MarketFriction

HDB Financial Services Ltd

NSE HDBFS · BSE 544429 · Non Banking Financial Company (NBFC)
₹618.20 -0.50%
NSE close2026-10-01
52 week range555.30 - 796.70
Market cap₹52,415 Cr.
P/E19.0
IPO 2025 · -16% since Results 14-10 Nifty 500Midcap 150 Price band 20% Delivery 56.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue3,6673,8844,0074,1444,2664,4654,5454,6744,7454,938
Interest1,3771,4961,5981,6451,6501,7401,6941,7041,6821,753
Expenses1,3681,5601,5611,8091,8581,9422,0172,0581,9972,075
Financing Profit9228288476897587848359121,0661,110
Financing Margin %25%21%21%17%18%18%18%20%22%22%
Other Income0000000000
Depreciation40444849545152515455
Profit before tax8827847996417047327828601,0111,055
Tax %26%26%26%26%25%22%26%25%26%26%
Net Profit656582591472531568581644751785
EPS in Rs8.277.337.445.956.676.847.017.769.049.46
Gross NPA %1.90%2.10%2.25%2.26%2.56%2.81%2.81%2.44%
Net NPA %0.90%0.99%1.11%1.27%1.25%1.09%1.04%
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue10,94511,31212,40314,17316,30018,43118,902
Interest3,8833,3263,5124,9076,4336,8566,834
Expenses6,4516,5406,1535,8176,7457,9808,147
Financing Profit6101,4462,7383,4493,1223,5953,922
Financing Margin %6%13%22%24%19%20%21%
Other Income-2011010
Depreciation10899112145194209213
Profit before tax5011,3482,6273,3052,9283,3863,709
Tax %22%25%25%26%26%25%
Net Profit3911,0111,9592,4612,1762,5442,761
EPS in Rs4.9612.8024.7631.0327.3430.6433.27
Dividend Payout %0%8%8%10%11%13%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%11%14%12%
Compounded Profit Growth%45%9%28%
Stock Price CAGR%%%-16%
Return on Equity%16%16%14%
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital789790791793796830
Reserves7,6578,74910,64612,95015,02419,834
Borrowing50,35948,97354,86574,33189,68299,230
Other Liabilities3,8363,5133,7484,4833,1613,757
Total Liabilities62,64162,02670,05092,557108,663123,651
Fixed Assets317293387511735773
CWIP000000
Investments1,5932,2341,2433,3802,0603,748
Other Assets60,73159,50068,42088,665105,868119,130
Total Assets62,64162,02670,05092,557108,663123,651
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3421,987-6,851-16,736-13,626-8,606
Cash from Investing Activity131-703973-2,1461,159-1,772
Cash from Financing Activity608-1,5005,79619,13412,77010,673
Net Cash Flow398-216-81252303296
Free Cash Flow-3661,947-6,960-16,858-13,834-8,747
CFO/OP-12%42%-99%-191%-135%-74%
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %5%11%19%20%15%14%
Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.19%74.15%74.12%74.12%
FIIs3.17%3.32%3.01%3.55%
DIIs10.93%11.41%12.29%12.10%
Public11.48%10.90%10.35%10.00%
Others0.23%0.23%0.23%0.23%
No. of Shareholders11,57,25010,27,2049,61,4979,25,474

Fundamentals

Market Cap₹ 52,415 Cr.
Current Price₹ 631
Stock P/E19.0
Book Value₹ 249
ROCE9.09 %
ROE13.9 %
Dividend Yield0.63 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)28%
Standalone figures.
Valuation
Market capRs 48,865 Cr
Enterprise valueRs 97,154 Cr
P/E (TTM)17.70x
Price to book5.12x
Price to sales2.59x
EV / EBITDA9.03x
EV / EBIT9.22x
EV / sales5.14x
Price to cash flow24.59x
Earnings yield5.65%
Dividend yield0.16%
Profitability
Operating margin (excl. other income)42.19%
Operating margin (incl. other income)42.19%
EBITDA margin56.90%
Pre-tax margin19.62%
Net profit margin14.61%
Net margin, latest quarter15.90%
ROE11.25%
ROCE7.97%
ROA1.62%
ROIC (approx.)13.68%
Tax rate24.95%
Other income / net worth0.00%
Growth
Sales growth (latest year)3.35%
Profit growth (latest year)158.36%
Sales growth QoQ4.06%
Profit growth QoQ4.61%
Sales growth YoY (latest quarter)10.58%
Profit growth YoY (latest quarter)38.31%
Per share
EPS (TTM)Rs 34.93
EPS (latest year)Rs 12.80
EPS (latest quarter)Rs 9.93
Book value per shareRs 120.69
Sales per shareRs 239.14
Cash flow per shareRs 25.14
Free cash flow per shareRs -110.66
Dividend per share (latest year)Rs 1.00
Dividends
Dividend payout7.81%
Efficiency
Asset turnover0.18x
Fixed asset turnover38.65x
Debtor days5 days
Debtors turnover79.76x
Leverage
Total debtRs 48,973 Cr
Cash and bankRs 684 Cr
Net debtRs 48,289 Cr
Debt to equity5.13x
Net debt / EBITDA4.49x
Interest coverage1.54x
Owners' fund to total sources15.38%
Debt to assets78.96%
Cash flow
Cash from Operating Activity (latest year)Rs 1,987 Cr
Cash from Investing Activity (latest year)Rs -703 Cr
Cash from Financing Activity (latest year)Rs -1,500 Cr
Net Cash Flow (latest year)Rs -216 Cr
Free cash flow (latest year)Rs -8,747 Cr
FCFE (approx.: FCF + change in debt)Rs -10,133 Cr
Cash from ops / profit, 5 years-4.32x
Sales to cash flow5.69x
Statement figures
Net sales (TTM)Rs 18,902 Cr
Net sales (latest year)Rs 11,312 Cr
Sales (latest quarter)Rs 4,938 Cr
Operating profit excl. other income (latest year)Rs 4,772 Cr
Operating profit (latest quarter)Rs 2,863 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 10,755 Cr
PBDT (TTM)Rs 3,922 Cr
Profit before tax (TTM)Rs 3,709 Cr
Tax (latest year)Rs 336 Cr
Net profit (TTM)Rs 2,761 Cr
Net profit (latest year)Rs 1,011 Cr
Net profit (latest quarter)Rs 785 Cr
Depreciation (TTM)Rs 213 Cr
Depreciation (latest quarter)Rs 55 Cr
Interest (TTM)Rs 6,834 Cr
Cost of goods sold (latest year)Rs 39 Cr
Total expenditure (latest year)Rs 6,540 Cr
Total income (latest year)Rs 11,312 Cr
Share capitalRs 790 Cr
ReservesRs 8,749 Cr
Shareholders' fundsRs 9,540 Cr
Total assetsRs 62,026 Cr
Net blockRs 293 Cr
InvestmentsRs 2,234 Cr
ReceivablesRs 142 Cr
Other liabilitiesRs 3,513 Cr
Shares outstanding (crore)79.04
Ownership
Promoter holding74.12%
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodHDBFSNifty 50Difference
1 week-6.5%-2.8% -3.7 pts
1 month-8.5%-6.8% -1.7 pts
3 months-17.2%-7.6% -9.6 pts
6 months+10.4%+0.4% +10.0 pts
1 year-19.4%-9.9% -9.5 pts
95 mutual fund schemes hold about ₹6,337 Cr. Over three months 68 bought more and 9 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund1.50%1,066 +4%
Mirae Asset Large & Midcap Fund1.88%862 +23%
Mirae Asset Midcap Fund2.97%620 +25%
Nippon India Growth Mid Cap Fund0.92%481 +3%
SBI Midcap Fund1.95%478 +1%
SBI Midcap Fund1.95%474 +1%
ICICI Pru Multi Asset Allocation Fund0.29%257 -25%
ICICI Pru Large & Mid Cap Fund0.60%202 -62%
ICICI Pru Banking & Fin Serv Fund1.73%196 +1%
ICICI Pru Banking & Fin Serv Fund1.73%194 +1%
Franklin India Mid Cap Fund1.42%185 +29%
SBI Banking & Financial Services Fund1.12%122 +401%
Mirae Asset Multicap Fund2.00%112 +26%
DSP Large & Mid Cap Fund0.56%103 +7%
HSBC Small Cap Fund0.49%94 +3%
DSP Midcap Fund0.42%88 +4%
ICICI Pru Value Fund0.14%87 -43%
Tata Mid Cap Fund1.12%70 +3%
Mirae Asset Banking and Financial Services Fund2.66%63 +28%
Aditya Birla SL Multi Asset Allocation Fund0.72%55 +1%
Aditya Birla SL Banking & Financial Services Fund1.49%55 +10%
ICICI Pru Aggressive Hybrid Fund(A0.10%52 +8%
HSBC Focused Fund2.59%48 +3%
Templeton India Value Fund2.15%43 +17%
HSBC Value Fund0.24%37 +6%

Red flags

F-score 8 of 8
explainLow interest cover Interest cover 1.4x in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-11-04Premal Brahmbhatt-sell6,640Rs 0.49 CrMarket Sale
2025-11-04Ajay Thakur-sell7,000Rs 0.51 CrMarket Sale
2025-11-03Shishir Janardhan Kunder-sell1,440Rs 0.11 CrMarket Sale
2025-10-30Ritesh Sharma-sell21,000Rs 1.57 CrMarket Sale
2025-10-30Samir Jaiswal-sell1,700Rs 0.13 CrMarket Sale
2025-10-29Ritesh Sharma-sell11,000Rs 0.81 CrMarket Sale
2025-10-29Sathya Ramanan-sell12,000Rs 0.88 CrMarket Sale
2025-10-29Shirley Thomas-sell2,800Rs 0.21 CrMarket Sale
2025-10-29Ajit Bhaskar Kamble-sell218Rs 0.02 CrMarket Sale
2025-10-29Ajit Bhaskar Kamble-sell8,452Rs 0.62 CrMarket Sale
2025-10-29Dhinakar Balakrishnan-sell1,582Rs 0.12 CrMarket Sale
2025-10-28Rui Hemant RevankarImmediate relativeother18,600Rs 1.36 CrGift
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Revenue ₹4,938 Cr +10.6% vs Jun 2025. Net profit ₹785 Cr +38.2%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-18Dividend - Rs 2 Per Share
2025-10-24Interim Dividend - Rs 2 Per Share
DateTypeWhat it says
2026-09-29Change in Company Secretary/Resignation of Company Secretary/Compliance Officer
2026-09-28Concall / analyst meetSchedule of meet
2026-09-21ESOPAllotment of 29480 Shares.
2026-09-09AllotmentAllotment of 20000 securities pursuant to Non Convertible Securities at its meeting held on September 09, 2026
2026-08-24ESOPAllotment of 121016 Shares.
2026-08-20Concall / analyst meetSchedule of meet
2026-08-14Concall / analyst meetSchedule of meet
2026-08-06AllotmentAllotment of 54450 securities pursuant to Non Convertible Securities at its meeting held on August 06, 2026
2026-08-04Concall / analyst meetSchedule of meet
2026-07-28ESOPAllotment of 267243 Shares.
2026-07-28General UpdatesGeneral Updates
2026-07-23AllotmentAllotment of 40000 securities pursuant to Non Convertible Securities at its meeting held on July 23, 2026
2026-07-20Concall / analyst meetTranscript
2026-07-17AllotmentAllotment of 31000 securities pursuant to Non Convertible Securities at its meeting held on July 17, 2026
2026-07-15Concall / analyst meetLink of Recording
2026-07-15Monitoring Agency ReportSubmission of Monitoring Agency Report
2026-07-15Press ReleaseA press release dated July 15, 2026.
2026-07-15Investor PresentationInvestor Presentation
2026-07-15Board meeting outcomeHDB Financial Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14CessationIntimation under Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Change in Directorate
2026-07-09AllotmentAllotment of 30000 securities pursuant to Non Convertible Securities at its meeting held on July 09, 2026
2026-07-02AllotmentAllotment of 100000 securities pursuant to Non Convertible Securities at its meeting held on July 02, 2026
2026-06-26Concall / analyst meetSchedule of meet
2026-06-25Shareholder meetingProceedings of Annual General Meeting held on Jun 25, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with vo...
2026-06-22ESOPAllotment of 28108 Shares.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03