Key Metrics of Hdfc Securities Limited
About Hdfc Securities Limited
Sectors
Company details
- Website
- hdfcsec.com
Operational Areas of Hdfc Securities Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 13 Aug 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹20,300 Cr | View |
| 25 Jun 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹18,300 Cr | View |
| 18 Mar 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹13,300 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strong parentage in the form of HDFC Bank
HSL is a subsidiary of HDFC Bank, which holds a 93.99% stake in the company.
+ Established track record in retail broking
HSL, a full-service securities brokerage house, is primarily a retail broking player (~99% of total broking volumes and 95% of broking income in 9M FY2026 were from the retail segment).
+ Healthy financial profile with strong profitability and adequate capitalisation
HSL has demonstrated strong profitability over the years, reflected in the healthy average PAT/net operating income (NOI) of 47.3% and robust return on equity (RoE) of 39.7% during FY2017-Q1 FY2027.
Credit challenges
− Exposed to risks inherent in capital market-related businesses as well as credit and market risks associated with MTF business
HSL’s revenues remain dependent on capital markets, which are inherently volatile in nature.
− Elevated competition, high dependence on technology, and evolving regulatory environment
Given the highly regulated nature of the industry, brokerage houses face significant regulatory risk.
Could lead to a downgrade
A revision in the credit profile of the parent (HDFC Bank) or a significant change in the company’s shareholding or linkage with the parent could lead to pressure on the ratings. 4 Interruptions impacting trading for more than five minutes www.icra .in Sensitivity Label : Public Page |3
Agency-reported financials (ICRA, 13 Aug 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Net operating income (NOI) | ₹2,391 Cr | ₹2,217 Cr | ₹599 Cr |
| Profit after tax (PAT) | ₹1,125 Cr | ₹930 Cr | ₹297 Cr |
| Net worth | 3,349.00× | 3,596.00× | 3,724.00× |
| Total assets | ₹14,031 Cr | ₹21,784 Cr | ₹24,389 Cr |
| Gearing (times) | 2.40× | 4.20× | 4.90× |
| Return on average net worth (annualised) | 41.8% | 26.8% | 32.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund-based/Non-fund based bank lines | Non-fund based limits | ₹300 Cr | ₹300 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Commercial paper programme | Commercial paper | ₹18,000 Cr | ₹20,000 Cr | 11.1% | A1+ | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE700G14QD7 | Commercial paper Sep Mar + | Commercial paper | 6.75% | — | — | ₹350 Cr | A1+ | Not stated |
| INE700G14QI6 | Commercial paper Sep Mar + | Commercial paper | 6.82% | — | — | ₹50.0 Cr | A1+ | Not stated |
Credit assessment · Broking firms
Criteria for Rating of Broking Firms (Dec 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 51% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 59% chance the next rating action is stable or better
- Current rating AAA (investment grade)
Rated limits by facility
Timeline
From the report
ICRA notes that the bank participated in the last rights issue, infusing ~Rs. 1,000 crore in Q1 FY2025.
From the report
Liquidity position: Adequate As on June 30, 2026, HSL had total outstanding borrowings of Rs. 18,286 crore , due for repayment within the next three months, while it had an unencumbered cash and bank balance of Rs. 760 crore, drawable but unutilised fund-based bank lines of Rs. 2,698 crore and a liquid investment book of Rs. 2,371 crore.
From the report
June 25, 2026 HDFC Securities Limited: Ratings reaffirmed; rated amount enhanced Summary of rating action Previous rated amount Current rated amount Instrument* Rating action (Rs. crore) (Rs. crore) Long-term fund-based/Non-fund 300.0 300.0 [ICRA]AAA (Stable); reaffirmed based bank lines [ICRA]A1+; reaffirmed and assigned for Commercial paper programme 13,000.0 18,000.0 enhanced amount Total 13,300.0 18,300.0 *Instrument details are provided in Annexure II Rationale The ratings continue to factor in HDFC Securities Limited’s (HSL) strong parentage in the form of HDFC Bank Limited (HDFC 1 Bank
From the report
ICRA notes that the bank participated in the last rights issue, infusing ~Rs. 1,000 crore in Q1 FY2025.
From the report
Liquidity position: Adequate As on May 31, 2026, HSL had total outstanding borrowings of Rs. 16,692 crore, due for repayment within the next three months, while it had an unencumbered cash and bank balance of Rs. 1,291 crore and drawable but unutilised fund-based bank lines of Rs. 2,941 crore.
From the report
ICRA notes that the bank participated in the last rights issue , infusing ~Rs. 1,000 crore in Q1 FY2025.
From the report
As on January 31, 2026, HSL had total outstanding borrowings of Rs. 15,317 crore, which was due for repayment within three months, while it had an unencumbered cash and bank balance of Rs. 1,487 crore and drawable but unutilised fund -based bank lines of Rs. 2,540 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Hdfc Securities Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Part of Life Insurance Corporation of India. | itcportal.com | 1910 | Kolkata, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| Fintech, Broking & Market Infrastructure · Finance | angelone.in | — | Mumbai, Maharashtra, India | |
 Nuvama Wealth Management Limited |
Fintech, Broking & Market Infrastructure · Finance | nuvamawealth.com | — | Mumbai, Maharashtra, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
| 360 One Wam Limited | Discovered Companies · Other Industries | — | — | Mumbai, Maharashtra, India |
| HDFC Asset Management Company Limited | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
 Emami |
Shampoo, Hair Oil & Hair Care · FMCG - Personal & Home Care | emamiltd.in | 1974 | Kolkata, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Stock broking
Filings
No filings on record yet.