HDBFS
HDB Financial Services financials
- Market cap
- ₹60.4k Cr
- Sector
- Financial Services
- Calls analysed
- 5
HDB Financial Services Limited Q1 FY27
What went well
- Profit after Tax (PAT) grew 38.3% YoY to ₹785 crores, marking the highest ever quarterly profit.
- Gross loan book expanded 11.3% YoY to ₹1,21,846 crores, with disbursements growing 16.2% YoY to ₹17,629 crores.
- Gross Stage 3 improved to 2.34% of the book, down from 2.44% in the previous quarter and 2.56% a year ago.
What to watch
- Real GDP growth expectations for FY27 moderated to 6.6% as highlighted by RBI.
- Inflation projections increased to 5.1% driven by supply-side pressures.
What HDB Financial Services Limited does
HDB Financial Services is a non-deposit-taking NBFC, promoted by HDFC Bank, that extends secured and unsecured loans to underbanked individuals, emerging businesses and micro-enterprises through three verticals: Enterprise Lending (loans against property, business loans, gold loans), Asset Finance (commercial vehicle, construction equipment and tractor loans) and Consumer Finance (auto, two-wheeler, consumer durable and personal loans). It earns by borrowing from banks, NCDs and other wholesale sources and re-lending at a spread, supplemented by fee income from insurance products (general, life and health) and a BPO Services segment that provides business-process-outsourcing support to group entities. Loans are originated and serviced through an omni-channel 'phygital' model combining a pan-India branch network, OEM/dealer touchpoints and digital sourcing, underwriting and collections channels, including its HDBFS OnTheGo app.
Segments
- Enterprise Lending
- Asset Finance
- Consumer Finance
- BPO Services
- Branch network
- 1,730 branches
- Cities and towns covered
- 1,161
- States and Union Territories present
- 31
- Customer franchise
- 22.9 million customers
- Total employees
- 88,162
- Retail distribution touchpoints (OEMs/dealers)
- 160,000+ retailers and dealer touchpoints
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.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q4 FY24 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|
| Revenue | 3,667 | 4,144 | 4,266 |
| Net profit | 656 | 472 | 531 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −14.7% 1Y
1Y: ₹784.7 on 10 Sept 2025 → ₹669.2. High ₹793.05 (16 Sept 2025), low ₹559.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.0%
- 15 Jul
- Q4 FY26
- +4.8%
- 15 Apr
- Q3 FY26
- −0.5%
- 14 Jan
- Q2 FY26
- +0.4%
- 15 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY18 | FY19 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Equity capital | ₹783 Cr | ₹786 Cr | ₹791 Cr | ₹793 Cr | ₹796 Cr |
| Reserves | ₹5.3k Cr | ₹6.4k Cr | ₹10.6k Cr | ₹12.9k Cr | ₹15.0k Cr |
| Borrowings | ₹35.8k Cr | ₹45.1k Cr | ₹54.9k Cr | ₹74.3k Cr | ₹87.4k Cr |
| Other liabilities | ₹3.7k Cr | ₹4.3k Cr | ₹3.7k Cr | ₹4.5k Cr | ₹5.4k Cr |
| Total liabilities | ₹45.4k Cr | ₹56.5k Cr | ₹70.0k Cr | ₹92.6k Cr | ₹108.7k Cr |
| Fixed assets | ₹137 Cr | ₹123 Cr | ₹387 Cr | ₹511 Cr | ₹735 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹402 Cr | ₹568 Cr | ₹1.2k Cr | ₹3.4k Cr | ₹2.1k Cr |
| Other assets | ₹44.9k Cr | ₹55.8k Cr | ₹68.4k Cr | ₹88.7k Cr | ₹105.9k Cr |
| Total assets | ₹45.4k Cr | ₹56.5k Cr | ₹70.0k Cr | ₹92.6k Cr | ₹108.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public trimmed −1.48 pp while DIIs added +1.17 pp. The shareholder count shrank 20% to 9,25,474.
- Promoters
- 74.1%
- FIIs
- 3.5%
- DIIs
- 12.1%
- Public
- 10.0%
- Others
- 0.2%
Since Sep 2025
- Public −1.48 pp
- DIIs +1.17 pp
- FIIs +0.38 pp
How it drifted, 4 quarters
Over this window the public fell from 11.5% to 10.0% — −1.5 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 74.2%, FIIs 3.2%, DIIs 10.9%, Public 11.5%, Others 0.2%.Dec '25: Promoters 74.2%, FIIs 3.3%, DIIs 11.4%, Public 10.9%, Others 0.2%.Mar '26: Promoters 74.1%, FIIs 3.0%, DIIs 12.3%, Public 10.3%, Others 0.2%.Jun '26: Promoters 74.1%, FIIs 3.5%, DIIs 12.1%, Public 10.0%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Large & Mid Cap Fund Mutual fund newly disclosed 2.42% held
- Mirae Asset Large & Midcap Fund Mutual fund +0.61 pp 2.47% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HDB Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| HDFC Bank Limited Bank | 74.12% | unchanged |
| Mirae Asset Large & Midcap Fund Mutual fund | 2.47% | +0.61 pp |
| ICICI Prudential Large & Mid Cap Fund Mutual fund | 2.42% | newly disclosed |
| Kotak Midcap Fund Mutual fund | 1.94% | unchanged |
| SBI Midcap Fund Mutual fund | 1.04% | unchanged |
| HDFC Ergo General Insurance Company Limited | 0.00% | unchanged |
| HDFC Sales Private Limited | 0.00% | unchanged |
| HDFC Capital Advisors Limited | 0.00% | unchanged |
| HDFC AMC International (IFSC) Limited | 0.00% | unchanged |
| HDFC Pension Fund Management Limited | 0.00% | unchanged |
| HDFC Securities IFSC Limited | 0.00% | unchanged |
| Griha Investments | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HDBFS
Filings to Aug 2026
0 new, 6 added, 2 trimmed, 1 sold out — net +0.09 L shares (+0.1%).
- Held by funds
- ₹1.2k Cr
- 13 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹481 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹481 Cr | held | Jul '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹478 Cr | −1.00 L | Jul '25 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹122 Cr | +2.00 L | Jun '25 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹32 Cr | held | Jul '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹14 Cr | +0.12 L | Mar '26 |
| SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund | ₹10 Cr | held | Jul '25 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.03 L | Mar '26 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹4 Cr | +0.03 L | Mar '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 2 trimmed — net +9,354 shares (+0.1%)
- Held by funds
- ₹1.2k Cr
- 13 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹481 Cr · 0.9% of that fund
- Longest holder
- SBI Banking And Financial Services Fund
- 1y 3m · since Jun '25
Shares held by these funds +345%
Jun '25 1.69 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse HDB Financial Services Limited
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