HDB Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Lending business: 93.4% • BPO Services: 6.6%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 45.4% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 21.4%
- Solid return on assets for a lender - ROA of 2.2%
- Latest quarter profit grew 38.3% YoY, showing strong momentum
- Operating margins have improved to 56.7% from 50.6%
CONS
- Promoter holding has decreased over last 2 years: -21.2pp
- Company has a low return on capital employed of 9.8%
- Free cash flow has been persistently negative
- Thin net interest margin of 0.0%
- Growth is decelerating - 3Y profit CAGR (9.1%) trails the 5Y trend (45.4%)
- Though reporting repeated profits, the company pays out little dividend (13.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SUNDARMFIN | 4714.65 | 23.60 | 52381.58 | 0.85 | 636.19 | 33.88 | 2644.13 | 23.37 | 9.35 | 80.61 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 3,285 | 3,452 | 3,524 | 3,630 | 4,160 | 3,900 | 3,996 | 4,088 | 4,938 | |
| 1,560 | 1,561 | 1,809 | 1,858 | 1,942 | 2,017 | 2,058 | 1,997 | 3,883 | |
| Operating Profit | 2,324 | 2,446 | 2,334 | 2,408 | 2,524 | 2,529 | 2,616 | 2,748 | 2,863 |
| OPM % | 70.75% | 70.84% | 66.24% | 66.34% | 60.67% | 64.84% | 65.45% | 67.22% | 57.98% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1,496 | 1,598 | 1,645 | 1,650 | 1,740 | 1,694 | 1,704 | 1,682 | 1,753 |
| Depreciation | 44 | 48 | 49 | 54 | 51 | 52 | 51 | 54 | 55 |
| 784 | 799 | 641 | 704 | 732 | 782 | 860 | 1,011 | 1,055 | |
| Tax % | 25.78% | 26.04% | 26.30% | 24.61% | 22.50% | 25.67% | 25.15% | 25.77% | 25.58% |
| Net Profit | 582 | 591 | 472 | 531 | 568 | 581 | 644 | 751 | 785 |
| 7 | 7 | 6 | 7 | 7 | 7 | 8 | 9 | 1 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,711 | 7,027 | 8,725 | 10,756 | 10,945 | 11,306 | 12,403 | 14,173 | 16,300 | 18,430 | 16,922 | |
| 2,643 | 3,097 | 3,610 | 5,101 | 6,456 | 6,536 | 6,153 | 5,817 | 6,746 | 7,979 | 9,955 | |
| Operating Profit | 3,069 | 3,930 | 5,115 | 5,655 | 4,489 | 4,771 | 6,250 | 8,356 | 9,554 | 10,451 | 6,967 |
| OPM % | 53.73% | 55.93% | 58.62% | 52.58% | 41.01% | 42.19% | 50.39% | 58.95% | 58.61% | 56.71% | 41.17% |
| 79 | 0 | 5 | 0 | 28 | 21 | 22 | 1 | 1 | 1 | 0 | |
| Interest | 2,050 | 2,449 | 3,333 | 4,081 | 3,908 | 3,345 | 3,533 | 4,907 | 6,433 | 6,856 | 6,834 |
| Depreciation | 39 | 45 | 62 | 110 | 108 | 99 | 112 | 145 | 194 | 209 | 213 |
| Profit before Tax | 1,059 | 1,436 | 1,724 | 1,464 | 501 | 1,348 | 2,627 | 3,305 | 2,928 | 3,386 | 3,709 |
| Tax % | 35.36% | 35.03% | 33.11% | 31.39% | 21.82% | 24.95% | 25.43% | 25.53% | 25.68% | 24.88% | 25.55% |
| Net Profit | 684 | 933 | 1,153 | 1,005 | 391 | 1,011 | 1,959 | 2,461 | 2,176 | 2,544 | 2,761 |
| EPS | 9.64 | 11.92 | 14.69 | 12.77 | 4.97 | 12.80 | 24.76 | 31.03 | 27.34 | 30.64 | — |
| Dividend Payout % | 17.11% | 13.43% | 12.26% | 0.00% | 0.00% | 7.82% | 4.44% | 9.67% | 10.97% | 13.06% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 19%
- 5 Years:
- 11%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 17%
- 5 Years:
- 45%
- 3 Years:
- 9%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 16%
- 3 Years:
- 16%
- Last Year:
- 14%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 780 | 783 | 786 | 788 | 789 | 790 | 791 | 793 | 796 | 830 |
| 4,583 | 5,235 | 6,355 | 7,181 | 7,594 | 8,714 | 10,606 | 12,880 | 14,919 | 19,693 | |
| 26,461 | 37,050 | 46,644 | 50,199 | 51,488 | 50,188 | 56,554 | 74,990 | 90,279 | 1,00,695 | |
| Trade Payables | 283 | 280 | 395 | 150 | 334 | 247 | 292 | 403 | 425 | 180 |
| 1,885 | 1,804 | 2,245 | 2,690 | 2,304 | 2,139 | 1,833 | 3,886 | 2,655 | 2,975 | |
| Total Liabilities | 33,992 | 45,151 | 56,424 | 61,008 | 62,510 | 62,078 | 70,076 | 92,952 | 1,09,074 | 1,24,374 |
| 131 | 137 | 123 | 348 | 270 | 244 | 333 | 185 | 735 | 773 | |
| 465 | 402 | 568 | 1,746 | 1,593 | 2,234 | 1,243 | 3,380 | 2,060 | 3,748 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 225 | 296 | |
| Cash & Bank | 189 | 137 | 489 | 563 | 974 | 653 | 654 | 696 | 953 | 1,343 |
| 33,207 | 44,475 | 55,244 | 58,350 | 59,674 | 58,948 | 67,846 | 88,566 | 1,05,101 | 1,18,213 | |
| Total Assets | 33,992 | 45,151 | 56,424 | 61,008 | 62,510 | 62,078 | 70,076 | 92,952 | 1,09,074 | 1,24,374 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9,590 | -11,917 | -13,177 | -8,106 | -5,274 | -3,211 | -11,217 | -23,572 | -21,479 | -17,276 | |
| Cash from Investing | -188 | -49 | -181 | -1,204 | 131 | -703 | 973 | -2,146 | 1,159 | -1,772 |
| Cash from Financing | 6,959 | 8,226 | 9,445 | 4,257 | 608 | -1,500 | 5,796 | 19,134 | 12,770 | 10,673 |
| -20 | -8 | 273 | 21 | 398 | -246 | -81 | 252 | 303 | 296 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - HDB Financial Services Limited has informed the Exchange regarding allotment of 20000 securities pursuant to Non Convertible Securities at its meeting held on September 09, 2026
2026-08-24 - HDB Financial Services Limited has informed the Exchange regarding Allotment of 121016 Shares.
2026-08-20 - HDB Financial Services Limited has informed the Exchange about Schedule of meet
2026-08-14 - HDB Financial Services Limited has informed the Exchange about Schedule of meet
2026-08-06 - HDB Financial Services Limited has informed the Exchange regarding allotment of 54450 securities pursuant to Non Convertible Securities at its meeting held on August 06, 2026
2026-08-04 - HDB Financial Services Limited has informed the Exchange about Schedule of meet
2026-07-28 - HDB Financial Services Limited has informed the Exchange regarding Allotment of 267243 Shares.
2026-07-28 - HDB Financial Services Limited has informed the Exchange about General Updates
2026-07-23 - HDB Financial Services Limited has informed the Exchange regarding allotment of 40000 securities pursuant to Non Convertible Securities at its meeting held on July 23, 2026
News
Recent coverage and analyst commentary for HDBFS
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