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HDFC ASSET MANAGEMENT CO LTD (HDFCAMC)

Finance · Investment Managers · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.85 / 100
Profitability 91Growth 63Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.58 / 100
Price 71Earnings 41FII/DII 63

Passes these screensQuality CompounderDebt-light & profitableConsistent compounders

Compare withNIPPON LIFE IND ASSET MANAGEME360 ONE WAMANAND RATHI WEALTH

Share price

Closing priceAdjusted for splits and bonus issues.

₹2,619.6 latest close · −6.4% over the last 90 sessions

₹2,200₹2,400₹2,600₹2,800Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹2,200₹2,400₹2,600₹2,800Jul 3Sep 4Nov 9

₹2,619.6 month-end · +0.1% over 12 months

₹2,200₹2,400₹2,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹2,200₹2,400₹2,600Nov '25May '26Nov '26

₹2,619.6 month-end · +83.7% over 3 years

₹1,500₹2,000₹2,500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000₹2,500Nov '23May '25Nov '26

₹2,619.6 month-end · +137.6% since Jun '23

₹1,000₹1,500₹2,000₹2,500Jun '23Feb '24Oct '24Jul '25Mar '26Nov '26 ₹1,000₹1,500₹2,000₹2,500Jun '23Mar '25Nov '26

52-week range ₹2158.40 to ₹2839.40 · 1-year volatility 32.6%

Was the rally earned?

+0%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (+0%).
  • The share count barely moved.
Net profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13 ptsNet profit growthP/E change: −12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−12 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: 0%0%Share priceNet profit growth: +13 pts. Points of the price return explained by net profit growing (or shrinking).+13ProfitP/E change: −12 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−12P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: 0%0%Share price
Net profit growth+13 ptsNet profit growth over the period.
P/E change-12 ptsThe P/E fell from 43.0x to 38.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+84%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 100 points, but investors now pay less per rupee of profit (P/E 42.8x to 38.1x), which took 16 points back.
  • The share count barely moved.
Net profit growth: +100 pts. Points of the price return explained by net profit growing (or shrinking).+100 ptsNet profit growthP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +84%+84%Share priceNet profit growth: +100 pts. Points of the price return explained by net profit growing (or shrinking).+100ProfitP/E change: −16 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−16P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +84%+84%Share price
Net profit growth+100 ptsNet profit rose about 107%, which lifts the price.
P/E change-16 ptsThe P/E fell from 42.8x to 38.1x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with NIPPON LIFE IND ASSET MANAGEME

How rough has the ride been?

Maximum drawdown-55.6%recovered 2024-02
1-year volatility32.6%annualised
Beta vs sector index1.163-year daily, correlation 0.68
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−55.6% 0%−20%−40%−60%2020202220242026−55.6%
Largest drawdowns

-55.6% (2019-11 peak to 2023-03 low, recovered 2024-02)

-24.8% (2024-10 peak to 2025-02 low, recovered 2025-05)

-24.8% (2025-08 peak to 2026-03 low, not yet recovered)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

38.1xP/E todayWithin its usual range
Against its own history26th percentile
CheapestMedian 40.9xDearest

Usual range 33.8x to 51.2x since 2023-06.

Against Finance38.1x vs 18.1x
This company
38.1x
Sector median
18.1x

110% above the Finance median.

17.2x30.1x43.1x56.1xJun '23Mar '24Dec '24Sep '25Jun '26Nov '2617.2x30.1x43.1x56.1xJun '23Aug '24Oct '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE96thflat vs a year ago
  • Op. margin86thflat vs a year ago
  • Revenue growth55th▼ 25 pts vs a year ago
  • EPS growth57th▼ 19 pts vs a year ago
  • Debt/equity ↓90thflat vs a year ago
  • Cash cycle ↓64thflat vs a year ago
  • P/E ↓24th▼ 4 pts vs a year ago
  • 12M momentum68th▼ 21 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~19%annual earnings growth implied by the price

At a P/E of 38.1x, the price would imply about 18.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

This model is not meaningful for insurers, asset managers and holding companies.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹2619.60
P/E
38.1x
ROCE
43.0%
Market Cap
₹1.12L cr
Revenue (TTM)
₹4254 cr
P/S
26.4x
P/B
12.2x
ROE
32.0%
Operating Margin
77.0%
Debt / Equity
0.0x
Promoter Holding
52.3%
12M Momentum
0.1%

52-week range

₹2158.40₹2839.40
68% of the way from its 52-week low to its high

Price risk

1Y volatility
32.6%
Beta vs sector
1-year daily
1.24

Balance sheet & cash

Interest cover
operating profit ÷ interest
100.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.86x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 13.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.86xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.86x (cash from operations ₹6,218 cr, net profit ₹7,261 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 4 yrsWithin range

Fiscal years with positive free cash flow in the last 4: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (13 vs 12). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, FIIs added 6.1 pts; DIIs trimmed 4.7 pts.
  • The number of shareholders fell from 4.6 lakh to 4.3 lakh (-5%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters52.5%52.3%-0.2 pts
FIIs18.0%24.1%+6.1 pts
DIIs19.5%14.8%-4.7 pts
Public and others10.0%8.8%-1.2 pts

Number of shareholders

4.3 lakhshareholders-5% since Dec '23
4.3L4.4L4.5L4.6L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 4.6 lakh
Mar '24: 4.4 lakh
Jun '24: 4.3 lakh
Sep '24: 4.3 lakh
Dec '24: 4.4 lakh
Mar '25: 4.3 lakh
Jun '25: 4.3 lakh
Sep '25: 4.3 lakh
Dec '25: 4.3 lakh
Mar '26: 4.4 lakh
Jun '26: 4.3 lakh
 4.3L4.4L4.5L4.6L Dec '23Dec '24Dec '25Jun '26
Dec '23: 4.6 lakh
Mar '24: 4.4 lakh
Jun '24: 4.3 lakh
Sep '24: 4.3 lakh
Dec '24: 4.4 lakh
Mar '25: 4.3 lakh
Jun '25: 4.3 lakh
Sep '25: 4.3 lakh
Dec '25: 4.3 lakh
Mar '26: 4.4 lakh
Jun '26: 4.3 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

This comparison is not meaningful for insurers, asset managers and holding companies.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

BHARAT ELECTRONICSBEL
Electronic Technology
71%similar
EPS growthROCE
EICHER MOTORSEICHERMOT
Consumer Durables
70%similar
revenue growthEPS growth
AJANTA PHARMAAJANTPHARM
Health Technology
67%similar
P/EEPS growth
CUMMINS INDIACUMMINSIND
Producer Manufacturing
67%similar
market capROCE
DR. LAL PATHLABSLALPATHLAB
Health Services
66%similar
promoter holdingEPS growth
BSEBSE
Finance
61%similar
debt/equityoperating margin
PRUDENT CORPORATE ADVISORYPRUDENT
Finance
60%similar
EPS growthROCE
NIPPON LIFE IND ASSET MANAGEMENAM-INDIA
Finance
58%similar
ROCEoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

26 events since Jun '19

  1. SepValuationP/E fell below the 10th percentile of its own history to date (33.1x).
  2. MarValuationP/E fell below the 10th percentile of its own history to date (32.3x).
  3. MarPeer rankSlipped to the 2nd quartile of Finance on EPS growth (from the top quartile).
  4. MarPriceVolume reached 5.8x its 50-day median on 2026-03-27; price -3.0% that day.
  5. OctPriceVolume reached 6.6x its 50-day median on 2025-10-29; price -4.4% that day.
  6. SepPeer rankMoved into the top quartile of Finance on EPS growth (from the 2nd quartile).
  7. JunPriceVolume reached 5.0x its 50-day median on 2025-06-06; price +6.1% that day.
  8. MarResultsRevenue (TTM) reached a new high of ₹3,292 cr.
Show 18 earlier events
  1. JanPriceVolume reached 5.3x its 50-day median on 2025-01-15; price +4.7% that day.
  2. OctPriceVolume reached 7.4x its 50-day median on 2024-10-16; price +6.0% that day.
  3. JunResultsRevenue (TTM) reached a new high of ₹3,160 cr.
  4. FebPriceRegained the 2019-11 peak, 11 months after the low.
  5. AugPriceVolume reached 16.2x its 50-day median on 2023-08-31; price +1.2% that day.
  6. JunPriceVolume reached 20.4x its 50-day median on 2023-06-20; price +11.2% that day.
  7. MarPriceFell 56% from the Nov 2019 peak to the Mar 2023 low.
  8. MarPriceVolume reached 27.7x its 50-day median on 2023-03-20; price +0.1% that day.
  9. DecPriceVolume reached 9.6x its 50-day median on 2022-12-07; price +3.7% that day.
  10. AugPriceVolume reached 13.0x its 50-day median on 2022-08-16; price +11.5% that day.
  11. MayPriceVolume reached 17.4x its 50-day median on 2022-05-31; price +3.3% that day.
  12. SepPriceVolume reached 23.9x its 50-day median on 2021-09-29; price -5.5% that day.
  13. MarPriceVolume reached 5.0x its 50-day median on 2021-03-03; price +8.7% that day.
  14. DecPriceVolume reached 5.5x its 50-day median on 2020-12-08; price +4.4% that day.
  15. JunPriceVolume reached 7.9x its 50-day median on 2020-06-17; price -4.9% that day.
  16. NovPriceVolume reached 20.2x its 50-day median on 2019-11-26; price -0.3% that day.
  17. JulPriceVolume reached 18.2x its 50-day median on 2019-07-19; price +6.9% that day.
  18. JunPriceVolume reached 12.0x its 50-day median on 2019-06-18; price -6.3% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history42 months · 2023-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1138.1x₹4254 cr32.0%43.0%0.0x
2026-1033.6x₹4254 cr31.9%43.0%0.0x
2026-0933.1x₹4254 cr31.9%43.0%0.0x
2026-0839.3x₹4122 cr31.0%43.0%0.0x
2026-0739.2x₹4122 cr31.0%43.0%0.0x
2026-0639.7x₹4122 cr31.0%43.0%0.0x
2026-0539.0x₹3971 cr35.3%43.0%0.0x
2026-0439.5x₹3971 cr35.3%43.0%0.0x
2026-0332.3x₹3971 cr35.3%43.0%0.0x
2026-0241.1x₹3831 cr33.8%43.0%0.0x
2026-0138.4x₹3831 cr33.8%43.0%0.0x
2025-1240.7x₹3831 cr33.8%43.0%0.0x
2025-1143.0x₹3691 cr32.0%43.0%0.0x
2025-1043.2x₹3691 cr32.0%43.0%0.0x
2025-0944.4x₹3691 cr32.0%43.0%0.0x
2025-0846.4x₹3498 cr30.3%43.0%0.0x
2025-0748.0x₹3498 cr30.3%43.0%0.0x
2025-0644.1x₹3498 cr30.3%43.0%0.0x
2025-0541.5x₹3292 cr33.4%38.0%0.0x
2025-0438.0x₹3292 cr33.4%38.0%0.0x
2025-0334.9x₹3292 cr33.4%38.0%0.0x
2025-0233.7x₹3028 cr31.2%38.0%0.0x
2025-0135.9x₹3028 cr31.2%38.0%0.0x
2024-1239.0x₹3028 cr31.2%38.0%0.0x
2024-1141.7x₹2784 cr29.3%38.0%0.0x
2024-1042.6x₹2784 cr29.3%38.0%0.0x
2024-0942.6x₹2784 cr29.3%38.0%0.0x
2024-0846.7x₹3160 cr27.5%38.0%0.0x
2024-0743.4x₹3160 cr27.5%38.0%0.0x
2024-0642.2x₹3160 cr27.5%38.0%0.0x
2024-0555.9x₹2478 cr23.3%—0.0x
2024-0456.1x₹2478 cr23.3%—0.0x
2024-0354.1x₹2478 cr23.3%—0.0x
2024-0254.1x₹2478 cr23.3%—0.0x
2024-0151.6x₹2478 cr23.3%—0.0x
2023-1246.2x₹2478 cr23.3%—0.0x
2023-1142.8x₹2478 cr23.3%—0.0x
2023-1039.4x₹2478 cr23.3%—0.0x
2023-0938.1x₹2478 cr23.3%—0.0x
2023-0836.4x₹2478 cr23.3%—0.0x
2023-0736.5x₹2478 cr23.3%—0.0x
2023-0633.1x₹2478 cr23.3%—0.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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