Buy HDFC AMC; target of Rs 2600: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on HDFC AMC

HDFC AMC is among the largest and profitable mutual funds with a QAAUM of ~Rs 4.2 lakh crore as on September 2022. Market share as on Q2FY23 was at ~11% • Strong distribution network with 228 branches and more than 80,000 empanelled distribution partners.

Outlook

We upgrade the stock from HOLD to BUY. Rolling our estimates, we value the business at ~32x FY25E EPS and revise our target from Rs 2200 to Rs 2600.

For all recommendations report, click here

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HDFC AMC - 23 -12-2022 - icici