ContextTalking point
High returns, and the market pays up for them
ROE of 32.9% is well above the financial services median (16.4%), and the P/E of 33.63× is above it too (15.67×).
Importance 60 / 95 · valuation
HDFC Asset Management Company Limited · Research view
HDFC Asset Management Company Limited
NSE: HDFCAMCBSE: 541729ISIN INE127D01025Face value ₹5standalone
₹2,314
+2.81% · 2026-10-01 · 52-wk ₹2,216–₹2,902
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 18.1% a year over 4 years (₹2,115 → ₹4,119).
Importance 57 / 95 · growth
Strength
More profitable than peers
ROE of 32.9% is well above the financial services median of 16.4%.
Importance 57 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Capital Markets › Asset Management Company.
- Market cap
- ₹99,142 cr
- FY2026 revenue
- ₹4,119 cr
- FY2026 net profit
- ₹2,859 cr
- Net worth
- ₹9,231 cr
- Total debt
- —net cash
- EPS (basic)
- ₹66.80
- Listed
- NSE · BSE
- Reporting
- Ind-AS (NBFC)Apr–Mar
Peer set used on this page: 15 financial services.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Revenue compounded at 18.1% a year over 4 years (₹2,115 → ₹4,119).
Rule REVENUE_CAGR_STRONG
- Revenue growth per year
- +18.1%over 4 years
- Revenue growth
- +17.7%vs last year
- Net profit growth
- +16.2%vs last year
- Change in net profit since FY22
- +105%
Net profit grew 16.2% year on year (FY2025 → FY2026).
Revenue grew 17.7% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹837 cr, up 12.0% from ₹748 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹1,100 cr, up 13.6% from ₹968 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 EBITDA margin was 101.2%, down 2.68 percentage points from 103.9% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 887 | — | 577 | — | 65.0% |
| Q3 FY25 | 935 | +39.2% | 641 | +31.4% | 68.6% |
| Q4 FY25 | 901 | +29.6% | 638 | +18.0% | 70.8% |
| Q1 FY26 | 968 | +24.9% | 748 | +23.8% | 77.2% |
| Q2 FY26 | 1,027 | +15.8% | 718 | +24.6% | 69.9% |
| Q3 FY26 | 1,075 | +15.0% | 769 | +20.0% | 71.6% |
| Q4 FY26 | 1,052 | +16.7% | 623 | −2.5% | 59.2% |
| Q1 FY27 | 1,100 | +13.6% | 837 | +12.0% | 76.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹4,254 crTTM
- EBITDA
- ₹3,903 crTTM
- EBIT
- ₹3,826 crTTM
- PBT
- ₹3,812 crTTM
- Net profit
- ₹2,948 crTTM
C. Corporate actions
5 Jun 2026DividendFinal Dividend - Rs. - 54.0000 — ₹54.00/share
26 Nov 2025Bonus issueBonus issue 1:1 — 1:2
6 Jun 2025DividendFinal Dividend - Rs. - 90.0000 — ₹90.00/share
18 Jun 2024DividendInterim Dividend - Rs. - 70.0000 — ₹70.00/share
9 Jun 2023DividendDividend - Rs. - 48.0000 — ₹48.00/share
9 Jun 2022DividendDividend - Rs. - 42.0000 — ₹42.00/share
29 Jun 2021DividendDividend - Rs. - 34.0000 — ₹34.00/share
9 Jul 2020DividendDividend - Rs. - 28.0000 — ₹28.00/share
4 Jul 2019DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
6 Mar 2019DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 32.9% is well above the financial services median of 16.4%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 92.2%
- 5-year range
- 89.2–98.3%
- ROE FY2026
- 32.9%
- ROCE FY2026
- —
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 13.7% a year over 4 years (₹5,530 → ₹9,231).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- —
- Operating cash flow ÷ net profit
- 0.88×FY2026
- Free cash flow
- ₹2,511 cr
- Current ratio
- —
Section 08 · Relative position
How does it compare with peers?
Ranked against 15 financial services (FY2026, consolidated).
Revenue growth
HDFCAMC · 6th of 14 · set median 16.4%
EBITDA margin
HDFCAMC · 5th of 15 · set median 81.5%
Return on equity
HDFCAMC · 1st of 15 · set median 15.6%
P/E ratio
HDFCAMC · 14th of 15 · set median 15.7×
Context
ROE of 32.9% is well above the financial services median (16.4%), and the P/E of 33.63× is above it too (15.67×).
Rule STRONG_RETURNS_AT_PREMIUM
- P / E
- 33.6×TTM to Jun 26
- P / B
- 10.7×latest book
- P / S
- 23.3×TTM sales
- Earnings yield
- 3.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 34.7× · P/S 21.4× · ROE 32.9%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit (19.7% a year) and the stock (20.5% a year) compounded at roughly the same rate — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_TRACKED_EARNINGS · rebound
- 1-year return
- −16.7%
- 3-year return
- +74.8%
- 5-year return
- +57.8%
- From 52-wk high
- −20.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,509
- vs 200-day avg
- Below₹2,595
- RSI (14)
- 36.6neutral
- MACD histogram
- -12.9
- From 52-wk high
- −20.2%
- From 52-wk low
- +4.4%
- 30-day volatility
- 27.5%ann.
- 6-month return
- −1.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,115 | 2,167 | 2,584 | 3,498 | 4,119 |
| Total income | 2,433 | 2,483 | 3,162 | 4,058 | 4,617 |
| EBITDA | 1,918 | 1,934 | 2,540 | 3,354 | 3,796 |
| Profit before tax | 1,855 | 1,871 | 2,478 | 3,286 | 3,710 |
| Net profit | 1,393 | 1,424 | 1,946 | 2,461 | 2,859 |
| EPS (₹) | 65.4 | 66.8 | 91.2 | 115.2 | 66.8 |
| Net worth | 5,530 | 6,108 | 7,079 | 8,134 | 9,231 |
| Operating cash flow | 1,254 | 1,149 | 1,620 | 2,077 | 2,530 |
| Free cash flow | 1,246 | 1,142 | 1,607 | 2,037 | 2,511 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 2.4 | 19.3 | 35.4 | 17.7 |
| Profit growth YoY | — | 2.2 | 36.7 | 26.5 | 16.2 |
| Profitability | |||||
| EBITDA margin % | 90.7 | 89.2 | 98.3 | 95.9 | 92.2 |
| Net margin % | 57.3 | 57.4 | 61.5 | 60.6 | 61.9 |
| Return on equity % | 25.2 | 24.5 | 29.5 | 32.4 | 32.9 |
| Return on capital % | — | — | — | — | — |
| Leverage & cash | |||||
| Debt to equity | — | — | — | — | — |
| Cash flow ÷ profit | 0.90 | 0.81 | 0.83 | 0.84 | 0.88 |
| Current ratio | — | — | — | — | — |