Announcement
Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Oct - CARE report shows ₹2,500 crore IPO proceeds largely utilized; ₹6.27 crore remains unutilized, no material deviation.
Source: Bse
HDB Financial Services Limited (HDBFS)
Large CapFinancial Services stocks · Large cap · NSE
HDB Financial Services is an RBI-licensed 'Upper Layer' NBFC, a subsidiary of HDFC Bank. It operates across 1,710 branches in 1,165 cities, focusing on Enterprise Lending, Asset Finance, and Consumer Finance for underbanked and underserved customers with a granular, seasoned loan book.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:45 pm ISTDetails
Quote21 Oct, 01:45 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result14 Oct, 04:06 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -10.6% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -6.0% vs Nifty 500 -6.1%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HDBFSD candles · FIT view-23.3%TODAY · PROVISIONALLatest price ₹510.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.2%
RSI
20
MACD hist
-9.87
52W pos
3%
2026-10-21O ₹511.10H ₹512.90L ₹502.05C ₹510.00Vol 7.4L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HDBFSNifty Financial ServicesNifty 500
- HDBFS
- -30.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -24.5 pp
Chart stats
19 Oct 2026- From 52W high
- -36.1%
- 52W range position
- 2%
- ATR (14)
- 4.0%
- Volume vs 20D
- 1.44x
- Avg traded value
- ₹66.8 Cr
- 20D price channel
- ₹504.1 - ₹699
₹796.7
₹504.1 - ₹796.7
₹20.3
Latest completed session
20-session average
38.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +10.1% · PAT +34.3% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+43.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 55/100Rev +10% YoY · PAT +34% YoY · operating leverage
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,005.3 Cr | +10.1% | +1.4% |
| EBITDA | ₹2,918.2 Cr | NDF | +1.9% |
| Operating margin | 58.3% | NDF | +32 bps |
| PAT | ₹780.2 Cr | +34.3% | -0.6% |
| PAT margin | 15.6% | +281 bps | -31 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.39
- P/B
- —
- EV/EBITDA
- 670.03
- Market Cap
- 42586.50Cr
Profitability
- ROE
- 14.70%
- ROCE
- 9.79%
- ROA
- 2.00%
- Dividend Y
- 0.69%
Growth (CAGR)
- Revenue 5Y
- 2.41%
- EPS 5Y
- 32.61%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 5.52
- Interest Coverage
- —
- Altman Z
- 0.52
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -13626.00 Cr
- EPS TTM
- 35.63
Shareholding
- Promoter Hold
- 74.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 15.0+400.0% vs prev
Net Profit
₹ CrLatest: 2,176-11.6% vs prev
Return on Equity
%Latest: 15.8-26.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 20.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~13.4% over last month) — short-term momentum negative.
- RSI(14) at 20 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
7
RS percentile
Stage 4 Downtrend
1M return
-27.1%
3M return
-30.1%
6M return
-24.2%
1Y return
-30.5%
RS 1D
+1
RS 20D
-39
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is 23.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 70.19+0.33%
RS vs Nifty 50070
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation13/30
Growth14/25
Quality6/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 43.9%.
- Growth contributes 14/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
14.4
PB
—
EV/EBITDA
670.0
ROE
14.7%
ROCE
9.8%
FCF Yield
—
Debt/Equity
5.5
MoS
+43.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+43.9%
Previous: +44.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
32
32
35
35
38
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
25.5
Growth-justified Value
₹908.57
+43.9% MoS
PEG
0.55
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AFSL
Small
Abans Financial Services Limited
NBFC
match 153
72
8.0
8.3%
+69%
UNDERVALUED
BAJAJFINSV
Large
Bajaj Finserv Limited
NBFC
match 153
19
26.9
13.2%
-5%
OVERVALUED
ABCAPITAL
Mid
Aditya Birla Capital Limited
NBFC
match 151
24
26.0
12.0%
+3%
OVERVALUED
AADHARHFC
Large
Aadhar Housing Finance Limited
NBFC
match 138
40
16.8
15.9%
+33%
WATCHLIST
BAJAJHFL
Large
Bajaj Housing Finance Limited
NBFC
match 137
27
24.7
12.1%
+4%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-16T05:40:58.944Z
Management commentary snapshot
HDBFS reports strong Q1 FY27 PAT of 785 Cr, up 38.3% YoY and 4.6% QoQ, driven by 19.9% YoY NII growth. Gross Loan Book grew 11.4% YoY to 1,21,846 Cr, while asset quality improved with GNPA at 2.34% (down YoY and QoQ).
The company delivered robust Q1 FY27 results with strong NII and PAT growth, supported by an expanding customer base and loan book. Asset quality showed improvement, and return metrics remained healthy. The sequential decline in disbursements is a point to monitor, but overall performance aligns with a growth thesis.
Current business mix
Gross Loan Book Mix by Business Vertical (Jun-26)
Latest issuer-disclosed distribution across 3 reported categories.
Enterprise Lending38.0%
Asset Finance37.0%
Consumer Finance25.0%
Growth engines
Customer Franchise Expansion
Customer franchise grew to 23.9 million with an increase of 18.6% Y-o-Y and 4.1% during the quarter.
Diversified Product Portfolio
Product portfolio serving multiple credit needs of customers across three business verticals: Enterprise Lending, Asset Finance and Consumer Finance.
Pan-India Branch Network
Network of 1,710 branches spread across 1,165 cities and towns, with 71% of branches located in Tier 4 & Beyond towns, focusing on underserved customers.
Digital Transformation (Shikhar)
AI-powered transformation journey to enhance customer journeys, drive efficiencies, and deliver measurable impact across acquisition, assurance, and ascend functions.
Tailwinds
Focus on Underbanked/Underserved
Leverages long operating track record and understanding of customer behavior to focus on lending to underbanked and underserved customers ('Aspirational India').
Strong Parentage
HDBFS is a subsidiary of HDFC Bank, which is the largest private sector bank in India, providing strong and reliable financial backing.
Robust Technology Adoption
The 'Shikhar' AI-powered transformation journey aims to enhance customer journeys, drive efficiencies, and reduce credit cost by 20 bps.
Headwinds
Sequential Decline in Disbursements
Disbursements for the quarter ended June 30, 2026, were down by 11.5% Q-o-Q.
Risk radar
Credit Risk
Managed by defining target markets and underwriting criteria for every product, providing loans only to eligible customers who pass minimum credit parameters.
Liquidity Risk
Managed by performing Gap Analysis to measure interest rate risk exposure and tailoring advances book and funding strategy to offset repricing of borrowings.
Technology Risk
Managed via Disaster Recovery and Business Continuity Plans (BCP) to enhance system resiliency against system failures and cyber-attacks.
Compliance Risk
Managed by rigorous testing and robust internal policies, updated frequently in line with regulatory changes, with active compliance risk management and monitoring.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
NBFCs exhibit both sequential momentum in disbursements and loan book growth, making QoQ relevant, while annual comparisons (YoY) are crucial for assessing underlying business expansion and seasonal impacts on profitability and asset quality.
Sector KPIs management disclosed
Gross Loan Book Growth
Gross loan book as on June 30, 2026 stood at 1,21,846 crores, growing 11.4% Y-o-Y and 2.8% sequentially.
Disbursements
Disbursements for the quarter ended June 30, 2026 was 17,629 crores, up by 16.2% Y-o-Y and down by 11.5% Q-o-Q.
Net Interest Margin (NIM)
Net Interest Margin for Q1FY27 was at 8.35% vs 7.74% in Q1FY26 & 8.23% in Q4FY26.
Cost of Borrowings
Cost of Borrowings (quarterly annualized) was 6.97% as of Jun-26, compared to 6.93% in Mar-26 and 7.57% in Jun-25.
Management forward view
Prudent, Purposeful, Resilient Growth
Management is focused on prudent, purposeful, resilient growth which is rooted in values and embedded with best-in-class governance practices.
Enhancing Customer Journeys
Through the 'Shikhar' AI-powered transformation, the company aims for AI-driven acquisition, seamless onboarding, and AI-enabled experiences across apps and web.
Driving Efficiencies
AI-powered document processing, agentic AI for CDU operations, and Gen AI Voice BOT-led inbound servicing are expected to improve productivity and reduce TAT.
Delivering Measurable Impact
AI initiatives are projected to increase sales productivity by 1.2x-1.5x, improve conversion by 10-25%, and reduce credit cost by 20 bps.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Disbursement Growth (QoQ) | Down 11.5% QoQ | Reversal of sequential decline and sustained growth momentum in disbursements. |
| Net Interest Margin (NIM) | 8.35% | Stability or expansion of NIM, indicating effective asset-liability management and pricing power. |
| Gross Stage 3 (GNPA) | 2.34% | Continued improvement or stability in asset quality, reflecting effective risk management and collection efforts. |
| Cost to Income Ratio | 39.9% | Further efficiency gains, particularly as technology investments from the 'Shikhar' initiative ramp up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 31st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
33 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Financial Services: 31st pctile, median 62 · Large: 10th pctile, median 73
Evidence depth
Financial-only
33 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-13626 Cr.
- ▸Debt/equity is 5.52.
- ▸Altman Z is 0.52.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HDB Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Sep - Earnings call for the unaudited financial results for the quarter and half year ending September 30, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 9 Sep - Allotted 20,000 secured NCDs worth Rs 2,018.17 crore on September 9, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Sep
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Aug - Allotment of 1,21,016 equity shares under ESOP on August 24, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug - ICICI Securities group meeting scheduled on August 21, 2026 in Varanasi.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Allotment 6h - HDB Financial Services allotted 40,000 NCDs worth ₹400 crore on July 23, 2026 at 8.2301%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 28 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.