I just reviewed HDFC AMC's FY26 numbers and there are several interesting details worth analyzing. The company closed the year with a quite solid operational performance, especially considering the market environment.

What stands out most is the monthly SIP flow reaching ₹3,450 billion, reflecting a growing adoption of systematic investments in India. The AUM reached ₹8.44 trillion with a year-over-year growth of 19.4%, suggesting that the investor base is steadily expanding. EBITDA grew by 19.3%, indicating that operational leverage is working in the company's favor.

Now, there are some points that require attention. Pressure on yields is something investors should monitor closely, as are the risks related to expense ratios (TER). This is typical in the industry when competition is increasing, but it’s a factor that could impact margins in the medium term.

From an investment perspective, I see a tactical opportunity to maintain positions, although the long-term strategic case is quite solid. India is in the midst of a clear trend toward financialization, with more people accessing investment products than ever before. HDFC AMC has an attractive ROE and its dividend policy is robust, positioning it well in this context.

If you are considering the current share price of HDFC AMC, it’s worth evaluating both the operational strength and those yield headwinds I mentioned. The balance sheet suggests it’s a strategic buy for those who can think long-term, taking advantage of the wave of financialization transforming the Indian market.