Guidance ledger · Q4 FY26

HDFC Asset Management Company Ltd HDFCAMC

3 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↓ lowered Equity revenue yield (incl. index funds) Q2 FY26 → Q4 FY26

~~58 basis points~~ → 56 basis points

“equity was around 56 basis points, debt 28 and liquid 13. And blended for the year was 45”

→ narrowed Operating margin band Q3 FY26 → Q4 FY26

~~33 to 36 basis points~~ → 35 basis points of AUM

“an operating margin at 35 basis points of AUM”

→ narrowed Total Expense Ratio framework Q3 FY26 → Q4 FY26

~~TER including GST on distribution commission~~ → Base Expense Ratio (BER) with GST kept completely outside

“we move to a base expense ratio framework with GST kept completely outside of TER”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.