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Structural TER compression from telescopic pricing
View Risks →HDFC Asset Management Company Limited — Q2 FY26
HDFC AMC reported a solid Q2 FY26 with revenue from operations at ₹1,026 crore, up 16% YoY, and operating profit of ₹779.6 crore, up 13% YoY.
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high
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HDFC AMC reported a solid Q2 FY26 with revenue from operations at ₹1,026 crore, up 16% YoY, and operating profit of ₹779.6 crore, up 13% YoY. PAT stood at ₹717.9 crore, benefiting from a one-time tax reversal of ₹46.8 crore; adjusted PAT was ₹671.1 crore. AUM reached ₹8.7 trillion (market share 11.5%), with equity proportion rising to 64.9%. Systematic flows remained robust at ₹45.1 billion/month, and the company added 6 million SIP accounts in the quarter. Management highlighted continued investments in distribution (50 new offices), digital capabilities, and alternative/PMS/international businesses. They guided for 12-15% opex growth annually. Risks include structural TER compression from telescopic pricing and potential market volatility impacting flows.
एचडीएफसी एएमसी ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 1,026 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। मुनाफा 779.6 करोड़ रुपये रहा, जो 13% बढ़ा है। कुल मुनाफा 717.9 करोड़ रुपये रहा, लेकिन इसमें 46.8 करोड़ रुपये का एक बार का टैक्स फायदा शामिल है। इसके बिना मुनाफा 671.1 करोड़ रुपये होता। कंपनी के पास कुल 8.7 लाख करोड़ रुपये का निवेश प्रबंधन है, जिसमें शेयरों का हिस्सा 64.9% है। हर महीने 45.1 अरब रुपये की एसआईपी आ रही है और तिमाही में 60 लाख नए एसआईपी खाते जुड़े। कंपनी ने 50 नए दफ्तर खोले और डिजिटल सेवाओं पर ध्यान दिया। खर्च हर साल 12-15% बढ़ने का अनुमान है। जोखिम में शुल्क में कमी और बाजार में उतार-चढ़ाव शामिल है।
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Read Transcript →Quarter Snapshot
Total AUM
₹8.7 trillion
+107% vs Sep 2022
AUM doubled from ₹4.2 trillion in Sep 2022 to ₹8.7 trillion, reflecting strong growth.
Unique Investors
14.5 million
+142% vs Sep 2022
Investor base more than doubled from 6 million in Sep 2022, indicating deep retail penetration.
Monthly SIP Flows (Sep 2025)
₹45.1 billion
+23% YoY
Systematic flows grew from ₹36.8 billion in Sep 2024, driven by strong SIP adoption.
Equity Yield
58 bps
flat vs prior quarter
Equity yield remained stable at 58 bps, supported by asset mix improvement and commission rationalization.
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Guidance and risk preview
Management expects operating expenses to grow at 12-15% on an annual basis, including investments in distribution, technology, and new businesses.
Management acknowledged that margin compression from telescopic pricing is inevitable and remains an industry reality, which could pressure yields...
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