NSE: HDBFS · BSE: 544429
HDB FINANCIAL SERVICES L
Operates as a non-banking financial company that lends through three principal verticals: Enterprise Lending (mortgage products such as loan-against-property and business loans, plus gold loans), Asset Finance (commercial vehicles and construction equipment), and Consumer Finance (auto loans and consumer durables). The Lending Business generates 93.4% of segment revenue with a 19.6% segment EBIT margin, while BPO Services contributes the remaining 6.6% at a 6.6% EBIT margin. The gross loan book stood at ₹1,21,846 crore as of Q1 FY27, disbursed through 1,710 branches spread across 1,165 cities and reaching a customer base of 23.9 million. Employee cost is the single largest operating line item at 21.2% of revenue, followed by other operating expenses at 7.0% and depreciation at 1.1%. Funding is raised mainly through secured redeemable non-convertible debentures placed privately, with a CRAR of 21.29% reported for Q1 FY27. The NBFC is a subsidiary of HDFC Bank. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Lending Business (93%), BPO Services (7%). Diversified retail and enterprise NBFC lending across mortgage, asset finance and consumer loans
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 18,430 |
| EBITDA (ex other income) | 10,416 |
| margin % | 56.5 |
| Owners' profit | 2,544 |
| EPS, as reported (₹) | 30.97 |
| ROE % · ROCE % | 12.3 · — |
| Debt / equity (x) | — |
| Cash from operations | (8,606) |
| Capex | (144) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 4,465 | 4,545 | 4,673 | 4,745 | 4,938 |
| Profit before tax | 733 | 782 | 860 | 1,011 | 1,055 |
| Net profit | 568 | 581 | 644 | 751 | 785 |
| EPS (₹) | 7.13 | 7.01 | 7.76 | 9.04 | 9.46 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Lending Business | 4,452 | 24.2 |
| BPO Services | 1,224 | 6.6 |
| Lending business | 12,754 | 69.2 |
| Total, before eliminations | 18,430 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 18.5 | 95 of 200 | 53% |
| P/B | 2.0 | 1.1 | 185 of 253 | 27% |
| ROE | 12.3 | 3.1 | 36 of 257 | 86% |
| EBITDA margin | 58.0 | 48.6 | 115 of 249 | 54% |
| Revenue growth | 10.6 | 12.6 | 121 of 231 | 48% |
| Profit growth | 38.3 | 7.8 | 94 of 251 | 63% |
| Market cap | 41897 | 33 | 9 of 268 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Postal ballot seeks approval for three board changes | board shareholder meetings | low | — | — |
| 22 Oct 2026 · HDB Financial Services board re-appoints two independent directors, adds HDFC Bank nominee | management changes | medium | — | — |
| 22 Oct 2026 · HDB Financial Services allots 1,21,300 equity shares under ESOP | capital market events | low | — | — |
| 20 Oct 2026 · Q2 FY27 earnings call transcript filed; PAT up 34 percent YoY | investor communications | medium | — | — |
| 14 Oct 2026 · Audio Recording of Q2 FY26 Earnings Call Made Available | investor communications | low | — | — |
| 14 Oct 2026 · HDB Financial IPO proceeds monitoring report for Sep 2026 quarter | fund raising | medium | — | — |
| 14 Oct 2026 · Q2 FY27 Results: Net Profit up 34% YoY, Interim Dividend Rs 2 per share | results | high | — | — |
| 14 Oct 2026 · HDB Financial Q2 FY27: PAT at Rs 780 Cr, Loan Book Rs 1.24 Lakh Cr | investor communications | medium | — | — |
| 14 Oct 2026 · HDB Financial Q2 profit up 34% YoY, board declares Rs 2 interim dividend | management changes | medium | — | — |
| 14 Oct 2026 · HDB Financial Services Q2FY27 PAT up 34% YoY, declares Rs 2 interim dividend | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.