HDB Financial Services Ltd(HDBFS)

NSE: HDBFSBSE: 544429

₹ 505.2-0.90%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 41,972 crWebsite: www.hdbfs.comUpdated: 24 Oct 2026

About

HDB Financial Services Ltd is a non-banking financial company (NBFC) offering secured and unsecured loans across three verticals: Enterprise Lending, Asset Finance, and Consumer Finance, alongside a BPO services business. As of Q2 FY27, its gross loan book stood at ₹1,24,469 cr, growing 11.7% YoY, with 24.8 million customers served through 1,701 branches. In FY26 the lending business accounted for 93.4% of revenue of 18429.67.^[1][2][3]

Business segments

Lending Business made up 93.4% of revenue in FY26 and BPO Services 6.6%.^[3]
AUM mix as of Q4 FY26 was approximately 38% Enterprise Lending, 38% Asset Finance and 24% Consumer Finance.^[4]

Loan book and asset quality

Gross loan book was ₹1,24,469 cr as of September 30, 2026, up 11.7% YoY and 2.2% QoQ; secured loans were 74% of the book.^[2]
Disbursements were ₹18,522 cr in Q2 FY27, up 18.7% YoY and 5.1% QoQ.^[2]
Gross Stage 3 was 2.43% in Q2 FY27 vs 2.81% at Sep-25; provision coverage on Stage 3 was 55.00%.^[2]
Net Stage 3 was 1.09% and credit cost 2.37% in Q2 FY27.^[2]

Key operating numbers

NIM was 8.23% in Q2 FY27 vs 7.95% in Q2 FY26 and 8.35% in Q1 FY27.^[2]
Cost of borrowings was 7.04% and CRAR 21.37% in Q2 FY27.^[2]
Lending cost-to-income ratio was 39.3% in Q2 FY27 vs 40.7% in Q2 FY26 and 39.9% in Q1 FY27.^[2]
Return on Assets was 2.42% in Q2 FY27.^[2]

Products and portfolio mix

Consumer Finance book was ₹32,071 cr in Q2 FY27 vs ₹26,261 cr a year earlier and ₹31,095 cr in Q1 FY27.^[2]
Gold loan book was ₹2,007 cr in Q2 FY27 vs ₹990 cr a year earlier; over 500 existing branches are enabled for gold loan origination (Q1 FY27).^[2][5]
Business Loan book was ₹11,558 cr in Q2 FY27 vs ₹12,181 cr a year earlier and ₹11,497 cr in Q1 FY27.^[2]
Relationship Personal Loans (cross-sell to existing customers) were 8% of the loan book and grew at a 40%+ CAGR over four years, as of Q2 FY26.^[6]
CV book grew 10% YoY and CE book 8% YoY in Q1 FY27; the company has reduced lower-return products such as tractor trailers and high-end HCVs.^[5]

Customers and distribution

Customer franchise was 24.8 million in Q2 FY27, up 18.4% YoY and 3.9% QoQ, served through 1,701 branches.^[2]
Top 20 borrowers contributed about 0.32% of gross loans as of Q2 FY26.^[6]
Disbursements through the DIY digital origination platform grew about 2.2x in FY26.^[4]

Technology and AI initiatives

'Shikhar', launched in Q1 FY27, is a single platform for AI work across onboarding, engagement, servicing and collections.^[5]
Shikhar short-term (FY27+) targets: 1.2x sales productivity, +10% conversion, 50% servicing automation and 20% higher collections productivity.^[2]
Shikhar medium-term (FY29+) targets: 1.5x sales productivity, +25% conversion and a 5% reduction in credit cost.^[2]
AI bot-based collections covered over 50% of early-bucket customers in Q4 FY26, improving early-bucket collection efficiency by about 25 bps.^[4]

Recent developments

Ms. Dipti Jayesh Khandelwal resigned as Company Secretary, Head Legal, Compliance Officer and Nodal Officer, effective October 30, 2026.^[7]
Q2 FY27 PAT was ₹780 cr vs ₹581 cr in Q2 FY26 and ₹785 cr in Q1 FY27.^[2]

Market Cap

₹41,972 Cr

High / Low

₹797 / 495

Stock P/E

14.2

Price / Book

1.9

Book Value

₹249

EPS

₹30.6

No. of Shares

83.03 Cr

ROE

12.3%

Debt / Equity

4.80

Sales

₹18,430 Cr

Net Profit

₹2,544 Cr

Promoter holding

74.1%

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HDB Financial Services Ltd(HDBFS)

About

Business segments

Loan book and asset quality

Key operating numbers

Products and portfolio mix

Customers and distribution

Technology and AI initiatives

Recent developments

Signal history

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