HDB Financial Services Ltd

₹ 676 2.49%

24 Apr 3:01 p.m.

About

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

Key Points

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.

Website BSE NSE

Market Cap ₹ 56,130 Cr.
Current Price ₹ 676
High / Low ₹ 892 / 555
Stock P/E 25.8
Book Value ₹
Dividend Yield 0.30 %
ROCE 9.79 %
ROE 14.7 %
Face Value ₹ 10.0

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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.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

Part of Nifty 500 BSE IPO BSE Financial Services Nifty LargeMidcap 250 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Equal Weight Nifty IPO Nifty500 LargeMidSmall Equal-Cap Weighted BSE Select IPO

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Dec 2024	Mar 2025
	3,667	4,144	4,266
Interest	1,377	1,645	1,650
	1,368	1,809	1,858
Financing Profit	922	689	758
Financing Margin %	25%	17%	18%
	0	0	0
Depreciation	40	49	54
Profit before tax	882	641	704
Tax %	26%	26%	25%
	656	472	531
EPS in Rs	8.27	5.95	6.67
Gross NPA %
Net NPA %
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
	7,027	8,725	12,403	14,173	16,300
Interest	2,449	3,333	3,512	4,907	6,433
	3,096	3,605	6,153	5,817	6,745
Financing Profit	1,482	1,786	2,738	3,449	3,122
Financing Margin %	21%	20%	22%	24%	19%
	-0	-0	1	1	0
Depreciation	45	62	112	145	194
Profit before tax	1,436	1,724	2,627	3,305	2,928
Tax %	35%	33%	25%	26%	26%
	933	1,153	1,959	2,461	2,176
EPS in Rs	11.92	14.68	24.76	31.03	27.34
Dividend Payout %	13%	12%	8%	10%	11%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	15%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-12%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	17%
Last Year:	15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
Equity Capital	783	786	791	793	796
Reserves	5,257	6,393	10,646	12,950	15,024
Borrowing	35,753	45,105	54,865	74,331	87,398
	3,653	4,257	3,748	4,483	5,446
Total Liabilities	45,447	56,540	70,050	92,557	108,663
	137	123	387	511	735
CWIP	0	0	0	0	0
Investments	402	568	1,243	3,380	2,060
	44,908	55,849	68,420	88,665	105,868
Total Assets	45,447	56,540	70,050	92,557	108,663

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
	-8,186	-8,991	-6,851	-16,736	-13,626
	-49	-181	973	-2,146	1,159
	8,226	9,445	5,796	19,134	12,770
Net Cash Flow	-8	273	-81	252	303
Free Cash Flow	-8,237	-9,039	-6,960	-16,858	-13,834
CFO/OP	-218%	-184%	-99%	-191%	-135%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
ROE %	15%	17%	17%	20%	15%

Insights

In beta

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Gross Stage 3 Loans Ratio
% ・Standalone data

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Provision Coverage Ratio (Stage 3)
% ・Standalone data

Coverage - Number of Cities and Towns
Number ・Standalone data

Customer Franchise
Million ・Standalone data

Number of Branches
Number ・Standalone data

Average Ticket Size (Overall Loan Book)
INR ・Standalone data

Concentration - Top 20 Borrowers contribution to Loans
% ・Standalone data

Employee Count (Lending Business)
Number ・Standalone data

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Shareholding Pattern

Numbers in percentages

	Sep 2025	Dec 2025	Mar 2026
	74.19%	74.15%	74.12%
	3.17%	3.32%	3.01%
	10.93%	11.41%	12.29%
	11.48%	10.90%	10.35%
	0.23%	0.23%	0.23%
No. of Shareholders	11,57,250	10,27,204	9,61,497

	Mar 2026
	74.12%
	3.01%
	12.29%
	10.35%
	0.23%
No. of Shareholders	9,61,497

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

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DRHP

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Concalls

Apr 2026
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Oct 2025
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