
With HDB Financial Services Ltd staging a strong market debut on Wednesday, its market capitalisation (m-cap) has moved past many banking and financial institutions including IndusInd Bank Ltd and YES Bank Ltd, data compiled from corporate database AceEquity suggested.
After listing at Rs 835 apiece, the HDB Financial stock hit a high of Rs 845.75 on BSE, up 14.29 per cent over its issue price of Rs 740. It was later trading at Rs 838.55, still up 13.32 per cent. At this price, the newly-listed stock was commanding an m-cap of Rs 69,658.72 crore. This was higher than IndusInd Bank's Rs 66,126.26 crore m-cap, as the scrip fell over 3 per cent on brokerage downgrade. YES Bank Ltd shares fell 0.68 per cent to Rs 20.30 apiece and were commanding an m-cap Rs 63,672.22 crore.
AU Small Finance Bank Ltd, IDFC First Bank Ltd, Bank Of India and Max Financial Services Ltd were some of the BFSI stocks commanding lesser m-cap than HDB Financial Services.
HDB Financial promoter HDFC Bank Ltd was, meanwhile, trading 0.83 per cent lower at Rs 1995.30, commanding Rs 15,29,595 crore in market value.
The HDFC Bank-backed NBFC got listed at Rs 835 on BSE and NSE earlier today, and commanded a listing premium of 12.84 per cent. The NBFC raised a total of Rs 12,500 crore from the issue , which included a fresh share sale of Rs 2,500 and an offer-for-sale (OFS) of up to Rs 10,000 crore by HDFC Bank.
Calling it a play on enterprising Bharat, Emkay Global today initiated coverage on the NBFC stock with a buy rating and a target of Rs 900.
Emkay Global is optimistic about HDB Financial Services, citing its diversified, granular lending model (top 20 accounts form just 0.34 per cent of AUM), a 1.9 crore customer base, and resilience across credit cycles.
Its focus on direct sourcing (82 per cent of FY25 disbursements), rural presence (70 per cent of branches in Tier-4 towns and beyond), and low-to-mid income borrowers with limited credit history reflects strategic clarity, backed by a seasoned leadership team.
With frontloaded repo rate cuts aiding NIM expansion and credit cost moderation, HDB Financial is projected to deliver 2.7 per cent RoA, 17 per cent RoE by FY28, and 20 per cent AUM and 27 per cent EPS CAGR over FY25–28.