HDFC Asset Management Company (HDFCAMC IN) – Q2FY27 Result Update – Favorable asset mix supports profitability – BUY
Published on 16 Oct 2026
HDFCAMC saw a good quarter as core income was 4.8% higher due to better revenue yield at 48.3bps which increased by 1.3bps QoQ (ICICIAMC +1.4bps QoQ). Positive yield movement QoQ was largely driven by a favorable asset mix change, with equity share increasing by 139bps QoQ to 63%. Weakening equity performance in the 1-year and 3-year buckets, has affected HDFCAMC’s net equity flow market share although the fall has been lower compared to ICICIAMC since HDFCAMC has a sizable presence in categories that are receiving flows at an industry level i.e. small, mid and flexi-cap. We reduce multiple to 33x from 36x but our TP is maintained at INR2,850 as we roll forward to Sep’28 core EPS. Retain ‘BUY’.