Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q2 FY27 Earnings Presentation
41 slides from Hdfc Asset Management's earnings presentation, Oct 15, 2026
Slide 1: Outcome of Board Meeting cover letter to exchanges
Ref/No/HDFCAMC/SE/2026-27/49 Date – October 15, 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: Q2 FY27 Earnings Presentation
Q2 FY27 Earnings Presentation (For the Quarter ended September 30, 2026)
Slide 3: HDFC AMC at a Glance
HDFC AMC at a Glance Mutual Funds Alternatives International Business Our Platform Active | Passive AIF | PMS WOS in GIFT City Mutual Funds Alternatives CLOSING AUM¹ QUARTERLY AVERAGE AUM² ₹9,210 bn ₹6,280 bn ₹9,691 bn ₹6,507 bn ₹6,908 bn Total closing AUM Equity-oriented closing AUM Total QAAUM Equ
Slide 4: Industry
Industry 3
Slide 5: Industry – AUM and Net Sales
Industry – AUM and Net Sales Quarterly Average AUM (QAAUM) Closing AUM 56% 57% 58% 58% 59% 59% 83.1 87.2 82.2 82.6 77.1 75.6 15.3 15.9 14.8 15.0 12.7 12.5 8.7 6.5 7.1 AUM (₹ trn) 6.9 7.9 5.6 12.5 13.8 12.3 11.8 14.1 12.9 47.0 50.2 43.7 48.6 48.8 43.5 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 Sep-25
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% 61% 19% 19% 19% 286.2 278.6 87.1 87.1 251.9 84.2 84.2 77.8 77.8 16.4 15.6 33.9 14.5 33.1 30.6 MAAUM (₹ trn) MAAUM (₹ trn) 68.6 70.7 63.3 47.2 51.1 53.2 Sep-25 Jun-26 Sep-26 Se
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% 83% 84% 90% 89% 89% 28% 28% 28% 53.2 50.3 50.3 51.1 47.7 47.7 47.2 43.9 5.3 8.3 43.9 8.5 5.1 7.7 4.4 13.9 13.1 12.2 MAAUM (₹ trn) MAAUM (₹ trn) MAAUM (₹ trn
Slide 8: Industry - SIP Flows & AUM
Industry - SIP Flows & AUM SIP Flows SIP AUM 92.5 97.8 100.6 318 325 17.7 17.9 294 15.5 SIP contribution (₹ bn) SIP AUM (₹ tn) Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 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 11.4% 11.2% 11.1% 11.5% 11.3% 11.1% YoY 10% (₹ bn) (₹ bn) YoY 6% QoQ 4% QoQ (1)% 9,351 9,691 9,319 9,210 8,814 8,728 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 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 12.6% 12.4% 12.3% 12.8% 12.6% 12.3% (₹ bn) (₹ bn) YoY 8% YoY 4% QoQ 4% QoQ (1)% 8,918 9,254 8,901 8,775 8,584 8,461 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 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 12.9% 12.8% 12.7% 12.9% 12.8% 12.7% (₹ bn) (₹ bn) YoY 14% YoY 9% QoQ 6% QoQ (1)% 5,740 6,085 5,929 5,880 5,343 5,396 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 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% 12.9% 13.0% 13.3% 13.1% 13.0% (₹ bn) (₹ bn) YoY (13)% YoY (17)% QoQ (2)% QoQ (5)% 1,857 1,658 1,618 1,841 1,612 1,531 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 Market Share Market Share 12 Source: Internal, AMFI
Slide 14: Liquid AUM & Market Share
Liquid AUM & Market Share Quarterly Average AUM Closing AUM 11.4% 10.7% 9.9% 11.8% 11.2% 10.4% (₹ bn) (₹ bn) YoY 10% YoY 13% QoQ 1% QoQ 1% 851 860 782 730 740 656 Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 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 Sep-25 Jun-26 Sep-26 HDFC MF Industry HDFC MF Industry HDFC MF Industry Equity-oriented 64.9% 56.3% 65.7% 56.6% 67.1% 57.5% Debt-oriented 21.1% 18.3% 17.7% 15.5% 16.7% 14.3% Liquid 8.9% 8.9% 9.1% 9.5% 8.9% 10.0% Others 5.2% 16.5% 7.4% 18.4% 7
Slide 16: Individual Investors – Accounts & MAAUM
Individual Investors – Accounts & MAAUM Individual MAAUM (% of Total) Number of Live Individual Accounts (mm) YoY 9% YoY 24% 6,200 6,520 6,731 32.20 31.01 69.8% 69.2% 69.9% 25.94 61.1% Sep-25 Jun-26 Sep-26 Sep-25 Jun-26 Sep-26 Industry Sep-26 Individual MAAUM (Rs bn) Individual customers prefer equi
Slide 17: Unique Investors – HDFC AMC vs MF Industry
Unique Investors – HDFC AMC vs MF Industry Unique Investors 25% 28% 28% 61.9 63.3 57.0 (mm) 17.1 17.7 14.5 Sep-25 Jun-26 Sep-26 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) 18.9 SIP AUM(2): ₹ 2,344 bn 48.8 48.1 48.0 45.1 36.5 29.3 3.1 17.1 12.3 10.4 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Mar-26 Jun-26 Sep-26 #mm systematic transactions Source: Internal (1) Systematic transactions includes Systematic Investmen
Slide 19: Multi-channel Distribution Network
Multi-channel Distribution Network Total AUM Equity-oriented AUM Sep-2026 Sep-2026 HDFC Bank 5.0% HDFC Bank 6.2% Other Banks 4.3% Other Banks 5.2% Direct Direct 32.0% 44.7% MFDs 23.5% MFDs 29.8% National National Distributors Distributors 22.4% 26.8% Jun-2026 Sep-2025 Jun-2026 Sep-2025 HDFC Bank 5.4
Slide 20: Geographic Spread
Geographic Spread Total MAAUM1 by T30 and B30 Cities Geographical Reach B 30 20.0% ▪ 11.8% 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 ▪ 113k+ empaneled distribution partners T 30 80.0%
Slide 21: Our Digital Stack
Our Digital Stack 98% of transactions in H1FY27 were Digital Investors Partners Engagement and Support Channels 6% 3% 2% 10% 24% 19% HDFC HDFC MFOnline Mutual Fund Partners Agent Journey HelpDesk Management 76% 81% 90% 94% 97% 98% Investor Portal Partners Portal FY 22 FY 23 FY 24 FY 25 FY 26 H1 FY27
Slide 22: Alternatives
Alternatives PMS OVERVIEW Private Equity/ Listed Equity Private Credit Advisory Venture Capital Portfolio Management Services PMS ₹6,869 bn Alternative Investment Funds AIF ₹40 bn AUM Commitments MANDATE TYPE AUM FUND COMMITMENTS Discretionary ₹6,794 bn HDFC AMC Structured Credit Fund – I ₹17 bn Non
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 Responsible Investing Portfolio that focuses on businesses 'ESG & CSR' committee 56% 29% of Work force3 whose operations align with of the Board of Board of Directors are constructive and sustainable drives ESG framework Independent & societal outcomes 23% of Executive management are
Slide 25: ESG Highlights
ESG Highlights Retirees and individuals nearing retirement imparted with financial ~3,00,000 knowledge to prepare for their Golden Years through Future Ready campaign Participants reached through Barni 9,00,000+ teachers empowered on their Se Azadi & SIP Saheli initiatives to promote financial indep
Slide 26: Financials
Financials 25
Slide 27: Financials Summary – Half Yearly Earnings
Financials Summary – Half Yearly Earnings (₹ mm) Particulars HYE FY27 HYE FY26 Change Income Revenue from Operations 22,674 19,938 14% Other Income 3,335 3,286 1% Total Income 26,009 23,224 12% Expenses Finance Costs 73 63 16% Fees and Commission Expenses 47 27 74% # Employee Benefit Expenses 2,843
Slide 28: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (₹ mm) Particulars Q2 FY 27 Q2 FY 26 Change Income Revenue from Operations 11,689 10,260 14% Other Income 709 959 -26% Total Income 12,398 11,219 11% Expenses Finance Costs 36 32 13% Fees and Commission Expenses 27 14 93% # Employee Benefit Expenses 1,412 1,23
Slide 29: Financials Summary – Sequential Quarterly Earnings
Financials Summary – Sequential Quarterly Earnings (₹ mm) Particulars Q2 FY27 Q1 FY27 Change Income Revenue from Operations 11,689 10,985 6% Other Income 709 2,626 -73% Total Income 12,398 13,611 -9% Expenses Finance Costs 36 37 -3% Fees and Commission Expenses 27 20 35% Employee Benefit Expenses #
Slide 30: Notes
NOTES 1. The movement in effective tax rate is on account of following: - Considering certain 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 provision for earlier periods a
Slide 31: Notes
NOTES 2. A cyber-security incident (‘the incident’) had occurred at the Company on May 16, 2026, which was duly reported to the Stock Exchanges, SEBI and other relevant regulatory and law enforcement authorities. The Company also obtained interim relief from the Hon’ble High Court of Bombay on May 2
Slide 32: Operating Profit Margin
Operating Profit Margin Operating Revenue Operating Expenses Operating Margin (bps of AAUM) 47 46 45 46 12 10 10 11 35 36 35 35 YE FY24 YE FY25 YE FY26 HYE FY27 Operating margin (bps of AAUM) for Q1 FY 27 and Q2 FY 27 are 35 and 36 respectively ____________________ Based on internal computations 31
Slide 33: Statement of Assets and Liabilities
Statement of Assets and Liabilities (₹ mm) As at Sep 30, As at Mar 31, Particulars 2026 2026 Assets Financial Assets 90,166 96,243 Non-Financial Assets 3,837 3,642 Total Assets 94,003 99,885 Liabilities And Equity Liabilities Financial Liabilities 3,562 3,718 Non-Financial Liabilities 4,220 3,856 Eq
Slide 34: Breakup of Total Investments
Breakup of Total Investments Total Investments: ₹ 87,456 million Breakdown of Total Investments Breakdown of Mutual Fund Investments Equity, 10.7% Subsidiary, 0.4% Arbitrage, 13.6% Debentures & Tax Free Bonds, 2.7% Other Equity, CCPS Mutual Funds, and AIFs, 9.1% 87.8% Liquid and Debt, 75.7% Liquid a
Slide 35: Return On Equity and Dividend Per Share
Return On Equity and Dividend Per Share Return on Equity(1) FY 22 FY 23 FY 24 FY 25 FY 26 27.0% 24.5% 29.5% 32.4% 32.9% Dividend Per Share (₹) (2) (3) and Dividend Payout Ratio 81% 78% 77% 72% 64% 54 45 35 21 24 FY22 FY23 FY24 FY25 FY26 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: PBT of ₹9,778 million, up 12%
Press Release October 15, 2026 HDFC AMC’s Profit Before Tax for the Quarter ended September 30, 2026 at ₹9,778 million, an increase of 12% over Quarter ended September 30, 2025. HDFC Asset Management Company Limited (HDFC AMC) declares financial results for the period ended September 30, 2026. • Amo
Slide 39: Corporate Highlights
Mumbai, October 15, 2026: HDFC Asset Management Company Limited today reported its financial performance for the quarter ended September 30, 2026. CORPORATE HIGHLIGHTS • QAAUM of ₹9,691 billion for the quarter ended September 30, 2026, compared to ₹8,814 billion for the quarter ended September 30, 2
Slide 40: Financial Highlights for the Quarter Ended September 30, 2026
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED SEPTEMBER 30, 2026 • The Operating Profit for the quarter ended September 30, 2026 was ₹9,069 million as compared to ₹7,796 million for the quarter ended September 30, 2025. • Profit before tax for the quarter ended September 30, 2026 was ₹9,778 million as
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 September 30, 2026. The Company offers a comprehensive suite of savings and inves
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