Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	200	Visit
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★★★★★☆	₹2,800	352	Visit
★★★★☆☆	₹2,900	841	Visit

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LTP:₹2,100

Min Qty:551

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LTP:₹2,600

Min Qty:854

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LTP:₹2,700

Min Qty:989

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Min Qty:982

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LTP:₹2,900

Min Qty:442

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.

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Trade Receivables	1176.54	1286.57	407.27	505.86	439.61	165.38	659.11
Cash & Cash Equivalents	5693.44	5375.85	3591.9	3598.83	2178.35	1967.95	582.19
Other Financial Assets	6799.36	7123.03	4000.26	3588.27	1953.95	481.40	695.18
Total Financial Assets	13669.34	13785.45	7999.43	7692.96	4571.91	2614.73	1936.48
Fixed Assets (incl. WIP)	147.84	62.09	81.63	98.71	81.47	111.61	55.25
Other Non Financial Assets	213.48	255.53	195.48	130.87	105.53	44.20	45.48
Total Non Financial Assets	361.32	317.62	277.11	229.58	187.00	155.81	100.73
Total Assets	14030.66	14103.07	8276.54	7922.54	4758.91	2770.54	2037.21
Borrowings	202.25	0.00	996.27	4619.14	2040.43	690.91	0.00
Other Financial Liabilities	10,383.87	11996.89	5429.15	1494.73	1102.68	719.40	747.57
Total Financial Liabilities	10,586.12	11996.89	6425.42	6113.87	3143.11	1410.31	747.57
Tax Liabilities (Deferred and Current)	3.97	11.10	5.46	4.59	1.79	1.79	12.86
Provisions	24.44	15.01	14.60	117.33	87.47	71.32	65.33
Other Non-Financial Liabilities	68.11	50.83	33.92	28.84	46.23	39.53	17.69
Total Non-Financial Liabilities	96.52	76.94	53.98	150.76	135.49	112.64	95.88
Equity Capital	17.77	15.97	15.89	15.83	15.77	15.73	15.61
Reserves	3,330.25	2013.27	1781.25	1642.08	1464.54	1231.87	1178.15
Total Equity	3,348.02	2029.24	1797.14	1657.91	1480.31	1247.60	1193.76
Equity + Liabilities	14030.66	14103.07	8276.54	7922.54	4758.91	2770.55	2037.21

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	3263.80	2660.12	1891.27	1975.57	1368.16	857.47	770.56
Growth %	23%	41%	-4%	44%	60%	11%	0
Operating Expenses	913.89	724.88	496.4	471.4	364.5	294.1	256.6
Growth %	26%	46%	5%	29%	24%	15%	0
Operating Profit	2349.91	1935.2	1394.9	1504.2	1003.7	563.4	513.9
Op. Profit Margin %	72.0%	72.8%	73.8%	76.1%	73.4%	65.7%	66.7%
Other Income	0.75	0.61	0.4	14.7	31.3	4.8	0.1
Interest Expense	785.45	600.5	295.9	156.3	53.1	28.8	0.1
Depreciation	69.62	63.92	57.5	42.3	36.3	30.4	18.6
Profit Before Tax	1495.59	1271.4	1041.9	1320.3	945.6	509.0	495.3
Tax	371.13	320.54	264.7	336.0	242.4	124.9	165.4
Tax %	25%	25%	25%	25%	26%	25%	33%
Profit After Tax	1124.46	950.9	777.2	984.3	703.2	384.2	329.9
Growth %	18.3%	22.3%	-21.0%	40.0%	83.1%	16.5%	0
PAT %	34%	36%	41%	50%	51%	45%	43%
Diluted EPS	635.21	597.35	489.8	621.8	446.5	245.9	210.6

Shareholding Pattern

Color	Shareholder	Holding
	HDFC Bank Limited	95.13%
	Others	4.87%

Fundamentals

Quick Insights

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.

Market Cap₹17,112.38 Cr

PE Ratio18.00

EPS597.35

Dividend Yield0%

Book Value₹1274.8

Debt/Equity0.00

Price/Book8.43

Industry PE0

Sales2660.12 Cr

Profit After Tax950.9 Cr

ISININE700G01014

SectorFinance

About Company

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

HSL became a subsidiary of HDFC Bank in FY2006 when the bank acquired HDFC Limited’s stake.

Latest News

hdfc securities pays Rs65 lakh to sebi to settle regulatory violationsTheEconomicTimes - 3/10/2025Read full article

hdfc securities records 18 yoy growth in fy25 profitMoney control - 4/17/2025Read full article

Annual Reports

FY24 FY23 FY22 FY21 FY20 FY19

Board of Directors

Neeraj SwaroopIndependent Director & Chairperson

Dhiraj RelliCEO/MD

Amla SamantaDirector

Samir BhatiaDirector

Tarun BalramDirector

Malay PatelDirector

Arvind VohraDirector

Bhavesh ZaveriDirector

Ashish RathiDirector

Senior Management

DHIRAJ RELLICEO/MD

ASHISH RATHIDIRECTORS

ANAND MATHURCFO

MITUL PALANKARCOMPANY SECRETARY

MURLI VIJAY KARKERACOMPLIANCE OFFICER

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	69	Visit
★★★★☆	₹2,600	895	Visit
★★★★★☆	₹2,700	125	Visit
★★★★★☆	₹2,800	756	Visit
★★★★☆☆	₹2,900	948	Visit

Platform

Last Traded Price

Min Quantity

★★★★☆

₹2,100

Visit

★★★★☆

₹2,600

895

Visit

★★★★★☆

₹2,700

125

Visit

★★★★★☆

₹2,800

756

Visit

★★★★☆☆

₹2,900

948

Visit

Quick Insights

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.

Balance Sheet

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Trade Receivables

1176.54

1286.57

407.27

505.86

439.61

165.38

659.11

Cash & Cash Equivalents

5693.44

5375.85

3591.9

3598.83

2178.35

1967.95

582.19

Other Financial Assets

6799.36

7123.03

4000.26

3588.27

1953.95

481.40

695.18

Total Financial Assets

13669.34

13785.45

7999.43

7692.96

4571.91

2614.73

1936.48

Fixed Assets (incl. WIP)

147.84

62.09

81.63

98.71

81.47

111.61

55.25

Other Non Financial Assets

213.48

255.53

195.48

130.87

105.53

44.20

45.48

Total Non Financial Assets

361.32

317.62

277.11

229.58

187.00

155.81

100.73

Total Assets

14030.66

14103.07

8276.54

7922.54

4758.91

2770.54

2037.21

Borrowings

202.25

0.00

996.27

4619.14

2040.43

690.91

0.00

Other Financial Liabilities

10,383.87

11996.89

5429.15

1494.73

1102.68

719.40

747.57

Total Financial Liabilities

10,586.12

11996.89

6425.42

6113.87

3143.11

1410.31

747.57

Tax Liabilities (Deferred and Current)

3.97

11.10

5.46

4.59

1.79

12.86

Provisions

24.44

15.01

14.60

117.33

87.47

71.32

65.33

Other Non-Financial Liabilities

68.11

50.83

33.92

28.84

46.23

39.53

17.69

Total Non-Financial Liabilities

96.52

76.94

53.98

150.76

135.49

112.64

95.88

Equity Capital

17.77

15.97

15.89

15.83

15.77

15.73

15.61

Reserves

3,330.25

2013.27

1781.25

1642.08

1464.54

1231.87

1178.15

Total Equity

3,348.02

2029.24

1797.14

1657.91

1480.31

1247.60

1193.76

Equity + Liabilities

14030.66

14103.07

8276.54

7922.54

4758.91

2770.55

2037.21

Profit & Loss

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Revenue from Operations

3263.80

2660.12

1891.27

1975.57

1368.16

857.47

770.56

Growth %

23%

41%

-4%

44%

60%

11%

Operating Expenses

913.89

724.88

496.4

471.4

364.5

294.1

256.6

Growth %

26%

46%

29%

24%

15%

Operating Profit

2349.91

1935.2

1394.9

1504.2

1003.7

563.4

513.9

Op. Profit Margin %

72.0%

72.8%

73.8%

76.1%

73.4%

65.7%

66.7%

Other Income

0.75

0.61

0.4

14.7

31.3

4.8

0.1

Interest Expense

785.45

600.5

295.9

156.3

53.1

28.8

0.1

Depreciation

69.62

63.92

57.5

42.3

36.3

30.4

18.6

Profit Before Tax

1495.59

1271.4

1041.9

1320.3

945.6

509.0

495.3

Tax

371.13

320.54

264.7

336.0

242.4

124.9

165.4

Tax %

25%

26%

25%

33%

Profit After Tax

1124.46

950.9

777.2

984.3

703.2

384.2

329.9

Growth %

18.3%

22.3%

-21.0%

40.0%

83.1%

16.5%

PAT %

34%

36%

41%

50%

51%

45%

43%

Diluted EPS

635.21

597.35

489.8

621.8

446.5

245.9

210.6

Color

Shareholder

Holding

HDFC Bank Limited

95.13%

Others

4.87%

HDFC Securities Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses