HDFC Asset Management Management Guidance Tracker

Management expects operating expenses to grow at 12-15% on an annual basis, including investments in distribution, technology, and new businesses.

PMS AUM crossed ₹5,000 crore; structured credit fund first close at ₹1,290 crore. Plans to launch second VC/PE fund of funds and engage global institutions.

No major NFO pipeline; focus on sharpening existing fund performance and selectively launching thematic/passive products backed by strong conviction.

Non-cash ESOP amortization for H2 FY26 is ~₹42 crore, FY27 ~₹67 crore, FY28 ~₹53 crore, FY29 ~₹33 crore, then tails off.

HDFC AMC has received approvals for launching SIFs and is evaluating options to be a full-service provider across categories.

Equity market share via HDFC Bank is in late 20s vs industry 13%; dedicated team and digital collaboration expected to increase AUM share over time.

Team is designing differentiated SIF products; launch will be thoughtful and deliberate, not a race. Category will take time to develop.

Management aims to keep operating margins in the 33-36 bps range through cost discipline and operating leverage, despite telescopic pricing pressure.

The removal of 5 bps exit load and TER restructuring will be managed via optimization, similar to 2019 playbook, with net impact expected to be small.

Gross impact of 3-4 bps from new base expense ratio regulations will be largely offset through commission structure optimization and cost management, with no material P&L impact.