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What the record says.
HDB Financial Services delivered a strong Q4 FY26, with PAT at ₹751 crore (up 16.6% QoQ) and gross NPA improving to 2.44% from 2.81% in Q3. Disbursements hit an all-time high of ₹19,922 crore, up 11.2% QoQ, driven by enterprise lending (28% QoQ growth) and gold loan (587.8% QoQ). NIM expanded to 8.23% (vs 8.09% QoQ) as management held yields and optimized borrowing costs. Asset quality improved across segments, with credit cost moderating to 2.35%. Management targets medium-term AUM growth of nominal GDP +6-7%, with disbursement momentum expected to translate into book growth. Key risk: West Asia conflict and potential supply chain disruptions could impact CV and MSME segments, though no material impact seen yet.
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Guidance to track
- Management targets AUM growth at nominal GDP plus 6-7% over the medium term, with disbursement momentum as the leading indicator.
- Credit cost is expected to remain in the range of 2.3% plus/minus for the medium term, down from 2.35% in Q4.
- Management aims to maintain NIM above 8% on a sustainable basis, with current NIM at 8.23% and a non-negotiable 8%+ target.
- Operating expenses as a percentage of assets are expected to stay in the 3.7-3.8% range, with continued investment in AI and technology.
Risks flagged
- The ongoing West Asia conflict could disrupt supply chains and impact commercial vehicle and MSME customers, though no material impact seen yet.
- Recovery in asset finance is K-shaped: older stressed accounts are recovering slowly, while newer slips recover faster, posing residual risk.
- Borrowing costs have increased over the last month; management expects to sustain current levels for the near term but faces uncertainty.
- Unsecured business loan disbursements have not grown as much; management expects growth to resume but asset quality remains a monitorable.
Key quotes
- Our customer franchise expanded to 22.9 million about two and a half times since 2022.
- We have not reduced a single square footage of usage in the last three quarters that we've been in existence.
- An 8 plus is a non-negotiable the way we treat it internally today.
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