HDBFS

What HDB Financial Services promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 5 delivered 1 missed 6 open
  • Net Interest Margin (NIM) delivered said Q2 FY26 Promised: Maintain in the 7.9% - 8% range Q1 FY27: NIM came in at 8.35%, above the guided 8%+ range. Management reiterated the target.
  • Unsecured SME Growth missed said Q3 FY26 Promised: In a couple of quarters, we should see growth come back on that. Q1 FY27: The promise for growth to return within 'a couple of quarters' (by Q1 FY27) was missed. Management noted the book was still shrinking sequentially and set a new expectation for growth from Q2 FY27.
  • Loan Book Growth at risk said Q2 FY26 Promised: 18% - 20% CAGR book growth over a period of time (3-5 years) Q1 FY27: YoY book growth was 11.3%, remaining well below the aspirational 18-20% CAGR. The growth rate is also below the more recent 'Nominal GDP + 6-7%' framing.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 12 tracked commitments for HDB Financial Services — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens