Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Investor Presentation (October 2025)
26 slides from Hdfc Asset Management's investor presentation, October 2025
Slide 1: HDFC Manufacturing Fund: A Rising Manufacturing Powerhouse
MUTUAL FUND BHAROSA APNO KA ATMANIRBHAR BHARAT A RISING MANUFACTURING POWERHOUSE October 2025 HDFC MANUFACTURING FUND ©
Slide 2: Why invest?
Low share in GDP highlights significant job creation potential Manufacturing growth has historically driven high economic expansion Key for macroeconomic stability Domestic Consumption: Remains the backbone of the theme with key catalysts in place Capex: while Government capex continues,
Slide 3: Need for Manufacturing in India's Amrit Kaal
Need for Manufacturing in India's Amrit Kaal MUTUAL FUND BHAROSA APNO KA HOLISTIC GROWTH Sie ad se Sot LARGE SCALE EMPLOYMENT MACROECONOMIC [ - =2's6si STABILITY - Foreign Currency and Current Account Balance « Inflation
Slide 4: Most Asian peers have higher share of manufacturing in GDP
Average Real GDP Manufacturing Manufacturing share at Country High growth growth in high share at start of the end of high phase growth phase high growth phase growth phase Thailand 1985-1991 9.3% 21.9% 28.2% China 1990-2005 9.8% 9.1% 32% Indonesia 1983-1996 6.3% 13.4% 24.1 Vietnam 2010-2022 6.1
Slide 5: Manufacturing leads to holistic growth and large-scale employment
Manufacturing leads to holistic growth and large-scale employment ~45% of India's labor force is employed in Agriculture China's journey to an upper-middle income country saw people moving from ‘farms’ to ‘factories’ Manufacturing adds ~4x more value vs. Agriculture… .....Explaining China’
Slide 6: India's merchandise import has been increasing
India’s merchandise import (Excl. Oil & Gold) has been increasing INR has depreciated 3.3% against USD (10Y CAGR) and median inflation has been ~5.2% Vietnam and China, with high manufacturing exports, have current account surpluses; leading them to enjoy much lower currency depreciation* and he
Slide 7: India's advantages for manufacturing
Large Consumer base Large & skilled Labour pool Focus on Atmanirbharta Large Export opportunity in the Multipolar World + Cost advantages vs peers + Low leverage + higher capacity utilization Improving infrastructure Macro-economic stability + Service ecosyst
Slide 8: 08/26
08/26
Slide 9: Changing income pyramid and growing consumer market
…while opportunities to increase imports from US are high Changing income pyramid can lead to higher premiumization trends. Growing consumer market has become large enough to Many new categories are becoming relevant due to higher TAM (total support local manufacturing addressable market) Househo
Slide 10: Income tax cuts and government spending support consumption
Income Tax Cuts announced in the Union Budget have put more money in consumer hands Higher welfare spends from state government: More than Rs 3L crore of new schemes announced in 1 year Lower consumer price inflation: RBI expectation for FY26 of 2.6% shows that more income generated can be used f
Slide 11: Capex demand is a significant driver for manufactured industrial goods
Capex demand is a significant driver for manufactured industrial goods While Indian government capex growth could be relatively modest from here, areas of capex growth continue Indian private capex revival is key, and the listed space has shown signs of revival Infra push reflecting in strong Centr
Slide 12: India's global export share is a fraction of China's
India’s global export share is a fraction of China’s— even a small shift could be a game-changer. India holds a significant cost advantage, especially in labor-intensive industries. Massive potential for India to expand its footprint in global merchandise exports. Share in Global Merchandis
Slide 13: The current US administration has highlighted key issues on the trade front
… The current US administration has highlighted 2 key issues on the trade front Trade imbalances with major goods producers Tariff structures are lopsided against the US Although several trade issues between the US and India remain unresolved, the reciprocal tariffs imposed on India are rel
Slide 14: MUTUAL FUND
. MUTUAL FUND [AROSA APNO KA BH.
Slide 15: Core Portfolio, Investment Style, Stock Selection
Core Portfolio Investment Style / Portfolio Market Cap Stock Selection Concentration Core of the portfolio Stock selection will be Reasonably well Flexible across market (at least 80%) will be based on bottom-up diversified portfolio capitalisation invested in stocks that research ideas which are r
Slide 16: Manufacturing covers 40% of the overall market cap
Number of companies Market Cap (Rs lac cr) % Impacted by Manufacturing Universe (Mcap >1000cr) 763 194 100% Capital Goods 227 38 20% Capex Automobile and Auto Components 81 32 17% Consumption + Exports Oil, Gas & Consumable Fuels 12 26 13% Consumption + Exports Healthcare 89 24 12% Consumption
Slide 17: Portfolio snapshot and sector positioning
Stock Weight / Number GICS Sector Portfolio Benchmark OW / UW Information Technology* 4.6 0.7 3.9 AUM INR 11,686 crores Consumer Staples 3.0 0.0 3.0 Number of stocks 83 Energy 10.7 9.0 1.7 Top 10 stocks 34% Utilities 0.8 0.0 0.8 Health Care 16.8 16.6 0.2 Equity (%) 99% Industrials 19.3 20.4 -1.2
Slide 18: Portfolio valuation and market cap mix
Portfolio Benchmark Trailing PE 22.1 23.6 Trailing PB 3.00 3.5 LT Debt / Equity 0.34 0.48 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2024 2024 2024 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Large Cap 58.6% 59.4% 59.0% 63.7% 64.9% 65.0% 64.8% 62.8% 59.9% 55.3% 55.6% 55
Slide 19: Risks and Mitigants
Risks Mitigants Slowdown in domestic and/or global With India emerging as the largest source of cost growth could impact revenue and effective labor supply its manufacturing value profit growth proposition should allow it to be able to grow faster than rest of the world Pace of reforms and implem
Slide 20: Emergence of India as a manufacturing powerhouse
Growing consumption, investments and exports Changing geopolitical dynamics Emergence of India as a manufacturing powerhouse Government’s push for self-reliance (Atmanirbhar Bharat) by way of reforms and incentives Supportive macroeconomic environment with rising capex, low leverage a
Slide 21: Fund performance versus Nifty India Manufacturing Index
12 11.5 11 10.5 10 9.5 9 8.5 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nifty India Manufacturing Index HDFC Manufacturing Fund - Reg - Growth Source: MFI Explorer. Note - Values for the Benchmark, i.e., NIFTY India
Slide 22: SIP and Regular Plan performance
SIP PERFORMANCE^ - Regular Plan - Growth Option Since Inception SIP 1 year SIP Total Amount Invested (₹. in Lacs) 1.80 1.20 Market Value as on October 31, 2025 (₹. in Lacs) 1.94 1.32 Returns (%) 9.79 18.39 Benchmark Returns (%)# 11.51 21.01 Additional Benchmark Returns (%)## 9.73 14.42 Assuming ₹
Slide 23: HDFC Manufacturing Fund scheme particulars
Particulars HDFC Manufacturing Fund Type of Scheme An open ended equity scheme following manufacturing theme Investment Objective To provide long-term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in the manufacturing activity. There
Slide 24: Product suitability and riskometer
HDFC Manufacturing Fund This product is suitable for investors who are seeking*: Riskometer# Benchmark Riskometer# • To generate long-term capital appreciation • Investment predominantly in equity & equity related securities of companies engaged in the manufacturing theme. *Investors should
Slide 25: Mutual fund investments are subject to market risks
The views expressed herein are as of 13th November, 2025 and are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information conta
Slide 26: Thank You
BHAROSA APNO KA THANK YOU
HDFC Asset Management Company — Investor Presentation (October 2025) on 6ix