Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q2 FY26 Earnings Presentation
41 slides from Hdfc Asset Management's earnings presentation, Oct 15, 2025
Slide 1: Exchange filing cover letter: Outcome of Board Meeting
Ref/No/HDFCAMC/SE/2025-26/49 Date – October 15, 2025 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 FY26 Earnings Presentation
Q2 FY26 Earnings Presentation (For the Quarter ended September 30,2025)
Slide 3: HDFC AMC at a Glance
HDFC AMC at a Glance AUM Financials ₹8,728 bn ₹5,770 bn ₹62 bn ₹11,219 mm ₹7,179 mm 35 bps Closing AUM1 Equity-Oriented Closing AUM1 Alternatives AUM3 Total Income Operating Margin PAT (Q2FY26) (Q2FY26) (Q2FY26) ₹8,814 bn ₹5,717 bn QAAUM2 Equity-Oriented QAAUM2 Customer base ₹5,343 bn ₹1,857 bn ₹782
Slide 4: Industry
Industry 3
Slide 5: Industry – AUM and Net Sales
Industry – AUM and Net Sales Quarterly Average AUM (QAAUM) Closing AUM 57% 56% 56% 59% 58% 58% 77.1 74.4 75.6 72.1 66.2 67.1 12.7 12.0 12.5 11.8 10.7 6.9 10.7 5.7 5.6 AUM (₹ trn) 6.9 5.1 6.2 14.1 13.5 13.8 11.5 13.0 11.5 37.8 40.5 43.5 39.9 43.2 43.7 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Sep-24
Slide 6: Industry - MAAUM by Investor Category & Location
Industry - MAAUM by Investor Category & Location Overall MAAUM by Overall MAAUM by Individual Folios Investor Category Location 62% 61% 61% 19% 18% 19% 250.5 239.9 77.8 77.8 74.8 74.8 209.3 68.0 68.0 14.5 13.8 30.6 12.6 29.4 25.9 MAAUM (₹ trn) MAAUM (₹ trn) 61.0 63.3 55.4 42.1 45.4 47.2 Sep-24 Jun-2
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% 84% 84% 90% 90% 90% 27% 28% 28% 47.2 45.4 43.9 43.9 42.1 42.1 42.1 7.7 39.2 7.4 4.4 39.2 6.7 4.1 3.8 12.2 11.7 10.7 MAAUM (₹ trn) MAAUM (₹ trn) MAAUM (₹ trn
Slide 8: Industry - SIP Flows & AUM
Industry - SIP Flows & AUM SIP Flows SIP AUM 77.5 86.5 92.5 294 273 15.3 15.5 13.8 245 SIP contribution (₹ bn) SIP AUM (₹ tn) Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 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 11.5% 11.5% 11.4% 11.5% 11.5% 11.5% YoY 16% (₹ bn) (₹ bn) YoY 14% QoQ 6% QoQ 2% 8,814 8,570 8,728 8,286 7,588 7,686 Sep-24 Jun-25 Sep-25 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 12.8% 12.8% 12.6% 12.9% 12.8% 12.8% (₹ bn) (₹ bn) YoY 15% YoY 12% QoQ 6% QoQ 1% 8,085 8,584 8,356 8,461 7,451 7,538 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 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% 12.9% 12.7% 12.8% 12.9% (₹ bn) (₹ bn) YoY 14% YoY 11% QoQ 8% QoQ 2% 5,343 5,284 5,396 4,676 4,963 4,873 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Market Share Market Share 11 Source: Internal, AMFI
Slide 13: Debt AUM & Market Share
Debt AUM & Market Share Quarterly Average AUM Closing AUM 13.5% 13.1% 13.2% 13.4% 13.3% 13.3% (₹ bn) (₹ bn) YoY 20% YoY 20% QoQ 9% QoQ 3% 1,857 1,789 1,841 1,702 1,549 1,535 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Market Share Market Share 12 Source: Internal, AMFI
Slide 14: Liquid AUM & Market Share
Liquid AUM & Market Share Quarterly Average AUM Closing AUM 12.1% 12.3% 11.4% 13.0% 12.6% 11.8% (₹ bn) (₹ bn) YoY 4% YoY 0% QoQ (8)% QoQ (9)% 848 754 782 718 659 656 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 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-24 Jun-25 Sep-25 HDFC MF Industry HDFC MF Industry HDFC MF Industry Equity-oriented 65.7% 57.1% 64.2% 56.2% 64.9% 56.3% Debt-oriented 20.4% 17.4% 20.5% 18.0% 21.1% 18.3% Liquid 9.9% 9.4% 10.2% 9.5% 8.9% 8.9% Others 4.0% 16.1% 5.0% 16.3% 5
Slide 16: Individual Investors – Accounts & MAAUM
Individual Investors – Accounts & MAAUM Individual MAAUM (% of Total) Number of Live Individual Accounts (mm) YoY 12% YoY 26% 5,554 5,955 6,200 71.4% 69.6% 25.94 69.8% 24.24 60.7% 20.64 Sep-24 Jun-25 Sep-25 Sep-24 Jun-25 Sep-25 Industry Sep-25 Individual MAAUM (Rs bn) Individual customers prefer equ
Slide 17: Amongst preferred choice of Individual Investors
Amongst preferred choice of Individual Investors Individual Assets Market Share Sep-24 Jun-25 Sep-25 13.2% 12.9% 12.7% 13.1% 13.1% 12.5% 13.1% 13.1% 12.4% 8.1% 8.3% 8.4% 6.8% 6.8% 6.7% HDFC MF #2 MF #3 MF #4 MF #5 HDFC MF #2 MF #3 MF #4 MF #5 HDFC MF #2 MF #3 MF #4 MF #5 MF MF MF 16 Source: AMFI , b
Slide 18: Unique Investors – HDFC AMC vs MF Industry
Unique Investors – HDFC AMC vs MF Industry Unique Investors 24% 25% 25% 57.0 55.3 50.1 (mm) 13.7 14.5 11.8 Sep-24 Jun-25 Sep-25 HDFC Mutual Fund Mutual Fund Industry HDFC MF penetration in Mutual Fund Industry 17 Source: CAMS. Note: Unique Investors as identified by PANs/PEKRNs of all unit holders &
Slide 19: Systematic Transactions
Systematic Transactions Systematic Transactions(1) (₹ bn) 13.1 SIP AUM(2): ₹ 2,053 bn 45.1 40.1 36.8 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 Sep-24 Mar-25 Jun-25 Sep-25 #mm systematic transactions Source: Internal (1) Systematic transactions inclu
Slide 20: Multi-channel Distribution Network
Multi-channel Distribution Network Total AUM Equity-oriented AUM Sep-2025 Sep-2025 HDFC Bank 5.4% HDFC Bank 7.0% Banks 10.2% Banks 12.6% Direct Direct 29.0% 43.0% MFDs 25.2% MFDs 32.1% National Distributors National Distributors 26.3% 21.7% Jun-2025 Sep-2024 Jun-2025 Sep-2024 HDFC Bank 6.0% HDFC Ban
Slide 21: Geographic Spread
Geographic Spread Total MAAUM1 by T30 and B30 Cities #2 Player in B-30 Markets1 B 30 MF #1 19.7% 19.6% Others 42.7% HDFC MF, 12.0% MF #3 11.3% MF #5 MF #4 T 30 5.3% 9.1% 80.3% We serve customers across ~98% of all pincodes in India Network of 280 Offices with 196 in B-30 locations2 103k+ empaneled d
Slide 22: Our Digital Stack
Our Digital Stack Investors Partners Engagement & Support Channels Electronic and Physical Transactions as % of Total Transactions HDFC Mutual HDFC MFOnline 10% 6% 4% Fund Partners Co-browsing Services 18% 19% 24% 31% Investor Partners Callback Services Portal & App Portal & App 90% 94% 96% 82% 76%
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 'ESG & CSR' committee 56% of the Board of Board of Directors are drives ESG framework Independent 2,350+ 28% of Work force Cancer patients provided with & financial aid for their treatment 23% of Executive management are Women 550+ Cancer patients & attendants were provided affordable
Slide 25: ESG Highlights
ESG Highlights ~14 Lakhs 1,700+ 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 ~1500 Retirees and individuals nearin
Slide 26: Financials
Financials 25
Slide 27: Financials Summary – Half Yearly Earnings
Financials Summary – Half Yearly Earnings (₹ mm) Particulars HYE FY26 HYE FY25 Change Income Revenue from Operations 19,938 16,625 20% Other Income 3,286 3,437 -4% Total Income 23,224 20,062 16% Expenses Finance Costs 63 46 37% Fees and Commission Expenses 27 18 50% # Employee Benefit Expenses 2,324
Slide 28: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (₹ mm) Particulars Q2 FY26 Q2 FY25 Change Income Revenue from Operations 10,260 8,873 16% Other Income 959 1,706 -44% Total Income 11,219 10,579 6% Expenses Finance Costs 32 23 39% Fees and Commission Expenses 14 9 56% # Employee Benefit Expenses 1,235 957 29%
Slide 29: Financials Summary – Sequential Quarterly Earnings
Financials Summary – Sequential Quarterly Earnings (₹ mm) Particulars Q2 FY26 Q1 FY26 Change Income Revenue from Operations 10,260 9,678 6% Other Income 959 2,327 -59% Total Income 11,219 12,005 -7% Expenses Finance Costs 32 31 3% Fees and Commission Expenses 14 13 8% Employee Benefit Expenses # 1,2
Slide 30: Notes
NOTES 1. The movement in effective tax rate is on account of following: - Considering recent assessments orders, the Company has re-assessed its income tax position during the quarter ended September 30, 2025. As a result of which, the Company has reversed income tax provision for earlier periods am
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 46 14 12 10 11 35 35 36 35 YE FY23 YE FY24 YE FY25 HYE FY26 Operating margin (bps of AAUM) for Q1 FY 26 and Q2 FY 26 are 36 and 35 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 2025 2025 Assets Fi na nci a l As s e ts 81,062 84,742 Non-Fi na nci a l As s e ts 3,287 2,793 Total Assets 84,349 87,535 Liabilities And Equity Liabilities Fi na nci a l Li a bi l i ti e s 3,076 2,841 Non-Fi na nci
Slide 34: Breakup of Total Investments
Breakup of Total Investments Total Investments: ₹ 79,008 million Breakdown of Total Investments Breakdown of Mutual Fund Investments Equity, 9.9% Arbitrage, 9.5% Subsidiary, 0.4% Debentures & Tax Free Bonds, 5.6% Other Equity and Mutual Funds, AIFs, 5.1% 88.9% Liquid and Debt, 80.6% Mutual Funds Oth
Slide 35: 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) 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) Calculated
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: Profit Before Tax for Quarter ended September 30, 2025
Press Release October 15, 2025 HDFC AMC’s Profit Before Tax (excluding non-cash charge related to employee stock expenses) for the Quarter ended September 30,2025 at ₹8,966 million, an increase of 4% over Quarter ended September 30,2024. HDFC Asset Management Company Limited (HDFC AMC) declares fina
Slide 39: Press Release: Corporate Highlights
Mumbai, October 15, 2025: HDFC Asset Management Company Limited today reported its financial performance for the quarter ended September 30,2025. CORPORATE HIGHLIGHTS • QAAUM of ₹8,814 billion for the quarter ended September 30,2025 compared to ₹7,588 billion for the quarter ended September 30,2024,
Slide 40: Financial Highlights for the Quarter Ended September 30, 2025
FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED SEPTEMBER 30,2025 • The Operating Profit for the quarter ended September 30,2025 was ₹7,796 million as compared to ₹6,881 million for the quarter ended September 30,2024. • Profit before tax for the quarter ended September 30,2025 was ₹8,755 million as comp
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 8.73 trillion as on September 30,2025. The Company offers a comprehensive suite of savings and invest
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