HDB Financial Services Shares List At 13% Jump - Should You Ride The Rally Or Book Gains?

HDB Financial Services, a subsidiary of HDFC Bank, entered the stock market with a bang on July 2, opening at Rs 835 on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This debut marked a significant 12.84% premium over its issue price of Rs 740.

The price band for the IPO was at Rs 740.00 and got listed at a price of Rs 835.00, and so far in the early trade went a high of Rs 845.75. At the moment of writing this story at 10:17 am, the stock is trading at Rs 840.20, up by 5.20 pts or +0.62% on BSE.

HDB Financial Services Share Price Today 
A similar trend is going on NSE, the stock opened at Rs 835.00 and went a high of Rs 849.85. Currently at 10:19 am the stock is trading at Rs 840.10 up by 5.10 pts or 0.61%

The Rs 12,500 crore initial public offering (IPO), which closed on June 27, received an overwhelming response from investors. Subscribed 17.65 times overall, the IPO saw robust participation from Qualified Institutional Buyers (QIBs), who subscribed their portion 31.73 times.

HDB Financial Services Share Price Target

Brokerage firm Emkay Global has initiated coverage on HDB Financial Services (HDBFS) with a bullish outlook, setting a June 2026 target price of Rs 900, implying a 22% potential upside. The estimate is based on an FY27 projected price-to-book (P/B) ratio of 3.0x.

“We initiate coverage on HDB Financial Services (HDBFS) with BUY and Jun-26E target price of Rs 900 (+22% upside), on FY27E P/B of 3.0x,” the report said.
 

Why Emkay is Bullish on HDB Financial Services
Emkay's confidence in HDBFS is rooted in three core strengths:

Diversified and Granular Lending Book
With a customer base of 19 million, HDBFS boasts a broad lending portfolio. Notably, its top 20 accounts make up just 0.34% of total assets under management (AUM), reflecting strong diversification and minimal concentration risk.

Strategic Focus on Underserved Markets
The company concentrates on low-to-mid income segments in remote regions, with 70% of its branches located in Tier-4 towns and beyond, ensuring deep rural penetration and access to untapped credit demand.
 

Seasoned Leadership Team
HDBFS benefits from a stable and experienced management, with most senior executives serving over 10 years, which adds to strategic consistency and operational resilience.

Read More - HDB Financial Services IPO Lists Today: GMP Signals Strong Debut - Buy On Listing Or Wait It Out?

Strong Growth Outlook
Emkay anticipates robust performance ahead, driven by:
Net Interest Margin (NIM) expansion
Reduced credit costs
Improved profitability metrics

The brokerage projects a 20% CAGR in AUM and a 27% CAGR in EPS from FY25 to FY28. Additionally, it expects HDBFS to clock a Return on Assets (RoA) of 2.7% and Return on Equity (RoE) of 17% by March 2028.

Overall, Emkay believes HDBFS is well-positioned to deliver consistent growth, supported by its strong fundamentals and focused rural lending strategy.