HB Portfolio Ltd.

•

hbportfolio.comBSE: -NSE: HBPOR

Market Cap₹ 63 Cr.

Current Price

High / Low₹ 65 / 49

Stock P/E14.0

Book Value₹ 198

Price to Book0.27

Dividend Yield1.72 %

ROCE0.8 %

ROE0.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Commodities Trading: 59.4% • Financial Services: 40.3% • Unallocated: 0.2%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Latest quarter profit grew 79.9% YoY, showing strong momentum
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (41.7% of PBT)
Company has a low return on capital employed of 0.4%
Company has a low return on equity of 0.3% over last 3 years
Operating margins have contracted to 9.8% from 25.7%
Effective tax rate is unusually low at 10.6% - earnings may be flattered

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	HBPOR	58.20	16.84	62.65	1.72	5.64	156.73	10.36	—	0.73	66.42

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	4	0	0	33	0	0	0	0	0	0	0	0	8
	1	1	1	34	1	2	7	5	1	1	1	11	1
Operating Profit	3	-0	-0	-1	6	-2	-2	-3	5	-1	1	-3	7
OPM %	83.38%	-114.81%	-103.57%	-2.30%	—	—	—	—	—	—	—	—	91.96%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	3	-0	-0	-1	6	-2	-2	-3	5	-1	1	-3	7
Tax %	5.00%	-68.29%	26.47%	35.00%	13.93%	10.00%	11.05%	13.81%	16.52%	27.72%	19.12%	17.13%	8.42%
Net Profit	3	-1	-0	-1	5	-2	-2	-2	4	-1	1	-3	7
	3	-1	-0	-0	5	-2	-2	-2	4	-1	1	-3	1
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3	14	2	6	6	2	12	38	15	13	8
	2	2	3	2	7	2	9	36	15	11	13
Operating Profit	1	12	-1	4	-0	-0	3	2	-0	2	—
OPM %	24	86	-36	60	-4	-25	26	5	-1	15	—
Other Income	0	0	0	0	0	0	0	0	0	1	0
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
	1	12	-1	4	-0	-1	3	1	-1	2	5
Tax %	13	19	4	2	19	2	19	4	-7	11	1
Net Profit	1	10	-1	4	-0	-1	2	1	-1	1	4
EPS	0	0	0	3	-0	-1	2	1	-1	1	—
Dividend Payout %	0	0	0	0	0	0	39	78	-140	74	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	9	-1	3	-0	-1	2	1	-1	1	—

COMPOUNDED SALES GROWTH

10 Years:: 21%
5 Years:: 14%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: 37%
5 Years:: —
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 0%
3 Years:: 0%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	12	11	11	11	11	11	11	11	11	11
	108	111	120	98	120	163	150	231	215	196
Trade Payables	0	0	0	0	0	0	0	1	0	0
	2	7	2	1	1	2	2	11	9	5
Total Liabilities	122	129	132	110	131	176	163	254	235	212
ASSETS	-	-	-	-	-	-	-	-	-	-
	0	0	0	0	0	2	1	1	1	1
	83	98	123	90	124	158	145	227	218	195
	0	0	0	0	0	0	0	4	0	0
Cash & Bank	2	1	1	2	1	3	2	4	4	2
	38	29	8	18	6	14	14	17	12	14
Total Assets	122	129	132	110	131	176	163	254	235	212
Total Debt	0	0	0	0	0	1	1	1	0	0
Net Working Capital	34	22	4	15	3	12	12	17	12	12
Contingent Liabilities	2	2	2	2	1	1	0	0	0	1
Book Value per Share	100.36	113.01	121.05	101.32	121.22	161.83	149.44	224.70	209.85	192.02
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	0	17	-7	12	-8	2	-4	7	-0
Cash from Investing	0	-0	-17	8	-12	9	-2	8	-6	-0
Cash from Financing	-1	0	-0	-0	-0	1	-1	-1	-1	-1
	0	0	-0	1	-0	2	-1	2	-0	-2
Free Cash Flow	1	-0	17	-7	12	-9	2	-4	7	-0
OCF / Net Profit	1.16	0.03	-23.28	-1.96	-41.38	13.96	0.97	-2.72	-8.90	-0.24
Cumulative 5-Year FCF	0	0	0	0	23	13	15	-6	8	-4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.53	9.35	-0.68	3.26	-0.26	-0.51	2.07	1.29	-0.72	1.35
Book Value (₹)	100.36	113.01	121.05	101.32	121.22	161.83	149.44	224.70	209.85	192.02
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.80	1.00	1.00	1.00
Cash EPS (₹)	0.56	9.41	-0.61	3.34	-0.19	-0.39	2.32	1.56	-0.44	1.58
PROFITABILITY
Operating Margin %	24.47%	86.12%	-35.81%	60.21%	-4.20%	-24.60%	25.70%	4.32%	-1.65%	9.77%
Net Margin %	20.43%	69.45%	-39.12%	57.89%	-4.40%	-34.03%	18.68%	3.69%	-5.16%	11.47%
ROE %	0.53%	8.32%	-0.58%	2.94%	-0.24%	-0.36%	1.33%	0.69%	-0.33%	0.67%
ROCE %	0.61%	10.23%	-0.59%	2.98%	-0.29%	-0.35%	1.66%	0.76%	-0.20%	0.77%
	0.52%	8.02%	-0.56%	2.89%	-0.24%	-0.36%	1.32%	0.67%	-0.31%	0.65%
EFFICIENCY
Debtor Days	0	0	0	0	0	0	0	42	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	15	26	0
	0	0	0	0	0	0	0	27	-26	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.01x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	4616.90x	974.50x	-55.00x	541.01x	-647.27x	-17.93x	44.92x	17.97x	-1.82x	38.47x
	22.10x	5.80x	3.86x	16.37x	6.52x	23.05x	14.62x	5.05x	10.55x	13.11x
GROWTH
Revenue Growth %	71.00%	363.77%	-87.02%	222.66%	6.72%	-74.99%	637.10%	214.67%	-60.28%	-15.25%
Operating Profit Growth %	198.88%	1531.91%	-105.39%	642.56%	-107.44%	-46.60%	869.96%	-40.61%	-109.48%	1206.60%
Net Profit Growth %	945.09%	1476.48%	-107.31%	577.43%	-108.11%	-93.39%	504.64%	-37.87%	-155.55%	288.50%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-37.87%	-155.55%	288.51%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	46.60x	0.00x	38.08x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.27x	0.41x	0.27x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.67%	1.16%	1.95%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	33.54x	-518.08x	27.98x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	61.45	61.45	61.45	61.45	61.45	61.45	61.45	61.45	61.45
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38.54	38.54	38.54	38.54	38.54	38.54	38.54	38.54	38.54

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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