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HDB Financial Services

HDBFS NSE
₹506.05 +2.95 (+0.59%)
P/E
14.19
View as Markdown
MCP
Close 4 Nov 2026 ₹506.05 −214.65 −29.8% 1Y
Start ₹720.70

Key Fundamentals

MidcapFinanceFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

Debt to Equity
4.71
EPS (TTM)
₹35.65
Book Value
₹266.61
Market Cap
—
P/E (TTM)
14.19
P/B
1.90
ROE
13.90%
Dividend Yield
0.40%
52W High
₹796.70
52W Low
₹494.15
Day Range
₹498.45 – ₹508.90
Volume
3,78,632
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Finance › Non Banking Financial Company (NBFC)

HDB Financial Services peer comparison
Bajaj Finance
₹994.0028.53₹6,11,015 Cr5.020.62%18.20%—₹90,331 Cr₹22,067 Cr
Shriram Finance
₹908.7515.19₹2,13,704 Cr1.920.73%16.40%—₹51,877 Cr₹12,688 Cr
Cholamandalam Investment
₹1,658.0024.45₹1,42,243 Cr4.100.12%19.40%—₹32,663 Cr₹5,751 Cr
Tata Capital
₹337.7526.24₹1,41,036 Cr2.930.17%12.40%—₹32,695 Cr₹5,478 Cr
Muthoot Finance
₹2,709.809.57₹1,04,354 Cr2.481.19%30.90%—₹33,431 Cr₹11,457 Cr
L&T Finance
₹263.7020.75₹63,912 Cr2.261.09%11.20%—₹18,898 Cr₹3,198 Cr
SBI Cards
₹553.0023.14₹52,160 Cr3.060.47%14.70%—₹20,063 Cr₹2,275 Cr
HDB Financial Services (this company)
₹506.0514.19₹42,124 Cr1.900.40%13.90%—₹19,362 Cr₹2,960 Cr
Median 8 companies₹730.8821.95₹1,22,695 Cr2.710.54%15.55%—₹32,679 Cr₹5,615 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

43 Weak

Data confidence 94/100

Category scores

Quality
40
Weak
Returns, margins, earnings quality 22% weight
Valuation
60
Good
Cheap vs sector & own history 24% weight
Growth
41
Weak
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
8
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.0% over past five years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 11.2% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1126
OscillatorsStrong Bullish225
Moving AveragesStrong Bearish901

Key readings

RSI (14)
26.84
Bullish
MACD (12,26,9)
−34.58
Bullish
SMA (50)
613.79
Bearish
SMA (200)
667.79
Bearish

As of

Analyst Rating

Based on 16 analysts
BUY50%

8 of 16 analysts rate Buy, 6 Hold, 2 Sell.

As of

BUY
8
50%
HOLD
6
38%
SELL
2
13%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
5Y+10.99%
3Y+14.11%
1Y+13.07%
TTM+11.15%

Net profit

Net profit growth by window
5Y+45.43%
3Y+9.10%
1Y+16.91%
TTM+37.55%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹10,945 Cr
Mar 2022₹11,312 Cr
Mar 2023₹12,403 Cr
Mar 2024₹14,173 Cr
Mar 2025₹16,300 Cr
Mar 2026₹18,431 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹391 Cr
Mar 2022₹1,011 Cr
Mar 2023₹1,959 Cr
Mar 2024₹2,461 Cr
Mar 2025₹2,176 Cr
Mar 2026₹2,544 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EPS
₹10.43 +11.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

HDB Financial Services, a subsidiary of HDFC Bank, trades at ₹498.55 as of 2026-10-30 with a market cap of ₹41,418 Cr, a P/E of 13.98x and P/B of 1.87x. The stock is near its 52-week low of ₹494.15, having declined 31% over the past year, while TTM profit growth of 38% contrasts with modest 11% sales growth over five years.

Bull Case 7
  • Strong TTM profit growth of 38% indicates significant recent earnings acceleration despite a challenging macro environment
  • P/E ratio of 13.98x on TTM EPS of ₹35.65 is relatively undemanding for a financial services company backed by HDFC Bank parentage
  • 3-year compounded profit growth of 9% and 5-year compounded profit growth of 45% show long-term earnings compounding ability
  • P/B ratio of 1.87x is modest given a 3-year average ROE of 16%, suggesting the stock is not priced at a steep premium to book value
  • Trading near the 52-week low of ₹494.15 (current price ₹498.55), the stock has corrected roughly 37% from its 52-week high of ₹796.70, potentially compressing valuations
  • 3-year and 5-year average ROE of 16% demonstrates consistent ability to generate returns on shareholder equity over medium-term periods
  • HDFC Bank parentage provides access to strong distribution, brand trust, and potential synergies in sourcing and collections
Bear Case 8
  • Stock has delivered a 1-year CAGR of -31%, reflecting sharp erosion in market confidence and significant capital destruction for recent investors
  • Low interest coverage ratio raises concerns about the company's ability to comfortably service its debt obligations from operating profits
  • Five-year compounded sales growth of only 11% signals tepid top-line expansion for a financial services company operating in a growing credit market
  • Potential capitalisation of interest costs may flatter reported profitability, making true earnings quality difficult to assess
  • Dividend payout of just 11.2% of profits over the last three years limits shareholder returns and suggests capital retention without commensurate top-line growth
  • ROE has declined from a 3-year average of 16% to 14% in the last year, indicating deteriorating return efficiency
  • ROCE of 9.35% is modest for a lending business and trails the cost of equity typically expected by market participants for financial services companies
  • Dividend yield of 0.4% offers negligible income support, providing little cushion during periods of price decline

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: HDB Financial Services shows steady governance with fresh board appointments and director renewals, reinforcing HDFC Bank's oversight through Jimmy Tata's nomination. The ₹2 interim dividend for FY27 reflects confidence in earnings and commitment to shareholder returns. No material headwinds emerged in this period. The outlook remains stable, with continuity in leadership and capital distribution supporting investor sentiment.

Positives 1
  • ₹2 interim dividend declared Oct 14

    HDB Financial Services declared an interim dividend of ₹2 per share for FY27, signaling healthy cash flow and shareholder returns.

Neutral 2
  • Board appointments and renewals Oct 22

    Jimmy Tata appointed as Additional Non-Executive Director (HDFC Bank nominee, 38 years experience) effective Oct 22, 2026. Independent directors Jayesh Chakravarthi and Arundhati Mech re-appointed for five and three years respectively starting Jan 25 and Feb 11, 2027.

  • New Company Secretary appointed Oct 14

    Vinod Koyande appointed as Company Secretary effective October 31, 2026, as part of routine governance changes.

Quarterly Results

₹ Cr
HDBFS quarterly results, ₹ crore
Particulars Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue
3,667
3,884
4,007
4,144
4,266
4,465
4,545
4,674
4,745
4,938
5,005
Expenses
1,368
1,560
1,561
1,809
1,858
1,942
2,017
2,058
1,997
2,075
2,087
Financing Profit
922
828
847
689
758
784
835
912
1,066
1,110
1,101
Fin. Margin %
25%
21%
21%
17%
18%
18%
18%
20%
22%
22%
22%
Other Income
0
0
0
0
0
0
0
0
0
0
0
Interest
1,377
1,496
1,598
1,645
1,650
1,740
1,694
1,704
1,682
1,753
1,817
Depreciation
40
44
48
49
54
51
52
51
54
55
57
PBT
882
784
799
641
704
732
782
860
1,011
1,055
1,044
Tax %
26%
26%
26%
26%
25%
22%
26%
25%
26%
26%
25%
Net Profit
656
582
591
472
531
568
581
644
751
785
780
EPS (₹)
8.27
7.33
7.44
5.95
6.67
6.84
7.01
7.76
9.04
9.46
9.39
Gross NPA %
1.9%
—
2.1%
2.25%
2.26%
2.56%
2.81%
2.81%
2.44%
—
—
Net NPA %
—
—
—
0.9%
0.99%
1.11%
1.27%
1.25%
1.09%
1.04%
—

Profit & Loss

₹ Cr
HDBFS profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
10,945
11,312
12,403
14,173
16,300
18,431
19,362
Expenses
6,451
6,540
6,153
5,817
6,745
7,980
8,217
Financing Profit
610
1,446
2,738
3,449
3,122
3,595
4,188
Fin. Margin %
6%
13%
22%
24%
19%
20%
22%
Other Income
−2
0
1
1
0
1
0
Interest
3,883
3,326
3,512
4,907
6,433
6,856
6,957
Depreciation
108
99
112
145
194
209
218
PBT
501
1,348
2,627
3,305
2,928
3,386
3,970
Tax %
22%
25%
25%
26%
26%
25%
—
Net Profit
391
1,011
1,959
2,461
2,176
2,544
2,960
EPS (₹)
4.96
12.8
24.76
31.03
27.34
30.64
35.65
Div. Payout %
0%
8%
8%
10%
11%
13%
—

Balance Sheet

₹ Cr
HDBFS balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
789
790
791
793
796
830
831
Reserves
7,657
8,749
10,646
12,950
15,024
19,834
21,322
Borrowing
50,359
48,973
54,865
74,331
89,682
99,230
1,04,442
Other Liabilities
3,836
3,513
3,748
4,483
3,161
3,757
4,182
Total Liabilities
62,641
62,026
70,050
92,557
1,08,663
1,23,651
1,30,777
Fixed Assets
317
293
387
511
735
773
774
CWIP
0
0
0
0
0
0
0
Investments
1,593
2,234
1,243
3,380
2,060
3,748
4,174
Other Assets
60,731
59,500
68,420
88,665
1,05,868
1,19,130
1,25,829
Total Assets
62,641
62,026
70,050
92,557
1,08,663
1,23,651
1,30,777

Cash Flow

₹ Cr
HDBFS cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−342
1,987
−6,851
−16,736
−13,626
−8,606
Investing
131
−703
973
−2,146
1,159
−1,772
Financing
608
−1,500
5,796
19,134
12,770
10,673
Net Cash Flow
398
−216
−81
252
303
296
Free Cash Flow
−366
1,947
−6,960
−16,858
−13,834
−8,747

Ratios

HDBFS financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
5%
11%
19%
20%
15%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view HDB Financial Services insights

52 extracted metrics across FY16–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.08%
  • DIIs 11.95%
  • Public 8.66%
  • FIIs 4.04%
  • Others 1.27%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about HDB Financial Services

What does HDB Financial Services Ltd do?
Incorporated in 2007, HDB Financial Services Limited (HDBFS) is a non-deposit-taking NBFC and a subsidiary of HDFC Bank engaged in providing lending solutions.
Where is HDB Financial Services Ltd (HDBFS) listed?
HDB Financial Services Ltd trades as HDBFS on the NSE and under code 544429 on the BSE.
Which sector does HDB Financial Services Ltd belong to?
HDB Financial Services Ltd is classified under the Financial Services sector, in the Finance industry.
What is the PE ratio of HDB Financial Services Ltd?
HDB Financial Services Ltd trades at a PE ratio of 14.19 as of 4 Nov 2026, on earnings per share of ₹35.65, against a book value of ₹266.61 per share.
What is the 52-week high and low of HDB Financial Services Ltd?
Over the last 52 weeks HDB Financial Services Ltd has traded between ₹494.15 and ₹796.7 as of 4 Nov 2026.
Does HDB Financial Services Ltd pay dividends?
HDB Financial Services Ltd has a dividend yield of 0.40%.
What is the Return on Equity (ROE) of HDB Financial Services Ltd?
HDB Financial Services Ltd reported a return on equity of 13.90%. Its debt-to-equity ratio is 4.71.

Company Information

Incorporated in 2007, HDB Financial Services Limited (HDBFS) is a non-deposit-taking NBFC and a subsidiary of HDFC Bank engaged in providing lending solutions.

Website hdbfs.com
CEO Mr. Ramesh Ganesan M.B.A.
Employees 89,943
Listed 2 Jul 2025
Face Value ₹10

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