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Sustained CV asset quality stress
View Risks →HDB Financial Services Limited — Q2 FY26
HDB Financial Services reported Q2 FY26 PAT of ₹581 crore, up from ₹568 crore in Q1, with gross loan book growth of 13% YoY to ₹1,11,149 crore.
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HDB Financial Services reported Q2 FY26 PAT of ₹581 crore, up from ₹568 crore in Q1, with gross loan book growth of 13% YoY to ₹1,11,149 crore. NIM improved to 7.9% (vs 7.5% YoY) and cost-to-income ratio declined to 40.7%. Asset quality weakened with gross stage 3 rising to 2.81% (from 2.56% QoQ), driven by CV segment stress from monsoon-related vehicle idling. Management expects credit cost to normalize from Q3 towards the 2.2% medium-term target. Growth outlook is cautiously optimistic with festive season pickup, but near-term loan growth remains moderate at 13% YoY. Key risk: sustained CV asset quality pressure if economic recovery falters.
HDB फाइनेंशियल सर्विसेज ने दूसरी तिमाही में 581 करोड़ रुपये का मुनाफा कमाया, जो पिछली तिमाही के 568 करोड़ से थोड़ा ज़्यादा है। कंपनी का कुल कर्ज एक साल पहले की तुलना में 13% बढ़कर 1,11,149 करोड़ रुपये हो गया। कमाई का अंतर (NIM) 7.9% हो गया, जो पहले 7.5% था, और खर्च कम होने से कंपनी को ज़्यादा फायदा हुआ। हालांकि, कर्ज वसूली में कमजोरी आई है - खराब कर्ज (stage 3) 2.56% से बढ़कर 2.81% हो गया, खासकर भारी वाहनों पर बारिश के कारण। कंपनी को उम्मीद है कि अगली तिमाही से यह सुधरेगा और कर्ज घाटा 2.2% के आसपास रहेगा। त्योहारी सीजन में कर्ज मांग बढ़ने की उम्मीद है, लेकिन फिलहाल वृद्धि 13% पर ही रहेगी। अगर अर्थव्यवस्था नहीं सुधरी तो भारी वाहनों का कर्ज और खराब हो सकता है।
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Gross Loan Book
₹1,11,149 crore
+13% YoY
Loan book grew 13% year-on-year, with secured loans comprising 73% of the book.
Net Interest Margin (NIM)
7.9%
+40bps YoY
NIM improved to 7.9% from 7.5% in Q2 FY25, driven by better yields and cost management.
Gross Stage 3 (GS3)
2.81%
+25bps QoQ
GS3 increased from 2.56% in Q1, primarily due to CV segment stress from monsoon disruptions.
Customer Franchise
21 million
+19.6% YoY
Customer base grew to 21 million, reflecting strong acquisition across product segments.
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Guidance and risk preview
Management expects credit cost to normalize from Q3 onwards towards the 2.2% medium-term target, down from current 2.7%.
Commercial vehicle segment stress from monsoon idling may persist if economic recovery or infrastructure spending does not pick up.
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