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HDFC AMC Q4 results: HDFC Asset Management Company Ltd reported a 2 per cent year-on-year (YoY) decline in its profit after tax (PAT) at Rs 623 crore in Q4 FY26 against Rs 638 crore in the same quarter of the previous year.
On a quarter-on-quarter basis, HDFC AMC reported a 19 per cent decline in its consolidated profit for the January-March quarter (Q4 FY26), with earnings coming in at Rs 622.66 crore.
The asset management company posted a net profit of Rs 769.42 crore in the December quarter (Q3 FY26), according to its stock exchange filing. The revenue from operations was up 17 per cent YoY at 1,051 crore in the reporting quarter versus Rs 901.36 crore in the year-ago period.
However, on a quarter-on-quarter basis, revenue slipped 2.2 per cent from Rs 1,075.10 crore, as per its regulatory filing. Other income was at Rs 11 crore in the fourth quarter ended March 31, 2026, compared to Rs 124 crore in Q4 FY5.
HDFC AMC Share Price Target: Morgan Stanley remains bullish on the Asset Management Company
Morgan Stanley underlines the concerns around yield compression, which appear overdone compared to peers.
According to the brokerage, the company’s AUM growth is projected at 9 per cent in FY27 and 37 per cent in FY28, while earnings are expected to grow by 11 per cent and 35 per cent over FY27–28.
Although the upside may be limited, the valuation remains relatively more attractive than that of peers.
HDFC AMC Share Price Target: Motilal Oswal maintains BUY rating; sets target price
According to the brokerage, the Non-mutual fund businesses are expected to drive incremental growth, while market share remains broadly stable across segments.
Motilal Oswal also highlighted that the company continues to be a strong player in the mutual fund industry, supported by steady AUM growth, cost efficiency, and a strong retail presence.
Despite near-term market volatility, long-term fundamentals remain solid. Earnings estimates for FY26–FY28 have been largely retained, aided by lower assumptions for other expenses.
According to the brokerage, revenue, EBITDA, and PAT are expected to grow at a CAGR of 13 per cent, 14 per cent, and 15 per cent, respectively, along with approximately 16 per cent AUM growth over FY26-28.
HDFC AMC Share Price Target: Nuvama maintains ‘BUY’ rating; revises target price
Brokerage firm Nuvama has maintained a buy rating on HDFC Asset Management Company with a revised target price of Rs 3170 (earlier 3620). Here are the reasons why the brokerage is bullish on HDFC AMC.
The company revenue grew 16.7 per cent YoY, supported by stable yields and a strong equity mix, while cost control measures aided a 15.7 per cent YoY increase in EBIT.
However, according to the brokerage, the company’s operating margins declined slightly due to lower sequential revenue during the quarter, and a sharp fall in other income from market losses impacted overall profitability, leading to a 2.5 per cent YoY decline in net profit driven by weak mark-to-market income.
Despite these pressures, equity market share improved to 13.0 per cent, indicating steady competitive positioning, and SIP flows remained strong with a market share of 15.2 per cent despite a minor decline.
HDFC AMC Share Price Target: Emkay bullish on HDFC AMC – here’s why
Emkay, global financial services maintains a BUY rating on HDFC AMC with a target price of Rs 3200, implying FY28E P/E of 37x. Here’s why brokerage is bullish on HDFC Asset Management Company.
HDFC AMC delivered a decent performance in Q4FY26. QAAUM at Rs 9.3 trillion was largely flat sequentially despite market volatility, with overall QAAUM market share maintained at 11.4 per cent.
Revenue at Rs 10.5 billion declined 2.2 per cent QoQ, resulting in revenue yield at 46 bps. EBITDA margin at 80.4 per cent was down 140 bps QoQ, driving down EBITDA, at Rs 8.5 billion (-2% QoQ).
PAT at Rs 6.2 billion was down 19 per cent QoQ, largely owing to lower other income. While the existing book is likely to see a 3-4bps hit given the implementation of the new base TER regulations, the management plans to largely offset this through optimisation of commissions and prudent management of other costs.
On baking in Q4 developments, our revenue estimates are largely unchanged, while we cut PAT estimates by 1 per cent over FY27-28. Given its strong brand, distribution strength, and healthy investment performance. HDFC AMC is poised to deliver healthy AUM compounding and top-tier profitability, according to the brokerage.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
