HDFC Asset Management (HDFCAMC)

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HDFC Asset Management (HDFCAMC) · mywealthgrid

About

HDFCAMC is one of India's largest mutual-fund managers with a retail-focused portfolio. The company generates ₹1,050–1,100 Cr in quarterly revenue with operating margins around 80%, reflecting strong pricing power in asset management. Backed by 52% promoter holding, it operates in a sector benefiting from growing retail participation in Indian capital markets.

Founded: 1999
Face value: ₹5

Market cap

₹98,879 Cr

P/E

33.5×

P/B

10.7×

Dividend yield

6.2%

ROE

32.9%

ROCE

—

Debt / equity

OPM

79.9%

EPS (TTM)

₹68.8

Book value

₹215.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation at PE 36.12 coupled with -12.26% one-year return suggests market expectations may exceed delivered growth; monitor whether earnings recover or multiples compress
Retail-heavy AUM concentrates revenue on retail investor flows and sentiment; verify diversification by asset class and customer segment and historical volatility during market downturns
OPM of 79.94% leaves minimal room for fee compression or cost inflation without materially impacting profitability; verify competitive fee trends in Indian mutual-fund industry
Regulatory changes to fund structures, fee caps, or distribution practices could pressure margins; monitor SEBI announcements affecting asset-manager revenue models

Generated analysis · source review pending

Growth drivers

Strong ROE of 32.93% provides retained earnings for reinvestment in distribution, technology, or product expansion without external financing
OPM of 79.94% allows investment in customer acquisition and digital channels while preserving profitability; verify whether company is reinvesting margin improvements or returning all gains to shareholders
Quarterly revenue base of ₹1,050–1,100 Cr reflects established market position; growth will depend on AUM expansion as Indian retail investor participation increases—verify quarterly AUM growth rates
Retail-focused AUM structure positions firm to capture growth in emerging Indian retail investor segment; verify whether retail mutual-fund adoption is accelerating vs. stalling

Generated analysis · source review pending

2,008 historical price candles were omitted because the exchange source has not been verified.

₹2,308.1+3.8%1Y

Quick read

rule-based

Pros

+Strong return on equity of 31.6% (3-yr avg)
+Healthy operating margin of 79.9%
+Profit CAGR of 26.2% over the last 3 years
+Revenue CAGR of 23.9% over the last 3 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 279.5×
+Dividend yield of 6.2%

Cons

−Trading at 10.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

66/100

Business quality: 100
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
HDFC BankHDFCBANKHDFCBANK	₹11,10,742 Cr	₹16,99,226 Cr	₹3,51,819 Cr	₹1,50,194 Cr	41.6%	₹79,013 Cr	21.8%	7.1%	13.8%	—
ICICI BankICICIBANKICICIBANK	₹9,38,403 Cr	₹11,58,667 Cr	₹1,98,379 Cr	₹49,020 Cr	26.8%	₹56,357 Cr	29.7%	7.2%	15.4%	—
State Bank of IndiaSBINSBIN	₹8,80,692 Cr	₹16,57,994 Cr	₹5,25,951 Cr	₹2,36,906 Cr	45.9%	₹87,755 Cr	16.8%	6.1%	15.1%	—
Bajaj FinanceBAJFINANCEBAJFINANCE	₹5,90,080 Cr	₹10,25,192 Cr	₹86,164 Cr	₹58,574 Cr	68%	₹20,304 Cr	23.6%	—	18.1%	—
Life Insurance Corporation Of IndiaLICILICI	₹4,95,690 Cr	—	₹9,96,996 Cr	₹0 Cr	—	₹60,080 Cr	5.9%	—	37.6%	—
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
Kotak Mahindra BankKOTAKBANKKOTAKBANK	₹4,16,112 Cr	₹5,11,505 Cr	₹70,887 Cr	₹16,835 Cr	26.7%	₹20,354 Cr	27.6%	6.9%	11.5%	—
Axis BankAXISBANKAXISBANK	₹3,78,299 Cr	₹6,58,810 Cr	₹1,35,732 Cr	₹81,034 Cr	60.7%	₹27,822 Cr	20%	6.2%	13.2%	—
Bajaj FinservBAJAJFINSVBAJAJFINSV	₹2,77,303 Cr	₹7,05,550 Cr	₹1,57,642 Cr	₹59,568 Cr	37.7%	₹10,144 Cr	13.1%	—	13%	—
Shriram Finance LimitedSHRIRAMFINSHRIRAMFIN	₹1,77,811 Cr	₹4,28,503 Cr	₹49,997 Cr	₹36,981 Cr	73.7%	₹11,318 Cr	20.8%	—	16.4%	—
SBI Life InsuranceSBILIFESBILIFE	₹1,72,160 Cr	—	₹1,20,361 Cr	₹0 Cr	—	₹2,601 Cr	2.2%	—	13.8%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,167	2,584	3,498	4,122
	550	627	707	827
	1,617	1,957	2,792	3,295
OPM %	74.6%	75.7%	79.8%	79.9%
Depreciation	53	52	59	73
Interest	10	9	9	13
	316	579	562	500
Profit before tax	1,870	2,475	3,286	3,709
Tax	447	532	825	851
Tax %	23.9%	21.5%	25.1%	23%
	1,423	1,943	2,460	2,858
PAT margin %	65.7%	75.2%	70.3%	69.3%
EPS (₹)	66.7	91	115.2	66.8
EPS adjusted (₹)	33.4	45.5	57.5	66.7
	71.9%	0%	138.9%	80.9%
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	107	107	107	214
Reserves	6,001	6,968	8,023	9,015
Borrowings	0	0	0	0
	428	479	621	763
Total equity & liabilities	6,536	7,554	8,751	9,991
	150	153	198	273
CWIP	—	—	—	—
Investments	6,076	7,156	8,255	9,362
	310	245	298	357
Total assets	6,536	7,554	8,751	9,991

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,149	1,615	2,075	2,528
	-217	-542	-598	-643
	-930	-1,066	-1,475	-1,886
Net cash flow	3	6	2	-1
Free cash flow	1,142	1,601	2,035	2,508
CFO / Operating profit %	71.1%	82.5%	74.3%	76.7%

Compounded sales growth

7 years: —
5 years: —
3 years: 24%
1 year: 18%

Compounded profit growth

7 years: —
5 years: —
3 years: 26%
1 year: 16%

Return on equity

7 years: —
5 years: —
3 years: 30%
Last year: 31%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	74.6%	75.7%	79.8%	79.9%
EBIT margin %	72.2%	73.7%	78.1%	78.2%
PAT margin %	65.7%	75.2%	70.3%	69.3%
Working capital
Receivable days	—	—	—	—
Inventory days	0	0	0	0
Payable days	—	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	—	—	—	—
Debt to EBITDA	0	0	0	0
Debt to equity	0	0	0	0
Interest coverage	194	273.3	350.2	279.5
Asset turnover	0.33	0.34	0.4	0.41
Return ratios
Return on assets %	21.8%	25.7%	28.1%	28.6%
Return on capital employed %	—	—	—	—
Return on equity %	23.3%	27.5%	30.3%	31%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.55%	52.55%	52.55%	52.52%	52.51%	52.48%	52.47%	52.44%	52.42%	52.38%	52.37%	52.34%
	16.11%	17.99%	20.01%	20.61%	21.55%	21.32%	20.51%	21.97%	24.69%	23.99%	24.45%	24.1%
	20.67%	19.51%	18.37%	17.67%	16.91%	17.04%	18.01%	16.66%	14.13%	14.89%	14.43%	14.76%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	10.67%	9.95%	9.07%	9.2%	9.03%	9.16%	9.01%	8.93%	8.76%	8.74%	8.75%	8.8%
No. of shareholders	—	—	—	—	—	—	—	—	4,32,251	4,32,820	4,35,815	4,32,914

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,280.7 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,301.6	+34.4	+1.5%	₹2,301.6	22,799	-11	2,293	300
23 Nov 2026	₹2,309.5	+35.6	+1.6%	₹2,309.5	3,065	+12	77	300
29 Dec 2026	₹2,338.9	+82.5	+3.7%	₹2,316.7	5	+5	7	300

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

128

across 19 fund houses

Held by these funds

5.11%

of the company's equity

All mutual funds

8.5%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

128 schemes · 19 fund houses

		Shares
Large Cap Fund	ICICI Prudential Mutual Fund	33.22 L	871.06	1.09%	0.775%	-0
Focused FundNEW	ICICI Prudential Mutual Fund	25.02 L	656.14	3.66%	0.584%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	14.42 L	378	2.67%	0.337%	-0
Flexicap Fund	SBI Mutual Fund	9.6 L	251.83	1.08%	0.224%	-0
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	8.12 L	212.81	2.1%	0.189%	+12,951
Growth Mid Cap FundNEW	Nippon India Mutual Fund	8 L	209.77	0.4%	0.187%	—
BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	7.66 L	200.98	2.54%	0.179%	+1 L
Arbitrage FundNEW	SBI Mutual Fund	7.61 L	199.41	0.42%	0.178%	—

1–8 of 128

1 / 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results15 Oct 2026 · in 14 daysresults

9

Final dividend5 Jun 2026 · ex-date₹54
Final dividend6 Jun 2025 · ex-date₹90
Interim dividend18 Jun 2024 · ex-date₹70
Dividend dividend9 Jun 2023 · ex-date₹48
Dividend dividend9 Jun 2022 · ex-date₹42
Dividend dividend29 Jun 2021 · ex-date₹34
Dividend dividend9 Jul 2020 · ex-date₹28
Final dividend4 Jul 2019 · ex-date₹12
Interim dividend6 Mar 2019 · ex-date₹12

2

Board meeting to consider results15 Oct 2026
Board meeting to consider results15 Jul 2026

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

1 Oct 2026, 11:52 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

22 Sept 2026, 5:48 pmBoard Meeting

Board Meeting Intimation for Considering And Approval Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ending September 30, 2026.

Exchange filing PDF

21 Sept 2026, 5:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

18 Sept 2026, 11:47 amCompany Update

ESG Rating

General PDF

1 Sept 2026, 3:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

20 Aug 2026, 5:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

18 Aug 2026, 11:18 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

11 Aug 2026, 10:19 amCompany Update

Intimation Of ESG Rating

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 11:52 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
22 Sept 2026, 5:48 pm	Board Meeting	Board Meeting Intimation for Considering And Approval Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ending September 30, 2026.

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	74.6%	75.7%	79.8%	79.9%
EBIT margin %	72.2%	73.7%	78.1%	78.2%
PAT margin %	65.7%	75.2%	70.3%	69.3%
Working capital
Receivable days	—	—	—	—
Inventory days	0	0	0	0
Payable days	—	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	—	—	—	—
Debt to EBITDA	0	0	0	0
Debt to equity	0	0	0	0
Interest coverage	194	273.3	350.2	279.5
Asset turnover	0.33	0.34	0.4	0.41
Return ratios
Return on assets %	21.8%	25.7%	28.1%	28.6%
Return on capital employed %	—	—	—	—
Return on equity %	23.3%	27.5%	30.3%	31%

112 deals · 31 Aug 2021 – 9 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	39,677	₹5,475.50	₹21.73 Cr
9 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	39,677	₹5,475.50	₹21.73 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	24,372	₹5,116.00	₹12.47 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	24,372	₹5,116.00	₹12.47 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	32,78,576	₹2,515.40	₹824.69 Cr
31 Aug 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	2,220	₹2,488.90	₹0.55 Cr
20 Jun 2023	ABRDN INVESTMENT MANAGEMENT LIMITED	Bulk	BSE	Sell	2,17,78,305	₹1,873.00	₹4,079.08 Cr
20 Jun 2023	ABRDN INVESTMENT MANAGEMENT LIMITED	Block	BSE	Sell	83,50,000	₹1,873.00	₹1,563.96 Cr
20 Jun 2023	ABRDN INVESTMENT MANAGEMENT LIMITED	Block	BSE	Sell	44,65,361	₹1,873.00	₹836.36 Cr
20 Jun 2023	SMALLCAP WORLD FUND INC	Bulk	BSE	Buy	37,24,324	₹1,873.00	₹697.57 Cr

1–10 of 112

1 / 12

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

48

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,880	₹0.0	0	0	0
0	0	0	₹0.0	1,900	₹3.0	4	+1	15
0	0	0	₹0.0	1,920	₹0.0	0	0	0
0	0	0	₹0.0	1,960	₹0.0	0	0	0
0	0	0	₹0.0	1,980	₹0.0	0	0	0
0	0	0	₹0.0	2,000	₹5.5	144	+17	140
0	0	0	₹0.0	2,020	₹0.0	0	0	0
0	0	0	₹0.0	2,040	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

HDFC Asset Management

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Upcoming and recent1

Dividends9

Board meetings2

Announcements

Upcoming and recent1

Dividends9

Board meetings2

Ratio timeline

Announcements

Quarterly record

Futures3

Annual reports

Investor Presentation and earnings call

Bulk & block deals

Board and management

Option chain48

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

9

2

1

9

2

3

48