Nomura cuts target to INR 3,050 for HDFC Asset stock

Published on 10/20/2026 at 01:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nomura cut its target from INR 3,130 to INR 3,050 on October 16, 2026. HDFC Asset stock's Q2 revenue rose 14.00 percent to INR 11,689 million.

Analyst pressure meets operating growth

Nomura cut its target from INR 3,130 to INR 3,050 on October 16, 2026.
Q2 FY27 revenue rose 14.00 percent to INR 11,689 million on October 15, 2026.
HDFC Asset stock was last at INR 2,374.80 on the NSE on October 19, 2026.

HDFC Asset, INE745G01035, Illustration mit AI erstellt.

HDFC Asset (ISIN INE745G01035) faces a lower analyst target after Nomura cut its valuation from INR 3,130 to INR 3,050 on October 16, 2026. According to Moneycontrol, the brokerage retained its Buy rating while citing stronger competition and a decline in flow share.

Results support the core business

The September quarter supplied the counterweight to the target cut. HDFC Asset reported revenue from operations of INR 11,689 million for the quarter ended September 30, 2026, up 14.00 percent from INR 10,274 million a year earlier, while operating profit increased 16.00 percent to INR 9,069 million from INR 7,796 million, according to MarketScreener.

Profit after tax reached INR 7,499 million, compared with INR 7,179 million in the year-earlier quarter. The 4.00 percent increase was slower than operating profit growth, leaving the earnings mix more dependent on operating income than on other income.

Three results dates shape the story

On October 15, 2026, HDFC Asset reported quarterly average assets under management of INR 9,691 billion, up from INR 8,814 billion a year earlier. On October 16, 2026, ICICI Securities retained a target of INR 3,000, while TopNews reported that quarterly average assets under management rose 10.00 percent to INR 9.69 lakh crore. On October 19, 2026, Nomura lowered its target to INR 3,050 while keeping Buy.

What does the target cut mean?

The revised target still stood 27.00 percent above the reference price of INR 2,400 used in Nomura's report. The reduction reflects a lower valuation multiple of 32 times estimated September 2028 earnings per share, compared with 34 times previously, while the quarter delivered a 5.00 percent beat to Nomura's operating profit before tax estimate.

Dates and investor focus

The next measurable checkpoint is the September-quarter reporting period, which ended on September 30, 2026. For investors, the key tension is visible in the operating figures: quarterly average assets under management grew 10.00 percent year over year in the quarter, while Nomura said systematic transaction flow share moderated to 14.80 percent from 15.10 percent in the first quarter.

Indian listing and valuation

HDFC Asset stock was last at INR 2,374.80 on the NSE on October 19, 2026. The company serves mutual fund, portfolio management and alternative investment customers, and its Q2 FY27 total live accounts reached 32.30 million as of September 30, 2026.