HDFC Asset Management Company is India's largest-listed asset manager, and its Q2 FY27 print arrives with the Nifty down about 5.2% over the quarter — a mark-to-market headwind on the AUM base that drives fee income. The two most material things the results will speak to are whether operating expenses moderate toward management's 12%-13% growth guidance after Q1's 31.4% YoY employee-cost jump, and how the TER-to-BER accounting transition continues to shape yields and the 33-35 bps of AUM margin corridor.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,098.5 Cr |
| Previous quarter PAT | Rs. 838.3 Cr |
| Market cap | Rs. 97,077.86 Cr |
| CMP | Rs. 2,262.5 |
The board meeting is scheduled for October 15, 2026, to consider Q2/H1 FY27 unaudited standalone and consolidated results with Limited Review Reports. The trading window remains closed from October 1 to October 17, 2026.
The Q2/H1 FY27 results call is scheduled for October 15, 2026 at 5:30 PM IST, with MD & CEO Navneet Munot, CFO Naozad Sirwalla and CIRO Simal Kanuga.
The quarter's central test is cost discipline: management guided operating-expense growth of 12%-13% excluding non-cash charges, but Q1 FY27 employee-benefit expenses grew 31.4% YoY and other expenses grew 21.2% YoY, so whether Q2 moderates toward the guided trajectory is the key read. On flows, the organic backdrop stayed strong — industry monthly SIP contributions reached Rs. 31,961 crore in July and Rs. 32,297 crore in August, up 14.3% YoY, with equity funds logging net inflows for the 66th consecutive month in August — but the Nifty fell from 23,866 on June 30 to 22,620 on September 30, a roughly 5.2% decline that weighs on the mark-to-market component of quarter-average AUM. Management has a stated focus on maintaining net operating margin within 33-35 bps of AUM, and the TER-to-BER accounting transition that lifted Q1's equity yield to about 58 bps remains the framework in effect, with no new mid-quarter SEBI circular materially altering it. The upcoming call is also expected to cover active-equity market share, which management attributed in Q1 primarily to mark-to-market movements rather than flows, and the retention behaviour of the 8.6 million fintech-channel SIP registrations.
Performance vs Guidance Tracking: Management's stated guidance items and what to reconcile on the call:
Yield and TER-to-BER repricing
AUM, market share and flow quality
Fintech investor quality and alternatives scale
Operations leadership handover
Management said the yield increase reflected the accounting transition from TER to BER and was not solely due to the five-basis-point pass-on. Equity yield including index funds was about 58 bps in Q1 FY27, compared with 56 bps in the prior quarter.
Management said SIP trends were broadly in line with the industry in Q1 FY27 and that the company had gained market share. Its SIP AUM stood at Rs. 2,332 billion as of June 30, 2026, with 8.6 million SIP registrations through fintech channels in the quarter.
Management has guided operating-expense growth of 12%-13% excluding non-cash charges, but Q1 FY27 employee-benefit expenses grew 31.4% YoY and other expenses grew 21.2% YoY. Whether Q2 shows a moderation toward the guided trajectory is a key item for the upcoming call.
Q1 FY27 revenue from operations was Rs. 1,098.5 crore and PAT was Rs. 838.3 crore, with revenue growing 14% YoY and PAT growing 12% YoY per the presentation-stated comparisons. The reporting basis is not identified in the supplied excerpts.
Management has stated a focus on maintaining net operating margin within 33-35 bps of AUM, and previously referred to a 33-36 bps range. The operating margin was 35 bps of AAUM in H1 FY26, after 36 bps in FY25.