Motilal Oswal Recommends 'BUY' on HDFC AMC with Rs 3200 Target

• HDFC AMC's operating revenue grew 15% YoY to INR10.8 billion in Q3FY26, aligning with expectations.
• Total operating expenses increased 16% YoY but decreased 12% QoQ, with employee costs up 30% YoY.
• EBITDA rose 15% YoY to INR8.8 billion, achieving an 81.5% margin in Q3FY26.
• Motilal Oswal projects a 16% CAGR in revenue, EBITDA, and PAT, and an 18% AUM CAGR over FY25-28E.
• The brokerage reiterates a 'BUY' rating for HDFC AMC, setting a target price of INR3,200 based on 42x FY28E core EPS.

Why It Matters: Motilal Oswal maintains a 'BUY' rating for HDFC AMC, forecasting strong growth and a target of Rs 3200.