One of India's largest mutual fund houses, running HDFC Mutual Fund with ~Rs 8.4 trillion of assets.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,169 | +13.9% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 80.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 750 | +4.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 34.56 | +0.6 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 54.27 | +4.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 14.77 | −14.2 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Credit Opportunities Fund | Approaching investors/distributors for product launch in next couple of quarters | Q4 FY25 | Promise was previously achieved. In Q2 FY27, management continued expanding the alternatives platform by launching two additional AIFs (a Category II equity fund and a Category III listed securities fund). | Achieved |
| Noncash ESOP/PSU Expense (FY26) | INR 56 crores | Q1 FY26 | Promise relates to the completed FY26 and was missed. No new information. | Missed |
| Operating Margin Band | 33-35 basis points range | Q2 FY26 | Q2 FY27 operating margin was 36 bps of AUM (Operating Profit of INR 910 crores on QAAUM of INR 9.69 trillion), exceeding the upper end of the 33-35 bps target corridor due to tight cost discipline. | On Track |
2 of HDFC AMC's 14 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹5,543.5 on 24 Oct 2025 → ₹2,267.7. High ₹5,646.5 (28 Oct 2025), low ₹2,216.4 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
HDFC Asset Management Company manages HDFC Mutual Fund, one of India's largest fund houses, offering actively and passively managed equity, debt, liquid and other schemes. It earns management and advisory fees on the assets it manages across mutual funds, alternatives (PMS and AIF) and international mandates. Products reach investors through a multi-channel network of direct, banks (including HDFC Bank), national distributors and mutual fund distributors, alongside a largely digital transaction stack.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 6 judged targets kept · 8 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Credit Opportunities Fund | Approaching investors/distributors for product launch in next couple of quarters | Q4 FY25 | Promise was previously achieved. In Q2 FY27, management continued expanding the alternatives platform by launching two additional AIFs (a Category II equity fund and a Category III listed securities fund). | Achieved |
| Noncash ESOP/PSU Expense (FY26) | INR 56 crores | Q1 FY26 | Promise relates to the completed FY26 and was missed. No new information. | Missed |
| Operating Margin Band | 33-35 basis points range | Q2 FY26 | Q2 FY27 operating margin was 36 bps of AUM (Operating Profit of INR 910 crores on QAAUM of INR 9.69 trillion), exceeding the upper end of the 33-35 bps target corridor due to tight cost discipline. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
HDFC AMC Q2 FY27
HDFC AMC delivered a strong Q2 FY27 with robust growth in revenue and operating profit, driven by a 10% YoY increase in average AUM. The company saw significant expansion in its actively managed equity AUM and investor base, with SIP accounts surpassing 100 million. Strategic initiatives included the launch of new AIFs and securing the EPFO fixed income mandate, while managing costs effectively despite market volatility.
Read the full callHDFC AMC Q1 FY27
HDFC AMC delivered a strong Q1 FY27, with QAAUM, revenue, and profit after tax all showing double-digit year-on-year growth, driven by robust SIP inflows and strategic expansion into the alternatives platform. The company successfully maintained its operating margins despite regulatory shifts from TER to BER. However, debt funds experienced significant outflows due to market volatility, and sequential equity market share saw a slight decline.
Read the full callHDFC AMC Q4 FY26
HDFC AMC reported a strong Q4 FY26, with QAAUM growing 20% YoY to INR9.3 trillion and PAT increasing 16% YoY to INR28.6 billion. The company saw record SIP collections and significant growth in its unique investor base, driven by digital adoption and a broad-based distribution strategy. Management highlighted strategic investments in AI and alternative businesses, while navigating a volatile market with a focus on long-term investor value.
Read the full callNews
From the news desk, item by item, hours after each call.
Every analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 4 fiscal years held (Mar 2023 to Mar 2026).
Financials
Net profit, year on year: +4% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 934 | 901 | 968 | 1,026 | 1,074 | 1,050 | 1,098 | 1,169 |
| Expenses | 170 | 170 | 194 | 225 | 197 | 205 | 247 | 238 |
| Operating profit | 764 | 731 | 774 | 801 | 877 | 846 | 852 | 931 |
| Operating margin | 82.0% | 81.0% | 80.0% | 78.0% | 82.0% | 81.0% | 78.0% | 80.0% |
| Other income | 93 | 124 | 233 | 96 | 159 | 11 | 263 | 71 |
| Interest | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Depreciation | 15 | 17 | 17 | 18 | 18 | 19 | 20 | 21 |
| Profit before tax | 840 | 835 | 986 | 876 | 1,015 | 834 | 1,090 | 978 |
| Tax rate | 24.0% | 24.0% | 24.0% | 18.0% | 24.0% | 25.0% | 23.0% | 23.0% |
| Net profit | 641 | 639 | 748 | 718 | 770 | 623 | 838 | 750 |
| EPS (₹ per share) | 15 | 14.94 | 17.48 | 16.78 | 17.98 | 14.55 | 19.56 | 17.48 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 2,584 | 3,497 | 4,118 |
| Expenses | 623 | 703 | 821 |
| Operating profit | 1,961 | 2,794 | 3,298 |
| Other income | 577 | 561 | 499 |
| Interest | 8 | 9 | 13 |
| Depreciation | 52 | 59 | 72 |
| Profit before tax | 2,478 | 3,286 | 3,711 |
| Net profit | 1,947 | 2,461 | 2,859 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 107 | 107 | 107 | 107 | 214 | 215 |
| Reserves | 6,002 | 6,972 | 8,027 | 7,637 | 9,017 | 8,408 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other liabilities | 428 | 478 | 619 | 691 | 757 | 778 |
| Total liabilities | 6,537 | 7,558 | 8,754 | 8,435 | 9,988 | 9,400 |
| Fixed assets | 150 | 151 | 197 | 232 | 268 | 265 |
| Capital work in progress | 2 | 1 | 0 | 0 | 2 | 0 |
| Investments | 6,079 | 7,190 | 8,289 | 7,901 | 9,396 | 8,746 |
| Other assets | 305 | 215 | 267 | 302 | 322 | 390 |
| Total assets | 6,537 | 7,558 | 8,754 | 8,435 | 9,988 | 9,400 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 13 | 11 | 27 | 11 | 12 | 13 |
| Cash conversion cycle | 13 | 11 | 27 | 11 | 12 | 13 |
| Working capital days | -17 | -16 | -4 | -18 | -14 | -16 |
| Return on capital employed | 40.0% | 36.0% | 32.0% | 38.0% | 43.0% | 43.0% |
| Dividend payout | 55.0% | 64.0% | 72.0% | 77.0% | 78.0% | 81.0% |
Ownership
Promoters hold 52.29% as of Sept 2026; institutions cut 0.22 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of HDFC AMC above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 52.29% | −0.05 pp |
| Pension / PF | 2.90% | −0.11 pp |
| Mutual fund | 2.90% | +0.46 pp |
| Sovereign | 1.66% | unchanged |
| FPI fund | 1.19% | unchanged |
| Global fund house | 1.14% | −0.11 pp |
| Global fund house | 1.06% | unchanged |
| 1.00% | newly disclosed | |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 12 added, 6 trimmed, 3 sold out — net −5.72 L shares (−8.3%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹222 Cr | +5.75 L | Jan '25 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹220 Cr | +2.00 L | Feb '25 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹182 Cr | held | Feb '25 |
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹167 Cr | −0.29 L | Oct '25 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹165 Cr | +0.04 L | Mar '26 |
| SBI Contra Fund SBI Mutual Fund | ₹148 Cr | held | Dec '22 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹56 Cr | held | Jul '22 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹56 Cr | −0.02 L | Mar '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
12 added, 6 trimmed — net −5.72 L shares (−8.3%)
Shares held by these funds −80%
Oct '23 63.36 L shares Sep '26
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