Finance
Conglomerate Backed NBFC
from 680 today
HDBFS is transitioning from portfolio stabilization toward a more balanced growth phase, supported by improving profitability and healthier asset quality. We reiterate our Neutral rating with a TP of INR760 (based on 2.3x Mar'28E BVPS).
We maintain BUY with an unchanged TP of INR 900, valuing the stock at P/BV of 3x on Sep'27E BVPS, supported by strong credit demand and a gradual recovery in unsecured BL/PL staging.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
