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Mutual fund manager Historical case study · data as of 06 Jul 2026 · published 09 Oct 2026 (95 days later)

HDFC Asset Management — 100-point case study

How HDFC Asset Management looked on 50 technical and 50 fundamental measures on 06 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: HDFCAMC · BSE: 541729
Close on 06 Jul 2026	₹2,773.40
Market cap then	₹1,19,400 crore
Valuation	P/E 41.8× · P/B 12.94×
Momentum	RSI (14) 60 · 1-year return +10.2%
Next 3 months	-19.1% vs Nifty 50 -9.0% (to 08 Oct 2026)

Scorecard

Technical — 50 points

24 bullish · 23 neutral · 1 caution · 1 bearish — the picture leaned positive.

Fundamental — 50 points

17 bullish · 29 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Daily prices are from EquityPandit (Yahoo Finance pages could not be fetched). HDFC AMC issued 1:1 bonus shares (ex-date 26 Nov 2025); the price series is bonus-adjusted, so pre-bonus prices are about half of what actually traded. Dividends are not adjusted.

Technical analysis — 50 points

Calculated by code from daily prices up to 06 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.62%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.62% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +18.5%	Neutral	The 100-session trend line was up (+0.01%/day) and the stock was +18.5% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +10.2%	Bullish	Compared with a year earlier the price was +10.2%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 2,686.46 / 30W 2,621.54	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 2,809.80→2,735.00; lows 2,380.80→2,594.40	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	16.3	Neutral	ADX at 16.3 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 30.2 / –DI 18.0	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	2,633.65 (+5.3%)	Bullish	Close of 2,773.40 was 5.3% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	2,673.22 (+3.7%)	Bullish	Close of 2,773.40 was 3.7% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	2,662.20 (+4.2%)	Bullish	Close of 2,773.40 was 4.2% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 2,718.98 / 21E 2,674.54	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 18 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 22 Jun 2026	Bullish	The 50-day average was 0.4% above the 200-day. The most recent signal was a golden cross on 22 Jun 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+2.0% in 20 sessions	Bullish	The 50-day average rose 2.0% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	2,634 / 2,673 / 2,629 / 2,662	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	2,751.39 (+0.8%)	Bullish	Anchored to the start of July, the volume-weighted average price was 2,751.39; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	59.7	Bullish	RSI at 59.7 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 35.50 / signal 15.84	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	8.20 → 19.66	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	35.50	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 89.3 / %D 92.6	Caution	Slow stochastic at 89.3 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-26.6	Neutral	%R of -26.6 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	111	Bullish	CCI at 111 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+2.0%	Bullish	Price changed +2.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.79 (bands 2,390.58–2,876.73)	Neutral	%B of 0.79 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 18.5% (68th pct of 6M)	Neutral	Band width was at the 68th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹70.65 (2.5% of price)	Neutral	A typical day's range was about ₹70.65, or 2.5% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	32.8% vs 1Y 30.5%	Neutral	Annualised 30-day volatility was 32.8%, close to the one-year level of 30.5%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	2,539.32–2,813.71	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.49	Neutral	A beta of 1.49 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.46× / 5-day 0.74×	Neutral	The final session traded 0.46× its 20-day average volume and the last five sessions averaged 0.74× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.11	Neutral	Average volume on up days was 1.11× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.13	Bullish	CMF at +0.13 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	56.2	Bullish	MFI, a volume-weighted RSI, was 56.2. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹226 cr/day	Neutral	About ₹226 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	2,672.03 / 2,460.78 / 2,323.00	Neutral	Nearest support (prior swing lows) sat at 2,672.03, 3.8% below the close, then 2,460.78, 2,323.00. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	2,840.09 / 2,961.17	Neutral	Nearest resistance (prior swing highs) sat at 2,840.09, 2.4% above the close, then 2,961.17. How to read: Information only.
40	Monthly pivot points (for next month)	P 2,755.80 \| R1 2,856.00 \| S1 2,673.20	Neutral	Classic pivots from July's high/low/close gave a pivot of 2,755.80; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 2,370 \| 38.2% 2,471 \| 50.0% 2,554 \| 61.8% 2,636	Neutral	Measuring the 6-month fall from 2,901.50 to 2,205.60, the close was nearest the 61.8% retracement at 2,635.67. How to read: Information only.
42	52-week high / low	H 2,967.25 / L 2,205.60	Neutral	The close was 6.5% below the 52-week high and 25.7% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 15 Jun at 2,463.60	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 2,463.60 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 2,380.80–2,808.30	Neutral	The close was inside the prior 20-day range of 2,380.80–2,808.30. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Bearish engulfing	Bearish	On 06 Jul the candle opened 2,821.50, ranged 2,760.30–2,838.40 and closed 2,773.40: Bearish engulfing. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 2,539.00–2,720.60; Tenkan 2,716.40 / Kijun 2,609.60	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +5.6% / 3M +10.8%	Bullish	The stock outperformed the Nifty 50 by 10.8 points over three months and outperformed by 5.6 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +11.0%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 11.0 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	24 bullish · 1 bearish · 23 neutral · 1 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 2,672.03, resistance 2,840.09. This is a description of the chart on 06 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 06 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 06 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	41.8×	Neutral	At ₹2,773.40 the market valued the company at about ₹1,19,400 crore, or 41.8× the ₹2,858 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	12.94×	Neutral	Market cap was 12.94× the Mar 2026 book value (equity + reserves) of ₹9,229 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	28.97×	Neutral	The company was valued at 28.97× its trailing-12-month sales of ₹4,122 crore. How to read: Information only.
4	EV / EBITDA (approx.)	36.2×	Neutral	Enterprise value (market cap + ₹0 cr borrowings; cash not netted) was 36.2× trailing operating profit of ₹3,295 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	2.4%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.60	Neutral	P/E of 41.8 divided by 3-year profit growth of 26.2% a year gives a PEG of 1.60. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	1.95%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹54 a share, a 1.95% yield on the ₹2,773.40 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,19,400 cr	Neutral	At about ₹1.19 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹565.86 vs ₹2,773.40	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹565.86; the price was 390% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+13.9%	Bullish	Revenue for FY26 was ₹4,616 crore, +13.9% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+16.8%	Bullish	The Jan–Mar 2026 quarter brought ₹1,052 crore of revenue, +16.8% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+16.2%	Bullish	FY26 net profit was ₹2,858 crore, +16.2% on FY25's ₹2,460 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-2.4%	Bearish	Quarterly profit was ₹623 crore versus ₹638 crore a year earlier (-2.4%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	23.0%	Bullish	Revenue compounded at 23.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	26.2%	Bullish	Net profit compounded at 26.2% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	n/a	Neutral	Not available. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+16.0%	Bullish	Reported EPS went from ₹57.53 to ₹66.71 (+16.0%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	82%	Neutral	Operating profit (EBITDA) was 82% of sales in FY26 versus 83% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	80% → 78% → 82% → 80%	Neutral	Quarterly margins moved from 80% to 80% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	61.9%	Neutral	₹61.9 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	32.9%	Bullish	FY26 profit was 32.9% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	43%	Bullish	Return on capital employed (debt + equity) was 43% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	28.61%	Neutral	Net profit was 28.61% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	23%	Neutral	The company paid about 23% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	0%	Neutral	Non-operating 'other income' of ₹6 crore made up 0% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.00	Bullish	Borrowings of ₹0 crore were 0.00× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.00×	Bullish	Debt equalled 0.00 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	286.3×	Bullish	Earnings before interest and tax covered interest cost 286.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+13.5%	Bullish	Shareholders' equity grew +13.5% from ₹8,130 crore to ₹9,229 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹2 cr (1% of fixed assets)	Neutral	Projects under construction (CWIP) were 1% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-16 days	Neutral	Working capital tied up equalled -16 days of sales (FY25: -14). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	13 days	Neutral	It took 13 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	13 (FY25 12)	Neutral	Customers took 13 days on average to pay, versus 12 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹2,528 cr	Bullish	The business generated ₹2,528 crore of operating cash in FY26 versus ₹2,075 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹2,506 cr	Bullish	After capital spending, free cash flow was ₹2,506 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.88×	Neutral	Operating cash flow was 0.88× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	2.1%	Neutral	FY26 free cash flow was 2.1% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹6,132 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹6,132 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹22 cr	Neutral	Implied capital expenditure was about ₹22 crore, 0.5% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	81%	Neutral	The company paid out about 81% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	77% / 78% / 81%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+100.0%	Neutral	Paid-up equity capital rose +100.0%, consistent with a bonus issue or split — shareholders' ownership was not diluted. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	52.37% (-0.10 pts YoY)	Neutral	Promoters owned 52.37% at Mar 2026 versus 52.47% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	24.45% (+3.94 pts YoY)	Bullish	FIIs held 24.45% at Mar 2026, up from 20.51% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	14.42% (-3.59 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 14.42%, down from 18.01%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	4.4 lakh (+0.5% YoY)	Neutral	The shareholder count moved from 4.3 lakh to 4.4 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, operating margin improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Company has a good return on equity (ROE) track record: 3 Years ROE 31.7%; Company has been maintaining a healthy dividend payout of 78.7%. Weaknesses: Stock is trading at 10.4 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	17 bullish · 3 bearish · 29 neutral · 0 caution	Bullish	On the numbers published by 06 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 41.8×, P/B 12.94×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 06 Apr 2026 – 06 Jul 2026 that an investor could have known on the snapshot date.

16 Apr 2026 HDFC AMC Q4 FY26 profit dips 2.5% YoY to Rs 623 crore; Rs 54 final dividend recommended — Consolidated net profit was Rs 622.66 crore versus Rs 638.46 crore a year earlier, while revenue from operations rose 16.7% to Rs 1,051.51 crore. The board recommended a final dividend of Rs 54 per share. source
16 Apr 2026 HDFC AMC Q4 earnings below street estimates as other income falls — Q4 FY26 net profit of about Rs 623 crore was below an estimate of Rs 644 crore; other income fell 91% year-on-year to Rs 11.19 crore. The board also approved stock option and performance-linked unit grants covering 70,535 shares. source
21 May 2026 HDFC AMC board fixes June 5 record date for final dividend and June 24 AGM — In an exchange filing, the company set Friday, June 5, 2026 as the record date for the Rs 54 final dividend and scheduled its 27th AGM for June 24, 2026. source
04 Jun 2026 HDFC AMC: last day to buy shares for Rs 54 dividend eligibility — June 4 was the last day to buy shares to qualify for the Rs 54 final dividend, with the record date on June 5, 2026. The payout was subject to shareholder approval at the AGM. source
08 Jun 2026 HDFC AMC schedules US roadshow and Mumbai investor forum for June 2026 — The company disclosed a US non-deal roadshow from June 15 to 18, 2026 and participation in the JM Financial India Finance Forum in Mumbai on June 23, 2026. source
24 Jun 2026 HDFC AMC shareholders approve Rs 54 dividend at 27th AGM — At the AGM held by video conference, shareholders approved all resolutions, including FY26 financial statements, the Rs 54 per share dividend and the re-appointment of V. Srinivasa Rangan as director. source

What happened next (06 Jul 2026 → 08 Oct 2026)

Price went from ₹2,773.40 to ₹2,245.00 by 08 Oct 2026 (-19.1%) while the Nifty 50 moved -9.0% — underperforming by 10.1 points.
Highest ₹2,806.00 on 07 Jul 2026; lowest ₹2,223.30 on 29 Sep 2026.
S1 2,672.03: broken on a closing basis on 08 Jul 2026.
S2 2,460.78: broken on a closing basis on 04 Sep 2026.
R1 2,840.09: not cleared on a closing basis.
R2 2,961.17: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 08 Jul 2026.
Apr–Jun 2026 results (reported 15 Jul 2026): revenue ₹1,100 crore (+13.6% YoY), net profit ₹837 crore (+11.9% YoY), operating margin 77% vs 80% a year earlier (Screener consolidated figures).

Later news

15 Jul 2026 HDFC AMC Q1 FY27 net profit rises 12% to Rs 837 crore — Consolidated net profit rose to Rs 837 crore from Rs 748 crore a year earlier, and revenue from operations grew 13.6% to Rs 1,100 crore. The company reported an 11.2% share of industry quarterly average AUM. source
16 Jul 2026 HDFC AMC shares fall over 4% after Q1 FY27 results — On the day after the results, the stock traded at Rs 2,604.30 on NSE at 3:23 pm, down 4.58%, despite 12% growth in quarterly net profit. source
20 Aug 2026 HDFC AMC allots 23,752 shares under employee stock option schemes — The Share Allotment Committee allotted 23,752 equity shares on exercise of options under ESOP 2020 and the 2025 scheme, taking paid-up capital to 42,88,10,534 shares of Rs 5 each. source
01 Sep 2026 HDFC AMC schedules investor and analyst meetings for September 2026 — The company disclosed in-person meetings including a sell-side analyst group meeting on September 8 and conferences hosted by UBS, Jefferies, J.P. Morgan and Anand Rathi between September 10 and 22. source
21 Sep 2026 HDFC AMC allots 2,62,864 equity shares under ESOP schemes — The company allotted 2,62,864 shares on exercise of employee stock options, taking paid-up share capital to 42,90,73,398 equity shares of Rs 5 each. source

Educational summary. On 06 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -19.1% against -9.0% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold HDFC Asset Management today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 09 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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