HDFC Asset Management Company (HDFCAMC) Q3 25/26 earnings summary

Executive summary

• Total assets under management (AUM) surpassed ₹9 trillion, with equity-oriented AUM exceeding ₹6 trillion and QAAUM reaching ₹9,249 billion, representing a 17% year-over-year increase and an 11.4% market share.

• Unique investor count rose to 15.4 million, a 2.8 million increase year-over-year, achieving 26% penetration.

• Systematic investment plans (SIPs) reached record inflows of ₹310 billion in December 2025, with SIP assets at ₹16.6 trillion and 294 million contributing accounts.

• Profit after tax for Q3 FY26 increased 20% year-over-year to ₹7,701 million, with nine-month profit after tax rising 23% to ₹22,360 million.

• Financial statements for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board on January 14, 2026, and prepared in accordance with Ind AS 34 and SEBI regulations.

Financial highlights

• Q3 FY26 total revenue was ₹12,332 million, with operating revenue up 15% year-over-year to ₹10,743 million and total income up 20% year-over-year.

• Operating profit for Q3 FY26 was ₹8,557 million, with an operating margin of 36 bps of AAUM.

• Nine-month operating profit was ₹23,887 million, up 19% year-over-year.

• Return on equity for FY25 was 32.4%.

• Dividend per share for FY25 was ₹90 (pre-bonus), with a payout ratio of 78%.

Outlook and guidance

• Management remains optimistic about sustained industry growth, citing robust SIP momentum, digital innovation, and increasing investor participation.

• The company aims to maintain operating margins in the 33-36 basis point range despite regulatory changes and pricing pressures.

• Focus remains on growing absolute profits sustainably, not just maintaining margins.

• Continued expansion in B-30 cities and ESG integration are strategic priorities.

• Management expects no significant financial impact from new labour codes as current policies are more beneficial.