HDFC AMC Q1FY27 - Steady quarter helped by market recovery and a yield bump

Research evidence excerpt

HDFC AMC Q1FY27 - Steady quarter helped by market recovery and a yield bump

15 July 2026

Manas Agrawal

+91 226 842 1446

India Capital Markets & Insurance manas.agrawal@bernsteinsg.com

HDFC Asset Management Co Ltd Himank Sangai

+91 226 842 1452

Rating himank.sangai@bernsteinsg.com

Outperform

Price Target

HDFCAMC.IN 3,030.00 INR

HDFC AMC Q1FY27 - Steady quarter helped by market recovery

and a yield bump

HDFC AMC reported Q1FY27 numbers. The market bounce in Q1FY27 meant revenue

Close Date 15 Jul 2026

(+14% YoY, +5% QoQ) and other income (+13% YoY, 22x QoQ) saw strong growth. Revenue

HDFCAMC.IN Close Price (INR) 2,729.20

yields also rose as part of the migration to the new expense ratio regime. Higher opex growth

Price Target (INR) 3,030.00

dragged profit growth, driven by ESOP charges (sequentially stable but elevated on an

Upside/(Downside) 11%

annual basis). Operating profits grew +10% YoY, +1% QoQ. Profit after tax grew +12% YoY,

52-Week Range 2,967.25/2,205.60

+34% QoQ.

ASIAX 1,910.77

1. Market bounce drives higher AuM: The sharp leg up in equities in Q1FY27 (led by small/ FYE Mar

mid-caps) has helped drive growth in assets and in other income (mark-to-market gains in Div Yield 2.0%

treasury assets). AuM grew +13% YoY, +1% QoQ, led by active-equity assets. Operating Market Cap (INR) (B) 1,169.88

revenues grew by +14% YoY, +5% QoQ. Other income stood at INR 2.6 Bn (19% of total EV (INR) (B) 1,169.33

income for Q1, +13% YoY, 22x QoQ). Performance YTD 1M 6M 12M

Absolute (%) 2.1 4.1 6.9 3.3

2. Operational update: HDFC AMC say some yield uptick as they migrated to the new ASIAX (%) 16.8 (5.5) 11.8 31.4

expense ratio regime, passing on the impact to the value-chain. Active-equity yields and Relative (%) (14.7) 9.5 (4.9) (28.1)

overall management fee yields moved up.