HDFC Asset Management Company Ltd logo

HDFC Asset Management Company Ltd

HDFCAMC NSE

Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services[1]

AI Verdict: BUY Confidence: 7%

HDFC AMC is a capital-light, debt-free compounder with 33% ROE and 26% profit CAGR over 3 years, backed by 89% analyst buy consensus. However, the stock trades at a rich 40.9x PE and 12.66x book value, which limits near-term upside and demands sustained AUM growth to justify the premium.

Key Fundamentals

Volatility
Moderate
P/E Ratio
39.67
EBITDA
₹3,795 Cr
Return on Equity
27.46%
Debt to Equity
0
EPS
₹96.87
52W High
₹2,967.25
52W Low
₹2,205.6

Technical Indicators

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

2
  • Stock is trading at 12.2 times its book value
  • Promoter holding has decreased over last 3 years: -10.4%

Growth Rate

Revenue Growth
13.84% ↗
Net Income Growth
16.17% ↗
Cash Flow Change
21.83% ↗
ROE
2.35% ↗
ROCE
-0.63% ↗
EBITDA Margin (Avg.)
-0.59% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

HDFC AMC is a capital-light, debt-free compounder with 33% ROE and 26% profit CAGR over 3 years, backed by 89% analyst buy consensus. However, the stock trades at a rich 40.9x PE and 12.66x book value, which limits near-term upside and demands sustained AUM growth to justify the premium.

Bull Case 8
  • Exceptional return on equity at 33% in the last year, with a consistent 30-32% ROE over 3, 5, and 10 year periods — indicating a durable high-quality franchise
  • Virtually debt-free balance sheet eliminates financial risk and allows full operating leverage on AUM growth
  • Compounded profit growth of 26% over 3 years and 17% over 5 years demonstrates strong earnings momentum
  • Overwhelming analyst consensus with 88.89% buy ratings (24 out of 27 analysts) and zero sell ratings
  • Healthy dividend payout ratio of 78.6% with 1.98% dividend yield provides tangible shareholder returns in a growth business
  • Revenue CAGR of 23% over 3 years shows accelerating topline growth driven by rising equity AUM penetration
  • Market cap of Rs 1,16,298 crore with asset-light model means high free cash flow conversion and scalability without capital expenditure
  • Stock CAGR of 39% over 3 years reflects strong market re-rating of the structural mutual fund penetration story in India
Bear Case 8
  • Trading at 12.66x price-to-book value — extremely elevated for any financial services company and leaves no margin of safety
  • PE ratio of 40.9x is demanding and prices in sustained 20%+ earnings growth for multiple years ahead
  • Promoter holding has declined by 10.4% over the last 3 years, signaling potential supply overhang from HDFC group restructuring
  • TTM revenue growth has decelerated to 14% from 23% 3-year CAGR, suggesting potential growth moderation
  • TTM profit growth at 16% is below the 3-year CAGR of 26%, indicating earnings growth deceleration
  • Stock CAGR of only 10% over 1 year versus 39% over 3 years suggests the re-rating cycle may be largely complete
  • Competitive intensity rising with Nippon, SBI MF, and new entrants like Zerodha-backed funds compressing fee yields industry-wide
  • At 40.9x PE, any quarter of AUM outflow or market correction could trigger sharp de-rating given the premium valuation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • DOP suspends MF distribution plan May 26

    Department of Posts suspended its mutual fund distribution arrangement with HDFC AMC, potentially reducing a retail distribution channel. No reasons or timelines disclosed for the suspension.

Neutral 4
  • ₹28.27 Cr block trade on NSE Jun 22

    Institutional block trade of ~1.04 lakh shares at ₹2723.50/share worth ₹28.27 crore, indicating sustained large-investor interest at elevated price levels.

  • ₹29.94 Cr block trade on NSE Jun 12

    Block trade of ~1.25 lakh shares at ₹2391.20/share worth ₹29.94 crore, reflecting institutional-level activity in the counter.

  • US roadshow and investor meets Jun 8

    HDFC AMC scheduled a non-deal US roadshow from June 15-18, 2026 and participation in JM Financial India Finance Forum on June 23, 2026.

  • BRSR filed for FY26 Jun 1

    HDFC AMC filed its Business Responsibility and Sustainability Report for FY26 disclosing ESG metrics and assurance, a routine annual compliance.

TL;DR: HDFC AMC shows steady institutional interest with two sizable block trades in June totalling ~₹58 crore, and is actively engaging global investors via US roadshow. The DOP distribution suspension is the only notable risk, potentially limiting retail reach through post offices. Overall trend is stable with no material operational or financial red flags, though the distribution channel loss warrants monitoring.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
541
575
643
671
695
775
887
934
901
968
1,026
1,074
1,050
Expenses
130
146
161
160
156
180
183
170
170
194
225
197
205
Operating Profit
411
429
482
511
539
595
704
764
731
774
801
877
846
OPM %
76%
75%
75%
76%
78%
77%
79%
82%
81%
80%
78%
82%
81%
Other Income
97
158
122
142
155
173
171
93
124
233
96
159
11
Interest
2
2
2
2
2
2
2
2
3
3
3
3
4
Depreciation
13
13
13
13
13
13
14
15
17
17
18
18
19
PBT
492
571
589
639
679
752
859
840
835
986
876
1,015
834
Tax %
24%
16%
26%
23%
20%
20%
33%
24%
24%
24%
18%
24%
25%
Net Profit
376
478
438
490
541
604
577
641
639
748
718
770
623
EPS in Rs
8.81
11.19
10.25
11.47
12.67
14.14
13.5
15
14.94
17.48
16.78
17.98
14.55
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
432
775
776
802
709
431
388
515
549
623
704
821
Operating Profit
624
715
792
1,068
1,366
1,693
1,806
1,913
1,929
2,536
3,346
3,790
OPM %
59%
48%
51%
57%
66%
80%
82%
79%
78%
80%
83%
82%
Other Income
9
4
20
0
22
19
8
4
4
4
9
6
Interest
0
0
0
0
0
9
9
9
10
9
9
13
Depreciation
10
11
12
9
13
50
55
54
53
52
58
73
PBT
623
708
800
1,058
1,375
1,653
1,749
1,855
1,871
2,478
3,286
3,710
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
EPS in Rs
82.28
95.01
109
16.89
21.89
29.66
31.13
32.66
33.36
45.57
57.55
66.75
Div. Payout %
39%
42%
42%
47%
55%
47%
55%
64%
72%
77%
78%
81%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
25
25
25
105
106
106
106
107
107
107
107
214
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
Borrowings
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
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
Fixed Assets
34
31
31
31
40
157
153
135
150
151
197
268
CWIP
0
1
2
6
3
5
1
0
2
1
0
2
Investments
651
986
1,237
2,058
2,935
3,945
4,753
5,570
6,079
7,190
8,289
9,396
Other Assets
627
405
329
378
246
203
187
175
305
215
267
322
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
Figures in ₹ Crores

Cash Flow

  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/OP
—
137
90
89
98
100
80
87
81
85
84
88
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Mar 2026
Promoters 52.37%
FIIs 24.45%
DIIs 14.42%
Public 8.75%
Total 99.99%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
52.55%
52.55%
52.55%
52.55%
52.52%
52.51%
52.48%
52.47%
52.44%
52.42%
52.38%
52.37%
FIIs
12.99%
16.12%
17.99%
20.01%
20.60%
21.55%
21.32%
20.51%
21.97%
24.69%
23.99%
24.45%
DIIs
22.32%
20.66%
19.50%
18.37%
17.67%
16.92%
17.04%
18.01%
16.66%
14.13%
14.90%
14.42%
Public
12.15%
10.67%
9.96%
9.06%
9.20%
9.01%
9.15%
8.99%
8.92%
8.74%
8.73%
8.75%
No. of Shareholders
5,49,337
4,97,961
4,57,910
4,36,183
4,32,584
4,26,681
4,36,623
4,33,737
4,26,484
4,32,251
4,32,820
4,35,815

Documents

1
Concall - Aug 2018 Aug 2018
2
Concall - Nov 2019 Nov 2019
3
Concall - Nov 2019 Nov 2019
4
Concall - Jan 2021 Jan 2021
5
Concall - Apr 2026 Apr 2026

Frequently Asked Questions about HDFC Asset Management Company Ltd

What does HDFC Asset Management Company Ltd do?
Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services[1]
Where is HDFC Asset Management Company Ltd (HDFCAMC) listed?
HDFC Asset Management Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: HDFCAMC and BSE: 541729. You can view its live share price, financials, and ratios on Tapetide.
Which sector does HDFC Asset Management Company Ltd belong to?
HDFC Asset Management Company Ltd operates in the Financial Services sector within the Capital Markets industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of HDFC Asset Management Company Ltd?
The Price-to-Earnings (PE) ratio of HDFC Asset Management Company Ltd is 39.67. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of HDFC Asset Management Company Ltd?
Over the past 52 weeks, HDFC Asset Management Company Ltd has traded between a low of ₹2,205.6 and a high of ₹2,967.25. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of HDFC Asset Management Company Ltd?
HDFC Asset Management Company Ltd has a Return on Equity (ROE) of 27.46%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research HDFC Asset Management Company Ltd on Tapetide?
On Tapetide, you can view HDFC Asset Management Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1999, HDFC Asset Management Company Ltd provides Fund Management Services[1]

Website hdfcfund.com
CEO Mr. Navneet Munot CFA
Employees 1,618
Listed 2018-08-06
Face Value ₹ 5
Issued Size 42,81,57,997

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