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Data-driven stock valuation

HDFC Asset Management Company Limited (HDFCAMC) fair value: what the stock is really worth

We calculate from audited financials what HDFC Asset Management Company Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Financial Services · IN · Market cap ₹1.1T (≈ $11.8B) · ISIN INE127D01025

At a glance

HA HDFC Asset Management Company Limited HDFCAMC · NSE
Price₹2,458
Fair Value₹736.76
Upside−70.0%
Quality65/100

A solid business, but trading 234% above our fair value of ₹736.76.

As of Aug 28, 2026, the fair value of HDFC Asset Management Company Limited is ₹736.76 per share against a price of ₹2,458, so the fair value sits 70% below the price. A model estimate from reported figures, not an analyst target.

Healthy Growth (revenue 5y +20.1 %/yr)
Highly profitable · 61.8% net margin
generates free cash flow
·2.20% dividend yield
!Mixed vs. peers (7/13)
Wide moat 91/100
!The models disagree: range ₹552.57 to ₹1,440
!Weak on future: 18 out of 100
Evidence: High Range ₹552.57 to ₹1,440

Fair value as of: Aug 28, 2026

From 13 valuation models · updated 10 days ago

Share price −4.0% over the past month.

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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹1,440). The favourable scenario is already priced in.
  • The model range is unusually wide (₹552.57 to ₹1,440). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

₹978,596 ₹766.50 Fair Value ₹736.76 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range ₹766.50 – ₹978,596 · fair‑value band ₹552.57 – ₹1,440 · the ₹2,458 price screens above the ₹736.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

Full chart & analysis →

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Analysis

HDFC Asset Management Company Limited (HDFCAMC) currently trades at ₹2,458, while our model-based Fair Value estimate is ₹736.76, implying the stock looks roughly 233.7% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of ₹1,402 per share, and 1 of the 13 models we run sit above the ₹2,458 price. Bear case: the Asset-Based group reads lowest at ₹144.25, and 12 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, HDFC Asset Management Company Limited generated revenue of ₹46.2B at a net margin of 61.8%. Revenue grew 3.6% year over year. It earns a return on equity of 32.9%. Net debt stands at ₹2.1B. Fundamentals as of Aug 28, 2026

Scenario range: ₹552.57 (bear) to ₹1,440 (bull), the price of ₹2,458 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −70%, HDFCAMC screens richer than that median.

Fair Value models

Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹6.24 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹892.00 ₹1,923 ₹3,675 71
Rev-Margin DCF ₹371.62 ₹578.38 ₹835.69 70
Owner Earnings ₹1,048 ₹2,256 ₹4,732 68
All 13 models by family
DCF Models
Owner Earnings ₹1,048 ₹2,256 ₹4,732 68
5Y P/E Exit ₹708.56 ₹1,338 ₹2,106 66
10Y P/E Exit ₹768.51 ₹1,402 ₹2,402 59
Earnings-Based
Graham-Dodd ₹453.39 ₹2,769 ₹3,863 63
Lynch FV ₹792.97 ₹1,133 ₹1,473 61
Dividend Discount
Gordon GGM ₹432.02 ₹943.16 ₹1,587 65
DDM Multi-Stage ₹432.02 ₹772.60 ₹982.93 66
Multiples
P/E Multiple ₹650.08 ₹866.78 ₹1,083 63
P/B Multiple ₹226.06 ₹301.41 ₹376.77 55
Asset-Based
NCAV (Graham) ₹107.65 ₹144.25 ₹215.30 51
Growth DCF
Growth DCF ₹892.00 ₹1,923 ₹3,675 71
Rev-Margin DCF ₹371.62 ₹578.38 ₹835.69 70
Economic Profit
Residual Income ₹433.68 ₹527.44 ₹2,312 64

Widest divergence: DCF Models (₹1,402) versus Asset-Based (₹144.25). Highest evidence: Growth DCF (71).

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Key figures & financial health

P/E ratio 37.0
P/S ratio 22.9 P/E × margin
EPS (TTM) ₹66.39 price ÷ EPS = P/E 37.0
Dividend yield 2.2% payout 81.3%
Net margin 61.8% FY2026
Return on equity 32.9% TTM
More key figures
Profitability
Return on assets (EBIT) 28.9% avg 5y
Operating margin 78.8% TTM
Growth
Revenue (TTM) ₹46.2B TTM
Revenue growth (YoY) +3.6% 3y avg +28.7%
EPS growth (YoY) −2.8%
Balance sheet & cash flow
Free cash flow ₹25.5B FY2026
Net debt ₹2.1B FY2026 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 38

Profitability 82
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

HDFC Asset Management Company Limited is a publicly owned investment manager. The firm launches and manages equity, fixed income, and balanced mutual funds for its clients. It manages equity, fixed income, balanced, and real estate portfolios. The firm invests in public equity and fixed income markets.

Full company description

HDFC Asset Management Company Limited is a publicly owned investment manager. The firm launches and manages equity, fixed income, and balanced mutual funds for its clients. It manages equity, fixed income, balanced, and real estate portfolios. The firm invests in public equity and fixed income markets. The firm employs fundamental analysis to make its investments. HDFC Asset Management Company Limited was founded on December 10,1999 and is based in Mumbai, Maharashtra. HDFC Asset Management Company Limited operates as a subsidiary of HDFC Bank Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

HDFC Asset Management Company Limited reported revenue of ₹46.2B in FY2026 versus ₹21.2B in FY2022, a compound +21.6%/yr. Reported net income was ₹28.6B in FY2026, compounding +19.7%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹46.2B
Latest YoY
+32.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+28.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.1%
Avg. revenue growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.7%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+3.6%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+1.4%
Dividend yield2.2%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 1.4% vs 10Y 10.9%, flattening
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.76.0% (2021) → 81.4% (2026) · rising
Worst earnings drop42% (2026) · in INR
Revenue +21.6%/yr
FY22 ₹21.2B
FY23 ₹21.7B
FY24 ₹25.8B
FY25 ₹35.0B
FY26 ₹46.2B
Net income +19.7%/yr
FY22 ₹13.9B
FY23 ₹14.2B
FY24 ₹19.4B
FY25 ₹24.6B
FY26 ₹28.6B
Character of growth · EPS growth decomposed (2015-2026) +15.2 % p.a.
Revenue per share +7.6 %

of which total revenue +11.7 % · buybacks/dilution −3.7 %

EBIT margin +5.3 %
Tax rate +1.4 %
Residual (interest, one-offs) +0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

HDFCAMC screens 234% overvalued. Compare with Blackstone Inc →

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Cite: Fair Value Calculator (2026). "HDFC Asset Management Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/HDFCAMC

Peer Group

Asset Management · 696 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 64 · Above median
Fair Value upside −70% · Bottom 25%
Profitability
Return on equity (TTM) 33% · Top 25%
Return on assets 25% · Top 25%
Net margin (TTM) 62% · Top 25%
Operating margin (TTM) 79% · Above median
Growth and dividend
Revenue growth 4% · Above median
Dividend yield (TTM) 2.2% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 37.0× · Priciest 25%
P/B 12.09× · Priciest 25%
P/S (TTM) 24.14× · Priciest 25%
P/FCF 0.5× · Cheapest 25%
EV/EBITDA 29.8× · Priciest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must HDFC Asset Management Company Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+19.4 % per year
Achieved revenue growth, 5 years+20.1 % p.a.
Sector median revenue growth+8.1 %
FCF yield on price2.41 %
Discount rate (WACC) in the models10.5 %

The price demands roughly the growth the company recently delivered. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 40
FUTURE18 · sector 14
PAST100 · sector 24
HEALTH0 · sector 95
DIVIDEND44 · sector 81

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 408.05 kr 827.56 +103%
Brookfield Corporation BN C$55.74 C$10.67 −81%
KKR & Co KKR $108.68 $19.97 −82%
Apollo Global Management, Inc APO $135.04 $101.04 −25%
State Street Corporation STT $193.33 $138.33 −28%
Ameriprise Financial, Inc AMP $559.32 $515.24 −8%
Ares Management Corporation ARES $143.10 $30.88 −78%
Northern Trust Corporation NTRS $186.79 $122.02 −35%
Raymond James Financial, Inc RJF $181.10 $142.42 −21%

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Frequently asked questions

Is HDFC Asset Management Company Limited (HDFCAMC) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of ₹736.76 versus a price of ₹2,458, about −70% upside (overvalued).
What is the fair value of HDFCAMC?
Our model-based fair value for HDFC Asset Management Company Limited is ₹736.76 (as of Aug 28, 2026), built from audited fundamentals. The current price: ₹2,458.
What is the quality score of HDFCAMC?
HDFC Asset Management Company Limited has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HDFC Asset Management Company Limited (HDFCAMC)?
Our model-based price target is the fair value of ₹736.76 (as of Aug 28, 2026) from 13 valuation models. Cautious scenario ₹552.57, optimistic scenario ₹1,440. It is a calculation from audited fundamentals, not an analyst target.
What is the HDFC Asset Management Company Limited stock forecast for 2026?
Our models put fair value at ₹736.76, about −70% upside versus a price of ₹2,458 (overvalued). Cautious scenario ₹552.57, optimistic scenario ₹1,440. The calculation is refreshed regularly with new filings.
What is the revenue of HDFC Asset Management Company Limited (HDFCAMC)?
HDFC Asset Management Company Limited reported trailing-twelve-month revenue of about ₹46.2B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of HDFCAMC?
The net profit margin of HDFC Asset Management Company Limited is about 61.8%, meaning it keeps roughly 61.8% of revenue as net income. Based on the latest reported figures.
Does HDFC Asset Management Company Limited pay a dividend?
HDFC Asset Management Company Limited currently shows a dividend yield of about 2.20% relative to its recent price (as of Aug 28, 2026).
What growth is priced into HDFC Asset Management Company Limited (HDFCAMC)?
For today's price to be fair in a discounted-cash-flow model, HDFC Asset Management Company Limited would have to grow free cash flow by +19.4 % per year for ten years (discount rate 10.5 %, then 2 % perpetual growth). Over the last 5 years revenue grew +20.1 % per year. As of Aug 28, 2026.
What discount rate (WACC) does the fair value of HDFCAMC use?
Our models discount HDFC Asset Management Company Limited at 10.5 %: a base by market capitalisation (large), damped by beta 0.56, country premium for India. The same rate applies in all 26 models.
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