HDBFS Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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What the record says.
HDB Financial Services reported a strong Q3 FY26 with PAT of ₹686 crore (ex-labor code impact), up 18% YoY, driven by record disbursements of ₹17,917 crore (+15% QoQ) and NIM expansion to 8.09%. Asset quality stabilized, with gross stage 3 at 2.81% and early bucket delinquencies improving across unsecured and CV/CE portfolios. Management expects growth to return to 18-20% trajectory as unsecured book health improves and festive demand sustains. Key risk: competitive intensity and potential hardening of bond yields could pressure margins and growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects loan book growth to return to 18-20% range (nominal GDP +6-7%) as unsecured portfolio stabilizes and growth resumes in coming quarters.
- Net interest margin expected to stay in 7.9-8.1% range for the next few quarters, with potential 5-10 bps variation.
- Management aims to reduce credit cost by 10-20 bps from current ~2.5% over the medium term, driven by improving asset quality.
- Cost-to-income ratio for lending business reduced to 39.5% in Q3; management expects to sustain below 40% as book grows.
Risks flagged
- Rising competition and hardening bond yields could pressure borrowing costs and growth, though management expects cost of funds to remain stable near-term.
- The one-time ₹61 crore provision for new labor codes may have ongoing BAU cost implications; management awaits final rules.
- While early bucket delinquencies improved, gross stage 3 remains elevated at 2.81%; full recovery may take 2-3 quarters.
Key quotes
- Our mission is to serve aspirational India and now we have a franchise of over 22 million customers and a pan-India network of 1744 branches spread across 1165 cities.
- We believe growth will start kicking in from here on and it should be in more positive range from where we stand today.
- The key for our business really in retail is to make sure flow forwards reduce and that's been the key focus of how we are going about things.
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