HDB FINANCIAL SERVICES L — valuation model

HDB FINANCIAL SERVICES LHDBFSFinance

₹261per share · Base Model Note

The horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Inputslive

Template

HDB FINANCIAL SERVICES L is a lender: the loans it makes run through its cash flow, so free cash flow to the firm does not measure it. It is valued on the excess-return template: book equity earning your ROE over the cost of equity.

Explicit years, then flat

Excess returns are projected to FY31; after that they grow flat at the terminal rate.

These inputs are part of the Trader plan; on your plan they stay at the figures shown. See plans

Book equity today

0FY26 filed 20,66442,000

Return on equity

0FY26 12.340

Dividend payout

0FY26 10100

Book equity earns your ROE; what is not paid out compounds the book.

Value per share, your model₹261implied P/B 1.05× on FY26 book

Against CMP ₹504.55−48.3%close of 27 Oct 2026

Cost of equity12.02%risk-free + beta × equity risk premium

Book equity, FY26₹249per share · excess returns add ₹12

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity

₹ crore	FY27	FY28	FY29	FY30	FY31
Opening book equity	20,664	22,959	25,509	28,342	31,490
Net income at 12.3% ROE	2,542	2,824	3,138	3,486	3,873
Cost of equity charge at 12.02%	(2,485)	(2,761)	(3,067)	(3,408)	(3,787)
Excess return	57	63	70	78	87
Present value	54	53	53	52	52
Closing book equity	22,959	25,509	28,342	31,490	34,988

Book equity today	20,664
PV of 5 years of excess return	265
PV of the terminal excess return, 5% flat	735
add non-operating investments	0
Equity value	21,664
÷ 83.04 crore shares	₹261

Where the methods land · ₹ per share · the dashed line is the CMP

52-week rangetraded range, a fact not a value

₹494₹797

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	Excess return	ROE 12.3%	—	12.02%	5%	₹261	(48.3)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.