| Scrip code | 544429 |
|---|---|
| NSE Symbol | HDBFS |
| MSEI Symbol | NOTLISTED |
| ISIN | INE756I08058 |
| Name of company | HDB Financial Services Limited |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 14-01-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 26-12-2025 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 14-01-2026 11:15:00 |
| End date and time of board meeting | 14-01-2026 16:40:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Declaration of unmodified opinion |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | Yes |
| No. of times funds raised during the quarter | 1 |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | No |
| The Company has not defaulted on any loans and debt securities during quarter ended December 31, 2025 | |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | |||
| (i) | Interest Income | 3,98,901.70 | 11,70,704.20 |
| (ii) | Dividend Income | 0.00 | 0.00 |
| (iii) | Rental Income | 0.00 | 0.00 |
| (iv) | Fees and commission Income | 0.00 | 0.00 |
| (v) | Net gain on fair value changes | 722.00 | 4,556.00 |
| (vi) | Net gain on derecognition of financial instruments under amortised cost category | (4.00) | (112.00) |
| (vii) | Sale of products (including Excise Duty) | 0.00 | 0.00 |
| (viii) | Sale of services | 30,620.00 | 93,043.00 |
| (ix) | Other revenue from operations | ||
| 1 | Other financial charges | 37,109.00 | 1,00,245.00 |
| Total other revenue from operations | 37,109.00 | 1,00,245.00 | |
| Total Revenue From Operations | 4,67,348.70 | 13,68,436.20 | |
| Other income | 0.00 | 0.00 | |
| Total income | 4,67,348.70 | 13,68,436.20 | |
| 2 | Expenses | ||
| Cost of materials consumed | 0.00 | 0.00 | |
| Purchases of stock-in-trade | 0.00 | 0.00 | |
| Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 | |
| Employee benefit expense | 1,02,526.00 | 2,94,307.00 | |
| Finance costs | 1,70,396.00 | 5,13,769.00 | |
| Depreciation, depletion and amortisation expense | 5,122.00 | 15,500.00 | |
| Fees and commission expense | 0.00 | 0.00 | |
| Net loss on fair value changes | 0.00 | 0.00 | |
| Net loss on derecognition of financial instruments under amortised cost category | 0.00 | 0.00 | |
| Impairment on financial instruments | 71,223.00 | 2,13,017.00 | |
| (f) | Other expenses | ||
| 1 | Others expenses | 32,051.00 | 94,332.00 |
| Total other expenses | 32,051.00 | 94,332.00 | |
| Total expenses | 3,81,318.00 | 11,30,925.00 | |
| 3 | Total profit before exceptional items and tax | 86,030.70 | 2,37,511.20 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 86,030.70 | 2,37,511.20 |
| 7 | Tax expense | ||
| 8 | Current tax | 21,111.50 | 61,134.80 |
| 9 | Deferred tax | 526.40 | (2,944.80) |
| 10 | Total tax expenses | 21,637.90 | 58,190.00 |
| 11 | Net Profit Loss for the period from continuing operations | 64,392.80 | 1,79,321.20 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 17 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 14 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 15 | Total profit (loss) for period | 64,392.80 | 1,79,321.20 |
| 16 | Other comprehensive income net of taxes | (1,086.00) | (4,704.00) |
| 17 | Total Comprehensive Income for the period | 63,306.80 | 1,74,617.20 |
| 18 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 19 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 20 | Details of equity share capital | ||
| Paid-up equity share capital | 83,003.80 | 83,003.80 | |
| Face value of equity share capital | 10 | 10 | |
| 21 | Reserves excluding revaluation reserve | ||
| 22 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings per share from continuing operations | 7.76 | 21.9 | |
| Diluted earnings per share from continuing operations | 7.74 | 21.83 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings per share from discontinued operations | 0 | 0 | |
| Diluted earnings per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings per share | 7.76 | 21.9 | |
| Diluted earnings per share | 7.74 | 21.83 | |
| 23 | Debt equity ratio | 4.9100 | 4.9100 |
| 24 | Debt service coverage ratio | 0.0 | 0.0 |
| 25 | Interest service coverage ratio | 0.0 | 0.0 |
| 26 | Disclosure of notes on financial results | Textual Information(1) | |
| 23 | Debt equity ratio | |
|---|---|---|
| 24 | Debt service coverage ratio | Not Applicable |
| 25 | Interest service coverage ratio | Not Applicable |
| Textual Information(1) | 1. HDB Financial Services Limited ('the Company') is a Non-Banking Financial Company registered with the Reserve Bank of India. The Reserve Bank of India, under Scale Based Regulations has categorised the Company as Upper Layer (NBFC-UL), vide it’s circular dated January 16, 2025. 2.The unaudited financial results have been prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standards ('Ind AS') 34 Interim Financial Reporting as prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time, other recognised accounting practices generally accepted in India, the circulars guidelines and directions issued by Reserve Bank of India from time to time and other relevant provisions of the Act and in compliance with Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time. 3.The above results for the quarter and nine months ended December 31, 2025, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 14, 2026 and have been reviewed by the Joint Statutory Auditors. 4.The Secured listed non-convertible debt securities of the Company are secured by first pari passu mortgage on immovable property situated at Heera Panna Commercial Complex, 3rd Floor, Dr. Yagnik Road, Rajkot and/or first and exclusive charge on receivables of the Company by way of hypothecation to the extent of minimum 1.0 times of the outstanding principal and interest thereon. 5.Pursuant to Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 read with Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated May 22, 2024, as amended from time to time, the Company has listed its Commercial Papers on National Stock Exchange of India Limited (NSE). 6.During the nine months ended December 31, 2025, the Company has raised equity capital through Initial Public Offer (IPO), of 16,89,18,917 equity shares of Rs. 10 each, comprising a fresh issue of 3,37,83,782 equity shares and 13,51,35,135 equity shares offered for sale by the selling shareholders. The equity shares were issued at a price of Rs 740 per equity share (including a Share Premium of Rs. 730 per equity share). Pursuant to the aforesaid allotment of equity shares, the issued, subscribed and paid- up capital of the Company stands increased to Rs 8,300 million (83,00,38,180 Equity shares of Rs 10 each) and securities premium stands increased to Rs.58,260 million (net of offer expenses Rs.434 million). The Company's equity shares were listed on National Stock Exchange of India Limited and on BSE Limited on July 02, 2025. 7.Details of loans transferred / acquired during the quarter ended December 31, 2025 under the Reserve Bank of India (Non-Banking Financial Companies - Transfer and Distribution of Credit Risk) Directions, 2025 and Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28, 2025 are given below: (i)The company has transferred Non-Performing Assets. (ii)The company has not transferred any loan not in default. (iii)The company has not acquired any special mention account. (iv)The company has not acquired any stressed loan and loan not in default. 8.The Company does not have investment in any subsidiaries, associates, joint ventures or controlled structure entity during the nine months and thus requirement of the consolidated financial results for the quarter and nine months ended December 31, 2025 is not applicable. 9.Effective November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 collectively referred to as the ‘New Labour Codes’ - consolidating 29 existing labour laws. The Ministry of Labour & Employment has published draft Central Rules and FAQs on December 30, 2025, to facilitate assessment of the financial impact arising from these regulatory changes. Under IND AS 19, changes to employee benefit plans arising from the New Labour Codes constitute plan amendments and they are required to be treated as past service costs and recognised as an expense in the statement of profit and loss. Accordingly, the New Labour Codes has resulted in an estimated increase in provision for employee benefits of Rs.605 million and the same has been recognized under the head “Employee Benefit Expenses” in the quarter and nine months ended December 31, 2025.The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting treatment on the basis of such developments as needed. |
|---|
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Standalone | Standalone | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| 1 | Lending business | 4,36,730.10 | 12,75,390.60 |
| 2 | BPO Services | 30,618.60 | 93,045.60 |
| Total Segment Revenue | 4,67,348.70 | 13,68,436.20 | |
| Less: Inter segment revenue | 0.00 | 0.00 | |
| Revenue from operations | 4,67,348.70 | 13,68,436.20 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Lending business | 85,720.00 | 2,35,910.90 |
| 2 | BPO Services | 1,800.00 | 6,066.30 |
| Total Profit before tax | 87,520.00 | 2,41,977.20 | |
| i. Finance cost | 0.00 | 0.00 | |
| ii. Other Unallocable Expenditure net off Unallocable income | 1,489.30 | 4,466.00 | |
| Profit before tax | 86,030.70 | 2,37,511.20 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Lending business | 1,17,35,555.80 | 1,17,35,555.80 |
| 2 | BPO Services | 18,658.20 | 18,658.20 |
| Total Segment Asset | 1,17,54,214.00 | 1,17,54,214.00 | |
| Un-allocable Assets | 93,653.00 | 93,653.00 | |
| Net Segment Asset | 1,18,47,867.00 | 1,18,47,867.00 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Lending business | 98,30,014.50 | 98,30,014.50 |
| 2 | BPO Services | 23,930.00 | 23,930.00 |
| Total Segment Liabilities | 98,53,944.50 | 98,53,944.50 | |
| Un-allocable Liabilities | 10,025.10 | 10,025.10 | |
| Net Segment Liabilities | 98,63,969.60 | 98,63,969.60 | |
| Disclosure of notes on segments | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Remeasurement loss on defined benefit plan | -58700000 | -156400000 |
| Total Amount of items that will not be reclassified to profit and loss | -58700000 | -156400000 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | (148.00) | (394.00) |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Change in fair value of debt instruments measured at fair value through other comprehensive income | 244300000 | 112000000 |
| 2 | Movement in cash flow hedge reserve | -330800000 | -584300000 |
| Total Amount of items that will be reclassified to profit and loss | -86500000 | -472300000 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | (218.00) | (1,189.00) |
| 5 | Total Other comprehensive income | (1,086.00) | (4,704.00) |
| Whether results are audited or unaudited | Unaudited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Declaration of unmodified opinion |
| Auditor's opinion | |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results | Yes |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | M/s. Kalyaniwalla & Mistry LLP | Yes | 31-07-2027 | ||
|---|---|---|---|---|---|
| 2 | M/s. G. D. Apte & Co. | Yes | 30-11-2026 | ||
| Mode of Fund Raising | Public Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 30-06-2025 |
| Amount Raised | 2,50,000.00 |
| Report filed for Quarter ended | 31-12-2025 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CARE Ratings Limited |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | |
| If Yes, Date of shareholder Approval | |
| Explanation for the Deviation / Variation | |
| Comments of the Audit Committee after review | |
| Comments of the auditors, if any |
| Sr. | Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds Utilised | Amount of Deviation/Variation for the quarter according to applicable object | Remarks if any |
| Name of signatory | Dipti Jayesh Khandelwal |
| Designation of person | Company Secretary and Compliance Officer |
| Place | Mumbai |
| Date | 14-01-2026 |