HDFC Bank-promoted NBFC offering enterprise, asset finance and consumer loans across India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,938 | +10.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 785 | +38.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | −4.8 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | +0.7 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
5 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net Interest Margin (NIM) | Maintain in the 7.9% - 8% range | Q2 FY26 | NIM stood at 8.23% (down 12 bps QoQ from 8.35%, up 28 bps YoY), comfortably above the 8%+ target. Management further guided to hold NIM in a narrow range around 8.2%+ over the next couple of quarters. | Achieved |
| Unsecured SME Growth | In a couple of quarters, we should see growth come back on that. | Q3 FY26 | The original Q1 FY27 deadline was missed. In Q2 FY27, the unsecured enterprise book grew a negligible 0.2% QoQ, tracked separately under the Q1 FY27 replacement commitment. | Missed |
| Loan Book Growth | 18% - 20% CAGR book growth over a period of time (3-5 years) | Q2 FY26 | Gross loan book grew 11.7% YoY (2.2% QoQ) to ₹1,24,469 crores. While improving marginally from 11.3% in Q1 FY27, growth remains well below 18-20%, and management now hopes to begin moving directionally toward 17-18% starting in Q4 FY27. | At Risk |
1 of HDB Financial Services Limited's 15 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹734.05 on 24 Oct 2025 → ₹504.3. High ₹772.85 (19 Dec 2025), low ₹500.25 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
5 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Net Interest Margin (NIM) | Maintain in the 7.9% - 8% range | Q2 FY26 | NIM stood at 8.23% (down 12 bps QoQ from 8.35%, up 28 bps YoY), comfortably above the 8%+ target. Management further guided to hold NIM in a narrow range around 8.2%+ over the next couple of quarters. | Achieved |
| Unsecured SME Growth | In a couple of quarters, we should see growth come back on that. | Q3 FY26 | The original Q1 FY27 deadline was missed. In Q2 FY27, the unsecured enterprise book grew a negligible 0.2% QoQ, tracked separately under the Q1 FY27 replacement commitment. | Missed |
| Loan Book Growth | 18% - 20% CAGR book growth over a period of time (3-5 years) | Q2 FY26 | Gross loan book grew 11.7% YoY (2.2% QoQ) to ₹1,24,469 crores. While improving marginally from 11.3% in Q1 FY27, growth remains well below 18-20%, and management now hopes to begin moving directionally toward 17-18% starting in Q4 FY27. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
HDB Financial Services Limited Q2 FY27
HDB Financial Services reported strong Q2 FY27 results with a 34% YoY increase in PAT and 18.7% YoY growth in disbursements. The gross loan book expanded 11.7% YoY, supported by robust performance in Enterprise and Consumer Finance. While asset quality saw a minor sequential uptick in Gross Stage 3, management expects a turnaround in the Asset Finance segment and aims to maintain NIM above 8.2% and RoA at 2.5%+.
Read the full callHDB Financial Services Limited Q1 FY27
HDB Financial Services delivered a strong Q1 FY27, achieving record PAT and robust growth across its loan book and disbursements. Asset quality showed sequential improvement, supported by granular operational execution and AI initiatives in collections. While Consumer Finance and Gold Loans were key growth drivers, the company is strategically re-aligning Asset Finance for better risk-adjusted returns amidst moderating macroeconomic growth and ongoing geopolitical and weather-related monitorables.
Read the full callHDBFS Q4 FY26
HDB Financial Services reported a strong Q4 FY26, marked by robust loan book growth, improved asset quality, and record disbursements. The company's customer franchise expanded significantly, supported by an extensive distribution network and digital initiatives. Profitability metrics like NIM, PPOP, and PAT showed healthy sequential and annual growth, while Gross Stage 3 saw a notable reduction. Management expressed confidence in achieving aspirational growth targets for FY27, despite monitoring global geopolitical and economic uncertainties.
Read the full callNews
From the news desk, item by item, hours after each call.
Every analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2018 to Mar 2025).
Financials
Net profit, year on year: +38% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,007 | 4,144 | 4,266 | 4,465 | 4,545 | 4,674 | 4,745 | 4,938 |
| Expenses | 1,561 | 1,809 | 1,858 | 1,942 | 2,017 | 2,058 | 1,997 | 2,075 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1,598 | 1,645 | 1,650 | 1,740 | 1,694 | 1,704 | 1,682 | 1,753 |
| Depreciation | 48 | 49 | 54 | 51 | 52 | 51 | 54 | 55 |
| Profit before tax | 799 | 641 | 704 | 732 | 782 | 860 | 1,011 | 1,055 |
| Tax rate | 26.0% | 26.0% | 25.0% | 22.0% | 26.0% | 25.0% | 26.0% | 26.0% |
| Net profit | 591 | 472 | 531 | 568 | 581 | 644 | 751 | 785 |
| EPS (₹ per share) | 7.44 | 5.95 | 6.67 | 6.84 | 7.01 | 7.76 | 9.04 | 9.46 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 16,301 | 18,429 |
| Expenses | 6,788 | 8,014 |
| Other income | 0 | 0 |
| Interest | 6,389 | 6,820 |
| Depreciation | 195 | 208 |
| Profit before tax | 2,928 | 3,385 |
| Net profit | 2,176 | 2,544 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 789 | 790 | 791 | 793 | 796 | 830 |
| Reserves | 7,657 | 8,749 | 10,646 | 12,950 | 15,024 | 19,834 |
| Borrowings | 50,359 | 48,973 | 54,865 | 74,331 | 87,398 | 99,230 |
| Other liabilities | 3,836 | 3,513 | 3,748 | 4,483 | 5,446 | 3,757 |
| Total liabilities | 62,641 | 62,026 | 70,050 | 92,557 | 1,08,663 | 1,23,651 |
| Fixed assets | 317 | 293 | 387 | 511 | 735 | 773 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,593 | 2,234 | 1,243 | 3,380 | 2,060 | 3,748 |
| Other assets | 60,731 | 59,500 | 68,420 | 88,665 | 1,05,868 | 1,19,130 |
| Total assets | 62,641 | 62,026 | 70,050 | 92,557 | 1,08,663 | 1,23,651 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 5.0% | 11.0% | 17.0% | 20.0% | 15.0% | 14.0% |
| Dividend payout | 0.0% | 8.0% | 8.0% | 10.0% | 11.0% | 13.0% |
The businesses behind the company’s reported revenue.
Lending business contributes 93.7% of reported segment revenue.
Quarter ended 30 Jun 2026 · Standalone
₹4,625.00 crore
₹312.90 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Lending business | 4,625.00 | 93.7% |
| BPO Services | 312.90 | 6.3% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Ownership
Promoters hold 74.08% as of Sept 2026; institutions added 0.34 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of HDB Financial Services Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bank | 74.08% | unchanged |
| Mutual fund | 3.22% | +0.75 pp |
| Mutual fund | 1.93% | unchanged |
| Mutual fund | 1.28% | newly disclosed |
| Mutual fund | 1.14% | newly disclosed |
| Mutual fund | — | off the list |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 2 added, 5 trimmed, 0 sold out — net −1.15 L shares (−0.7%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹438 Cr | held | Jul '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹435 Cr | held | Jul '25 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹104 Cr | −1.13 L | Jun '25 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹29 Cr | held | Jul '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹12 Cr | −0.02 L | Mar '26 |
| SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund | ₹9 Cr | held | Jul '25 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹9 Cr | −0.01 L | Mar '26 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹4 Cr | +0.01 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 Sep 2026
2 added, 5 trimmed — net −1.15 L shares (−0.7%)
Shares held by these funds +342%
Jun '25 1.68 cr shares Sep '26
Your own record
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