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HDFC Securities Financial Results Q1 FY 27
HDFC Securities' Q1 FY27 profit jumped 28% YoY to Rs.297 crore as interest income overtook broking fees, even as debt-equity leverage rose to 4.87x.
Company profileHDFC Securities LimitedTL;DR
Net Profit Growth: The net profit (Consolidated) for HDFC Securities Limited increased to 28.14% YoY to Rs. 295.90 crore. It highlights strong earnings momentum from the company’s core broking and financial service business.
A good revenue surge of 30.34% YoY to Rs. 949.85 crore. It is contributed by higher trading volumes and improved client engagement.
The Operating profit margin improved significantly to 74.14% which highlights better cost control in comparison to previous financial year.
The Profit Before Tax increased 28.5% YoY.
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Introduction
HDFC Securities Limited is the subsidiary of HDFC Bank. It is one of the leading full-service stock brokers. The company this year has made an impressive opening in FY 27. The company reported a growth of ~28.2% YoY in the first quarter. For the quarter ending on June 30, 2026, the consolidated net profit is Rs.295.90 Crore.
The HDFC Securities Q1 FY27 Results were approved by the board of directors on July 13, 2026.
These results were thoroughly reviewed abiding SEBI’s Limited review framework. And, on the same day, it was also filed with the National Stock Exchange and Bombay Stock Exchange.
Let us dive into the deeper story on what the number tells as the company has already made headlines on 28% profit growth.
Performance Snapshot-HDFC Securities Q1 FY27 Results
Metric | Q1 FY27 | Q1 FY26 | Growth (%) |
|---|---|---|---|
Revenue Rs. Crore | 949.85 | 728.77 | +30.34% |
Net Profit Rs. Crore | 295.90 | 230.92 | +28.14% |
Profit Before Tax Rs. Cr | 390.46 | 303.85 | +28.5% |
Operating Margin (%) | 74.14 | 65.64 | +8.5 pp |
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Total income for the quarter stood at~Rs.949 Crore, up from ~Rs.729 Crore a year earlier. It is driven largely by a sharp rise in interest income and steady fee and commission growth.
Profit Before Tax (PBT) stands at Rs. 390.46 Crore.
Consolidated Financial Highlights
The consolidated total income for the quarter 1 stands at Rs.950.03 Crore. This is higher from Rs.728.86 Crore in the same quarter in the previous year. Not just this the Profit Before Tax rose to Rs.390.46 Crore from Rs.303.84 Crore a year earlier.
Consolidated basic EPS came in at Rs. 165.98, higher than Rs. 130.27 in the same quarter last year.
Metric (in Rs. Crore-Consolidated) | Q1 FY 27 | Q4 FY 26 | Q1 FY 26 |
|---|---|---|---|
Total Revenue from Operations | |||
Total Income | |||
Total Expenses | 559.57 | 498.53 | 425.02 |
Profit Before Tax | 390.46 | 351.70 | 303.84 |
Net Profit (PAT) | 295.90 | 267.30 | 230.92 |
Basic EPS (Rs) | 165.98 | 149.63 | 130.27 |
Net Profit Margin (%) | 31 | 32 |
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Source : HDFC SL Financial Result
Where is the Growth Coming From?
HDFC Securities today isn’t just a brokerage it runs on two engines, and this quarter indicates how does the company perform:
Factor 1: Fee and Commission Income
The fee and commission income came in at Rs. 435.67 Crores, which is up 23.1% YoY from Rs.353.88 Crore.
This is the classic broking revenue line, which includes equity broking, mutual fund distribution and other fee-based services. The growth is steady which indicates healthy retail participation.
Factor 2: Interest Income
Interest income was the standout line item which was ~Rs.451 Crore, up a striking 49.0% YoY.
For the first time in disclosed periods, interest income has overtaken Fees and Commission Income as the single largest revenue contributor. This is a meaningful structural shift for a company historically associated with broking.
It is also observed that HDFC Securities Limited is increasingly monetising its margin-trading facility (MTF) and loan-against-securities book, and that factor is now pulling good growth for the company.
The Cost Side: Finance Costs Are The Story
The total expense rose 31.4% YoY to Rs.55,836 lakhs which seem to have outpaced income growth.
Expense Head (Rs. lacs) | Q1 FY 27 | Q1 FY 26 | YoY Change |
|---|---|---|---|
Finance Costs | 29,330 | 15,466 | +89.6% |
Employee Benefits Expenses | 13,921 | 14,806 | -6.0% |
Other Expenses | 10,094 | 9,336 | +8.1% |
Depreciation & Amortization | 2,054 | 1,998 | +2.8% |
Impairment on Financial Instruments | 437 | 872 | -49.9% |
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It appears that the finance costs have nearly doubled year-on-year and now account for over half (52.5%) of total expenses. This is the expected cost of running a rapidly growing, debt-funded loan book.
Another supporting factor is declining employee costs 6% YoY, which indicates cost discipline.
Balance Sheet: The Real Story
The balance sheet tells factors that contributed to growth. The total assets grew from Rs. 2178433 lakhs in March 2026 to Rs. 2438878 lakhs in June 2026. It shows an increase of 12% in one single quarter.
Reasons for the growth:
The loan is scaling fast at 41.3% jump in just three months. It is because of the continued pivot towards margin funding and lending-linked revenue streams.
Funded predominantly through debt as the debt securities rose from Rs. 1,293,133 lakhs to Rs.1,559,968 lakhs. Not just this, other borrowings also increased to Rs.252,099 lakhs from Rs.218,255 lakhs.
The debt-funded growth shows up in these leverage ratios:
Ratio | June 2026 (Q1 FY 27) | March 2026 (Q4 FY 26) |
Debt-Equity Ratio | 4.87 | 4.19 |
Net Worth | 3,72,380 | 3,59,592 |
Debt Service Coverage Ratio | 0.04 | 0.04 |
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Conclusion
HDFC Securities delivered a healthy Q1 FY 27 with the consolidated profit growth of over 28%. It is powered by rising interest income on expanding loan books. The company has also declared the interim dividend of Rs.110 per share amounting to Rs.19,666 lakhs during the quarter.
Despite finance costs almost doubling, operating, and net margins compressed by only about 100 basis points, and EPS grew nearly 28% YoY which indicates growth of lending business.
For more detailed results read, HDFC Securities Financial Results.
FAQs
What was Q1 FY 27 consolidated net profit for HDFC Securities’?
The Consolidated net profit (PAT) reported is Rs. 295.90 crore. This is for the quarter ending on June 30, 2026.
Under which laws was the Financial Results report for Q1 FY 27 filed with SEBI?
The financial result was submitted under Regulation 52(1)(2) of SEBI LODR Regulations.
