HDB Financial Services Limited has informed the Exchange about Transcript
HDBFS · price
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HDB Financial Services filed the transcript of its first post-IPO earnings call held on July 15, 2025. Gross loan book stood at ₹1,09,342 crore, up 14.3% year-on-year and 2.3% sequentially, with 20.1 million customers and 73% secured book. Net Interest Margin expanded to 7.7% from 7.6% on better yields from product mix changes, and PAT rose to ₹568 crore from ₹531 crore sequentially. However, gross Stage 3 assets worsened to 2.56% from 2.26% sequentially, and credit cost stayed elevated at 2.5%, mainly due to stress in Commercial Vehicles and unsecured business loans. Management expects NIM to expand further from Q2 FY26 as the benefit of repo rate cuts starts flowing through, with 90%+ of borrowings EBLR-linked. On concerns about asset quality peaking, ROA targets, opex guidance, and AUM growth outlook, the management declined to give specific numbers, citing macro dependence and a policy of not providing guidance.
Rising NPAs and elevated credit costs in the CV and unsecured business loan segments may weigh on sentiment, but NIM expansion backed by rate cuts and a strong 20.18% CRAR provide comfort. The stock could see a mixed reaction as investors weigh asset quality deterioration against management's optimism on NIMs and the absence of concrete forward guidance.