Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q4 FY26 Earnings Presentation
37 slides from Hdfc Asset Management's earnings presentation, April 2026
Slide 1: Q4 FY26 Earnings Presentation
Q4 FY26 Earnings Presentation (For the Quarter ended March 31, 2026)
Slide 2: HDFC AMC at a Glance
HDFC AMC at a Glance AUM Financials ₹8,440 bn ₹5,575 bn ₹131 bn ₹46,172 mm ₹28,592 mm 35 bps Closing AUM1 Equity-Oriented Closing AUM1 Alternatives AUM3 Total Income Operating Margin PAT (FY26) (FY26) (FY26) ₹9,275 bn ₹6,050 bn QAAUM2 Equity-Oriented QAAUM2 Customer base ₹5,657 bn ₹1,758 bn ₹785 bn
Slide 3: Industry
Industry 3
Slide 4: Industry – AUM and Net Sales
Industry – AUM and Net Sales Quarterly Average AUM (QAAUM) Closing AUM 56% 56% 56% 58% 58% 57% 81.0 81.5 80.2 73.7 67.4 14.0 15.1 65.7 14.1 6.9 5.8 13.6 10.8 7.2 AUM (₹ trn) 10.7 5.4 6.8 14.4 13.7 5.0 13.9 11.9 12.7 12.1 45.8 45.6 38.2 46.5 42.1 37.7 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 Mar-25
Slide 5: Industry - MAAUM by Investor Category & Location
Industry - MAAUM by Investor Category & Location Overall MAAUM by Overall MAAUM by Folios Investor Category Location 60% 60% 60% 18% 18% 18% 273.9 261.3 82.0 82.0 234.5 79.5 79.5 15.1 14.4 66.7 66.7 32.7 32.1 12.2 MAAUM (₹ trn) MAAUM (₹ trn) 26.4 66.9 65.0 54.5 49.3 47.4 40.3 Mar-25 Dec-25 Mar-26 Ma
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 83% 84% 83% 90% 90% 89% 28% 28% 27% 46.0 46.0 49.3 43.9 43.9 47.4 4.7 8.0 37.0 4.6 40.3 8.2 37.0 12.7 12.0 3.6 MAAUM (₹ trn) MAAUM (₹ trn) MAAUM (₹ trn) 6.9 10.
Slide 7: Industry - SIP Flows & AUM
Industry - SIP Flows & AUM SIP Flows SIP AUM 81.1 97.9 97.2 310 321 16.6 15.1 259 13.4 SIP contribution (₹ bn) SIP AUM (₹ tn) Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 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% 11.5% 11.5% 11.4% YoY 20% (₹ bn) (₹ bn) YoY 12% QoQ 0% QoQ (8)% 9,249 9,275 9,206 8,440 7,740 7,545 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 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 12.7% 12.6% 12.6% 12.8% 12.8% 12.7% (₹ bn) (₹ bn) YoY 17% YoY 9% QoQ (1)% QoQ (9)% 8,936 8,853 8,849 7,568 8,034 7,358 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 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% 13.0% 13.0% 12.9% 13.0% 13.0% (₹ bn) (₹ bn) YoY 23% YoY 11% QoQ 0% QoQ (9)% 5,661 5,657 5,757 4,609 5,212 4,699 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 Market Share Market Share 11 Source: Internal, AMFI
Slide 12: Debt AUM & Market Share
Debt AUM & Market Share Quarterly Average AUM Closing AUM 13.1% 12.9% 12.9% 13.1% 12.9% 12.9% (₹ bn) (₹ bn) YoY 11% YoY 5% QoQ (6)% QoQ (9)% 1,863 1,758 1,587 1,793 1,559 1,635 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 Market Share Market Share 12 Source: Internal, AMFI
Slide 13: Liquid AUM & Market Share
Liquid AUM & Market Share Quarterly Average AUM Closing AUM 12.5% 11.2% 10.9% 11.9% 11.7% 11.4% (₹ bn) (₹ bn) YoY (8)% YoY 3% QoQ 2% QoQ (10)% 852 771 785 684 596 614 Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 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 Mar-25 Dec-25 Mar-26 HDFC MF Industry HDFC MF Industry HDFC MF Industry Equity-oriented 63.8% 55.9% 65.5% 56.5% 65.2% 55.9% Debt-oriented 20.5% 18.0% 20.1% 17.8% 19.0% 16.8% Liquid 11.0% 10.1% 8.3% 8.5% 8.5% 8.9% Others 4.7% 16.0% 6.0% 17.2%
Slide 15: Individual Investors – Accounts & MAAUM
Individual Investors – Accounts & MAAUM Individual MAAUM (% of Total) Number of Live Individual Accounts (mm) YoY 16% YoY 30% 5,307 6,445 6,150 30.09 27.56 69.6% 69.0% 68.2% 23.17 59.7% Mar-25 Dec-25 Mar-26 Mar-25 Dec-25 Mar-26 Industry Mar-26 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% 26% 27% 61.4 59.0 (mm) 54.2 15.4 16.7 13.2 Mar-25 Dec-25 Mar-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 17: Systematic Transactions
Systematic Transactions Systematic Transactions(1) (₹ bn) 16.5 SIP AUM(2): ₹ 2,010 bn 48.8 47.3 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 Mar-25 Dec-25 Mar-26 #mm systematic transactions Source: Internal (1) Systematic transactions includes Systemat
Slide 18: Multi-channel Distribution Network
Multi-channel Distribution Network Total AUM Equity-oriented AUM Mar-2026 Mar-2026 HDFC Bank 5.2% HDFC Bank 6.5% Banks 9.7% Banks 11.9% Direct Direct 30.9% 44.6% MFDs 23.7% MFDs 30.1% National National Distributors Distributors 22.1% 27.0% Dec-2025 Mar-2025 Dec-2025 Mar-2025 HDFC Bank 5.8% HDFC Bank
Slide 19: Geographic Spread
Geographic Spread Total MAAUM1 by T30 and B30 Cities Geographical Reach B 30 19.2% ▪ 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 ▪ 109k+ empaneled distribution partners T 30 80.8% 1
Slide 20: Our Digital Stack
Our Digital Stack 97% of transactions this FY were Digital Investors Partners Engagement and Support Channels 10% 6% 3% 31% 18% 24% 19% HDFC HDFC MFOnline Mutual Fund Partners 97% Co-browsing Callback 82% 81% 90% 94% 69% 76% Services Services Partners Portal Investor Portal FY 20 FY 21 FY 22 FY 23 F
Slide 21: PMS and AIF
PMS and AIF PMS OVERVIEW PMS AUM ₹106 Billion ₹56bn ₹48bn ₹1.5bn Non-Discretionary Discretionary Advisory ➢ Awarded mandates from Employees' Provident Fund Organisation (EPFO) & Seaman's Provident Fund Organisation (SPFO) AIF Commitments ₹25 Billion ₹12bn ₹13bn HDFC AMC Select AIF FOF-I HDFC AMC Str
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% of the Board of Board of Directors are 2,900+ 2,700+ drives ESG framework Independent 29% of Work force3 Cancer patients provided with Cancer patients & & financial aid for their attendants were provided 23% of Executive treatment affordable accommodation man
Slide 24: ESG Highlights
ESG Highlights 22 Lakhs+ 14,000+ 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 nea
Slide 25: Financials
Financials 25
Slide 26: Financials Summary – Yearly Earnings
Financials Summary – Yearly Earnings (₹ mm) Particulars YE FY26 YE FY25 Change Income Revenue from Operations 41,185 34,980 18% Other Income 4,987 5,602 -11% Total Income 46,172 40,582 14% Expenses Finance Costs 133 94 41% Fees and Commission Expenses 59 39 51% # Employee Benefit Expenses 4,809 3,88
Slide 27: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (₹ mm) Particulars Q4 FY26 Q4 FY25 Change Income Revenue from Operations 10,504 9,012 17% Other Income 112 1,237 -91% Total Income 10,616 10,249 4% Expenses Finance Costs 37 26 42% Fees and Commission Expenses 18 10 80% # Employee Benefit Expenses 1,252 969 29
Slide 28: Financials Summary – Sequential Quarterly Earnings
Financials Summary – Sequential Quarterly Earnings (₹ mm) Particulars Q4 FY26 Q3 FY26 Change Income Revenue from Operations 10,504 10,743 -2% Other Income 112 1,589 -93% Total Income 10,616 12,332 -14% Expenses Finance Costs 37 33 12% Fees and Commission Expenses 18 14 29% Employee Benefit Expenses
Slide 29: Notes
NOTES 1. The movement in tax amounts between YE Mar 26 and YE Mar 25 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 provisi
Slide 30: Notes – Proforma Profit after Tax
NOTES (₹ mm) Proforma Profit after Tax YE Mar 26 YE Mar 25 Change Profit before Tax 37,101 32,863 13% Provision for Tax 8,509 8,254 Tax adjustments 468 (698) Provision for Tax 8,977 7,556 19% Profit after Tax 28,124 25,307 11% 30
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 45 14 12 10 10 35 35 36 35 YE FY23 YE FY24 YE FY25 YE FY26 Operating margin (bps of AAUM) for Q1 FY 26, Q2 FY 26, Q3 FY 26 and Q4 FY 26 are 36, 35, 36 and 35 respectively ____________________ Based o
Slide 33: Statement of Assets and Liabilities
Statement of Assets and Liabilities ( ₹ mm) As at Mar 31, As at Mar 31, Particulars 2026 2025 Assets Fi na nci a l As s e ts 96,243 84,742 Non-Fi na nci a l As s e ts 3,642 2,793 Total Assets 99,885 87,535 Liabilities And Equity Liabilities Fi na nci a l Li a bi l i ti e s 3,718 2,841 Non-Fi na nci
Slide 34: Breakup of Total Investments
Breakup of Total Investments Total Investments: ₹ 93,964 million Breakdown of Total Investments Breakdown of Mutual Fund Investments Equity, 8.0% Subsidiary, 0.4% Arbitrage, 21.0% Debentures & Tax Free Bonds, 2.5% Other Equity and AIFs, 5.8% Mutual Funds, 91.3% Liquid and Debt, 71.0% Mutual Funds Ot
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
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