HDB Financial Services Ltd
Incorporated in 2007, HDB Financial Services Ltd is in the business of lending and providing BPO services[1]One of the largest retail-focused non-banking financial company, its[2] lending products are offered throughour three business verticals: Enterprise Lending, Asset Finance and Consumer Finance
- Market Cap ₹ 48,030 Cr.
- Current Price ₹ 579
- High / Low ₹ 892 / 555
- Stock P/E 20.7
- Book Value ₹ 233
- Dividend Yield 0.35 %
- ROCE 9.79 %
- ROE 14.7 %
- Face Value ₹ 10.0
Pros
Cons
- Company has low interest coverage ratio.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 10,945 | 11,312 | 12,403 | 14,173 | 16,300 | 17,950 | |
| Interest | 3,883 | 3,326 | 3,512 | 4,907 | 6,433 | 6,788 |
| 6,451 | 6,540 | 6,153 | 5,817 | 6,745 | 7,874 | |
| Financing Profit | 610 | 1,446 | 2,738 | 3,449 | 3,122 | 3,288 |
| Financing Margin % | 6% | 13% | 22% | 24% | 19% | 18% |
| -2 | 0 | 1 | 1 | 0 | 0 | |
| Depreciation | 108 | 99 | 112 | 145 | 194 | 209 |
| Profit before tax | 501 | 1,348 | 2,627 | 3,305 | 2,928 | 3,079 |
| Tax % | 22% | 25% | 25% | 26% | 26% | |
| 391 | 1,011 | 1,959 | 2,461 | 2,176 | 2,324 | |
| EPS in Rs | 4.96 | 12.80 | 24.76 | 31.03 | 27.34 | 28.28 |
| Dividend Payout % | 0% | 8% | 8% | 10% | 11% |
| Compounded Sales Growth | |
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| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 13% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 29% |
| TTM: | -12% |
| Stock Price CAGR | |
|---|---|
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| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 17% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 789 | 790 | 791 | 793 | 796 | 830 |
| Reserves | 7,657 | 8,749 | 10,646 | 12,950 | 15,024 | 18,509 |
| Borrowing | 50,359 | 48,973 | 54,865 | 74,331 | 87,398 | 90,541 |
| 3,836 | 3,513 | 3,748 | 4,483 | 5,446 | 4,895 | |
| Total Liabilities | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 114,774 |
| 317 | 293 | 387 | 511 | 735 | 743 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,593 | 2,234 | 1,243 | 3,380 | 2,060 | 3,076 |
| 60,731 | 59,500 | 68,420 | 88,665 | 105,868 | 110,955 | |
| Total Assets | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 114,774 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -342 | 1,987 | -6,851 | -16,736 | -13,626 | |
| 131 | -703 | 973 | -2,146 | 1,159 | |
| 608 | -1,500 | 5,796 | 19,134 | 12,770 | |
| Net Cash Flow | 398 | -216 | -81 | 252 | 303 |
| Free Cash Flow | -366 | 1,947 | -6,960 | -16,858 | -13,834 |
| CFO/OP | -12% | 42% | -99% | -191% | -135% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| ROE % | 5% | 11% | 19% | 20% | 15% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Stage 3 Loans Ratio % |
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| Provision Coverage Ratio (Stage 3) % |
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| Coverage - Number of Cities and Towns Number |
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| Customer Franchise Million |
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| Number of Branches Number |
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| Average Ticket Size (Overall Loan Book) INR |
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| Concentration - Top 20 Borrowers contribution to Loans % |
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| Employee Count (Lending Business) Number |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
26 Mar - Earnings call April 15, 2026 6:30 p.m. IST for audited results quarter/year ending March 31, 2026.
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Board Meeting Intimation for Approval Of The Audited Standalone Financial Results Of The Company For The Quarter/Year Ended March 31, 2026, Recommendation Of Final Dividend On The Equity Shares Of The Company, If Any, And Issuance Of Non-Convertible Securities
25 Mar - Board meeting Apr 15 to approve FY2025-26 audited results, possible final dividend, NCS private placement; trading window Apr 1-17.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
23 Mar - Allotment of 23,245 equity shares pursuant to exercise of ESOPs
- Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 13 Mar
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Announcement under Regulation 30 (LODR)-Change in Management
12 Mar - Appointed Akash Bararia Head–Consumer Finance effective March 12, 2026; full-time senior role.
Concalls
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Jan 2026Transcript PPT REC
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Oct 2025Transcript PPT
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Jul 2025Transcript PPT
Business Overview:[1]
HDBFSL is a non-banking finance company with 1749 branches across 1,157 cities in India. Alongside its core lending business, it distributes insurance products for HDFC Ergo and HDFC Life. The company also offers BPO services to HDFC Bank, managing collections, back-office operations, and sales support.