HDB Financial Services Ltd.

•

₹ 695.850.51%

2026-08-21

hdbfs.comBSE: 544429NSE: HDBFS

Market Cap₹ 56,579 Cr.

Current Price₹ 692

High / Low₹ 812 / 555

Stock P/E0.0

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%

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

EDIT COLUMNS

Financial ServicesFinanceFinance - NBFC

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BAJFINANCE	1078.60	33.07	671531.43	0.56	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1104.90	22.97	259981.15	0.98	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	JIOFIN	242.70	77.55	160258.25	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
4.	CHOLAFIN	1866.25	27.72	159390.07	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
5.	TATACAP	365.15	28.68	155001.39	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
6.	BAJAJHLDNG	11322.85	14.23	126015.97	1.72	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2859.20	10.09	114787.87	1.05	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	396.75	26.46	108592.29	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.80	78940.44	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	626.30	0.00	59601.37	0.40	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	681.15	26.00	56579.31	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	M&MFIN	389.55	16.65	54146.33	1.93	927.48	75.34	5717.91	23.09	8.63	64.82

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—
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
Equity Capital	793	794	794	796	796	830	830	830	830
Reserves	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%
Equity Capital	793	794	794	796	796	830	830	830	830
Reserves	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%

Jun 2024

: 3,285
: 1,560
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,496
Depreciation: 44
: 784
Tax %: 25.78%
Net Profit: 582
: 7
Equity Capital: 793
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 793
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 3,452
: 1,561
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,598
Depreciation: 48
: 799
Tax %: 26.04%
Net Profit: 591
: 7
Equity Capital: 794
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 794
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 3,524
: 1,809
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,645
Depreciation: 49
: 641
Tax %: 26.30%
Net Profit: 472
: 6
Equity Capital: 794
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 794
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 3,630
: 1,858
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,650
Depreciation: 54
: 704
Tax %: 24.61%
Net Profit: 531
: 7
Equity Capital: 796
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 796
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 4,160
: 1,942
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,740
Depreciation: 51
: 732
Tax %: 22.50%
Net Profit: 568
: 7
Equity Capital: 796
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 796
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 3,900
: 2,017
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,694
Depreciation: 52
: 782
Tax %: 25.67%
Net Profit: 581
: 7
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 3,996
: 2,058
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,704
Depreciation: 51
: 860
Tax %: 25.15%
Net Profit: 644
: 8
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 4,088
: 1,997
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,682
Depreciation: 54
: 1,011
Tax %: 25.77%
Net Profit: 751
: 9
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 4,938
: 3,883
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1,753
Depreciation: 55
: 1,055
Tax %: 25.58%
Net Profit: 785
: 1
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 830
Reserves: 0
Promoter Pledge %: 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
	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	3,147	3,930	5,119	5,656	4,517	4,792	6,272	8,357	9,556	10,452	—
OPM %	55	56	59	53	41	42	51	59	59	57	—
Other Income	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
	1,059	1,436	1,724	1,464	501	1,348	2,627	3,305	2,928	3,386	3,709
Tax %	35	35	33	31	22	25	25	26	26	25	26
Net Profit	684	933	1,153	1,005	391	1,011	1,959	2,461	2,176	2,544	2,761
EPS	10	12	15	13	5	13	25	31	27	31	—
Dividend Payout %	17	13	12	0	0	8	4	10	11	13	—
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	9	12	15	13	5	13	25	31	27	31	—
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	9	12	15	13	5	13	25	31	27	31	—

Mar 2017

: 5,711
: 2,643
Operating Profit: 3,147
OPM %: 55
Other Income: 79
Interest: 2,050
Depreciation: 39
: 1,059
Tax %: 35
Net Profit: 684
EPS: 10
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2018

: 7,027
: 3,097
Operating Profit: 3,930
OPM %: 56
Other Income: 0
Interest: 2,449
Depreciation: 45
: 1,436
Tax %: 35
Net Profit: 933
EPS: 12
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2019

: 8,725
: 3,610
Operating Profit: 5,119
OPM %: 59
Other Income: 5
Interest: 3,333
Depreciation: 62
: 1,724
Tax %: 33
Net Profit: 1,153
EPS: 15
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15

Mar 2020

: 10,756
: 5,101
Operating Profit: 5,656
OPM %: 53
Other Income: 0
Interest: 4,081
Depreciation: 110
: 1,464
Tax %: 31
Net Profit: 1,005
EPS: 13
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2021

: 10,945
: 6,456
Operating Profit: 4,517
OPM %: 41
Other Income: 28
Interest: 3,908
Depreciation: 108
: 501
Tax %: 22
Net Profit: 391
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2022

: 11,306
: 6,536
Operating Profit: 4,792
OPM %: 42
Other Income: 21
Interest: 3,345
Depreciation: 99
: 1,348
Tax %: 25
Net Profit: 1,011
EPS: 13
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2023

: 12,403
: 6,153
Operating Profit: 6,272
OPM %: 51
Other Income: 22
Interest: 3,533
Depreciation: 112
: 2,627
Tax %: 25
Net Profit: 1,959
EPS: 25
Dividend Payout %: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25

Mar 2024

: 14,173
: 5,817
Operating Profit: 8,357
OPM %: 59
Other Income: 1
Interest: 4,907
Depreciation: 145
: 3,305
Tax %: 26
Net Profit: 2,461
EPS: 31
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 31
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 31

Mar 2025

: 16,300
: 6,746
Operating Profit: 9,556
OPM %: 59
Other Income: 1
Interest: 6,433
Depreciation: 194
: 2,928
Tax %: 26
Net Profit: 2,176
EPS: 27
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27

Mar 2026

: 18,430
: 7,979
Operating Profit: 10,452
OPM %: 57
Other Income: 1
Interest: 6,856
Depreciation: 209
: 3,386
Tax %: 25
Net Profit: 2,544
EPS: 31
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 31
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 31

TTM

: 16,922
: 9,955
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 6,834
Depreciation: 213
: 3,709
Tax %: 26
Net Profit: 2,761
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: -12%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
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
	6,827	13,584	15,970	17,890	15,484	17,355	19,514	25,567	38,721	34,233
Trade Payables	283	280	395	150	334	247	292	403	425	180
	21,519	25,270	32,919	34,999	38,309	34,972	38,873	53,308	54,213	69,437
Total Liabilities	33,992	45,151	56,424	61,008	62,510	62,078	70,076	92,952	1,09,074	1,24,374
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	25,587	35,753	45,105	49,804	50,359	48,973	54,865	74,331	89,682	99,230
Net Working Capital	44	-2,729	-455	114	2,632	3,906	3,879	6,484	-37,780	-30,643
Contingent Liabilities	348	210	145	196	129	163	279	0	788	628
Book Value per Share	68.73	76.86	90.88	101.18	106.23	120.24	144.02	172.41	197.47	247.18
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	25,587	35,753	45,105	49,804	50,359	48,973	54,865	74,331	89,682	99,230
Net Working Capital	44	-2,729	-455	114	2,632	3,906	3,879	6,484	-37,780	-30,643
Contingent Liabilities	348	210	145	196	129	163	279	0	788	628
Book Value per Share	68.73	76.86	90.88	101.18	106.23	120.24	144.02	172.41	197.47	247.18
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 780
: 4,583
: 6,827
Trade Payables: 283
: 21,519
Total Liabilities: 33,992
: 131
: 465
: 0
Cash & Bank: 189
: 33,207
Total Assets: 33,992
Total Debt: 25,587
Net Working Capital: 44
Contingent Liabilities: 348
Book Value per Share: 68.73
Face Value: 10.00
Total Debt: 25,587
Net Working Capital: 44
Contingent Liabilities: 348
Book Value per Share: 68.73
Face Value: 10.00

Mar 2018

Equity Capital: 783
: 5,235
: 13,584
Trade Payables: 280
: 25,270
Total Liabilities: 45,151
: 137
: 402
: 0
Cash & Bank: 137
: 44,475
Total Assets: 45,151
Total Debt: 35,753
Net Working Capital: -2,729
Contingent Liabilities: 210
Book Value per Share: 76.86
Face Value: 10.00
Total Debt: 35,753
Net Working Capital: -2,729
Contingent Liabilities: 210
Book Value per Share: 76.86
Face Value: 10.00

Mar 2019

Equity Capital: 786
: 6,355
: 15,970
Trade Payables: 395
: 32,919
Total Liabilities: 56,424
: 123
: 568
: 0
Cash & Bank: 489
: 55,244
Total Assets: 56,424
Total Debt: 45,105
Net Working Capital: -455
Contingent Liabilities: 145
Book Value per Share: 90.88
Face Value: 10.00
Total Debt: 45,105
Net Working Capital: -455
Contingent Liabilities: 145
Book Value per Share: 90.88
Face Value: 10.00

Mar 2020

Equity Capital: 788
: 7,181
: 17,890
Trade Payables: 150
: 34,999
Total Liabilities: 61,008
: 348
: 1,746
: 0
Cash & Bank: 563
: 58,350
Total Assets: 61,008
Total Debt: 49,804
Net Working Capital: 114
Contingent Liabilities: 196
Book Value per Share: 101.18
Face Value: 10.00
Total Debt: 49,804
Net Working Capital: 114
Contingent Liabilities: 196
Book Value per Share: 101.18
Face Value: 10.00

Mar 2021

Equity Capital: 789
: 7,594
: 15,484
Trade Payables: 334
: 38,309
Total Liabilities: 62,510
: 270
: 1,593
: 0
Cash & Bank: 974
: 59,674
Total Assets: 62,510
Total Debt: 50,359
Net Working Capital: 2,632
Contingent Liabilities: 129
Book Value per Share: 106.23
Face Value: 10.00
Total Debt: 50,359
Net Working Capital: 2,632
Contingent Liabilities: 129
Book Value per Share: 106.23
Face Value: 10.00

Mar 2022

Equity Capital: 790
: 8,714
: 17,355
Trade Payables: 247
: 34,972
Total Liabilities: 62,078
: 244
: 2,234
: 0
Cash & Bank: 653
: 58,948
Total Assets: 62,078
Total Debt: 48,973
Net Working Capital: 3,906
Contingent Liabilities: 163
Book Value per Share: 120.24
Face Value: 10.00
Total Debt: 48,973
Net Working Capital: 3,906
Contingent Liabilities: 163
Book Value per Share: 120.24
Face Value: 10.00

Mar 2023

Equity Capital: 791
: 10,606
: 19,514
Trade Payables: 292
: 38,873
Total Liabilities: 70,076
: 333
: 1,243
: 0
Cash & Bank: 654
: 67,846
Total Assets: 70,076
Total Debt: 54,865
Net Working Capital: 3,879
Contingent Liabilities: 279
Book Value per Share: 144.02
Face Value: 10.00
Total Debt: 54,865
Net Working Capital: 3,879
Contingent Liabilities: 279
Book Value per Share: 144.02
Face Value: 10.00

Mar 2024

Equity Capital: 793
: 12,880
: 25,567
Trade Payables: 403
: 53,308
Total Liabilities: 92,952
: 185
: 3,380
: 125
Cash & Bank: 696
: 88,566
Total Assets: 92,952
Total Debt: 74,331
Net Working Capital: 6,484
Contingent Liabilities: 0
Book Value per Share: 172.41
Face Value: 10.00
Total Debt: 74,331
Net Working Capital: 6,484
Contingent Liabilities: 0
Book Value per Share: 172.41
Face Value: 10.00

Mar 2025

Equity Capital: 796
: 14,919
: 38,721
Trade Payables: 425
: 54,213
Total Liabilities: 1,09,074
: 735
: 2,060
: 225
Cash & Bank: 953
: 1,05,101
Total Assets: 1,09,074
Total Debt: 89,682
Net Working Capital: -37,780
Contingent Liabilities: 788
Book Value per Share: 197.47
Face Value: 10.00
Total Debt: 89,682
Net Working Capital: -37,780
Contingent Liabilities: 788
Book Value per Share: 197.47
Face Value: 10.00

Mar 2026

Equity Capital: 830
: 19,693
: 34,233
Trade Payables: 180
: 69,437
Total Liabilities: 1,24,374
: 773
: 3,748
: 296
Cash & Bank: 1,343
: 1,18,213
Total Assets: 1,24,374
Total Debt: 99,230
Net Working Capital: -30,643
Contingent Liabilities: 628
Book Value per Share: 247.18
Face Value: 10.00
Total Debt: 99,230
Net Working Capital: -30,643
Contingent Liabilities: 628
Book Value per Share: 247.18
Face Value: 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
	-6,791	-8,186	-8,991	-3,032	-342	1,957	-6,851	-16,736	-13,626	-8,606
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
Free Cash Flow	-6,902	-8,234	-9,035	-3,316	-342	1,940	-6,976	-16,736	-14,250	-8,730
OCF / Net Profit	-9.93	-8.77	-7.80	-3.02	-0.87	1.94	-3.50	-6.80	-6.26	-3.38
Cumulative 5-Year FCF	0	0	0	0	-27,829	-18,987	-17,728	-25,429	-36,363	-44,751
OCF / Net Profit	-9.93	-8.77	-7.80	-3.02	-0.87	1.94	-3.50	-6.80	-6.26	-3.38
Cumulative 5-Year FCF	0	0	0	0	-27,829	-18,987	-17,728	-25,429	-36,363	-44,751

Mar 2017

: -6,791
Cash from Investing: -188
Cash from Financing: 6,959
: -20
Free Cash Flow: -6,902
OCF / Net Profit: -9.93
Cumulative 5-Year FCF: 0
OCF / Net Profit: -9.93
Cumulative 5-Year FCF: 0

Mar 2018

: -8,186
Cash from Investing: -49
Cash from Financing: 8,226
: -8
Free Cash Flow: -8,234
OCF / Net Profit: -8.77
Cumulative 5-Year FCF: 0
OCF / Net Profit: -8.77
Cumulative 5-Year FCF: 0

Mar 2019

: -8,991
Cash from Investing: -181
Cash from Financing: 9,445
: 273
Free Cash Flow: -9,035
OCF / Net Profit: -7.80
Cumulative 5-Year FCF: 0
OCF / Net Profit: -7.80
Cumulative 5-Year FCF: 0

Mar 2020

: -3,032
Cash from Investing: -1,204
Cash from Financing: 4,257
: 21
Free Cash Flow: -3,316
OCF / Net Profit: -3.02
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.02
Cumulative 5-Year FCF: 0

Mar 2021

: -342
Cash from Investing: 131
Cash from Financing: 608
: 398
Free Cash Flow: -342
OCF / Net Profit: -0.87
Cumulative 5-Year FCF: -27,829
OCF / Net Profit: -0.87
Cumulative 5-Year FCF: -27,829

Mar 2022

: 1,957
Cash from Investing: -703
Cash from Financing: -1,500
: -246
Free Cash Flow: 1,940
OCF / Net Profit: 1.94
Cumulative 5-Year FCF: -18,987
OCF / Net Profit: 1.94
Cumulative 5-Year FCF: -18,987

Mar 2023

: -6,851
Cash from Investing: 973
Cash from Financing: 5,796
: -81
Free Cash Flow: -6,976
OCF / Net Profit: -3.50
Cumulative 5-Year FCF: -17,728
OCF / Net Profit: -3.50
Cumulative 5-Year FCF: -17,728

Mar 2024

: -16,736
Cash from Investing: -2,146
Cash from Financing: 19,134
: 252
Free Cash Flow: -16,736
OCF / Net Profit: -6.80
Cumulative 5-Year FCF: -25,429
OCF / Net Profit: -6.80
Cumulative 5-Year FCF: -25,429

Mar 2025

: -13,626
Cash from Investing: 1,159
Cash from Financing: 12,770
: 303
Free Cash Flow: -14,250
OCF / Net Profit: -6.26
Cumulative 5-Year FCF: -36,363
OCF / Net Profit: -6.26
Cumulative 5-Year FCF: -36,363

Mar 2026

: -8,606
Cash from Investing: -1,772
Cash from Financing: 10,673
: 296
Free Cash Flow: -8,730
OCF / Net Profit: -3.38
Cumulative 5-Year FCF: -44,751
OCF / Net Profit: -3.38
Cumulative 5-Year FCF: -44,751

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 (₹)	8.77	11.92	14.68	12.76	4.96	12.80	24.76	31.03	27.34	30.64
Book Value (₹)	68.73	76.86	90.88	101.18	106.23	120.24	144.02	172.41	197.47	247.18
Dividend per Share (₹)	1.50	1.60	1.80	0.00	0.00	1.00	1.10	3.00	3.00	4.00
Cash EPS (₹)	9.26	12.50	15.47	14.15	6.33	14.05	26.17	32.86	29.79	33.16
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	55.10%	55.93%	58.68%	52.58%	41.27%	42.38%	50.57%	58.95%	58.61%	56.71%
Net Margin %	11.98%	13.28%	13.22%	9.34%	3.58%	8.95%	15.80%	17.36%	13.35%	13.80%
ROE %	15.33%	16.40%	17.53%	13.30%	4.79%	11.31%	18.75%	19.63%	14.81%	14.04%
ROCE %	11.49%	10.68%	10.75%	10.07%	7.56%	8.00%	9.87%	10.64%	9.67%	9.09%
	2.29%	2.36%	2.27%	1.71%	0.63%	1.62%	2.97%	3.02%	2.15%	2.18%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	4	6	5	5	5	4	3	2	4	5
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	4	6	5	5	5	4	3	2	4	5
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	4.77x	5.94x	6.32x	6.25x	6.01x	5.15x	4.81x	5.44x	5.71x	4.83x
Interest Coverage (x)	1.52x	1.59x	1.52x	1.36x	1.13x	1.40x	1.74x	1.67x	1.46x	1.49x
	1.00x	0.83x	0.98x	1.01x	1.14x	1.18x	1.16x	1.21x	0.11x	0.20x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	73.19%	23.04%	24.16%	23.29%	1.75%	3.30%	9.70%	14.27%	15.01%	13.06%
Operating Profit Growth %	30.63%	24.89%	30.25%	10.48%	-20.13%	6.08%	30.90%	33.23%	14.35%	9.38%
Net Profit Growth %	28.03%	36.36%	23.60%	-12.87%	-61.04%	158.36%	93.73%	25.59%	-11.58%	16.91%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.33%	-11.88%	12.04%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.28x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.27x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.91x	9.37x	13.81x

Mar 2017

EPS (₹): 8.77
Book Value (₹): 68.73
Dividend per Share (₹): 1.50
Cash EPS (₹): 9.26
Operating Margin %: 55.10%
Net Margin %: 11.98%
ROE %: 15.33%
ROCE %: 11.49%
: 2.29%
Debtor Days: 4
Inventory Days: 0
Payable Days: 0
: 4
Debt to Equity (x): 4.77x
Interest Coverage (x): 1.52x
: 1.00x
Revenue Growth %: 73.19%
Operating Profit Growth %: 30.63%
Net Profit Growth %: 28.03%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 11.92
Book Value (₹): 76.86
Dividend per Share (₹): 1.60
Cash EPS (₹): 12.50
Operating Margin %: 55.93%
Net Margin %: 13.28%
ROE %: 16.40%
ROCE %: 10.68%
: 2.36%
Debtor Days: 6
Inventory Days: 0
Payable Days: 0
: 6
Debt to Equity (x): 5.94x
Interest Coverage (x): 1.59x
: 0.83x
Revenue Growth %: 23.04%
Operating Profit Growth %: 24.89%
Net Profit Growth %: 36.36%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 14.68
Book Value (₹): 90.88
Dividend per Share (₹): 1.80
Cash EPS (₹): 15.47
Operating Margin %: 58.68%
Net Margin %: 13.22%
ROE %: 17.53%
ROCE %: 10.75%
: 2.27%
Debtor Days: 5
Inventory Days: 0
Payable Days: 0
: 5
Debt to Equity (x): 6.32x
Interest Coverage (x): 1.52x
: 0.98x
Revenue Growth %: 24.16%
Operating Profit Growth %: 30.25%
Net Profit Growth %: 23.60%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 12.76
Book Value (₹): 101.18
Dividend per Share (₹): 0.00
Cash EPS (₹): 14.15
Operating Margin %: 52.58%
Net Margin %: 9.34%
ROE %: 13.30%
ROCE %: 10.07%
: 1.71%
Debtor Days: 5
Inventory Days: 0
Payable Days: 0
: 5
Debt to Equity (x): 6.25x
Interest Coverage (x): 1.36x
: 1.01x
Revenue Growth %: 23.29%
Operating Profit Growth %: 10.48%
Net Profit Growth %: -12.87%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 4.96
Book Value (₹): 106.23
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.33
Operating Margin %: 41.27%
Net Margin %: 3.58%
ROE %: 4.79%
ROCE %: 7.56%
: 0.63%
Debtor Days: 5
Inventory Days: 0
Payable Days: 0
: 5
Debt to Equity (x): 6.01x
Interest Coverage (x): 1.13x
: 1.14x
Revenue Growth %: 1.75%
Operating Profit Growth %: -20.13%
Net Profit Growth %: -61.04%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 12.80
Book Value (₹): 120.24
Dividend per Share (₹): 1.00
Cash EPS (₹): 14.05
Operating Margin %: 42.38%
Net Margin %: 8.95%
ROE %: 11.31%
ROCE %: 8.00%
: 1.62%
Debtor Days: 4
Inventory Days: 0
Payable Days: 0
: 4
Debt to Equity (x): 5.15x
Interest Coverage (x): 1.40x
: 1.18x
Revenue Growth %: 3.30%
Operating Profit Growth %: 6.08%
Net Profit Growth %: 158.36%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 24.76
Book Value (₹): 144.02
Dividend per Share (₹): 1.10
Cash EPS (₹): 26.17
Operating Margin %: 50.57%
Net Margin %: 15.80%
ROE %: 18.75%
ROCE %: 9.87%
: 2.97%
Debtor Days: 3
Inventory Days: 0
Payable Days: 0
: 3
Debt to Equity (x): 4.81x
Interest Coverage (x): 1.74x
: 1.16x
Revenue Growth %: 9.70%
Operating Profit Growth %: 30.90%
Net Profit Growth %: 93.73%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 31.03
Book Value (₹): 172.41
Dividend per Share (₹): 3.00
Cash EPS (₹): 32.86
Operating Margin %: 58.95%
Net Margin %: 17.36%
ROE %: 19.63%
ROCE %: 10.64%
: 3.02%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 5.44x
Interest Coverage (x): 1.67x
: 1.21x
Revenue Growth %: 14.27%
Operating Profit Growth %: 33.23%
Net Profit Growth %: 25.59%
: 25.33%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 8.91x

Mar 2025

EPS (₹): 27.34
Book Value (₹): 197.47
Dividend per Share (₹): 3.00
Cash EPS (₹): 29.79
Operating Margin %: 58.61%
Net Margin %: 13.35%
ROE %: 14.81%
ROCE %: 9.67%
: 2.15%
Debtor Days: 4
Inventory Days: 0
Payable Days: 0
: 4
Debt to Equity (x): 5.71x
Interest Coverage (x): 1.46x
: 0.11x
Revenue Growth %: 15.01%
Operating Profit Growth %: 14.35%
Net Profit Growth %: -11.58%
: -11.88%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 9.37x

Mar 2026

EPS (₹): 30.64
Book Value (₹): 247.18
Dividend per Share (₹): 4.00
Cash EPS (₹): 33.16
Operating Margin %: 56.71%
Net Margin %: 13.80%
ROE %: 14.04%
ROCE %: 9.09%
: 2.18%
Debtor Days: 5
Inventory Days: 0
Payable Days: 0
: 5
Debt to Equity (x): 4.83x
Interest Coverage (x): 1.49x
: 0.20x
Revenue Growth %: 13.06%
Operating Profit Growth %: 9.38%
Net Profit Growth %: 16.91%
: 12.04%
P/E (x): 18.28x
P/B (x): 2.27x
Dividend Yield %: 0.71%
: 13.81x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2020	Mar 2021	Mar 2022	Mar 2023	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	95.30	95.11	94.96	94.84	74.19	74.19	74.15	74.12	74.12
	0.00	0.00	0.00	0.00	4.11	3.17	3.32	3.01	3.56
	0.14	0.00	0.00	0.00	4.84	10.93	11.41	12.29	12.10
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.56	4.89	5.04	5.16	16.85	11.72	11.13	10.59	10.24

Jun 2020

: 95.30
: 0.00
: 0.14
Government: 0.00
: 4.56

Mar 2021

: 95.11
: 0.00
: 0.00
Government: 0.00
: 4.89

Mar 2022

: 94.96
: 0.00
: 0.00
Government: 0.00
: 5.04

Mar 2023

: 94.84
: 0.00
: 0.00
Government: 0.00
: 5.16

Jun 2025

: 74.19
: 4.11
: 4.84
Government: 0.00
: 16.85

Sep 2025

: 74.19
: 3.17
: 10.93
Government: 0.00
: 11.72

Dec 2025

: 74.15
: 3.32
: 11.41
Government: 0.00
: 11.13

Mar 2026

: 74.12
: 3.01
: 12.29
Government: 0.00
: 10.59

Jun 2026

: 74.12
: 3.56
: 12.10
Government: 0.00
: 10.24

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-20 - HDB Financial Services Limited has informed the Exchange about Schedule of meet
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - HDB Financial Services Limited has informed the Exchange about Schedule of meet

Annual Reports

Nothing filed yet.

Credit Ratings

Nothing filed yet.

Concalls

Jul 2026
Transcript PPTREC
Apr 2026
Transcript PPTREC
Jan 2026
Transcript PPTREC