Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Investor Presentation (November 2025)
28 slides from Hdfc Asset Management's investor presentation, November 2025
Slide 1: Invest in the things that make your day!
Invest in the things that make your day! Invest in your everyday with HDFC NON-CYCLICAL CONSUMER FUND (An open-ended equity scheme following non-cyclical consumer theme) For product labelling & riskometer refer page 26
Slide 2: Factors driving India's consumption in the coming decades
Factors driving India’s consumption in the coming decades India's consumption Demographic Premiumization Formalization Digitization at an inflection Dividend point Countries like India has the Changing income Shift from Changing China saw a sharp largest and one of pyramid and unorganized to consumpt
Slide 3: Multiple catalysts to infuse growth
Multiple catalysts to infuse growth Aggregate consumption in India lagged economic growth post-Covid Mass consumption to witness potential recovery on the back of: Income tax relief Lower inflation Higher welfare spends Prospects of above average monsoon Signs of revival in consumption – both rural a
Slide 4: US vs India - Consumption trends below pre-pandemic levels in India
US vs India - Consumption trends below pre-pandemic levels in india US consumption trends recovered to pre-pandemic levels helped by strong 'Stimulus and Relief Package' also known as CARES act which included One-time, direct cash payment of US$1,200 per person plus US$500 per child. India Consumpti
Slide 5: Consumption remains a major contributor to GDP
Consumption remains a major contributor to GDP Domestic Private Consumption contributes 59% of India’s GDP and has grown faster than Nominal GDP in the last 10 years Major constituents of Private consumption are Foods & Beverages, Clothing and Footwear, Housing and Fuels, Transportation, Healthcare,
Slide 6: Government spending has high correlation to consumption cycles
Government spending has high correlation to consumption cycles Historically, consumption growth in India has high correlation with welfare spending by government. High government fiscal transfers for welfare spending during FY08-14 (MGNREGA scheme, higher MSP growth etc.) led to a strong consumption
Slide 7: State governments led increase in welfare spending gaining momentum
State governments led increase in welfare spending gaining momentum Large states including Maharashtra, Madhya Pradesh, Karnataka, Telangana, Andhra Pradesh etc have announced welfare schemes worth> Rs 3 lakh crores in the last few months Union Budget 2025 saw increase in revenue expenditure vs inte
Slide 8: Income Tax Cuts – more money in Consumer hands
Income Tax Cuts – more money in Consumer hands Reduction in slab rates and rebate upto Rs12 Lakh could mean that a significant portion of the population has <5% tax liability As per Budget, this move leads to Rs 1 Lakh crore of tax foregone Higher salaries have reflected starting April 2025 for most e
Slide 9: Consumption Stimulus – Government Focus shifting towards Consumption
Consumption Stimulus – Government Focus shifting towards Consumption GST Rate Rationalization Income Tax Relief in the Union Budget Consumption Stimulus – 4,500 11,750 • Discontinuation of 12% and 28% slabs • Reduction in slab rates and rebate upto ₹12 lakh income → A significant portion of the popul
Slide 10: GST Rate Rationalization
GST Rate Rationalization GST Rate Rationalization Implementation of New GST Rates Key Sector Implications • Discontinuation of 12% and 28% slabs • Implementation of new GST rates from • 2 primary rates of 5% and 18%, plus 40% for September 22, 2025, except for cigarettes, Autos sin/demerit goods whe
Slide 11: Low inflation and good monsoon to uplift consumption outlook
Low inflation and good monsoon to uplift consumption outlook High inflation has historically led to lower consumption growth The rise in inflation post the pandemic has now slowed down, with CPI Inflation reporting 2.1% YoY for June 2025 An above average monsoon bodes well for rural consumption 2025 mon
Slide 12: Crude and margins
Crude and margins Crude oil prices have continued to stay low following OPEC's decision to increase oil supply. Weak demand outlook could contain crude oil price hikes Decrease in Palm oil costs on account of duty cut and falling international prices Indian consumer facing businesses are dependent o
Slide 13: Macro indicators bottoming out
Urban Unemployement rate -2 0 2 4 6 8 6 7 8 9 10 11 Jan-23 Source: CMIE Feb-23 Jul-22 Mar-23 Sep-22 Apr-23 Nov-22 May-23 growth improves Jun-23 Jan-23 Jul-23 Aug-23 Refer disclaimer on page 27 Mar-23 Sep-23 May-23 Oct-23 Jul-23 Nov-23 Dec-23 Sep-23 Jan-24 Nov-23 Feb-24 Nominal Rural wage growth Mar-
Slide 14: Signs of revival in consumption
Signs of revival in consumption GST has been very transformative for the country and it will Expect to grow double digits in due course, because there seems unleash volume growth which are much better than what we to be a very positive sentiment around consumer goods and have seen in the past and ha
Slide 15: What is Non-Cyclical Consumer theme
What is Non-Cyclical Consumer theme Demand for non-cyclical consumer goods and services remains relatively stable across different phases of the economic cycle. Sectors such as FMCG, Consumer Durables, Consumer Services, healthcare services are part of the theme Non-Cyclical Cyclical Packaged Foods
Slide 16: Valuation - Trading in-line with last 5 years average PE multiple
Valuation - Trading in-line with last 5 years average PE multiple Consumption sector valuations are at 45x 1 yr Fwd P/E Ratio which is broadly in line with (2% above) last 5 years average Earnings growth surprise and higher visibility has led to valuation re-rating in the consumption stocks in the l
Slide 17: Introducing HDFC Non-Cyclical Consumer Fund
Introducing HDFC Non-Cyclical Consumer Fund 17/28
Slide 18: Investment strategy
Investment strategy Investment team at HDFC MF has a significant experience and understanding of the consumption sector We follow bottom-up stock selection approach for portfolio construction Secular Core Multicap Focus on growth/ Portfolio Strategy Leaders Re-rating Core of the portfolio (at least C
Slide 19: Portfolio positioned to gain from changing consumption trends
Portfolio positioned to gain from changing consumption trends Top Sectors: Stock Weight / Number Sector Weight Retailing 21.9 AUM INR 1,095 crores Consumer Durables 11.3 Number of stocks 47 Diversified FMCG 11.2 Leisure Services 9.5 Top 10 stocks 52% Beverages 9.5 Equity (%) Automobiles 6.4 97.4% Per
Slide 20: Performance over time HDFC Non-Cyclical Consumer Fund
Performance over time 17 HDFC Non-Cyclical Consumer Fund - Reg - Growth Nifty Non-Cyclical Consumer TRI 16 Nifty India Consumption TRI 15 HDFC NIFTY NIFTY 14 Period Non-Cyclical Consumption Non-Cyclical Consumer TRI Consumer 13 Fund* TRI 12 1-year 4.09% 11.58% 5.22% 11 2-year 15.81% 21.42% 16.41% 10
Slide 21: Risks and Mitigants
Risks and Mitigants Risks Mitigants India is currently witnessing high growth, and growth expectations from government Growth in the aggregate and multilateral agencies are high consumption is dependent on the Consumption of basic items don’t move significantly basis small changes in incomes growth i
Slide 22: Why invest in HDFC Non-Cyclical Consumer Fund
Why invest in HDFC Non-Cyclical Consumer Fund Consumption theme is likely to unfold Supporting near term factors such as Lower exposure to risks from in India with key fundamental drivers Global macroeconomic in place: Improving macroeconomic factors (low inflation & lower input cost prices), slowdow
Slide 23: Fund Facts
Fund Facts Particulars HDFC Non-Cyclical Consumer Fund Type of Scheme An open ended equity scheme following non-cyclical consumer theme To generate long-term capital appreciation by investing predominantly in equity and equity related securities of companies with Investment Objective a focus on non-
Slide 24: Asset allocation
Asset allocation Under normal circumstances, the asset allocation (% of Net Assets) of the Scheme's portfolio will be as follows: Minimum Allocation Maximum Allocation Types of Instruments (% of Net Assets) (% of Net Assets) Equity and Equity related instruments of 80 100 Non-Cyclical Consumer compa
Slide 25: Returns Performance - Regular Plan - Growth Option
Returns Performance^ - Regular Plan - Growth Option NAV as at October 31, 2025 ₹ 14.584 (per unit) Value of ₹ 10,000 invested Additional Scheme Benchmark Additional Date Period Benchmark Benchmark Returns (%) Returns (%) # Scheme (₹) Benchmark Returns (%) ## (₹) # (₹) ## Oct 31, 24 Last 1 Year 2.53
Slide 26: Product Labelling and Riskometer
Product Labelling and Riskometer HDFC Non-Cyclical Consumer Fund (An open ended Riskometer# Name of the Benchmark equity scheme following non-cyclical consumer theme) and Riskometer# is suitable for investors who are seeking*: NIFTY India Consumption Index (TRI) • To generate long-term capital appre
Slide 27: Disclaimer
Disclaimer Disclaimer Views expressed herein are as of November 21, 2025 involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied herein. The views explain general market trends in the securities mar
Slide 28: Thank You
Thank You
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