HDB Financial Services: 1QF27: In-line quarter; on the right track – EW

研报英文原文证据摘录

HDB Financial Services: 1QF27: In-line quarter; on the right track – EW

Update

July 15, 2026 06:37 PM GMT

Morgan Stanley India Company Private Limited+MHDB Financial Services | Asia Pacific Subramanian Iyer

Equity Analyst

1QF27: In-line quarter; on the Subramanian.Iyer@morganstanley.comKushan Parikh, CFA +91 22 6118-2234

Kushan.Parikh@morganstanley.com +91 22 6118-1082

right track – EW Sakshi V Chaplot

Research Associate

Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

Reaction to earnings

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: VA consensus estimates, Company data, Morgan Stanley Research estimates

1QF27 showed YoY improvement in bad loan formation – the HDB Financial Services Limited (HDBF.NS, HDBFS IS)

India Financials | India

third such quarter. We have seen a tendency for sharp Stock Rating Equal-weight

improvements in the past (F24). The setup appears good, but we Industry View Attractive

Price target Rs800.00

remain cautious in view of geopolitical risks, El Niño, and upside Up/downside to price target (%) 6

Shr price, close (Jul 15, 2026) Rs751.70

risks to inflation and rates. Mkt cap, curr (mn) Rs624,137

Avg daily trading value (mn) Rs781

1Q PAT (+38% YoY) was in line with our estimate and beat VA consensus by 2%: Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

See Results recap and exhibits . EPS (Rs)** 31.29 40.10 51.80 62.43

Prior EPS (Rs)** - 40.10 51.44 62.19

Asset quality showing durable improvement in net slippages data; provision ModelWare net inc (Rs 25,438 33,299 43,007 51,839

mn)

coverage stable: Management highlighted continued improvements – CV segment P/E 17.9 18.7 14.5 12.0

stage 3 ratio was lower QoQ in 1Q, a seasonally weaker quarter.