Incorporated in 2007, HDB Financial Services Ltd is in the business of lending and providing BPO services[1]One of the largest retail-focused non-banking financial company, its[2]lending products are offered throughour three business verticals: Enterprise Lending, Asset Finance and Consumer Finance
Business Overview:[1]HDBFSL is a non-banking finance company with1,771 branches across 1,170 cities in India.Alongside its core lending business, it distributes insurance products for HDFC Ergo and HDFC Life. The company also offers BPO services to HDFC Bank, managing collections, back-office operations, and sales support.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bajaj Finance | 978.75 | 33.28 | 609025.41 | 0.45 | 4947.76 | 21.89 | 20178.90 | 18.06 | 11.35 | 76194.74 | 68.48 | 18301.08 | 4875.36 | 5.90 | 3.99 | 3.85 |
| 2. | Shriram Finance | 1003.35 | 21.55 | 188766.47 | 0.99 | 2314.16 | 12.22 | 11912.44 | 18.07 | 10.95 | 45601.30 | 72.59 | 8760.03 | 2314.22 | 3.11 | 3.04 | 3.87 |
| 3. | Muthoot Finance | 3921.00 | 21.55 | 157415.79 | 0.66 | 2411.65 | 90.36 | 7282.79 | 47.76 | 13.19 | 24544.40 | 75.96 | 7303.69 | 2420.63 | 4.80 | 4.67 | 3.76 |
| 4. | Tata Capital | 359.60 | 41.48 | 152645.49 | 0.00 | 1118.97 | 2.01 | 7737.18 | 7.69 | 9.58 | 28323.85 | 71.64 | 3658.33 | 1097.32 | – | 1.72 | 5.88 |
| 5. | Cholaman.Inv.&Fn | 1772.40 | 32.20 | 149564.59 | 0.11 | 1159.61 | 19.82 | 7491.38 | 19.76 | 10.34 | 28536.73 | 69.18 | 4645.19 | 1159.61 | 5.75 | 2.38 | 7.23 |
| 6. | SBI Cards | 873.50 | 43.33 | 83120.29 | 0.29 | 444.77 | 9.98 | 4960.98 | 12.21 | 10.40 | 19130.54 | 27.49 | 1918.14 | 444.77 | 5.62 | 3.10 | 3.33 |
| 7. | L&T Finance Ltd | 320.30 | 29.70 | 80159.16 | 0.86 | 734.88 | 5.64 | 4335.75 | 7.87 | 8.71 | 16715.82 | 60.77 | 2698.51 | 734.84 | 3.04 | 2.37 | 3.72 |
| 8. | HDB FINANC SER | 762.90 | 29.42 | 63323.61 | 0.26 | 581.40 | -1.62 | 4545.40 | 13.44 | 9.79 | 17420.50 | 56.23 | 2152.30 | 581.40 | 3.27 | 2.16 | 4.68 |
| – | Median: 98 Co. | 132.35 | 22.45 | 494.48 | 0.0 | 6.75 | 8.12 | 35.91 | 13.0 | 8.91 | 152.02 | 56.23 | 17.28 | 6.08 | 1.94 | 3.04 | 0.79 |
Standalone figures in ₹ crores
| Dec 2024 | Jun 2024 | Jun 2025 | Mar 2025 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|
Sales | 4,144 | 3,884 | 4,465 | 4,266 | 4,007 | 4,545 |
Expenses | 1,809 | 1,560 | 1,942 | 1,858 | 1,561 | 2,017 |
Operating Profit | 2,334 | 2,324 | 2,524 | 2,408 | 2,446 | 2,529 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | 641 | 784 | 732 | 704 | 799 | 782 |
Tax % | 26% | 26% | 22% | 25% | 26% | 26% |
Net Profit | 472 | 582 | 568 | 531 | 591 | 581 |
EPS in Rs | 5.95 | 7.33 | 6.84 | 6.67 | 7.44 | 7.01 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
Sales | 10,945 | 11,312 | 12,403 | 14,173 | 16,300 | 17,420 |
Expenses | 6,451 | 6,540 | 6,153 | 5,817 | 6,745 | 7,626 |
Operating Profit | 4,493 | 4,772 | 6,250 | 8,356 | 9,555 | 9,795 |
Other Income | -2 | 0 | 1 | 1 | 0 | 0 |
Interest | 3,883 | 3,326 | 3,512 | 4,907 | 6,433 | 6,729 |
Depreciation | 108 | 99 | 112 | 145 | 194 | 206 |
Profit before tax | 501 | 1,348 | 2,627 | 3,305 | 2,928 | 2,860 |
Net Profit | 391 | 1,011 | 1,959 | 2,461 | 2,176 | 2,152 |
EPS in Rs | 4.96 | 12.80 | 24.76 | 31.03 | 27.34 | 26.47 |
Dividend Payout % | 0% | 8% | 8% | 10% | 11% | – |
Standalone figures in ₹ crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
Equity Capital | 789 | 790 | 791 | 793 | 796 | 830 |
Reserves | 7,657 | 8,749 | 10,646 | 12,950 | 15,024 | 18,509 |
Borrowings | 50,359 | 48,973 | 54,865 | 74,331 | 87,398 | 90,541 |
Other Liabilities | 3,836 | 3,513 | 3,748 | 4,483 | 5,446 | 4,895 |
Total Liabilities | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 114,774 |
Fixed Assets | 317 | 293 | 387 | 511 | 735 | 743 |
Gross Block | 641.83 | 660.06 | 790.42 | 967.09 | 1,263.94 | – |
Accumulated Depreciation | 324.93 | 367.42 | 403.37 | 455.90 | 528.85 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 1,593 | 2,234 | 1,243 | 3,380 | 2,060 | 3,076 |
Other Assets | 60,731 | 59,500 | 68,420 | 88,665 | 105,868 | 110,955 |
Total Assets | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 114,774 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Cash from Operating Activity | -342 | 1,987 | -6,851 | -16,736 | -13,626 |
Cash from Investing Activity | 131 | -703 | 973 | -2,146 | 1,159 |
Cash from Financing Activity | 608 | -1,500 | 5,796 | 19,134 | 12,770 |
Net Cash Flow | 398 | -216 | -81 | 252 | 303 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Debtor Days | 4 | 5 | 2 | 3 | 5 |
Inventory Days | – | – | – | – | – |
Days Payable | – | – | – | – | – |
Cash Conversion Cycle | 4 | 5 | 2 | 3 | 5 |
Working Capital Days | -114 | -94 | -99 | -108 | -107 |
ROCE % | – | 8% | 10% | 11% | 10% |
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Oct 2025
Jul 2025
Stock Analysis
HDB Financial Services Ltd, incorporated in 2007, is a prominent non-banking financial company focused on retail lending across enterprise, asset, and consumer finance verticals. It also provides BPO services.
The company aims for 18-20% CAGR loan book growth, expecting positive momentum from festive demand, GST benefits, and easing inflation, supported by ongoing capital raising activities.
Currently no data available for Order Book.
Increased credit costs, rising Stage 3 assets (2.81%), and reduced provision coverage (54.73%) indicate pressure on asset quality and profitability.
The Board meeting to approve Q3 FY26 results was scheduled for January 14, 2026. The audio recording of the related earnings call is now available on the company's website.
Corporate Announcements
