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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Deven Choksey's research report on HDFC Asset Management Company

Revenue from operations came in at INR 10,260 Mn, up 15.6% YoY and 6.0% QoQ, marginally above our estimate by 1%, supported by higher equity AUM and continued SIP inflows. EBITDA stood at INR 8,007 Mn, up 13.7% YoY and 3.5% QoQ, below our estimate by 3%, due to higher employee and other expenses. EBITDA margin came at 78.0% versus our estimate of 80.7%. PAT was INR 7,181 Mn, up 24.5% YoY but down 4% QoQ, missed our expectations by 3%. PAT margin printed at 70.0%, slightly below our 72.5% estimate. The segmental mix remained equity-heavy with equity-oriented QAAUM forming 65% of total QAAUM, up

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