HDB Financial Services Ltd
Incorporated in 2007, HDB Financial Services Limited (HDBFS) is a non-deposit-taking NBFC and a subsidiary of HDFC Bank engaged in providing lending solutions.[1]
- Market Cap ₹ 58,917 Cr.
- Current Price ₹ 710
- High / Low ₹ 892 / 555
- Stock P/E 23.2
- Book Value ₹ 249
- Dividend Yield 0.56 %
- ROCE 9.09 %
- ROE 13.9 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 2.85 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 11.0% over past five years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 11.2% of profits over last 3 years
* 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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 10,945 | 11,312 | 12,403 | 14,173 | 16,300 | 18,431 | |
| Interest | 3,883 | 3,326 | 3,512 | 4,907 | 6,433 | 6,856 |
| 6,451 | 6,540 | 6,153 | 5,817 | 6,745 | 7,980 | |
| Financing Profit | 610 | 1,446 | 2,738 | 3,449 | 3,122 | 3,595 |
| Financing Margin % | 6% | 13% | 22% | 24% | 19% | 20% |
| -2 | 0 | 1 | 1 | 0 | 1 | |
| Depreciation | 108 | 99 | 112 | 145 | 194 | 209 |
| Profit before tax | 501 | 1,348 | 2,627 | 3,305 | 2,928 | 3,386 |
| Tax % | 22% | 25% | 25% | 26% | 26% | 25% |
| 391 | 1,011 | 1,959 | 2,461 | 2,176 | 2,544 | |
| EPS in Rs | 4.96 | 12.80 | 24.76 | 31.03 | 27.34 | 30.64 |
| Dividend Payout % | 0% | 8% | 8% | 10% | 11% | 13% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 14% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 45% |
| 3 Years: | 9% |
| TTM: | 17% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 16% |
| Last Year: | 14% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 789 | 790 | 791 | 793 | 796 | 830 |
| Reserves | 7,657 | 8,749 | 10,646 | 12,950 | 15,024 | 19,834 |
| Borrowing | 50,359 | 48,973 | 54,865 | 74,331 | 89,682 | 99,230 |
| 3,836 | 3,513 | 3,748 | 4,483 | 3,161 | 3,757 | |
| Total Liabilities | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 123,651 |
| 317 | 293 | 387 | 511 | 735 | 773 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,593 | 2,234 | 1,243 | 3,380 | 2,060 | 3,748 |
| 60,731 | 59,500 | 68,420 | 88,665 | 105,868 | 119,130 | |
| Total Assets | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 123,651 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -342 | 1,987 | -6,851 | -16,736 | -13,626 | -8,606 | |
| 131 | -703 | 973 | -2,146 | 1,159 | -1,772 | |
| 608 | -1,500 | 5,796 | 19,134 | 12,770 | 10,673 | |
| Net Cash Flow | 398 | -216 | -81 | 252 | 303 | 296 |
| Free Cash Flow | -366 | 1,947 | -6,960 | -16,858 | -13,834 | -8,747 |
| CFO/OP | -12% | 42% | -99% | -191% | -135% | -74% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| ROE % | 5% | 11% | 19% | 20% | 15% | 14% |
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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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment
11 Jun - HDB Financial allotted 1.55 lakh NCDs worth Rs 1,550 crore on June 11, 2026.
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Announcement under Regulation 30 (LODR)-Allotment
8 Jun - Allotted 50,500 secured NCDs worth Rs 505 crore on private placement basis on June 8, 2026.
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Notice Of The 19Th Annual General Meeting And Annual Report For FY 2025-26
1 Jun - HDB Financial Services issued AGM notice and FY2025-26 annual report; AGM on June 25, 2026.
- Reg. 34 (1) Annual Report. 1 Jun
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Business Responsibility and Sustainability Reporting (BRSR)
1 Jun - Notice of 19th AGM on June 25, 2026 and FY2025-26 annual report released.
Concalls
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Apr 2026Transcript PPT REC
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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]
HDB Financial Services Ltd is a non-deposit-taking NBFC and a subsidiary of HDFC Bank. Classified as an Upper Layer NBFC by the RBI, the company offers lending solutions to individuals, micro enterprises, and businesses through a diversified portfolio across Enterprise Lending, Asset Finance, and Consumer Finance segments.