Hybrid Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2021 • Broking/Income from Capital Market Operations: 66.7% • Financial Services: 33.3%
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
- Solid return on assets for a lender - ROA of 5.2%
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (116.7% of PBT)
- Recent results are weak - TTM profit is down 27.6% versus prior year
- Operating margins have contracted to -8.3% from 52.9%
- Effective tax rate is unusually low at -0.1% - earnings may be flattered
- Valuation is stretched - P/E of 31.6 is well above its own 5-year median (18.9)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3275.00 | 54.16 | 83509.83 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1035.00 | 31.48 | 62340.45 | 0.58 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1137.00 | 36.72 | 46340.08 | 1.06 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1815.65 | 30.89 | 33447.59 | 1.53 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 298.00 | 26.39 | 27238.29 | 1.36 | 231.40 | 102.15 | 1429.69 | 25.35 | 14.87 | 33.92 |
| CHOICEIN | 760.75 | 71.30 | 16947.72 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 340.50 | 18.82 | 10731.84 | 0.88 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 170.60 | 10.27 | 3733.16 | 0.94 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 514.10 | 24.98 | 3242.24 | 0.97 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 378.40 | 16.57 | 3001.03 | 0.26 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 82.64 | 31.80 | 2306.67 | 1.82 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| HYBRIDFIN | 17.30 | 15.87 | 50.92 | 0.00 | 1.08 | -1.99 | 1.52 | -15.08 | 6.35 | 51.32 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 2 | 1 | |
| Operating Profit | -0 | -0 | 0 | 0 | -0 | 0 | 1 | 0 | 0 | 0 | 0 | -1 | 0 |
| OPM % | -12.00% | -4.00% | 40.91% | 58.67% | -23.08% | 49.06% | 39.84% | 24.35% | 5.88% | 8.57% | 38.21% | -49.14% | 13.06% |
| 0 | 0 | 0 | 0 | 1 | 0 | -0 | 1 | 0 | 0 | 0 | 1 | 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 |
| Profit before Tax | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| Tax % | 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% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| 0.01 | 0.03 | 0.10 | 0.16 | 0.22 | 0.12 | 0.11 | 0.36 | 0.03 | 0.05 | 0.15 | 0.15 | 0.20 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 4 | 4 | |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 4 | 4 | |
| Operating Profit | -1 | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 1 | -0 | 0 |
| OPM % | -80.19% | -34.41% | -44.16% | -29.72% | 13.96% | 8.21% | -25.17% | 15.76% | 26.52% | -8.34% | 1.84% |
| 1 | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 3 | 3 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 4 | 3 | 2 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.56% | -0.07% | 0.00% |
| Net Profit | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 4 | 3 | 2 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 0.34 | 0.01 | 0.30 | 1.30 | 0.92 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 34%
- 3 Years:
- 62%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 70%
- 3 Years:
- 394%
STOCK PRICE CAGR
- 10 Years:
- 31%
- 5 Years:
- 71%
- 3 Years:
- 27%
- 1 Year:
- 16%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 17%
- 3 Years:
- 16%
- Last Year:
- 6%
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 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| -9 | -8 | -13 | -13 | -13 | -12 | -11 | -10 | 24 | 29 | |
| 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 5 | 4 | 10 | 11 | 10 | 10 | 9 | 10 | 8 | 9 | |
| Total Liabilities | 13 | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 50 | 54 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 24 | 27 | |
| Cash & Bank | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 20 | 21 |
| 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 5 | 5 | |
| Total Assets | 13 | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 50 | 54 |
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 | 0 | 0 | 0 | 0 | 0 | -0 | -4 | 1 | |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 |
| Cash from Financing | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -1 | -1 |
| 0 | 0 | 1 | 0 | -0 | 0 | 1 | 0 | -3 | 1 |
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 (₹) | 0.13 | 0.19 | 0.13 | 0.12 | 0.06 | 0.34 | 0.01 | 0.30 | 1.30 | 0.92 |
| Book Value (₹) | 2.11 | 2.29 | 0.70 | 0.48 | 0.69 | 1.03 | 1.17 | 1.48 | 13.31 | 15.00 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.13 | 0.19 | 0.13 | 0.12 | 0.06 | 0.34 | 0.01 | 0.30 | 1.34 | 0.96 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 57.51% | 68.45% | 50.98% | 50.55% | 102.08% | 83.14% | 52.91% | 15.76% | 26.52% | -8.34% |
| Net Margin % | 51.51% | 64.92% | 47.32% | 47.17% | 21.96% | 80.42% | 2.60% | 66.84% | 93.64% | 73.83% |
| ROE % | 6.29% | 8.56% | 8.50% | 19.77% | 10.94% | 39.83% | 0.69% | 22.53% | 17.62% | 6.48% |
| ROCE % | 4.82% | 6.53% | 6.16% | 9.57% | 6.87% | 22.23% | 0.85% | 15.03% | 16.50% | 6.35% |
| 2.85% | 4.15% | 2.71% | 2.42% | 1.31% | 6.84% | 0.15% | 5.62% | 11.61% | 5.18% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 17 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 17 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.45x | 0.31x | 1.02x | 1.49x | 1.04x | 0.69x | 0.61x | 0.48x | 0.04x | 0.02x |
| Interest Coverage (x) | 10.22x | 21.54x | 15.10x | 15.61x | 3.51x | 43.55x | 1.97x | 39.43x | 171.74x | 188.37x |
| 1.60x | 2.32x | 2.72x | 3.35x | 4.74x | 8.27x | 9.66x | 8.75x | 12.66x | 16.19x | |
| GROWTH | ||||||||||
| Revenue Growth % | 20.51% | 16.38% | -7.22% | -7.77% | 16.94% | 46.09% | -31.02% | 52.89% | 211.19% | -10.74% |
| Operating Profit Growth % | -44.99% | 38.50% | -30.89% | -8.56% | 136.17% | 18.98% | -56.10% | 115.51% | 325.47% | -31.96% |
| Net Profit Growth % | -46.83% | 46.69% | -32.37% | -8.08% | -45.55% | 434.95% | -97.77% | 3829.02% | 335.96% | -29.63% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3834.21% | 335.95% | -29.63% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 28.13x | 8.65x | 18.88x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.68x | 0.85x | 1.15x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 22.82x | 3.48x | 10.72x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Hybrid Financial Services Limited has informed the Exchange about General Updates
2026-08-04 - Hybrid Financial Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-03 - Hybrid Financial Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-31 - Hybrid Financial Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-28 - Hybrid Financial Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026
2026-07-09 - Hybrid Financial Services Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-23 - Hybrid Financial Services Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-22 - K.Chandramouli has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-17 - Hybrid Financial Services Limited has informed the Exchange about General Updates
News
Recent coverage and analyst commentary for HYBRIDFIN
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