Analysts Maintain Buy Ratings on HDFC AMC with Targets Around Rs 3,100

HDFC Asset Management Company reported a 15% year-on-year revenue growth to INR 10.8 billion in 3QFY26, with a 9-month revenue increase of 18%. EBITDA rose 15% YoY to INR 8.8 billion, maintaining strong margins. Analysts from Motilal Oswal and ICICI Securities reaffirmed buy ratings, projecting 16% CAGR in revenue, EBITDA, and PAT through FY28, with target prices of INR 3,200 and INR 3,060 respectively. Both note stable yields, AUM growth, and manageable risks from yield declines and competition.