Analysts/Institutional Investor Meet/Con. Call Updates

Ref/No/HDFCAMC/SE/2026-27/34 Date – July 17, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C/1, Block G, Sir PJ Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai – 400051. Mumbai – 400001. Kind Attn: Head – Listing Department Kind Attn: Sr. General Manager – DCS Listing Department Dear Sir/Madam, Sub: Transcript of Earnings Call Please find enclosed herewith transcript of Earnings Call for the quarter ended June 30, 2026, conducted after the meeting of the Board of Directors on July 15, 2026 which can also be accessed on the website of the Company at: https://www.hdfcfund.com/about-us/financial-information/shareholder-presentation Kindly take the same on records. Thanking you, Yours faithfully, For HDFC Asset Management Company Limited Sonali Chandak Company Secretary Encl: a/a Registered Office : “HDFC House”, 2nd Floor, H. T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. Tel.: 022 - 6631 6333 Website: www.hdfcfund.com “HDFC Asset Management Company Limited Q1 FY27 Earnings Conference Call” July 15, 2026 MANAGEMENT: MR. NAVNEET MUNOT – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. NAOZAD SIRWALLA – CHIEF FINANCIAL OFFICER MR. SIMAL KANUGA – CHIEF INVESTOR RELATIONS OFFICER HDFC Asset Management Company Limited July 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of HDFC Asset Management Company Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. From the management team, we have with us Mr. Navneet Munot, Mr. Naozad Sirwalla, and Mr. Simal Kanuga. I now hand this call over to Mr. Simal Kanuga, who will give us a brief, following which we will proceed with the Q&A session. Thank you, and over to you, Simal. Simal Kanuga: Thanks. Good evening, everyone. We'll begin with an overview of the mutual fund industry. Quarterly average AUM stood at INR83.1 trillion for quarter ended June 2026, up 15% Y-o-Y. Equity-oriented AUM crossed INR47 trillion, up 16%. And this 16% growth is during the year when there were bouts of challenges due to external factors and the impact of same on local economy and markets. On flows during the quarter, equity-oriented funds saw net inflows of INR1,272 billion as compared to INR911 billion in the same quarter last year, increase of 40%. Liquid funds added INR984 billion, though debt funds lost INR757 billion. The other category, which includes ETFs, arbitrage and fund of funds investing overseas added INR555 billion. SIP contributions stood at INR318 billion in June 2026 versus INR273 billion in June 2025, a 17% Y-o-Y growth. This, in our opinion, would have beaten the most optimistic estimates in June 2025. The number of folios has grown to 279 million from 241 million a year earlier. The industry added close to 6.6 million new unique investors over the last 12 months, taking the total mutual fund investor base to 61.9 million as of June 2026 compared to 55.3 million a year ago. Now we move to us. Our QAAUM stood at INR9.35 trillion, up 13% Y-o-Y, with a market share of 11.2%. Excluding ETFs, our market share stood at 12.4%. Our actively managed equity-oriented QAAUM grew 16% year-on- Page 2 of 27 HDFC Asset Management Company Limited July 15, 2026 year to INR5.74 trillion. Our equity orientation continues to be meaningfully higher than the industry. Equity-oriented assets accounted for 65.7% of our QAAUM versus 56.6% for the industry. On the fixed income side, debt QAAUM stood at INR1.66 trillion with a market share of 12.9% and liquid QAAUM at INR851 billion with a 10.7% market share. On unique investors, we added roughly 0.46 million during the quarter when the industry added 0.53 million, taking our base to 17.1 million. Our penetration in the mutual fund industry now stands at 28%, up from 25% a year ago, which means 28 of the 100 mutual fund investors have invested with HDFC AMC. Systematic transactions, which is SIP plus STP, stood at INR48.1 billion in June 2026 compared to INR40.1 billion in June 2025, a Y-o-Y growth of 20%. Beyond mutual funds, we continue to take further steps to build our alternatives platform. We'll close our private credit fund this quarter and have recently got an approval to launch a second fund on venture capital / private equity side. A marquee global investor has proposed to seed this new fund with a commitment of $50 million. Total alternatives AUM, which includes AIF commitments, portfolio management services business and advisory mandates stood at INR148 billion, up from INR60 billion a year ago. Now to our financials. Our revenue from operations grew by 14% year-on-year to INR11 billion. Other income at INR2.6 billion. Total cost for the quarter was INR2.7 billion as against INR2.1 billion in Q1 of last year. Operating profit for the quarter grew by 10% year-on-year with an operating margin of 35 basis points of AUM. Profit after tax stood at INR8.4 billion, a growth of 12% year-on-year. Thank you so much. Navneet, Naozad and I are here for any questions. We can start now kind of queuing up questions. Thank you once again. Moderator: First question is from the line of Piyush Kumar from Magnus Hathaway. Piyush Kumar: Sir, basically, I have only two questions. First is how are the SIP inflows in your schemes in this quarter? And how are the SIP inflows month-on-month? So, like do you see any trends or any sentimental changes in the investor psychology based on the numbers? Page 3 of 27 HDFC Asset Management Company Limited July 15, 2026 Navneet Munot: I think the SIP flows remain very healthy for the industry. Over the last 6 months or so, they have been about INR30,000 crores. We have a healthy share within that. What we disclose is inclusive of the systematic transfer plan. So, we disclose systematic transactions, which include both SIP and STP and which have seen like healthy growth over the last several months despite the market volatility. Piyush Kumar: Okay, sir. And sir, my next question is regarding which sectors are you most bullish on? Like do you have any idea of which sectors are going to perform going forward? Simal Kanuga: Sir, we disclose 100% of our portfolios. So, if you just kind of go to our website, it will be easier in sense we have our overweight positions well mentioned there. Moderator: Next question is from the line of Devesh Agarwal from IIFL Capital. Devesh Agarwal: Congratulations on a good set of numbers. Sir, my first question is on the debt AUM. We have seen a 6% Q-o-Q decline and even the closing AUM is lower by 3%. So, what exactly has happened? Why are we seeing such a strong outflows in the debt schemes? Navneet Munot: So, thank you for the compliment, Devesh. But on the debt side, we have seen money coming into the liquid fund, liquid and the overnight, while redemptions on the debt category. Last few months, the volatility in rupee, the volatility in interest rates, given the global environment, crude oil prices, etcetera, we have seen investors redeeming from the debt funds, but we have seen incremental inflows into the liquid fund for the industry as a whole, and we also have a decent share to get impacted by that, both sides, I mean. Devesh Agarwal: Okay, sir. And second, sir, if you see on a blended basis, we have seen a marginal uptick in the yields for us. Is this purely because of the product mix? Or is there any other reason also? And has there been any impact of the new TER regulations, which went live from 1st of April? Navneet Munot: So, as you know, I mean, there has been a change from the earlier TER methodology to BER. There has been an accounting change. Industry has been Page 4 of 27 HDFC Asset Mana [Showing first 8,000 characters — download PDF for full document]