HDFC Asset Management Company (HDFCAMC) Q2 25/26 earnings summary

Executive summary

• AUM reached INR 8.7 trillion (₹8,728 bn) with a 12.9% market share in actively managed equity-oriented QAAUM and an investor base of 14.5 million.

• Board approved unaudited financial results for Q2 and H1 FY26 and a 1:1 bonus share issue, pending approvals.

• Two successful NFOs launched: HDFC Innovation Fund (INR 24 billion) and HDFC Diversified Equity All-Cap Active FOF (INR 11 billion).

• Unique investor base reached 14.5 million, with 26 million live accounts and a network of 280 offices and 103k+ distribution partners.

Financial highlights

• Q2 FY26 revenue from operations grew 16% year-over-year to INR 10,260 million (₹1,121.92 crore); PAT was INR 7,179 million (₹718.06 crore), up 24% year-over-year.

• Operating profit for Q2 FY26 was INR 7,796 million, up 13% year-over-year.

• Half-yearly FY26 revenue from operations rose 20% year-over-year to ₹19,938 mm; PAT up 24% to ₹14,659 mm.

• Final dividend of ₹90 per equity share paid for FY25.

• Total expenses were INR 2,464 million, including INR 211 million in non-cash ESOP/PSU charges.

Outlook and guidance

• OPEX expected to grow 12%-15% annually; sustainable cost run-rate at 10-11 bps of AUM after ESOP costs.

• Digital onboarding and transaction adoption increased, with 94% of customer onboarding now digital.

• Focus on expanding presence in B30 towns, digital assets, ESG, and alternative investment platforms.

• Bonus shares to be credited/dispatched within two months of board approval, no later than December 14, 2025.

• Optimistic on SIP growth and long-term investor maturity despite short-term market volatility.