Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q3 FY26 Earnings Presentation
41 slides from Hdfc Asset Management's earnings presentation, Jan 14, 2026
Slide 1: Exchange filing cover letter: Outcome of Board Meeting
Ref/No/HDFCAMC/SE/2025-26/72 Date – January 14, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C/1, Block G, Sir PJ Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai – 400051 Mumbai – 400001 Kind Attn: Head – Listing Department Kind Attn: Sr. General Ma
Slide 2: Q3 FY26 Earnings Presentation
Q3 FY26 Earnings Presentation (For the Quarter ended December 31, 2025)
Slide 3: HDFC AMC at a Glance
HDFC AMC at a Glance AUM Financials ₹9,206 bn ₹6,161 bn ₹84 bn ₹12,332 mm ₹7,701 mm 36 bps Closing AUM1 Equity-Oriented Closing AUM1 Alternatives AUM3 Total Income Operating Margin PAT (Q3FY26) (Q3FY26) (Q3FY26) ₹9,249 bn ₹6,055 bn QAAUM2 Equity-Oriented QAAUM2 Customer base ₹5,661 bn ₹1,863 bn ₹771
Slide 4: Industry
Industry 3
Slide 5: Industry – AUM and Net Sales
Industry – AUM and Net Sales Quarterly Average AUM (QAAUM) Closing AUM 57% 56% 56% 59% 58% 58% 77.1 81.0 80.2 75.6 68.6 14.0 66.9 14.1 12.7 12.5 10.9 6.9 5.8 AUM (₹ trn) 6.9 10.3 5.6 6.5 14.1 14.4 5.4 13.8 13.9 12.1 11.9 43.5 45.8 39.3 43.7 46.5 39.1 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Dec-24
Slide 6: Industry - MAAUM by Investor Category & Location
Industry - MAAUM by Investor Category & Location Overall MAAUM by Overall MAAUM by Folios Investor Category Location 61% 61% 60% 19% 19% 18% 261.3 251.9 82.0 82.0 225.0 77.8 77.8 69.3 15.1 69.3 14.5 32.7 30.6 12.8 MAAUM (₹ trn) MAAUM (₹ trn) 26.7 63.3 66.9 56.5 42.6 47.2 49.3 Dec-24 Sep-25 Dec-25 De
Slide 7: Industry - MAAUM by Investor Category & Location
Industry - MAAUM by Investor Category & Location Individual MAAUM by Asset Equity MAAUM by Investor Equity MAAUM by Class Category Location 84% 84% 84% 90% 90% 90% 28% 28% 28% 46.0 46.0 49.3 43.9 43.9 47.2 39.6 4.7 42.6 4.4 39.6 8.0 12.7 7.7 3.8 6.8 12.2 MAAUM (₹ trn) MAAUM (₹ trn) MAAUM (₹ trn) 10.
Slide 8: Industry - SIP Flows & AUM
Industry - SIP Flows & AUM SIP Flows SIP AUM 82.7 92.5 97.9 294 310 16.6 15.5 265 13.6 SIP contribution (₹ bn) SIP AUM (₹ tn) Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 No. of contributing SIP Accounts (mm) 7 Source: AMFI
Slide 9: HDFC AMC
HDFC AMC 8
Slide 10: Total AUM & Market Share
Total AUM & Market Share Quarterly Average AUM Closing AUM 11.5% 11.4% 11.4% 11.6% 11.5% 11.5% YoY 17% (₹ bn) (₹ bn) YoY 19% QoQ 5% QoQ 5% 8,814 9,249 8,728 9,206 7,874 7,764 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Market Share Market Share 9 Source: Internal, AMFI
Slide 11: Total AUM & Market Share (Ex ETFs)
Total AUM & Market Share (Ex ETFs) Quarterly Average AUM Closing AUM 12.8% 12.6% 12.6% 12.9% 12.8% 12.8% (₹ bn) (₹ bn) YoY 16% YoY 16% QoQ 4% QoQ 5% 8,584 8,936 8,461 8,849 7,721 7,608 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Market Share Market Share 10 Source: Internal, AMFI
Slide 12: Actively Managed Equity-oriented AUM and Market Share
Actively Managed Equity-oriented AUM and Market Share Quarterly Average AUM Closing AUM 12.8% 12.9% 13.0% 12.7% 12.9% 13.0% (₹ bn) (₹ bn) YoY 18% YoY 20% QoQ 6% QoQ 7% 5,343 5,661 5,757 4,782 5,396 4,794 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Market Share Market Share 11 Source: Internal, AMFI
Slide 13: Debt AUM & Market Share
Debt AUM & Market Share Quarterly Average AUM Closing AUM 13.2% 13.2% 12.9% 13.2% 13.3% 12.9% (₹ bn) (₹ bn) YoY 17% YoY 15% QoQ 0% QoQ (3)% 1,857 1,863 1,588 1,841 1,793 1,565 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Market Share Market Share 12 Source: Internal, AMFI
Slide 14: Liquid AUM & Market Share
Liquid AUM & Market Share Quarterly Average AUM Closing AUM 12.9% 11.4% 11.2% 14.2% 11.8% 11.7% (₹ bn) (₹ bn) YoY (9)% YoY (11)% QoQ (1)% QoQ 4% 843 782 771 767 656 684 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Market Share Market Share 13 Source: Internal, AMFI
Slide 15: AUM by Segment – HDFC MF & Industry
AUM by Segment – HDFC MF & Industry Quarterly Average AUM Dec-24 Sep-25 Dec-25 HDFC MF Industry HDFC MF Industry HDFC MF Industry Equity-oriented 64.9% 57.0% 64.9% 56.3% 65.5% 56.5% Debt-oriented 20.2% 17.6% 21.1% 18.3% 20.1% 17.8% Liquid 10.7% 9.5% 8.9% 8.9% 8.3% 8.5% Others 4.2% 15.9% 5.2% 16.5% 6
Slide 16: Individual Investors – Accounts & MAAUM
Individual Investors – Accounts & MAAUM Individual MAAUM (% of Total) Number of Live Individual Accounts (mm) YoY 15% YoY 25% 5,599 6,200 6,445 27.56 70.2% 25.94 69.8% 69.0% 22.04 60.1% Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Industry Dec-25 Individual MAAUM (Rs bn) Individual customers prefer equ
Slide 17: Unique Investors – HDFC AMC vs MF Industry
Unique Investors – HDFC AMC vs MF Industry Unique Investors 24% 25% 26% 57.0 59.0 (mm) 52.6 14.5 15.4 12.6 Dec-24 Sep-25 Dec-25 HDFC Mutual Fund Mutual Fund Industry HDFC MF penetration in Mutual Fund Industry 16 Source: CAMS. Note: Unique Investors as identified by PANs/PEKRNs of all unit holders &
Slide 18: Systematic Transactions
Systematic Transactions Systematic Transactions(1) (₹ bn) 14.5 SIP AUM(2): ₹ 2,212 bn 47.3 45.1 38.2 36.5 29.3 3.2 17.1 11.5 11.8 11.3 12.3 10.4 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Dec-24 Mar-25 Sep-25 Dec-25 #mm systematic transactions Source: Internal (1) Systematic transactions inclu
Slide 19: Multi-channel Distribution Network
Multi-channel Distribution Network Total AUM Equity-oriented AUM Dec-2025 Dec-2025 HDFC Bank 5.3% HDFC Bank 6.8% Banks 9.9% Banks 12.3% Direct Direct 30.1% 43.7% MFDs 24.4% MFDs 31.0% National National Distributors Distributors 22.1% 26.7% Sep-2025 Dec-2024 Sep-2025 Dec-2024 HDFC Bank 5.7% HDFC Bank
Slide 20: Geographic Spread
Geographic Spread Total MAAUM1 by T30 and B30 Cities Geographical Reach B 30 19.5% ▪ 12% market share in beyond the top 30 (B-30) cities ▪ We serve customers across ~98% of all pincodes in India ▪ Network of 280 Offices with 196 in B-30 locations2 ▪ 106k+ empaneled distribution partners T 30 80.5% 1
Slide 21: Our Digital Stack
Our Digital Stack 96% of transactions this FY were Digital Investors Partners Engagement and Support Channels 10% 6% 4% 31% 18% 24% 19% HDFC HDFC MFOnline Mutual Fund Partners Co-browsing Callback 90% 94% 96% 69% 82% 76% 81% Services Services Partners Portal Investor Portal FY 20 FY 21 FY 22 FY 23 F
Slide 22: PMS and Alternatives
PMS and Alternatives PMS Overview PMS AUM stands at ₹58 billion ▪ Non-Discretionary PMS at ₹50 billion ▪ Discretionary PMS at ₹8 billion ▪ Awarded mandates from the Employees’ Provident Fund Organisation (EPFO)* & the Seaman’s Provident Fund Organisation (SPFO) Alternatives Overview AIF commitments
Slide 23: Embedding ESG Principles
Embedding ESG Principles Inclusive Health & Environment Growth Safety ESG Mission To create sustainable wealth for Human Diversity every stakeholder by focusing on Rights People, Planet and Prosperity Ethics, Well Being Transparency Stakeholders of & Employees Accountability Adopted CFA Institute’s
Slide 24: ESG Highlights
ESG Highlights 'ESG & CSR' committee 56% 2,650+ of the Board Cancer patients provided with of Board of Directors are drives ESG framework 28% of Work force financial aid for their treatment Independent & 700+ 23% of Executive Cancer patients & attendants were management are Women provided affordable
Slide 25: ESG Highlights
ESG Highlights 14 Lakhs+ 5,000+ Armed forces and families engaged through Mission Women reached through our Barni Se Azadi & Samriddhi — a financial education initiative for the SIP Saheli initiatives to promote financial defence community independence for women 3,500 + Retirees and individuals near
Slide 26: Financials
Financials 25
Slide 27: Financials Summary – Nine Months Earnings
Financials Summary – Nine Months Earnings (₹ mm) Particulars 9ME FY26 9ME FY25 Change Income Revenue from Operations 30,681 25,968 18% Other Income 4,875 4,365 12% Total Income 35,556 30,333 17% Expenses Finance Costs 96 68 41% Fees and Commission Expenses 41 29 41% # Employee Benefit Expenses 3,557
Slide 28: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (₹ mm) Particulars Q3 FY26 Q3 FY25 Change Income Revenue from Operations 10,743 9,343 15% Other Income 1,589 928 71% Total Income 12,332 10,271 20% Expenses Finance Costs 33 22 50% Fees and Commission Expenses 14 11 27% # Employee Benefit Expenses 1,233 949 30
Slide 29: Financials Summary – Sequential Quarterly Earnings
Financials Summary – Sequential Quarterly Earnings (₹ mm) Particulars Q3 FY26 Q2 FY26 Change Income Revenue from Operations 10,743 10,260 5% Other Income 1,589 959 66% Total Income 12,332 11,219 10% Expenses Finance Costs 33 32 3% Fees and Commission Expenses 14 14 0% Employee Benefit Expenses # 1,2
Slide 30: NOTES
NOTES 1. The movement in tax amounts between 9ME Dec 25 and 9ME Dec 24 is on account of following: - Considering recent assessments orders, the Company had re-assessed its income tax position during the quarter ended September 30, 2025. As a result of which, the Company had reversed income tax provi
Slide 31: NOTES
NOTES 2. A Wholly Owned Subsidiary ('WOS') of the Company namely 'HDFC AMC International (IFSC) Limited', located in Gujarat International Finance Tec-City (GIFT City) had been incorporated effective May 27, 2022. The Company has disclosed extract of only standalone Financial Results in this investo
Slide 32: Operating Profit Margin
Operating Profit Margin Operating Revenue Operating Expenses Operating Margin (bps of AAUM) 49 47 46 46 14 12 10 10 35 35 36 36 YE FY23 YE FY24 YE FY25 9ME FY26 Operating margin (bps of AAUM) for Q1 FY 26, Q2 FY 26 and Q3 FY 26 are 36, 35 and 36 respectively ____________________ Based on internal co
Slide 33: Statement of Assets and Liabilities
Statement of Assets and Liabilities ( ₹ mm) As at Dec 31, As at Mar 31, Particulars 2025 2025 Assets Fi na nci a l As s e ts 89,541 84,742 Non-Fi na nci a l As s e ts 3,379 2,793 Total Assets 92,920 87,535 Liabilities And Equity Liabilities Fi na nci a l Li a bi l i ti e s 3,396 2,841 Non-Fi na nci
Slide 34: Breakup of Total Investments
Breakup of Total Investments Total Investments: ₹ 87,269 million Breakdown of Total Investments Breakdown of Mutual Fund Investments Equity, 9.8% Arbitrage, 14.1% Subsidiary, 0.4% Debentures & Tax Free Bonds, 6.2% Mutual Funds, Other Equity and 88.1% AIFs, 5.3% Liquid and Debt, 76.1% Mutual Funds Ot
Slide 35: Return On Equity and Dividend Per Share
Return On Equity and Dividend Per Share Return on Equity(1) FY 21 FY 22 FY 23 FY 24 FY 25 30.1% 27.0% 24.5% 29.5% 32.4% Dividend Per Share (₹) (2) (3) and Dividend Payout Ratio 78% 77% 64% 72% 55% 90 70 42 48 34 FY21 FY22 FY23 FY24 FY25 Dividend per share Payout ratio ____________________ (1) Calcul
Slide 36: Thank you
Thank you
Slide 37: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the recommendation or solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Asset Management Company Limited (the “Company”) in India, the United
Slide 38: Press Release: Profit Before Tax up 22%
Press Release January 14, 2026 HDFC AMC’s Profit Before Tax (excluding non-cash charge related to employee stock expenses) for the Quarter ended December 31,2025 at ₹10,350 million, an increase of 22% over Quarter ended December 31,2024. HDFC Asset Management Company Limited (HDFC AMC) declares fina
Slide 39: Press Release: Corporate Highlights
Mumbai, January 14, 2026: HDFC Asset Management Company Limited today reported its financial performance for the quarter ended December 31,2025. CORPORATE HIGHLIGHTS • QAAUM of ₹9,249 billion for the quarter ended December 31,2025 compared to ₹7,874 billion for the quarter ended December 31,2024, 11
Slide 40: Financial Highlights for the Quarter Ended December 31, 2025
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED DECEMBER 31,2025 • The Operating Profit for the quarter ended December 31,2025 was ₹8,557 million as compared to ₹7,472 million for the quarter ended December 31,2024. • Profit before tax for the quarter ended December 31,2025 was ₹10,146 million as compare
Slide 41: About HDFC AMC
About HDFC AMC Incorporated in 1999, HDFC Asset Management Company Limited (HDFC AMC) is Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in the country with closing AUM of Rs 9.21 trillion as on December 31,2025. The Company offers a comprehensive suite of savings and investm
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