HDFC Securities Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹10,100
- Market Cap
- ₹16,077.68 Cr
- ISIN
- INE700G01014
- Face Value
- ₹10
- P/E Ratio
- 16.91
- EPS
- 597.35
- P/B Ratio
- 7.92
- Book Value
- 1274.8
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 2660.12 | 1891.27 | 1975.57 | 1368.16 | 857.47 | 770.56 |
| Growth % | 41% | -4% | 44% | 60% | 11% | 0 |
| Operating Expenses | 724.88 | 496.4 | 471.4 | 364.5 | 294.1 | 256.6 |
| Growth % | 46% | 5% | 29% | 24% | 15% | 0 |
| Operating Profit | 1935.2 | 1394.9 | 1504.2 | 1003.7 | 563.4 | 513.9 |
| Op. Profit Margin % | 72.8% | 73.8% | 76.1% | 73.4% | 65.7% | 66.7% |
| Other Income | 0.61 | 0.4 | 14.7 | 31.3 | 4.8 | 0.1 |
| Interest Expense | 600.5 | 295.9 | 156.3 | 53.1 | 28.8 | 0.1 |
| Depreciation | 63.92 | 57.5 | 42.3 | 36.3 | 30.4 | 18.6 |
| Profit Before Tax | 1271.4 | 1041.9 | 1320.3 | 945.6 | 509.0 | 495.3 |
| Tax | 320.54 | 264.7 | 336.0 | 242.4 | 124.9 | 165.4 |
| Tax % | 25% | 25% | 25% | 26% | 25% | 33% |
| Profit After Tax | 950.9 | 777.2 | 984.3 | 703.2 | 384.2 | 329.9 |
| Growth % | 22.3% | -21.0% | 40.0% | 83.1% | 16.5% | 0 |
| PAT % | 36% | 41% | 50% | 51% | 45% | 43% |
| Diluted EPS | 597.35 | 489.8 | 621.8 | 446.5 | 245.9 | 210.6 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Trade Receivables | 1286.57 | 407.27 | 505.86 | 439.61 | 165.38 | 659.11 |
| Cash & Cash Equivalents | 5375.85 | 3591.9 | 3598.83 | 2178.35 | 1967.95 | 582.19 |
| Other Financial Assets | 7123.03 | 4000.26 | 3588.27 | 1953.95 | 481.40 | 695.18 |
| Total Financial Assets | 13785.45 | 7999.43 | 7692.96 | 4571.91 | 2614.73 | 1936.48 |
| Fixed Assets (incl. WIP) | 62.09 | 81.63 | 98.71 | 81.47 | 111.61 | 55.25 |
| Other Non Financial Assets | 255.53 | 195.48 | 130.87 | 105.53 | 44.20 | 45.48 |
| Total Non Financial Assets | 317.62 | 277.11 | 229.58 | 187.00 | 155.81 | 100.73 |
| Total Assets | 14103.07 | 8276.54 | 7922.54 | 4758.91 | 2770.54 | 2037.21 |
| Borrowings | 0.00 | 996.27 | 4619.14 | 2040.43 | 690.91 | 0.00 |
| Other Financial Liabilities | 11996.89 | 5429.15 | 1494.73 | 1102.68 | 719.40 | 747.57 |
| Total Financial Liabilities | 11996.89 | 6425.42 | 6113.87 | 3143.11 | 1410.31 | 747.57 |
| Tax Liabilities (Deferred and Current) | 11.10 | 5.46 | 4.59 | 1.79 | 1.79 | 12.86 |
| Provisions | 15.01 | 14.60 | 117.33 | 87.47 | 71.32 | 65.33 |
| Other Non-Financial Liabilities | 50.83 | 33.92 | 28.84 | 46.23 | 39.53 | 17.69 |
| Total Non-Financial Liabilities | 76.94 | 53.98 | 150.76 | 135.49 | 112.64 | 95.88 |
| Equity Capital | 15.97 | 15.89 | 15.83 | 15.77 | 15.73 | 15.61 |
| Reserves | 2013.27 | 1781.25 | 1642.08 | 1464.54 | 1231.87 | 1178.15 |
| Total Equity | 2029.24 | 1797.14 | 1657.91 | 1480.31 | 1247.60 | 1193.76 |
| Equity + Liabilities | 14103.07 | 8276.54 | 7922.54 | 4758.91 | 2770.55 | 2037.21 |
Shareholding Pattern
- HDFC Bank Limited
- 95.13%%
- Others
- 4.87%%
Strengths & Weaknesses
Strengths
- Strong Parentage: HDFC Securities (HSL), a subsidiary of HDFC Bank with around a 95% stake, enhances the bank's service offerings. It benefits from customer sourcing, cross-selling opportunities, and access to HDFC Bank's retail clients and extensive branch network
- Established Player In Retail Broking: HSL is a full-service securities brokerage primarily focused on retail, with about 99% of its broking volumes in the first nine months of FY2024 coming from the retail segment. Its strong retail presence is bolstered by its status as a subsidiary of HDFC Bank.
- Increasing Gearing Ratio: HSL’s gearing ratio increased to 4.4x as of December 31, 2023, up from 2.9x on March 31, 2023, 2.8x on March 31, 2022, and 0.6x on March 31, 2020.
- Strong Market Position: HSL ranks among the top equity brokers by active clients, with 1.03 million active customers on the NSE as of June 30, 2023. It holds a market share of approximately 3.4% in active clients and has a stronger presence in the high-yielding cash segment.
- Profitability: HSL has maintained strong profitability, with a 4-year average net profit (PAT) to net operating income (NOI) ratio of 51.0% and a return on equity (RoE) of 47.6% between FY2020 and FY2023.
Weaknesses
- Capital Market Risks: The cyclical nature of the brokerage industry means that HDFC Securities' trading volumes and earnings are closely linked to capital market activity, leading to potential volatility in profitability.
About HDFC Securities Ltd
HDFC Securities Limited (HSL), a subsidiary of HDFC Bank, specializes in securities broking. Founded in 2000 as a joint venture between HDFC Bank, HDFC Limited, and Indocean eSecurities Holdings, it aimed to provide capital market services, including broking and financial product distribution
Senior Management
- Sri K.S.Viswanathan - Whole-time Director & CEO
- Mr. Ravindera Nahar - Chief Financial Officer
- Mr. Kunal Sanghavi - Chief Financial Officer
- Mr. Mitul Palankar - Company Secretary
Frequently Asked Questions
- Is HDFC giving bonus shares?
- HDFC Bank completed its first-ever historical 1:1 bonus share issue with a record date of August 27, 2025. Shareholders holding the stock on that date received one extra bonus share for every single share they owned.
- What is the latest news on HDFC Bank shares?
- HDFC Bank shares trade near ₹729 amid pressure from record-low net interest margins (3.26%) following its mega-merger, ongoing discussions regarding CEO Sashidhar Jagdishan's upcoming term extension, and recent portfolio adjustments by major institutional brokerages like Jefferies.
- Why is HDFC Bank share falling today?
- HDFC Bank shares hit a two-year low due to sustained foreign portfolio investor (FPI) selling, compressed net interest margins (NIM) following its mega-merger, and recent internal governance penalties issued to top executives for business overreach.
- Is HDFC share split recently?
- HDFC Bank has not executed a recent stock split. Its last official stock split occurred in September 2019, when the face value was reduced from ₹2 to ₹1. However, the bank did issue a 1:1 bonus share in August 2025, which doubled investors' share counts similarly to a split.