Mar 2024

: 2,584
: 627
Operating Profit: 2,536
OPM %: 98
Other Income: 579
Interest: 9
Depreciation: 52
: 2,475
Tax %: 22
Net Profit: 1,943
EPS: 91
Dividend Payout %: 77
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 46
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 46

Mar 2025

: 3,498
: 707
Operating Profit: 3,354
OPM %: 96
Other Income: 562
Interest: 9
Depreciation: 59
: 3,286
Tax %: 25
Net Profit: 2,460
EPS: 115
Dividend Payout %: 78
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58

Mar 2026

: 4,122
: 827
Operating Profit: 3,795
OPM %: 92
Other Income: 500
Interest: 13
Depreciation: 73
: 3,709
Tax %: 23
Net Profit: 2,858
EPS: 67
Dividend Payout %: 81
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 67
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 67

TTM

: 14,151
: 3,367
Operating Profit: —
OPM %: —
Other Income: 2,895
Interest: 47
Depreciation: 261
: 13,614
Tax %: 23
Net Profit: 10,482
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 12%
3 Years:: 29%
1 Year:: -8%

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
LIABILITIES	-	-	-	-
Equity Capital	107	107	107	214
	5,890	6,810	7,865	8,818
Trade Payables	34	39	40	47
	505	598	738	911
Total Liabilities	6,536	7,554	8,751	9,991
ASSETS	-	-	-	-
	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
Total Debt	0	0	0	0
Net Working Capital	1,139	1,537	1,985	2,420
Contingent Liabilities	8	8	8	19
Book Value per Share	280.97	324.02	372.88	210.85
Face Value	5.00	5.00	5.00	5.00
Total Debt	0	0	0	0
Net Working Capital	1,139	1,537	1,985	2,420
Contingent Liabilities	8	8	8	19
Book Value per Share	280.97	324.02	372.88	210.85
Face Value	5.00	5.00	5.00	5.00

Mar 2023

Equity Capital: 107
: 5,890
Trade Payables: 34
: 505
Total Liabilities: 6,536
: 150
: 6,076
: 0
Cash & Bank: 7
: 302
Total Assets: 6,536
Total Debt: 0
Net Working Capital: 1,139
Contingent Liabilities: 8
Book Value per Share: 280.97
Face Value: 5.00
Total Debt: 0
Net Working Capital: 1,139
Contingent Liabilities: 8
Book Value per Share: 280.97
Face Value: 5.00

Mar 2024

Equity Capital: 107
: 6,810
Trade Payables: 39
: 598
Total Liabilities: 7,554
: 153
: 7,156
: 93
Cash & Bank: 40
: 112
Total Assets: 7,554
Total Debt: 0
Net Working Capital: 1,537
Contingent Liabilities: 8
Book Value per Share: 324.02
Face Value: 5.00
Total Debt: 0
Net Working Capital: 1,537
Contingent Liabilities: 8
Book Value per Share: 324.02
Face Value: 5.00

Mar 2025

Equity Capital: 107
: 7,865
Trade Payables: 40
: 738
Total Liabilities: 8,751
: 198
: 8,255
: 134
Cash & Bank: 42
: 122
Total Assets: 8,751
Total Debt: 0
Net Working Capital: 1,985
Contingent Liabilities: 8
Book Value per Share: 372.88
Face Value: 5.00
Total Debt: 0
Net Working Capital: 1,985
Contingent Liabilities: 8
Book Value per Share: 372.88
Face Value: 5.00

Mar 2026

Equity Capital: 214
: 8,818
Trade Payables: 47
: 911
Total Liabilities: 9,991
: 273
: 9,362
: 159
Cash & Bank: 43
: 156
Total Assets: 9,991
Total Debt: 0
Net Working Capital: 2,420
Contingent Liabilities: 19
Book Value per Share: 210.85
Face Value: 5.00
Total Debt: 0
Net Working Capital: 2,420
Contingent Liabilities: 19
Book Value per Share: 210.85
Face Value: 5.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,149	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
Free Cash Flow	1,149	1,593	2,023	2,432
OCF / Net Profit	0.81	0.83	0.84	0.88
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	0.81	0.83	0.84	0.88
Cumulative 5-Year FCF	0	0	0	0

Mar 2023

: 1,149
Cash from Investing: -217
Cash from Financing: -930
: 3
Free Cash Flow: 1,149
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 0

Mar 2024

: 1,615
Cash from Investing: -542
Cash from Financing: -1,066
: 6
Free Cash Flow: 1,593
OCF / Net Profit: 0.83
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.83
Cumulative 5-Year FCF: 0

Mar 2025

: 2,075
Cash from Investing: -598
Cash from Financing: -1,475
: 2
Free Cash Flow: 2,023
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0

Mar 2026

: 2,528
Cash from Investing: -643
Cash from Financing: -1,886
: -1
Free Cash Flow: 2,432
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-
EPS (₹)	66.69	91.00	115.07	66.71
Book Value (₹)	280.97	324.02	372.88	210.85
Dividend per Share (₹)	48.00	70.00	90.00	54.00
Cash EPS (₹)	34.60	46.73	58.90	68.42
PROFITABILITY	-	-	-	-
Operating Margin %	89.21%	75.74%	79.80%	79.94%
Net Margin %	65.69%	75.17%	70.32%	69.33%
ROE %	23.74%	30.09%	33.05%	33.61%
ROCE %	30.78%	37.69%	43.34%	42.89%
	21.78%	27.58%	30.18%	30.50%
EFFICIENCY	-	-	-	-
Debtor Days	31	20	12	13
Inventory Days	0	0	0	0
Payable Days	0	0	0	0
	31	20	12	13
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	193.99x	273.28x	350.16x	279.46x
	6.16x	6.88x	8.10x	8.72x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	19.27%	35.37%	17.83%
Operating Profit Growth %	0.00%	31.21%	32.21%	13.18%
Net Profit Growth %	0.00%	36.49%	26.64%	16.17%
	0.00%	36.45%	26.45%	-42.02%
VALUATION	-	-	-	-
P/E (x)	0.00x	20.62x	17.44x	33.23x
P/B (x)	0.00x	11.58x	10.76x	10.51x
Dividend Yield %	0.00%	1.87%	2.24%	2.44%
	0.00x	31.57x	25.57x	25.01x

Mar 2023

EPS (₹): 66.69
Book Value (₹): 280.97
Dividend per Share (₹): 48.00
Cash EPS (₹): 34.60
Operating Margin %: 89.21%
Net Margin %: 65.69%
ROE %: 23.74%
ROCE %: 30.78%
: 21.78%
Debtor Days: 31
Inventory Days: 0
Payable Days: 0
: 31
Debt to Equity (x): 0.00x
Interest Coverage (x): 193.99x
: 6.16x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 91.00
Book Value (₹): 324.02
Dividend per Share (₹): 70.00
Cash EPS (₹): 46.73
Operating Margin %: 75.74%
Net Margin %: 75.17%
ROE %: 30.09%
ROCE %: 37.69%
: 27.58%
Debtor Days: 20
Inventory Days: 0
Payable Days: 0
: 20
Debt to Equity (x): 0.00x
Interest Coverage (x): 273.28x
: 6.88x
Revenue Growth %: 19.27%
Operating Profit Growth %: 31.21%
Net Profit Growth %: 36.49%
: 36.45%
P/E (x): 20.62x
P/B (x): 11.58x
Dividend Yield %: 1.87%
: 31.57x

Mar 2025

EPS (₹): 115.07
Book Value (₹): 372.88
Dividend per Share (₹): 90.00
Cash EPS (₹): 58.90
Operating Margin %: 79.80%
Net Margin %: 70.32%
ROE %: 33.05%
ROCE %: 43.34%
: 30.18%
Debtor Days: 12
Inventory Days: 0
Payable Days: 0
: 12
Debt to Equity (x): 0.00x
Interest Coverage (x): 350.16x
: 8.10x
Revenue Growth %: 35.37%
Operating Profit Growth %: 32.21%
Net Profit Growth %: 26.64%
: 26.45%
P/E (x): 17.44x
P/B (x): 10.76x
Dividend Yield %: 2.24%
: 25.57x

Mar 2026

EPS (₹): 66.71
Book Value (₹): 210.85
Dividend per Share (₹): 54.00
Cash EPS (₹): 68.42
Operating Margin %: 79.94%
Net Margin %: 69.33%
ROE %: 33.61%
ROCE %: 42.89%
: 30.50%
Debtor Days: 13
Inventory Days: 0
Payable Days: 0
: 13
Debt to Equity (x): 0.00x
Interest Coverage (x): 279.46x
: 8.72x
Revenue Growth %: 17.83%
Operating Profit Growth %: 13.18%
Net Profit Growth %: 16.17%
: -42.02%
P/E (x): 33.23x
P/B (x): 10.51x
Dividend Yield %: 2.44%
: 25.01x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.52	52.51	52.48	52.47	52.44	52.42	52.38	52.37	52.34
	20.60	21.55	21.32	20.51	21.97	24.69	23.99	24.45	24.10
	17.67	16.92	17.04	18.01	16.66	14.13	14.90	14.42	14.76
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	9.20	9.02	9.16	9.00	8.92	8.75	8.73	8.75	8.80

Jun 2024

: 52.52
: 20.60
: 17.67
Government: 0.00
Public: 9.20

Sep 2024

: 52.51
: 21.55
: 16.92
Government: 0.00
Public: 9.02

Dec 2024

: 52.48
: 21.32
: 17.04
Government: 0.00
Public: 9.16

Mar 2025

: 52.47
: 20.51
: 18.01
Government: 0.00
Public: 9.00

Jun 2025

: 52.44
: 21.97
: 16.66
Government: 0.00
Public: 8.92

Sep 2025

: 52.42
: 24.69
: 14.13
Government: 0.00
Public: 8.75

Dec 2025

: 52.38
: 23.99
: 14.90
Government: 0.00
Public: 8.73

Mar 2026

: 52.37
: 24.45
: 14.42
Government: 0.00
Public: 8.75

Jun 2026

: 52.34
: 24.10
: 14.76
Government: 0.00
Public: 8.80

Documents

Announcements

Allotment of Securities
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
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - HDFC Asset Management Company Limited has informed the Exchange about Schedule of meet

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jul 2026
Transcript PPTREC
Apr 2026
Transcript PPTREC
Jan 2026
Transcript PPTREC