Earnings Call Transcript dated October 15, 2026

Ref/No/HDFCAMC/SE/2026-27/53 Date – October 21, 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 and half year ended September 30, 2026, conducted after the meeting of the Board of Directors on October 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 Q2 FY27 Earnings Conference Call” October 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 October 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Conference Call of HDFC Asset Management Company Limited. From the management team, we have with us Mr. Navneet Munot, Mr. Naozad Sirwalla and Mr. Simal Kanuga. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Simal Kanuga. Thank you, and over to you, Simal. Simal Kanuga: Thanks. Good evening, everyone, and thank you for joining us. Let me begin with a quick overview of the industry. The quarter began positively with Nifty 50 gaining about 2% in July, followed by a modest decline in August and a sharper 6% correction in September. Overall, markets ended the quarter down around 5%. Equity-oriented funds attracted net inflows of INR1,161 billion during the quarter. September marked the 67th consecutive month of positive equity flows, a remarkable streak dating back to March of 2021. SIPs continued their steady growth with monthly contributions reaching a new high of INR325 billion in September compared with INR294 billion a year ago and INR318 billion in June of 2026. During this quarter, contributing SIP accounts crossed the 100 million mark. And over the last decade, monthly SIP contributions have multiplied almost 10x. On fixed income, debt mutual funds recorded net outflows of INR607 billion, while liquid funds saw net inflows of INR457 billion. ETFs Page 2 of 25 HDFC Asset Management Company Limited October 15, 2026 attracted INR367 billion. Arbitrage funds garnered inflows of INR63 billion during the quarter. Turning to our performance. Our quarterly average AUM stood at INR9.69 trillion, up 10% year-on-year and 4% sequentially. Equity- oriented assets stood at INR6.51 trillion, representing 67.1% of our AUM compared with 57.5% for the industry. Within this, actively managed equity AUM grew by 14% year-on-year to INR6.08 trillion with a market share of 12.7%. On fixed income, debt AUM stood at INR1.62 trillion with a 13% market share, while liquid AUM grew 10% year-on-year to INR860 billion. Our live individual accounts increased to 32 million from 26 million a year ago. Our unique investor base stood at 17.7 million, representing a penetration of 28%. In other words, 28 out of every 100 mutual fund investors in India invest with us. Over the last 1 year, we have added 3.2 million unique investors, while the industry has added 6.3 million. Our systematic flows comprising of SIPs and STPs, that is systematic transfer plans, stood at INR48 billion in September, up 6% year-on-year across 19 million transactions. During the quarter, we also launched 2 new AIFs, a Category II equity fund focused on private markets. We are anticipating first close in this quarter and also launched the Category III fund, investing in listed securities, which achieved first close during the last quarter. We have started managing EPFO fixed income mandate during the quarter that went by. With that, I now move to financials. Revenue from operations for the quarter was INR11.7 billion, up 14% year-on-year. Operating profit was INR9.1 billion, up 16% with an operating margin of 36 basis points of AUM. Profit before tax stood at INR9.8 billion, up 12%. Page 3 of 25 HDFC Asset Management Company Limited October 15, 2026 Also, please note that the reported PAT is not directly comparable year- on-year as the September 2025 quarter benefited from INR468 million reversal of income tax provision, which resulted in an additional credit to the tax account and the PAT. So that's where I would put a pause. Thank you very much. We can now open it up for questions. Navneet, Naozad and I are happy to take them. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. First question is from the line of Devesh Agarwal from IIFL Capital. Devesh Agarwal: Sir, my first question is on the blended yield. We see a sequential improvement in the yields. So just wanted to understand what are the drivers for this? And also, if you can share the asset-wise yield? Naozad Sirwalla: Devesh, I'll share the yield for the quarter. So, for active equity, our yield were 61 basis points. For overall equity fund, this was 58 basis points. Debt is around 28, 29 basis points. Liquid, 13 basis points. Devesh Agarwal: And what has led to this improvement on a sequential basis? Is it only the asset mix change or something else as well? Naozad Sirwalla: Largely asset mix change. It's not like a material movement. It's slightly upwards from previous quarter. Devesh Agarwal: Okay. And sir, on the alternate business, we see an increase. I understand a large part of that is the debt mandate that we have won. But two things I would want to know what is the revenues that we are targeting in this and the pipeline on the alternate? So by when we can reach INR100 crores of revenues from the alternate business? And what is the pipeline going forward? Page 4 of 25 HDFC Asset Management Company Limited October 15, 2026 Navneet Munot: Devesh, we don't give guidance like this when will we reach a certain amount. All I can say is that beyond mutual funds, now the alternative platform is working as a full stack. So this quarter, we launched two new funds on alternative side. First is the HDFC AMC Select Opportunities Fund. This is a Category II fund investing in late-stage venture and early-stage growth companies. We have been in the process of raising money, have seen a very good encouraging reception from some of the global institution as well as domestic institutional investors, family offices, and HNIs. Second is the HDFC AMC Emerging Opportunities Fund. This is our first Category III fund, and it has also seen a strong traction and fundraising continues. On the PMS side, you rightly said that a large part of the AUM is on account of the EPFO mandate, which has gone live. And together with SPFO mandate, it shows the depth of our fixed income capability. So idea is like building a one-stop platform where an investor can stay with HDFC AMC for every need across mutual funds, PMS, AIF, et cetera. On the margins question, AIF is a margin-accretive business. Fees here sit above what we earn on our mutual fund equity book in the range of 80 to 90 basis points depending on the product. Discretionary PMS earns broadly what our equity mutual fund business d [Showing first 8,000 characters — download PDF for full document]