Jun‘26 Qtr. Results: In-line Core; Equity Flow Market Share a Key Monitorable

研报英文原文证据摘录

Jun‘26 Qtr. Results: In-line Core; Equity Flow Market Share a Key Monitorable

India | Brokers, Asset Mgrs & Exchanges

HDFCAMC EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEJun'26 Qtr. Results: In-line Core; Equity Flow

RATING BUYMarket Share a Key Monitorable

PRICE INR2,724.00^

Jun'26 qtr. operating profit of Rs8.3bn (+10% y-y) was in line with JEFe

INR3,130 (INR3,090) |

as better top line was compensated by higher opex. However, higher than PRICE TARGET | % TO PT +15%

expected other income and lower tax rate led to a 9% beat to JEFe PAT. MF 52W HIGH-LOW INR2,965.00 - INR2,206.05

QAAUM growth was 13% y-y (in line), led by ETFs. Blended yield improved FLOAT (%) | ADV MM (USD) 47.5% | 28.46

by 1bp q-q despite TER changes, as the impact was fully passed on to MARKET CAP INR1.2T | $12.1B

distributors. HDFC AMC trades at 37x FY27e P/E with 3-yr EPS CAGR of TICKER HDFCAMC IN

14%. ^Prior trading day's closing price unless otherwise

noted.

What were the Positives & Negatives from the result?

FY (Mar) CHANGE TO JEFe JEF vs CONS

Positives: Penetration in investor base deepens: During the Jun'26 qtr., HDFC AMC added

2027 2028 2027 2028

0.46mn unique investors vs 0.53mn for the industry, taking its total count to 17.1mn. Its

REV +4% NM NA NA

penetration in the MF industry now stands at 28% vs 25% y-y. Alternatives AUM grows to

EPS +3% <-1% NA NA

Rs148bn: Efforts to build the Alternatives platform continue with closure of its private credit

fund expected during the Sep'26 qtr., and launch of a second fund on the PE/VC side. Total

Alternatives AUM has now climbed to Rs148bn vs Rs60bn y-y. Blended yield rises amid TER 2027 (INR) Q1 Q2 Q3 Q4 FY

changes: HDFC AMC's blended yield rose to 47bps vs 46bps in the Mar'26 qtr., led by an uptick EPS -- -- -- -- 74.48

in equity yields.