HDFC Asset Management Company (HDFC AMC), India’s second-largest fund house, posted another solid quarter of earnings for the period ended 30 September 2025. HDFC AMC Q2 FY26 saw a mild sequential dip due to lower treasury income. The core AMC business, however, maintained healthy double-digit growth and strong operational leverage.
📈 HDFC AMC Q2 FY26 – Headline Numbers
🔹 HDFC AMC Q2 FY26 vs Q1 FY26
| Particulars | Q2 FY26 | Q1 FY26 | QoQ % Change |
|---|---|---|---|
| Revenue from Operations | 1,026.0 | 967.8 | +6 |
| Other Income | 95.9 | 232.7 | (59) |
| Total Income | 1,121.9 | 1,200.5 | (7 ) |
| Total Expenses | 246.4 | 214.4 | +15 |
| Operating Profit (Core) | 779.6 | 753.4 | +3 |
| Profit After Tax (PAT) | 717.9 | 748.0 | (4) |
| Operating Margin (bps of AAUM) | 35 | 36 | -1 bp |
🔹 HDFC AMC H1 FY26 vs H1 FY25
| Particulars | H1 FY26 | H1 FY25 | YoY % Change |
|---|---|---|---|
| Revenue from Operations | 1,993.8 | 1,662.5 | +20 % |
| Other Income | 328.6 | 343.7 | -4 % |
| Total Income | 2,322.4 | 2,006.2 | +16 % |
| Total Expenses | 460.8 | 395.1 | +17 % |
| Operating Profit (Core) | 1,533.0 | 1,267.4 | +21 % |
| Profit After Tax (PAT) | 1,465.9 | 1,180.8 | +24 % |
💼 AUM Growth and Market Position
| Category | QAAUM Sep 2025 | YoY Change | QoQ Change | Market Share |
|---|---|---|---|---|
| Total QAAUM | 8,81,400 | +16 % | +6 % | 11.4 % |
| Actively Managed Equity | 5,34,300 | +14 % | +8 % | 12.9 % |
| Debt Funds | 1,85,700 | +20 % | +9 % | 13.2 % |
| Liquid Funds | 78,200 | +4 % | -8 % | 11.4 % |
| Equity Share of QAAUM | 65 % | — | — | Industry avg 56 % |
The AMC retained its #1 position among individual investors, commanding 13.1 % of retail AUM, with 70 % of its total AUM sourced from individual investors (vs 61 % industry).
Systematic investment momentum continued: 1.31 crore SIP transactions worth INR 4,510 crore in September 2025 alone; SIP AUM stood at INR 2.05 lakh crore.
💡HDFC Securities Q2 FY26 Results: Operational & Strategic Highlights
- Digital penetration: 94 % of new investor onboarding and 96 % of transactions are done online.
- Distribution: 280 offices (196 in B-30 cities), 1.03 lakh partners, ~98 % pincode coverage.
- B-30 AUM share: 19.7 %, #2 player nationwide.
- Subsidiary: HDFC AMC International (IFSC), GIFT City (immaterial contribution).
🧾 Management Commentary
HDFC AMC Q2 FY26 performance showcases operating strength, scale efficiency, and strong retail stickiness. While other income volatility trimmed sequential profits, core earnings continue to grow at a mid-teens pace.
“The resilience of our retail SIP franchise and focus on digital enablement position us for sustainable growth despite market cyclicality,” said the company in its investor release.
Key Takeaway:
- Positives: 20 %+ revenue growth, 24 % PAT jump YoY, ROE > 30 %.
- Negatives: Sharp QoQ dip in treasury income (-59 %) weighed on PBT.
- Outlook: Continued retail inflows and B-30 expansion to drive FY26 earnings; margins likely to hold steady near 35 bps.
🧮 Summary Table – Key Financial Ratios
| Metric | FY25 | H1 FY26 | Comment |
|---|---|---|---|
| Return on Equity (ROE) | 32.4 % | — | Among highest in BFSI peers |
| Operating Margin (bps of AAUM) | 35 | 35 | Stable |
| Dividend per Share | INR 90 (FY25) | — | 77 % payout ratio |
| Equity AUM Mix | 65 % | 65 % | Higher than industry (56 %) |
Conclusion: Core Growth Intact, Margins Resilient
HDFC AMC H1 FY26 results underline a steady compounding story — driven by retail trust, digital efficiency, and prudent cost management. Despite short-term fluctuations in treasury income, the AMC’s fundamentals remain solid, supported by a sticky SIP book and an expanding retail footprint across India’s heartland.
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