1. Opening Hook
Just when the market thought NBFCs would either grow fast or stay clean, HDB Financial decided to multitask. Festive demand showed up, CV stress didn’t fully vanish, and a brand-new labour code casually walked in with a ₹61 Cr bill.
Disbursements hit an all-time high, margins climbed past 8%, and management sounded… cautiously confident. Growth is warming up, asset quality is healing, and unsecured pain is no longer screaming — more like whispering.
But before you pop the champagne, note this: loan book growth is still jogging while disbursements are sprinting. And management keeps saying “next few quarters” like it’s a sacred mantra.
Read on. The good news is real, the fine print is spicy, and the optimism is… selectively calibrated.
2. At a Glance
- Disbursements ₹17,917 Cr: All-time high — festive season did its job.
- Loan book ₹1.15 lakh Cr: Up 2.8% QoQ — growth took a tea break.
- NIM at 8.09%: Margins flexed despite competitive noise.
- PAT ₹644 Cr: Up 36% YoY — labour code tried to ruin the party.
- Adjusted PAT ₹686 Cr: +45% YoY — because one-offs don’t count emotionally.
- Gross Stage 3 at 2.81%: Flat QoQ — no fresh surprises, thankfully.
3. Management’s Key Commentary
“Disbursements in Q3 clocked an all-time high of ₹17,917 crores.”
(Festive demand showed up like clockwork 😏)
“Our mission
is to serve aspirational India, now with over 22 million customers.”
(Scale flex, subtle but intentional)
“Unsecured business portfolio quality has stabilised.”
(Translation: it stopped getting worse, finally)
“Asset quality challenges in CV and CE have shown early signs of improvement.”
(Still healing, don’t rush us 🩹)
“Consumer Finance book grew 17.3% QoQ.”
(EMI season > wedding season)
“NIM improved to 8.1% driven by product mix optimisation.”
(Yield discipline survived competition 😌)
“Labour code impact is one-time and fully provided.”
(₹61 Cr gone, please don’t ask again)
4. Numbers Decoded
Metric Q3 FY26 QoQ / YoY Read
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Disbursements ₹17,917 Cr +15% QoQ, festive boost
Loan Book ₹1,14,577 Cr +2.8% QoQ, cautious stance
NIM 8.09% Near upper guidance band
Cost-to-Income 39.5% Operational discipline visible
Credit Cost ₹712 Cr Trending down QoQ
Gross Stage 3 2.81% Stable, no nasty surprises
RoA (annualised) 2.35% Healthy NBFC territory
Capital Adequacy 21.81% Balance