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HDFC AMC

HDFC Asset Management Company Ltd

HDFCAMC NSE
₹2,505.00 +65.00 (+2.66%)
P/E
36.01
View as Markdown
MCP
Close 4 Nov 2026 ₹2,505.00 −189.25 −7.02% 1Y
Start ₹2,694.25

Key Fundamentals

MidcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
42.90%
Debt to Equity
0.00
EPS (TTM)
₹69.57
Book Value
₹200.84
Market Cap
—
P/E (TTM)
36.01
P/B
12.47
ROE
32.90%
Dividend Yield
2.21%
EBITDA
₹3,795 Cr
52W High
₹2,901.50
52W Low
₹2,205.60
Day Range
₹2,434.50 – ₹2,524.70
Volume
15,29,915

Peer Comparison

Financial Services › Capital Markets › AMC Mutual Fund › Asset Management Company

HDFC AMC peer comparison
ICICI Prudential Asset Management
₹2,880.2028.53₹1,42,485 Cr26.661.04%85.80%115.00%₹6,040 Cr₹3,486 Cr
HDFC AMC (this company)
₹2,505.0036.01₹1,06,865 Cr12.472.21%32.90%42.90%₹4,392 Cr₹2,981 Cr
SBI Funds Management
₹498.2533.22₹99,163 Cr13.4316.50%43.00%56.50%₹5,092 Cr₹3,054 Cr
Nippon Life India AMC
₹1,000.3538.98₹63,623 Cr13.420.97%34.50%43.80%₹2,869 Cr₹1,638 Cr
Aditya Birla Sun Life AMC
₹855.2025.04₹23,578 Cr6.383.14%25.20%32.20%₹1,883 Cr₹987 Cr
UTI AMC
₹820.0522.85₹10,369 Cr2.394.99%10.30%15.60%₹1,909 Cr₹513 Cr
Canara Robeco Asset Management Company
₹227.6120.79₹4,364 Cr5.430.92%30.30%40.10%₹478 Cr₹219 Cr
Median 7 companies₹855.2028.53₹63,623 Cr12.472.21%32.90%42.90%₹2,869 Cr₹1,638 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
82
Strong
Returns, margins, earnings quality 22% weight
Valuation
49
Average
Cheap vs sector & own history 24% weight
Growth
53
Average
Sales & profit trajectory 9% weight
Financial Health
86
Strong
Solvency, leverage, coverage 9% weight
Momentum
28
Poor
Trend strength, vol-adjusted 12% weight
Ownership
40
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.8%
  • Company has been maintaining a healthy dividend payout of 78.6%

Weaknesses

1
  • Stock is trading at 11.7 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish649
OscillatorsBearish342
Moving AveragesStrong Bullish307

Key readings

RSI (14)
65.18
Neutral
MACD (12,26,9)
6.22
Bullish
SMA (50)
2,398.88
Bullish
SMA (200)
2,557.34
Bearish

As of

Analyst Rating

Based on 26 analysts
BUY92%

24 of 26 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
24
92%
HOLD
2
8%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+11.96%
5Y+16.01%
3Y+23.00%
1Y+13.85%
TTM+14.68%

Net profit

Net profit growth by window
10Y+19.59%
5Y+16.61%
3Y+26.15%
1Y+16.17%
TTM+8.56%

Operating cash flow

Operating cash flow growth by window
10Y+13.05%
5Y+18.45%
3Y+30.10%
1Y+21.81%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+34.20 pp
5Y−0.13 pp
3Y+4.34 pp
1Y−0.43 pp
TTM−0.33 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,568 Cr
Mar 2018₹1,870 Cr
Mar 2019₹2,075 Cr
Mar 2020₹2,124 Cr
Mar 2021₹2,194 Cr
Mar 2022₹2,429 Cr
Mar 2023₹2,478 Cr
Mar 2024₹3,159 Cr
Mar 2025₹4,050 Cr
Mar 2026₹4,611 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹550 Cr
Mar 2018₹711 Cr
Mar 2019₹931 Cr
Mar 2020₹1,262 Cr
Mar 2021₹1,326 Cr
Mar 2022₹1,393 Cr
Mar 2023₹1,424 Cr
Mar 2024₹1,946 Cr
Mar 2025₹2,461 Cr
Mar 2026₹2,859 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹959 Cr −4.2% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

HDFC Asset Management Company trades at a price of ₹2,440 as of 2026-11-03, with a market cap of ₹1,04,351 crore and a PE (TTM) of 35.07. The company is virtually debt-free with a strong ROE of 30.97%, but the stock trades at 12.15 times book value and has seen a -18% return over the past one year.

Bull Case 7
  • The company is essentially debt-free with a debt-to-equity ratio of 0, eliminating balance sheet risk and interest cost concerns entirely.
  • ROE of 30.97% as of 2026-11-03 is exceptional, supported by a consistent 3-year average ROE of 32% and a 10-year average of 31%, reflecting durable capital efficiency.
  • ROCE stands at 39.25%, indicating highly efficient deployment of total capital employed in the business.
  • Compounded sales growth of 23% over 3 years and 16% over 5 years demonstrates strong and accelerating revenue momentum in the asset management business.
  • Compounded profit growth of 26% over 3 years and 20% over 10 years points to a long track record of sustained earnings expansion.
  • The company maintains a healthy dividend payout ratio of 78.6% with a current dividend yield of 2.27%, making it one of the more generous capital-return stories in the capital markets sector.
  • TTM revenue growth of 15% indicates that the top line continues to expand at a healthy pace even in the most recent period.
Bear Case 7
  • The PE (TTM) of 35.07 is elevated, requiring continued high earnings growth to justify the current valuation multiple.
  • The 1-year stock CAGR of -18% signals meaningful underperformance over the recent period, suggesting sentiment or fundamental headwinds.
  • TTM profit growth has slowed sharply to 9%, a significant deceleration from the 26% compounded profit growth achieved over 3 years, raising questions about earnings momentum.
  • The 5-year stock CAGR of only 11% lags the 5-year compounded profit growth of 17%, suggesting the market has progressively de-rated the stock over this horizon.
  • As a pure-play asset management company, revenues are heavily tied to equity market levels and flows into mutual funds, making the business inherently cyclical despite its asset-light model.
  • The 5-year compounded sales growth of 16% and profit growth of 17% are both notably lower than the corresponding 3-year figures of 23% and 26%, and the TTM profit growth of 9% continues this decelerating trend.
  • EPS (TTM) of ₹69.57 against a share price of ₹2,440 implies investors are paying a steep premium per rupee of earnings, which compresses the earnings yield to under 3%.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: HDFC AMC is delivering healthy top-line and AUM growth with 14% revenue expansion and equity AUM at ₹6,507 billion, supported by record SIP flows and new product launches. The key risk is a 45% YoY surge in tax expense that compressed net profit growth to just 4% despite strong operating performance. STP softness is a minor headwind to watch. The underlying business momentum remains solid, and the trend is constructive provided tax headwinds normalize in coming quarters.

Headwinds 2
  • Tax expense surge dampens profits Oct 21

    Tax expense jumped 45% YoY in Q2FY27, significantly dampening net profit growth to just 4% YoY despite a solid 16% rise in operating profit.

  • STP softness pressures flows Oct 21

    Systematic Transfer Plan (STP) flows showed softness during Q2FY27, partially offsetting gains in SIP market share.

Positives 4
  • Revenue up 14% YoY Oct 21

    Q2FY27 revenue grew 14% YoY to ₹11,689 million, supported by QAAUM of ₹9,691 billion and 11.1% market share.

  • Equity AUM at ₹6,507B Oct 21

    Equity AUM reached ₹6,507 billion with active equity yields steady at 61 bps, reflecting strong asset retention.

  • Record industry SIP flows Oct 21

    Monthly industry SIP contributions hit a record ₹325 billion in Q2FY27, with HDFC AMC gaining SIP market share.

Neutral 1
  • Four investor meets in November Nov 02

    HDFC AMC scheduled four investor conferences in Mumbai on November 16, 17, 18, and 26, 2026, disclosed under SEBI Regulation 30.

Quarterly Results

₹ Cr
HDFCAMC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
643
671
695
775
887
934
901
968
1,026
1,074
1,050
1,098
1,169
Expenses
161
160
156
180
183
170
170
194
225
197
205
247
238
Operating Profit
482
511
539
595
704
764
731
774
801
877
846
852
931
OPM %
75%
76%
78%
77%
79%
82%
81%
80%
78%
82%
81%
78%
80%
Other Income
122
142
155
173
171
93
124
233
96
159
11
263
71
Interest
2
2
2
2
2
2
3
3
3
3
4
4
4
Depreciation
13
13
13
13
14
15
17
17
18
18
19
20
21
PBT
589
639
679
752
859
840
835
986
876
1,015
834
1,090
978
Tax %
26%
23%
20%
20%
33%
24%
24%
24%
18%
24%
25%
23%
23%
Net Profit
438
490
541
604
577
641
639
748
718
770
623
838
750
EPS (₹)
10.25
11.47
12.67
14.14
13.5
15
14.94
17.48
16.78
17.98
14.55
19.56
17.48

Profit & Loss

₹ Cr
HDFCAMC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,056
1,490
1,568
1,870
2,075
2,124
2,194
2,429
2,478
3,159
4,050
4,611
4,392
Expenses
432
775
776
802
709
431
388
515
549
623
704
821
886
Operating Profit
624
715
792
1,068
1,366
1,693
1,806
1,913
1,929
2,536
3,346
3,790
3,506
OPM %
59%
48%
51%
57%
66%
80%
82%
79%
78%
80%
83%
82%
80%
Other Income
9
4
20
0
22
19
8
4
4
4
9
6
504
Interest
0
0
0
0
0
9
9
9
10
9
9
13
14
Depreciation
10
11
12
9
13
50
55
54
53
52
58
73
79
PBT
623
708
800
1,058
1,375
1,653
1,749
1,855
1,871
2,478
3,286
3,710
3,917
Tax %
33%
33%
31%
33%
32%
24%
24%
25%
24%
21%
25%
23%
—
Net Profit
416
478
550
711
931
1,262
1,326
1,393
1,424
1,946
2,461
2,859
2,982
EPS (₹)
10.28
11.88
13.67
16.89
21.89
29.66
31.13
32.66
33.36
45.57
57.55
66.75
69.57
Div. Payout %
39%
42%
42%
47%
55%
47%
55%
64%
72%
77%
78%
81%
—

Balance Sheet

₹ Cr
HDFCAMC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
25
25
25
105
106
106
106
107
107
107
107
214
215
Reserves
1,095
1,126
1,398
2,149
2,964
3,923
4,670
5,423
6,002
6,972
8,027
9,017
8,408
Borrowings
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Liabilities
192
272
177
218
153
279
319
350
428
478
619
757
778
Total Liabilities
1,312
1,423
1,600
2,472
3,224
4,309
5,095
5,880
6,537
7,558
8,754
9,988
9,400
Fixed Assets
34
31
31
31
40
157
153
135
150
151
197
268
265
CWIP
0
1
2
6
3
5
1
0
2
1
0
2
0
Investments
651
986
1,237
2,058
2,935
3,945
4,753
5,570
6,079
7,190
8,289
9,396
8,746
Other Assets
627
405
329
378
246
203
187
175
305
215
267
322
390
Total Assets
1,312
1,423
1,600
2,472
3,224
4,309
5,095
5,880
6,537
7,558
8,754
9,988
9,400

Cash Flow

₹ Cr
HDFCAMC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
742
455
618
894
1,285
1,085
1,254
1,149
1,620
2,077
2,530
Investing
—
−297
−176
−633
−777
−928
−483
−508
−218
−547
−600
−645
Financing
—
−447
−279
15
−119
−332
−628
−746
−930
−1,066
−1,475
−1,886
Net Cash Flow
—
−2
0
1
−1
26
−25
0
1
7
1
−1
Free Cash Flow
—
733
441
601
877
1,255
1,074
1,244
1,135
1,602
2,032
2,508
CFO/EBITDA
—
137
90
89
98
100
80
87
81
85
84
88

Ratios

HDFCAMC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
6
9
20
18
15
10
13
11
27
11
12
13
Cash Conversion Cycle
6
9
20
18
15
10
13
11
27
11
12
13
Working Capital Days
90
9
17
−11
11
−22
−17
−16
−4
−18
−14
−16
ROCE %
62%
62%
62%
58%
52%
47%
40%
36%
32%
38%
43%
43%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view HDFC AMC insights

56 extracted metrics across FY01–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.29%
  • FIIs 24.07%
  • DIIs 14.57%
  • Public 7.47%
  • Others 1.59%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: FIIs and Others. Not available separately for this quarter: the holding is recorded inside Others, so both are left blank rather than shown at a wrong split.

Documents

Frequently Asked Questions about HDFC AMC

What does HDFC Asset Management Company Ltd do?
Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services
Where is HDFC Asset Management Company Ltd (HDFCAMC) listed?
HDFC Asset Management Company Ltd trades as HDFCAMC on the NSE and under code 541729 on the BSE.
Which sector does HDFC Asset Management Company Ltd belong to?
HDFC Asset Management Company Ltd is classified under the Capital Markets sector, in the AMC Mutual Fund industry.
What is the PE ratio of HDFC Asset Management Company Ltd?
HDFC Asset Management Company Ltd trades at a PE ratio of 36.01 as of 4 Nov 2026, on earnings per share of ₹69.57, against a book value of ₹200.84 per share.
What is the 52-week high and low of HDFC Asset Management Company Ltd?
Over the last 52 weeks HDFC Asset Management Company Ltd has traded between ₹2,205.6 and ₹2,901.5 as of 4 Nov 2026.
Does HDFC Asset Management Company Ltd pay dividends?
HDFC Asset Management Company Ltd has a dividend yield of 2.21%.
What is the Return on Equity (ROE) of HDFC Asset Management Company Ltd?
HDFC Asset Management Company Ltd reported a return on equity of 32.90%. Its debt-to-equity ratio is 0.00.

Company Information

Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services

Website hdfcfund.com
CEO Mr. Navneet Munot CFA
Employees 1,618
Listed 6 Aug 2018
Face Value ₹5

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