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HDB Financial Services Ltd.

•
hdbfs.comBSE: 544429NSE: HDBFS
Market Cap₹ 56,201 Cr.
Current Price
High / Low₹ 801 / 555
Stock P/E20.4
Book Value₹ 257
Price to Book2.27
Dividend Yield0.59 %
ROCE9.1 %
ROE14.0 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Lending business: 93.4% • BPO Services: 6.6%

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

  • 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

Financial ServicesFinanceFinance - NBFC
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150NIFTY TOTAL MKTNIFTY 500
S.No.Name
1.BAJFINANCE1046.0032.08651234.820.576080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1038.0021.58244239.691.043452.7759.9013400.4317.4611.4974.63
3.CHOLAFIN1849.1027.46157925.340.111656.2245.568856.2921.899.7070.07
4.TATACAP362.9528.51154067.520.1616281.801464.1688219.301051.008.6675.72
5.JIOFIN231.1573.86152631.620.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG10971.0013.79122100.111.782708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2840.0010.03114017.051.062824.8443.088671.6036.2515.8783.76
8.ABCAPITAL400.0026.68109501.940.001223.8543.8512179.54137.848.8241.91
9.LTF311.2524.5178010.220.88915.9930.705212.9222.388.5462.13
10.SBICARD666.0027.8663379.430.38664.4419.515040.557.6011.7529.83
11.HDBFS676.5025.8356201.250.59785.2038.314937.9018.719.0957.98
12.SUNDARMFIN4702.3523.5452244.920.85636.1933.882644.1323.379.3580.61
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,2853,4523,5243,6304,1603,9003,9964,0884,938
1,5601,5611,8091,8581,9422,0172,0581,9973,883
Operating Profit2,3242,4462,3342,4082,5242,5292,6162,7482,863
OPM %70.75%70.84%66.24%66.34%60.67%64.84%65.45%67.22%57.98%
Other Income000000000
Interest1,4961,5981,6451,6501,7401,6941,7041,6821,753
Depreciation444849545152515455
7847996417047327828601,0111,055
Tax %25.78%26.04%26.30%24.61%22.50%25.67%25.15%25.77%25.58%
Net Profit582591472531568581644751785
776777891

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
5,7117,0278,72510,75610,94511,30612,40314,17316,30018,43016,922
2,6433,0973,6105,1016,4566,5366,1535,8176,7467,9799,955
Operating Profit3,0693,9305,1155,6554,4894,7716,2508,3569,55410,4516,967
OPM %53.73%55.93%58.62%52.58%41.01%42.19%50.39%58.95%58.61%56.71%41.17%
790502821221110
Interest2,0502,4493,3334,0813,9083,3453,5334,9076,4336,8566,834
Depreciation39456211010899112145194209213
Profit before Tax1,0591,4361,7241,4645011,3482,6273,3052,9283,3863,709
Tax %35.36%35.03%33.11%31.39%21.82%24.95%25.43%25.53%25.68%24.88%25.55%
Net Profit6849331,1531,0053911,0111,9592,4612,1762,5442,761
EPS9.6411.9214.6912.774.9712.8024.7631.0327.3430.64—
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

Corporate actions

2026

Jun 18

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2025

Oct 24

₹ 0.20

Rs.2.0000 per share(20%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital780783786788789790791793796830
4,5835,2356,3557,1817,5948,71410,60612,88014,91919,693
26,46137,05046,64450,19951,48850,18856,55474,99090,2791,00,695
Trade Payables283280395150334247292403425180
1,8851,8042,2452,6902,3042,1391,8333,8862,6552,975
Total Liabilities33,99245,15156,42461,00862,51062,07870,07692,9521,09,0741,24,374
131137123348270244333185735773
4654025681,7461,5932,2341,2433,3802,0603,748
0000000125225296
Cash & Bank1891374895639746536546969531,343
33,20744,47555,24458,35059,67458,94867,84688,5661,05,1011,18,213
Total Assets33,99245,15156,42461,00862,51062,07870,07692,9521,09,0741,24,374

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-9,590-11,917-13,177-8,106-5,274-3,211-11,217-23,572-21,479-17,276
Cash from Investing-188-49-181-1,204131-703973-2,1461,159-1,772
Cash from Financing6,9598,2269,4454,257608-1,5005,79619,13412,77010,673
-20-827321398-246-81252303296

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2020Mar 2021Mar 2022Mar 2023Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
95.3095.1194.9694.8474.1974.1974.1574.1274.12
0.000.000.000.004.113.173.323.013.56
0.140.000.000.004.8410.9311.4112.2912.10
Government0.000.000.000.000.000.000.000.000.00
4.564.895.045.1616.8511.7211.1310.5910.24

Documents

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

2026-09-09
Allotment of Securities

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
ESOP/ESOS/ESPS

2026-08-24 - HDB Financial Services Limited has informed the Exchange regarding Allotment of 121016 Shares.

2026-08-20
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - HDB Financial Services Limited has informed the Exchange about Schedule of meet

2026-08-14
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - HDB Financial Services Limited has informed the Exchange about Schedule of meet

2026-08-06
Allotment of Securities

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-04 - HDB Financial Services Limited has informed the Exchange about Schedule of meet

2026-07-28
ESOP/ESOS/ESPS

2026-07-28 - HDB Financial Services Limited has informed the Exchange regarding Allotment of 267243 Shares.

2026-07-28
General Updates

2026-07-28 - HDB Financial Services Limited has informed the Exchange about General Updates

2026-07-23
Allotment of Securities

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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