HDFCAMC

HDFC AMC: 3QFY26 CORE PBT UP 9% QOQ / 16% YOY, SIP & EQUITY MF SHARE STEADY 3QFY26 core PBT rose ~9% QoQ / 16% YoY, ~3% above Citi estimates. SIP and actively managed equity MF market share remained steady; unique MF customer share rose 0.7% QoQ to 26.1%. Equity scheme performance supports steady flows; management highlighted smooth past transitions, strong investment team, and sustained track record. Limited impact expected from new MF circular; distributor pass-through planned to restrict margin pressure. Valuation de-rated to ~32.6x 1-year forward P/E with scope for re-rating; medium-term estimates raised marginally. Bull/Base/Bear: ₹4,710 / ₹2,875 / ₹955.