Hdb Financial Services Limited · NSE:HDBFS
Hdb Financial Services — Q3 FY26 Earnings Presentation
50 slides from Hdb Financial Services's earnings presentation, Jan 14, 2026
Slide 1: Intimation of Investor Presentation to Exchanges
HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057. Web: www.hdbfs.com Tel: 022 – 4911 6350 Fax: 022 – 4911 6666 CIN: L65993GJ2007PLC051028 Email: investorcommunications@hdbfs.com HDB/SLC/2026/1428 January 14, 2026 To, To, Listing Complia
Slide 2: Q3 FY26 Earnings Presentation
Q3 FY26 Earnings Presentation January 14, 2026
Slide 3: Presentation Path
Presentation Path 01 03 05 07 BORROWINGS HDB SUSTAINABILITY ABOUT HDB & CAPITAL OVERVIEW INITIATIVES STRUCTURE TECHNOLOGY & EXECUTIVE FINANCIAL RISK SUMMARY – PERFORMANCE MANAGEMENT Q3FY26 – Q3FY26 FRAMEWORK 02 04 06 HDB Financial Services Presentation Q3 FY2026 2
Slide 4: About HDB
Section 1 1 HDB – Snapshot 2 The Essence of HDB – Our Vision, Mission and Values About HDB 3 Our Journey • 17 HDB Financial Services Presentation Q3 FY2026 3
Slide 5: HDB – Snapshot
HDB – Snapshot • We are a subsidiary of HDFC Bank, which is the largest private sector bank in India • HDBFS is licensed by RBI as a Non-Banking Finance Company (“NBFC”) • Classified as an ‘Upper Layer’ NBFC • Strong and reliable financial institution which is independently funded - its long-term de
Slide 6: The Essence of HDB … What we stand for
The Essence of HDB … What we stand for Best in class Governance practices embedded over the years through a pedigreed parentage Focused on prudent, purposeful, resilient growth which is rooted in values Our Foundational Pillars – People | Processes | Products | Partnerships At the heart of everythin
Slide 7: The Essence of HDB … Our Vision and Mission
The Essence of HDB … Our Vision and Mission • 17 HDB Financial Services Presentation Q3 FY2026 6
Slide 8: The Essence of HDB … Our Values
The Essence of HDB … Our Values Integrity Collaboration Agility We ensure that the highest standard of professional We believe that success is achieved not by any one We proactively respond to the changing market conduct is embedded in every corner of the individual but by teams that work together.
Slide 9: Our Journey
Our Journey Established Opened first Branch count AUM Branch count AUM AUM Listed on as branch in crossed 100 crossed INR crossed 1,000 crossed INR crossed INR Stock subsidiary of Chennai 100,000 MM 500,000 MM 1 Trillion exchanges HDFC Bank CARE AAA NSE: HDBFS rating for BSE: 544429 NCDs 2007 2008 2
Slide 10: Executive Summary Q3FY26
Section 2 1 Key Parameters Executive Summary Q3FY26 2 Key Highlights – Q3FY26 & 9MFY26 • 17 HDB Financial Services Presentation Q3 FY2026 9
Slide 11: Key Parameters – Q3 FY26
Key Parameters – Q3 FY26 Total Gross Loans Net Interest Margin: 8.1% ₹ 1,14,577 Cr Q3 PAT Gross NPA: 2.81% ₹ 686 Cr* Net NPA : 1.25% Return on Assets: 2.35%* Earnings/share : ₹ 7.8 Return on Equity : 14.0%* Book Value/share: ₹ 239.0 1,744 Branches across 22.0 MM Customers 1,165 Cities/ Towns *Note:
Slide 12: Key Highlights – Q3 FY26 & 9MFY26 (1/3)
Key Highlights – Q3 FY26 & 9MFY26 (1/3) Business metrics Customer franchise grew to 22.0 million with an increase of 4.8% during the quarter and 19.3% Y-o-Y The total gross loans as on December 31, 2025 stood at ₹1,14,577 crores, growing 2.8% sequentially and 12.2% Y-o-Y. Secured loans comprised
Slide 13: Key Highlights – Q3 FY26 & 9MFY26 (2/3)
Key Highlights – Q3 FY26 & 9MFY26 (2/3) P&L Metrics (contd…) Cost to Income ratio for lending business was 39.5% in Q3FY26 (excluding impact on account of the new labour codes) as compared to 40.7% in Q2FY26 & 42.5% in Q3FY25 Credit Cost for the quarter was ₹712 crores as against ₹748 crores for
Slide 14: Key Highlights – Q3 FY26 & 9MFY26 (3/3)
Key Highlights – Q3 FY26 & 9MFY26 (3/3) Return Metrics RoA & RoE (annualized & excluding impact on account of the new labour codes) o RoA for the quarter ended December 31, 2025 stood at 2.35% o RoA for the 9MFY26 stood at 2.15% o RoE for the quarter ended December 31, 2025 stood at 13.99% Earni
Slide 15: HDB Overview
Section 3 1 HDB – At a Glance 2 Key Metrics 3 Product Portfolio & Loan Book Mix HDB Overview 4 Distribution Network 5 Customer Franchise • 17 HDB Financial Services Presentation Q3 FY2026 14
Slide 16: HDB at a glance
HDB at a glance Key Metrics (Q3FY26) One of the leading, diversified retail-focused NBFCs in India INR 1,146 Bn 22.0MM Total Customers Product portfolio serving multiple credit needs of customers across Gross Loans INR 6.9 Bn* three business verticals: Enterprise Lending, Asset Finance and Consume
Slide 17: Key Metrics
Key Metrics Profitability and Scale Growth (QoQ/YoY) Asset Quality Returns INR 1,146 Bn 2.8% / 12.2% 2.81% INR 6.9 Bn* Total Gross Loans Total Gross Loans Growth GNPA PAT 22.0 MM 18.0% / 45.2%* 1.25% 2.35%* Customers PAT Growth NNPA RoA 1,744 4.8% / 19.3% 2.5% 14.0%* Credit Cost Branches Customers G
Slide 18: Product Portfolio
Product Portfolio ATS1 (INR) Avg. Tenor1 Customer Segment Products Loan Against Enterprise Business Loan Salaried Gold Loans Enterprise Property Business Loan Personal Loan Lending 4.5MM ~10 yrs 1.3MM ~9 yrs 295K ~4 yrs 338K ~5 yrs 236K ~3 yrs INR 1,146 BN2 Commercial Vehicle Loans Construction Equi
Slide 19: Loan Book Mix
Loan Book Mix Product Mix Geographic Mix Micro Lending Uttar Pradesh Tamil Nadu Relationship PL 2W Loans 8% 0% 13% 12% Auto Loans Loan Against 3% 22% (Used) Property Others 2% Uttarakhand 2% Auto Loans Maharashtra (New) Chhattisgarh 1% 9% 6% 1% Odisha 2% Consumer Assam 2% Durables Enterprise 4% 2% B
Slide 20: Omni-Channel Distribution with Pan-India Branch Network
Omni-Channel Distribution with Pan-India Branch Network Pan India Presence With Focus on Expansion in Tier-2+ Markets(1) Wide Distribution Presence(1) Strong Presence Beyond Metro 4 Jammu & Kashmir Markets (1) 1,744 31 Tier 1 Branches States and UTs 11% Tier 2 56 Punjab 17 9% Himachal 4 Pradesh Tier
Slide 21: Customer Franchise
Customer Franchise Customer Franchise Growth New Customers Added (MM) Granular Loan Book… …With a Low Customer Concentration 22.0 1.8x 19.2 15.8 ~INR ~0.30% 164,000 12.2 Average Ticket Size of of Total Gross Loan Book from 20 Overall Loan Book Largest Customers Mar-23 Mar-24 Mar-25 Dec-25 HDB Financ
Slide 22: Financial Performance Q3FY26
Section 4 1 Disbursement & Total Gross Loans Mix 2 P&L Financial Performance 3 Return Metrics Q3FY26 4 Asset Quality 5 Performance through the years • 17 HDB Financial Services Presentation Q3 FY2026 21
Slide 23: Disbursement and Total Gross Loans Mix
Disbursement and Total Gross Loans Mix Disbursements Total Gross Loans INR Crores INR Crores 17,917 114,577 17,643 109,342 111,409 106,878 16,273 102,097 15,599 15,171 24.0% 23.5% 23.6% 34.8% 22.7% 40.7% 22.9% 39.2% 39.8% 45.0% 37.8% 38.0% 38.0% 38.0% 37.6% 34.9% 32.4% 34.3% 32.4% 29.1% 39.4% 39.3%
Slide 24: Profit & Loss Statement
Profit & Loss Statement INR Crores Particulars Q3FY25 Q2FY26 Q3FY26 QoQ YoY 9MFY25 9MFY26 YoY Total Gross Loans 1,02,097 1,11,409 1,14,577 2.8% 12.2% 1,02,097 1,14,577 12.2% Interest income 3,517 3,887 3,989 2.6% 13.4% 10,213 11,707 14.6% Finance cost 1,645 1,694 1,704 0.6% 3.6% 4,740 5,138 8.4% Net
Slide 25: Income Metrics – Lending Business
Income Metrics – Lending Business Net Interest Income Non-Interest Income INR Crores INR Crores 2,285 QoQ 4.2% QoQ 11.7% 2,192 378 YoY 22.1% YoY 17.7% 1,872 321 339 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Yield, COF & NIM (%) Net Total Income INR Crores 7.46 7.95 8.09 14.02 14.08 14.12 QoQ 5.2% 2,
Slide 26: Operating Expenses – Lending Business
Operating Expenses – Lending Business Operating Expenses Cost-to-Income Ratio INR Crores 1,109 1,029 42.5% 40.7% 39.5%* 933 359 350 305 56 Dec-24 Sep-25 Dec-25 Opex to Total Gross Loans (annualized) 679 694 628 * 3.7% 3.7% 3.7% Dec-24 Sep-25 Dec-25 Employee Cost Other Operating Expenses Labour Code
Slide 27: Profitability Metrics
Profitability Metrics Pre-Provisioning Operating Profit (Lending) Profit Before Tax INR Crores INR Crores 916* 18 782 641 29 * QoQ 17.1% 1,611 QoQ 7.2% 1,502 16 1,260 YoY 27.8% 898 * * YoY 43.0% 753 625 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Lending BPO Services Profit After Tax INR Crores QoQ 18
Slide 28: Return Metrics
Return Metrics Return on Assets Return on Equity 2.4%* 14.0%* 2.0% 1.9% 1.9% 13.6% 1.8% 13.2% 12.5% 12.2% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 *Excluding impact on account of the new labour codes *Excluding impact on account of the new labour codes Earnings Per Share
Slide 29: Asset Quality
Asset Quality Credit Cost Loan Book Staging INR Crores INR Crores 2.5% 2.7% 2.5% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Stage-wise Loan Book Total Gross Loans 1,02,097 1,06,878 1,09,342 1,11,409 1,14,577 Stage 1 97,707 1,02,735 1,04,106 1,05,794 1,09,103 QoQ -4.8% Stage 2 2,096 1,729 2,442 2,489 2,260 7
Slide 30: Performance Through The Years
Performance Through The Years 3 Yr 10 Yr Financial Snapshot (INR Crores) FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR CAGR AUM 19,290 25,906 34,277 44,469 55,425 58,833 61,561 61,444 70,084 90,235 107,262 20.4% 18.7% Total Income (Lending) 2,453 3,222 4,380 5,533 7,077 8,643 8,924 8,9
Slide 31: Borrowings & Capital Structure
Section 5 1 Liability Franchise 2 Capital & Liquidity Metrics Borrowings & Capital Structure 3 Balance Sheet and Capital Productivity 4 Shareholding Pattern • 17 HDB Financial Services Presentation Q3 FY2026 30
Slide 32: Liability Franchise
Liability Franchise Liabilities Break-up Borrowings Overview As on Dec-25 INR Crores 5.8x 5.9x 5.1x 4.9x 4.9x Perpetual debt, 1.6% Commercial paper, 2.0% Securitsation, 3.1% Sub debt, 5.6% 91,472 90,541 92,903 87,398 83,681 External Commercial Borrowings, 11.1% Term loans and Working Capital Demand
Slide 33: Capital & Liquidity Metrics
Capital & Liquidity Metrics LCR 157% 161% 151% 174% 163% CRAR 19.20% 19.22% 20.18% 21.82% 21.81% 4.56% 4.53% Tier-II Capital 4.47% 4.78% 4.55% Tier-I Capital 17.26% 17.28% 14.67% 15.71% 14.42% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 HDB Financial Services Presentation Q3 FY2026 32
Slide 34: Asset Liability Management – December 2025
Asset Liability Management – December 2025 INR Crores Inflows Outflows Over one Less than one Over 2 months Over 3 Months Over 6 Months Over 1 year Over 2 year to Over 3 years Particulars month to 2 Over 5 years month to 3 months to 6 months to 1 year to 2 years 3 years to 5 years months Inflows 14,
Slide 35: Balance Sheet and Capital Productivity
Balance Sheet and Capital Productivity Total Gross Loans and RoA INR Crores 1,30,000 2.1% 2.4% 2.4% 2.4% 2.3% 1.7% 3.0% 3.0% 2.2% 3.5% 1.6% 1,10,000 0.6% 90,000 70,000 -1.5% 50,000 30,000 10,000 -6.5% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Loan Book RoA % Capital Position and RoE 25.
Slide 36: Shareholding Pattern
Shareholding Pattern Top Institutional Holdings: Domestic Kotak MFs Nippon MFs Mirae MFs Promoter Group, SBI MFs 74.1% Institutional Franklin Templeton MFs Investors, 14.7% Top Institutional Holdings: Foreign Vanguard Baillie Gifford Retail & Others, 11.1% Daiwa Asset Management BNP Paribas Notes: G
Slide 37: Technology & Risk Management Framework
Section 6 1 Technology Stack Technology & Risk Management 2 Digital Capability Framework 3 Risk Management Framework • 17 HDB Financial Services Presentation Q3 FY2026 36
Slide 38: Technology Stack Ecosystem
Technology Stack Verification & Engagement Underwriting Documentation Servicing Disbursement Reducing Onboarding Enhanced Underwriting Faster & Safer Collections Centralized view of Minimizing Need For Time And Improving Capabilities By Larger By Directly Accessing the customer improving Customer To
Slide 39: Digital Capabilities – "HDB OnTheGo" App
Digital Capabilities – “HDB OnTheGo” App DAU: Daily active users HDB Financial Services Presentation Q3 FY2026 38
Slide 40: Risk Management Framework
Risk Management Framework Business / Information Operational Risk Reputation Risk Credit Risk Interest Rate Risk Liquidity Risk Compliance Risk Technology Risk Strategic Risk Security Risk Mange risks via Operational Risk Manage risks Manage risks by Manage risks by Asset Liability Manage, identif
Slide 41: Sustainability Initiatives
Section 7 1 Environment, Social & Governance (ESG) Sustainability Initiatives 2 Corporate Social Responsibility (CSR) • 17 HDB Financial Services Presentation Q3 FY2026 40
Slide 42: ESG Framework
ESG Framework Integrate ESG Ideology: Embedding the Company’s ESG ideology and identifying ESG related risks and adverse incidents that can the affect business operations Ethical Conduct: Conduct business ethically having value driven approach in decision making Stakeholder Commitment: Demonstrat
Slide 43: ESG Priorities
ESG Priorities Climate & Sustainable People and Customer Social Stakeholder Good Resources Sourcing Culture Focus Impact Trust Governance HDB Financial Services Presentation Q3 FY2026 42
Slide 44: ESG Highlights
ESG Highlights ENVIRONMENT SOCIAL 1 Achieved ISO 27001:2022 Certification for a robust Information Security Management System Launched "TRINETRA" (IT Command Centre) to strengthen our technology operations and Cybersecurity posture 4 2 ESG & CSR committee at the Board level and ESG policy framework
Slide 45: Corporate Social Responsibility – Key Highlights
Corporate Social Responsibility – Key Highlights ₹ 2,600 Mn+ Spent on CSR Initiatives 100+ Social & Environmental Projects Supported 75 On-boarded Partners 11 CSR Programs Note: Figures since inception HDB Financial Services Presentation Q3 FY2026 44
Slide 46: Corporate Social Responsibility – Key Highlights
Corporate Social Responsibility – Key Highlights > 15,50,000 > 5,20,000 19,894 lives impacted through initiatives in the areas of trees planted to create carbon sinks, promote tons of waste diverted from entering into landfills healthcare, livelihoods, environment & others afforestation, and create
Slide 47: CSR: Intervention Themes
CSR: Intervention Themes Environment (Water + Waste + Plantation) Reviving Depleting Lakes Building Water Harvesting Structures Promoting Waste Management Tree Plantation Drives Healthcare (Preventive + Curative + Capacity) Physiotherapy for Truck Drivers Maternal Child Health & Nutrition Free OPD S
Slide 48: Safe Harbour Statement
Safe Harbour Statement Certain statements are included in this release which contain words or phrases, such as ‘will’, ‘aim’, ‘will likely result’, ‘believe’, ‘expect’, ‘will continue’, ‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, ‘contemplate’, ‘seek to’, ‘future’, ‘objective’, ‘goal’, ‘project’, ‘s
Slide 49: Thank You
Thank You For More Information please contact: Email: investorcommunications@hdbfs.com HDB Financial Services Presentation Q3 FY2026
Slide 50: Segment P&L Statement 9M FY26
Segment P&L Statement 9M FY26 INR Crores Particulars Lending BPO Total Interest income 11,707 - 11,707 Finance cost 5,138 - 5,138 Net Interest Income 6,569 - 6,569 Non Interest Income 1,047 930 1,977 Net Income 7,616 930 8,547 Employee cost* 2,114 829 2,943 Other Operating Expenses 1,058 40 1,098 To
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