Management guidance · Q1 FY27 call
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Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of HDB Financial Services Ltd
Quarter-by-quarter operating performance
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue + | 3,667 | 3,884 | 4,007 | 4,144 | 4,266 | 4,465 | 4,545 | 4,674 | 4,745 |
| Interest | 1,377 | 1,496 | 1,598 | 1,645 | 1,650 | 1,740 | 1,694 | 1,704 | 1,682 |
| Expenses + | 1,368 | 1,560 | 1,561 | 1,809 | 1,858 | 1,942 | 2,017 | 2,058 | 1,997 |
| Financing Profit | 922 | 828 | 847 | 689 | 758 | 784 | 835 | 912 | 1,066 |
| Financing Margin % | 25% | 21% | 21% | 17% | 18% | 18% | 18% | 20% | 22% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 40 | 44 | 48 | 49 | 54 | 51 | 52 | 51 | 54 |
| Profit before tax | 882 | 784 | 799 | 641 | 704 | 732 | 782 | 860 | 1,011 |
| Tax % | 26% | 26% | 26% | 26% | 25% | 22% | 26% | 25% | 26% |
| Net Profit + | 656 | 582 | 591 | 472 | 531 | 568 | 581 | 644 | 751 |
| EPS in Rs | 8.27 | 7.33 | 7.44 | 5.95 | 6.67 | 6.84 | 7.01 | 7.76 | 9.04 |
| Gross NPA % | 1.90% | 2.10% | 2.25% | 2.26% | 2.56% | 2.81% | 2.81% | 2.44% | |
| Net NPA % | 0.90% | 0.99% | 1.27% | 1.25% | 1.09% |
Financials of HDB Financial Services Ltd
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Revenue + | 10,945 | 11,312 | 12,403 | 14,173 | 16,300 | 18,430 |
| Interest | 3,883 | 3,326 | 3,512 | 4,907 | 6,433 | 6,820 |
| Expenses + | 6,451 | 6,540 | 6,153 | 5,817 | 6,745 | 8,014 |
| Financing Profit | 610 | 1,446 | 2,738 | 3,449 | 3,122 | 3,596 |
| Financing Margin % | 6% | 13% | 22% | 24% | 19% | 20% |
| Other Income + | -2 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 108 | 99 | 112 | 145 | 194 | 209 |
| Profit before tax | 501 | 1,348 | 2,627 | 3,305 | 2,928 | 3,386 |
| Tax % | 22% | 25% | 25% | 26% | 26% | 25% |
| Net Profit + | 391 | 1,011 | 1,959 | 2,461 | 2,176 | 2,544 |
| EPS in Rs | 4.96 | 12.80 | 24.76 | 31.03 | 27.34 | 30.64 |
| Dividend Payout % | 0% | 8% | 8% | 10% | 11% | 13% |
Financials of HDB Financial Services Ltd
Capital structure and asset base
| 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 |
| Borrowing | 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 | 108,663 | 123,652 |
| Fixed Assets + | 317 | 293 | 387 | 511 | 735 | 774 |
| CWIP | 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 | 105,868 | 119,130 |
| Total Assets | 62,641 | 62,026 | 70,050 | 92,557 | 108,663 | 123,652 |
Financials of HDB Financial Services Ltd
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -342 | 1,987 | -6,851 | -16,736 | -13,626 | -8,606 |
| Cash from Investing Activity + | 131 | -703 | 973 | -2,146 | 1,159 | -1,772 |
| Cash from Financing Activity + | 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 | -8,746 |
| CFO/OP | -12% | 42% | -99% | -191% | -135% | -74% |
Financials of HDB Financial Services Ltd
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| ROE % | 5% | 11% | 19% | 20% | 15% | 14% |
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