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Informist, Tuesday, Jan. 13, 2026

By Meera Nair

MUMBAI – HDFC Asset Management Co. Ltd. is expected to report substantial on-year growth in its standalone net profit for the December quarter on the back of continuing growth in equity assets under its management. The AMC might, however, see a decline in its yields due to telescopic pricing which may be offset by assets under management growth. Telescope pricing refers to decreasing fees charged by AMCs as assets under management grows.

HDFC AMC's standalone bottom line is expected to rise around 13% on year to INR 7.24 billion, according to the average of estimates from seven brokerages. However, this will be up only around 1% sequentially. The company's standalone top line is expected to rise over 13% on year to INR 10.61 billion, which will be an increase of over 3% sequentially, according to the average of estimates. The company is scheduled to report its quarterly earnings on Wednesday.

The highest estimate for HDFC AMC's December quarter net profit is INR 7.39 billion from JM Financial Institutional Securities Pvt. Ltd., while the lowest is INR 7.07 billion from Motilal Oswal Financial Services Ltd. The highest estimate for revenue is INR 10.73 billion from Elara Securities Pvt. Ltd. and the lowest is INR 10.53 billion from Kotak Securities Ltd.

Nuvama expects HDFC AMC's quarterly average assets under management to increase 18.4% on year and 5.8% on quarter. "This in turn is expected to drive revenue growth," the brokerage firm said in the report. The firm expects revenue to rise 13% on year and 3% on quarter, mainly because of AUM growth.

HDFC AMC's average assets under management is expected to stand at INR 4.04 trillion, up 21.9% on year and 6.9% sequentially, according to Prabhudas Lilladher. Kotak Institutional Equities and Nuvama have a similar opinion on the AMC's AUM growth due to the new asset class, new fund launches, and distributor commission payouts.

"Other income is up qoq due to MTM (marked-to-market) gains. Focus to remain on stability of retail flows and yields," Kotak Institutional Equities said in a report.

Of the 11 brokerage reports on the company available with Informist, eight have a 'buy' rating with an average target price of INR 6,090.75 per share. One brokerage has a 'hold' rating on the fund house, while two have an 'add' rating.

Shares of HDFC AMC have fallen about 13% since the company reported its Jul-Sept earnings on Oct. 18. At 1155 IST, shares of the company traded at INR 2,474 apiece on the National Stock Exchange, down 0.5%.

Following are the Oct-Dec earnings estimates for HDFC AMC from seven brokerages in descending order of the estimate of net profit in INR million:

End

US$1 = INR 90.26

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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