Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q3 FY26 Earnings Presentation
36 slides from Hdfc Asset Management's earnings presentation, January 2026
Slide 1: Q3 FY26 Earnings Presentation
Q3 FY26 Earnings Presentation (For the Quarter ended December 31, 2025)
Slide 2: 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 3: Industry
Industry 3
Slide 4: 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 5: 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 6: 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 7: 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 8: HDFC AMC
HDFC AMC 8
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: Financials
Financials 25
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: Thank you
Thank you
Slide 36: 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
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