HDFCAMC saw a soft quarter as core income missed PLe by 2.3% due to revenue being 1.7% lower led by weaker yields at 46.6bps (PLe 47.5bps) as (1) equity share fell QoQ to 60% from 61% to market correction in Feb'25 and (2) Q4FY25 has 2 lesser days (vs Q3FY25). Equity performance within the 3-yr bucket remains superior, which resulted in strong net flows' market share of 12.9% in FY25. New ESOP scheme of 2.5mn shares has been approved which is awaiting shareholder approval. Hence, we raise staff cost for FY26/27E by 7%/3%. Closing equity AuM for the industry corrected by 3.0% over Dec'24Mar'25 and markets continue to remain volatile. Equity flows for the industry...