HDFC Asset Management Company Limited (HDFCAMC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+41.3%

₹3,430.38

vs ₹2,427.10 price

Levered DCF

₹2,699.26

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	33.19×	17.27×	20.8×	12.8×	16.42×	23.43×	17.79×	17.73×
P/B	10.28×	5.22×	5.71×	2.98×	4.14×	6.51×	5.57×	5.37×
P/S	20.67×	12.14×	15.63×	8.41×	10.81×	16.77×	11.21×	8.62×
EV / EBITDA	25.14×	12.66×	15.97×	9.49×	11.98×	17.2×	13.17×	11.93×
Gross margin	96.4%	89.8%	88.5%	87.7%	88.0%	88.2%	88.6%	77.2%
Operating margin	82.0%	78.1%	73.7%	72.2%	73.1%	76.0%	76.1%	64.4%
Net margin	62.3%	70.3%	75.2%	65.7%	65.9%	71.6%	63.0%	48.6%
Current ratio	0.68×	8.13×	6.88×	6.17×	8.12×	6.52×	11.96×	1.41×
Debt / equity	0.02×	0×	0.02×	0.02×	0.02×	0.03×	0.03×	0.02×
Interest coverage	282.63×	290.48×	209.59×	161.4×	178.95×	157.4×	169.85×	0×
Dividend yield	2.0%	3.5%	2.5%	4.9%	3.2%	1.9%	1.4%	1.5%
Payout ratio	67.4%	60.8%	52.7%	62.9%	52.0%	45.0%	24.4%	27.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	31.0%	30.3%	27.5%	23.3%	25.2%	27.8%	31.3%	30.3%
Return on invested capital	29.8%	24.1%	20.4%	18.8%	20.3%	21.6%	28.0%	27.1%
Return on assets	28.6%	28.1%	25.7%	21.8%	23.7%	25.9%	29.3%	28.9%
Free cash flow yield	2.7%	4.8%	3.9%	6.2%	5.4%	3.5%	5.6%	5.3%
Earnings yield	3.0%	5.8%	4.8%	7.8%	6.1%	4.3%	5.6%	5.6%
Enterprise value	₹950.8B	₹424.6B	₹405.2B	₹183.4B	₹229.8B	₹311.9B	₹225.5B	₹165.5B
Net debt / EBITDA	0.05×	-0×	0.05×	0.07×	0.06×	0.07×	0.05×	0.04×
Cash conversion cycle (days)	-91	-26	-8,532	-15	-27	-24	-39	56