Q3 2026 HDFC Asset Management Company Ltd Earnings Call Transcript
Key Points
- HDFC Asset Management Co Ltd (NSE:HDFCAMC) reported a 20% year-over-year growth in profit after tax, reaching INR7,701 million.
- The company's total revenue for the quarter was INR12,332 million, with operating revenue growing by 15% YoY to INR10,743 million.
- Systematic Investment Plan (SIP) inflows reached a record high of INR310 billion in December 2025, contributing significantly to the company's growth.
- The company's PMS business saw its AUM cross INR50 billion, with new large mandates secured during the quarter.
- HDFC Asset Management Co Ltd (NSE:HDFCAMC) completed the first close of its structured credit fund, raising commitments of approximately INR13 billion from institutions, family offices, and ultra-high-net-worth individuals.
- Debt funds experienced net outflows of INR163 billion during the quarter, indicating challenges in this segment.
- The company faces competitive pressure in the EPFO and SPFO mandates, which operate with tight economics.
- Regulatory changes, including the removal of five basis points of additional TER, are expected to have a material impact on the industry's profitability.
- The company has seen a decline in market share in the liquid fund segment, dropping from 13.5% to around 11%.
- The impact of telescopic pricing is expected to lead to some degree of compression in equity margins over time.
Ladies and gentlemen, good day and welcome to the Q3 FY26 earnings conference call of HDFC Asset Management Company Limited. (Operator Instructions) Please note that this conference is being recorded. From the management team, we have Mr. Navneet Munot, Mr. Naozad Sirwalla, and Mr. Simal Kanuga.
I now hand this call over to Mr. Simal Kanuga, who will give us a brief, following which we will proceed with the Q&A session. Thank you, and over to you, sir.
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Thank you very much. Good evening, everyone, and appreciate you all joining this call. We trust you have had an opportunity to review our presentation. I'll begin with an overview of the industry. As of December 31, 2025, the total AUM stood at INR80.2 trillion. Equity and equity-oriented net new flows continued to see healthy momentum during this quarter, adding another [INR1.188 billion]. For the
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