ICICI Securities Recommends 'BUY' on HDFC AMC; Target Price Rs 3060

• ICICI Securities maintains a positive outlook on the asset management sector, citing stable systematic investments and improved yield prospects.
• HDFC AMC's 9MFY26 results align with this thesis, showing an 18.8% YoY core EBITDA increase and 17.2% YoY AUM growth.
• The company demonstrates strong business metrics, including stable equity market share and increasing unique investor share, driven by consistent fund performance.
• ICICI Securities projects ~3%/15%/16% end-to-end AUM growth for Q4FY26/27/28E, with a ~1.1bps yield drop between Q3FY26–FY28E.
• The brokerage upgrades HDFC AMC to 'BUY' with an unchanged target price of INR 3,060, based on 40x FY28E core EPS and cash per share.

Why It Matters: ICICI Securities upgrades HDFC AMC to 'BUY' with a Rs 3060 target, citing strong AUM growth and business metrics.