HDFC AMC’s operating revenue grew 17% YoY, but it declined 2% QoQ to INR10.5b (in line). Yields came in at 45.4bp in 4QFY26 vs. 46.6bp in 4QFY25 and 46.5bp in 3QFY26. For FY26, revenue grew 18% YoY to INR41.2b.