HDFC Securities Unlisted Shares - Company Overview
HDFC Securities Limited is one of the leading securities brokerage companies in India, with more than 20 years of experience in the industry. It is a subsidiary of HDFC Bank. HDFC Securities Limited offers a large spectrum of financial products and services including various asset classes such as Equity, fixed income, retirement planning, gold, and protection. The company uses a mobile application, an online trading portal, a centralized dealing desk, and a support network of more than 1500 relationship managers to deliver their services.
The company thrives to offer meaningful insights and views that have the potential to positively impact its customer's money. Unlike their peer companies, their research reports are freely available on their website. HDFC Securities Limited focuses intensively on technological developments and has multiple associations with FinTech firms. They are very actively exploring the domains of Artificial Intelligence and Machine Learning to assess a customer’s portfolio and manage it with as much efficiency as possible.
HDFC Securities Limited is ranked 2nd in terms of active customers in India. The equity shares of HDFC Securities Limited are in huge demand as the company’s IPO is coming soon. HDFC Securities share is available in the unlisted marketplace. HDFC Securities share price keeps fluctuating daily and is unstable.
HDFC Securities Share Price, Unlisted Share Details as of March 31, 2025
HDFC Securities Outstanding Shares: |
17771969 |
| Face Value of HDFC Securities Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of HDFC Securities Unlisted Share: | INE700G01014 |
| Lot Size of HDFC Securities Unlisted Share: | 10 Shares |
| HDFC Securities Share Price: | Best in Industry |
| PAN Number of HDFC Securities: | AAACH8215R |
| GST Number of HDFC Securities: | 27AAACH8215R2Z2 |
HDFC Securities Limited Incorporation Details
HDFC Securities Limited CIN Number |
U67120MH2000PLC152193 |
HDFC Securities Limited Registration Date |
17-Apr-00 |
Category / Sub-Category of HDFC Securities |
Public company limited by shares |
HDFC Securities Registered Office Address |
I Think Techno Campus, Building B, Alpha, Office Floor 8, Near Kanjurmarg Station, Kanjurmarg (East), Mumbai - 400042 |
HDFC Securities Registrar & Transfer Agent Address and Contact Details |
Datamatics Business Solutions Limited, Plot No B-5, Part B Crosslane MIDC, Marol, Andheri (East), Mumbai - 400093 Tel. No. 022 - 66712201 |
Primary Business Activities of HDFC Securities
| Name and Description of main products/services | NIC Code of the product/service | % to the total turnover of the Company |
|---|---|---|
| Stock Broking and related products | 67120 | 100% |
Board of Directors of HDFC Securities
Mr. Bharat D Shah (Chairman)
Mr. Dhiraj Relli (Managing Director)
Mr. Abhay Aima (Non-Independent Director)
Mr. Jagdish Capoor (Non-Independent Director)
Dr. (Mrs.) Amla Samanta (Independent Director)
Mr. Samir Bhatia (Director)
Mr. Malay Patel (Director)
Mr. Ashish Rathi (Whole Time Director)
Shareholding Pattern of HDFC Securities
| S. No. | Shareholders’ Name | No. of Shares | % of total Shares of the company |
|---|---|---|---|
| 1 | HDFC Bank Limited | 1,68,03,220 | 94.55% |
| 2 | Public Shareholding | 9,68,749 | 5.45% |
| Total | 1,77,71,969 | 100.00% |
Industry Outlook of HDFC Securities
With the increase in retail investor activity and transaction volume, the total sales of the domestic brokerage industry are expected to reach Rs. 27,500 – 28,500 Crore, with a growth rate of 30% to 35%. However, growth might be moderate in 2021-22 and increase only by 7-8%.
The Average Daily Turnover (ADTO) increased to Rs. 22.46 lakh Crores in April-December 2020. Favorable capital markets outlook and strong transaction volumes are the primary reasons for the boom of the broking industry. The industry has shown a growth of 34% in broking income and 21% in total revenues in the first half of 2020-2021.
The total number of Demat accounts increased to 498 lakhs as of December 2020, from 467 lakhs in September 2020 and 408 lakhs in March 2020. This represents an addition of 10.03 lakh Demat accounts every month. Broking firms with a strong online presence have increased their market share.
Increased participation in the retail industry has supported the profitability of the industry. As long as loan costs are under control, interest income from margin financing will increase. Moreover, companies with mature IT infrastructure, processes, and controls can achieve better results.
HDFC Securities Limited Consolidated Balance Sheet (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
|---|---|---|
| Financial Assets | ||
| Cash And Cash Equivalents | 83,098 | 79,811 |
| Bank balance other than above | 4,86,246 | 4,57,774 |
| Securities held for trading | 14,339 | - |
| Trade Receivables | 1,17,654 | 1,28,657 |
| Loans | 5,51,187 | 6,02,524 |
| Investments | 1,05,087 | 1,00,533 |
| Other Financial Assets | 9,323 | 9,246 |
| Non-Financial Assets | ||
| Current tax assets (net) | 4,219 | 4,156 |
| Deferred Tax assets (Net) | 52 | - |
| Investment Property | 1,314 | 1,341 |
| Property, Plant and Equipment | 7,647 | 6,164 |
| Right of use assets | 7,137 | 6,677 |
| Capital work in progress | - | 29 |
| Intangible assets under development | 732 | 507 |
| Other Intangible assets | 8,424 | 8,145 |
| Other non-financial assets | 6,607 | 4,743 |
| Total Assets | 14,03,066 | 14,10,307 |
| Financial Liabilities | ||
| Trade Payables | ||
| Total outstanding dues of micro and small enterprises | 38 | 28 |
| Total outstanding dues of creditors other than above | 2,39,584 | 2,17,425 |
| Debt Securities | 7,74,152 | 9,53,251 |
| Borrowings | 20,225 | - |
| Lease Liabilities | 8,563 | 7,778 |
| Other Financial Liabilities | 16,050 | 21,207 |
| Non-Financial Liabilities | ||
| Current Tax Liabilities | 397 | 779 |
| Provisions | 2,444 | 1,501 |
| Deferred Tax liabilities (Net) | - | 331 |
| Other Non-Financial Liabilities | 6,811 | 5,083 |
| Equity | ||
| Equity Share Capital | 1,777 | 1,597 |
| Other Equity | 3,33,025 | 2,01,327 |
| Total Equity and Liabilities | 14,03,066 | 14,10,307 |
HDFC Securities Limited Consolidated Profit & Loss Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
|---|---|---|
| Revenue from Operations | ||
| Interest Income | 1,41,834 | 1,03,072 |
| Dividend Income | 114 | 15 |
| Rental Income | 221 | 221 |
| Fees and Commission Income | 1,74,420 | 1,59,717 |
| Net gain on fair value changes | 8,442 | 2,498 |
| Sale of Services | 1,349 | 489 |
| Other Income | 75 | 61 |
| Total Income | 3,26,455 | 2,66,073 |
| Expenses | ||
| Finance Cost | 78,545 | 60,050 |
| Impairment on financial instruments | 600 | 1,433 |
| Employee Benefit Expenses | 48,040 | 38,452 |
| Depreciation, Amortisation and Impairment | 6,962 | 6,392 |
| Other Expenses | 42,749 | 32,603 |
| Total Expenses | 1,76,896 | 1,38,930 |
| Profit Before Tax | 1,49,559 | 1,27,143 |
| Current Tax | 37,496 | 32,090 |
| Deferred Tax | -383 | -36 |
| Profit for the Period/Year | 1,12,446 | 95,089 |
| Other Comprehensive Income | ||
| Items that will not be reclassified to profit or loss: | ||
| Re-measurement gains on defined benefit plans | -276 | 47 |
| Income tax effect | 69 | -12 |
| Other Comprehensive Income for the Period/Year | -207 | 35 |
| Total Comprehensive Income for the Period/Year | 1,12,239 | 95,124 |
| Paid-up Equity Share Capital | 1,777 | 1,597 |
| Earnings per Equity Share | ||
| Basic | 637.51 | 597.42 |
| Diluted | 635.21 | 597.36 |
HDFC Securities Limited Consolidated Cash Flow Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
|---|---|---|
| Cash flows from Operating Activities | ||
| Profit before Tax | 1,49,559 | 1,27,143 |
| Adjustments: | ||
| Depreciation & Amortisation | 6,962 | 6,392 |
| Share based payments to employees | 4,441 | 3,113 |
| Impairment on financial instruments | 600 | 1,433 |
| (Gain)/Loss on sale/w/off of property, plant & equipment | 43 | -18 |
| Rental Income from Investment Property | -221 | -221 |
| Change in Fair value of investments | -8,810 | -2,867 |
| Finance Cost | 78,104 | 59,504 |
| Interest Income | -5,331 | -5,357 |
| Dividend Income | -114 | -15 |
| Working Capital adjustments: | ||
| Decrease/(Increase) in Other Bank Balances | -28,472 | -1,37,794 |
| Decrease/(Increase) in Trade receivables | 10,405 | -89,360 |
| Decrease/(Increase) in Loans | 51,337 | -3,27,767 |
| Decrease/(Increase) in Other Financials assets | -77 | -5,338 |
| Decrease/(Increase) in Other Non-Financials assets | -1,865 | -1,513 |
| Increase/(Decrease) in Trade Payables | 22,169 | 1,19,262 |
| Increase/(Decrease) in Other financial liabilities | -5,157 | 8,757 |
| Increase/(Decrease) in Provisions | 667 | 88 |
| Increase/(Decrease) in Other Non-Financial liabilities | 1,728 | 1,690 |
| Income tax paid | -37,872 | -31,829 |
| Net Cash Flow (Used in)/ from Operating Activities | 2,38,096 | -2,74,697 |
| Cash flows from Investing Activities | ||
| Purchase of property, plant and equipment, intangible assets | -16,192 | -16,012 |
| Proceeds from sale of property, plant and equipment, intangible assets | 6,796 | 7,428 |
| Rental income received | 221 | 221 |
| Purchase of Investments | -14,434 | -600 |
| Proceeds from sale of Investments | 4,351 | 24,295 |
| Dividend received | 114 | 15 |
| Interest received | 5,331 | 5,357 |
| Net Cash Flow (Used in)/ from Investing Activities | -13,813 | 20,704 |
| Cash Flows from Financing Activities | ||
| Proceeds from Issuance of equity share capital | 180 | 8 |
| Increase/(Decrease) from Issuance of other equity | -1,871 | -1,436 |
| Proceeds from Issuance of securities premium | 1,08,405 | 5,960 |
| Proceeds/(Refund) from Share Application Money | -1,683 | 1,683 |
| Increase/(Decrease) in lease liability | 784 | 1,287 |
| Proceeds from Issuance of debt securities | 38,66,127 | 32,47,841 |
| Redemption of debt securities | -40,25,000 | -28,20,000 |
| Bank Guarantee charges | -399 | -426 |
| Interest paid - others | -77,705 | -59,078 |
| Dividend paid, including dividend tax | -89,834 | -81,246 |
| Net Cash Flow (Used in)/ from Financing Activities | -2,20,996 | 2,94,594 |
| Net Increase/(Decrease) in Cash and Cash Equivalent | 3,287 | 40,601 |
| Cash and Cash equivalents at the beginning of the year | 79,811 | 39,210 |
| Cash and Cash equivalents at the end of the year | 83,098 | 79,811 |
| Components of Cash and Cash Equivalents | ||
| Balances with Banks - In Current accounts | 83,098 | 79,811 |
| Total | 83,098 | 79,811 |
Here is a summary of the Cash Flow Statement for the years 2024 and 2025:
Cash Flows from Operating Activities
For the year ending 31st March 2025, the company reported a net cash inflow of ₹2,38,096 lakhs from operating activities, a significant improvement compared to the outflow of ₹2,74,697 lakhs in FY 2023–24. This positive shift is primarily due to better working capital management, including a substantial reduction in loans (₹51,337 lakhs) and an increase in trade payables (₹22,169 lakhs).
The profit before tax increased to ₹1,49,559 lakhs, up from ₹1,27,143 lakhs in the previous year. There were also higher finance costs of ₹78,104 lakhs (up from ₹59,504 lakhs), and positive adjustments such as share-based payments to employees and depreciation & amortisation, adding back non-cash expenses to the cash flow. Tax payments also increased slightly from ₹31,829 lakhs to ₹37,872 lakhs.
Cash Flows from Investing Activities
In FY 2024–25, the company saw a net cash outflow of ₹13,813 lakhs from investing activities, a reversal from the ₹20,704 lakhs inflow in the previous year. This decline is largely due to increased purchases of investments (₹14,434 lakhs) and lower proceeds from the sale of investments, which dropped significantly from ₹24,295 lakhs to ₹4,351 lakhs.
However, proceeds from the sale of property, plant, and equipment remained relatively stable, and interest and rental income continued to contribute marginal inflows.
Cash Flows from Financing Activities
Financing activities for FY 2024–25 reflect a net outflow of ₹2,20,996 lakhs, compared to a net inflow of ₹2,94,594 lakhs in the prior year. This drastic swing is primarily due to a higher redemption of debt securities (₹40,25,000 lakhs), which exceeded the new debt issuance (₹38,66,127 lakhs).
While there was a noticeable increase in securities premium received (₹1,08,405 lakhs), higher interest paid (₹77,705 lakhs) and dividend payments (₹89,834 lakhs) contributed to the overall outflow. The company also experienced a marginal refund from share application money.
Net Cash Movement
Despite the negative cash flow from financing and investing activities, the strong inflows from operations resulted in a net increase in cash and cash equivalents of ₹3,287 lakhs during the year. This brought the year-end cash balance to ₹83,098 lakhs, up from ₹79,811 lakhs at the beginning of the year.
Financial ratios of HDFC Securities
| Particulars | 2025 | 2024 |
|---|---|---|
| Current ratio | 1.19 | 1.07 |
| Debt equity ratio | 2.37 | 4.70 |
| Debt service coverage ratio | 0.27 | 0.19 |
| Interest services coverage ratio | 2.91 | 3.12 |
| Current Liability ratio | 0.99 | 0.99 |
| Total debts to assets | 0.57 | 0.68 |
| Debt Turnover ratio | 2.77 | 2.07 |
| Operating profit ratio | 46% | 48% |
| Net profit margin | 34% | 36% |
Current Ratio
The current ratio marginally increased from 1.07 in 2024 to 1.19 in 2025, indicating a slight improvement in the company’s ability to meet short-term obligations with current assets. While the ratio is still modest, it is above 1, which is a minimum benchmark for short-term financial health. It shows that the company has sufficient liquidity but may need to improve its working capital buffer to comfortably manage unforeseen needs.
Debt-Equity Ratio
This ratio declined significantly from 4.70 in 2024 to 2.37 in 2025, reflecting a marked improvement in the company’s capital structure. A high debt-equity ratio indicates a greater reliance on borrowed funds, which increases financial risk. The decline means the company has either reduced its debt or increased equity—likely through retained earnings—leading to a more balanced and less risky capital structure.
Debt Service Coverage Ratio (DSCR)
The DSCR improved slightly from 0.19 to 0.27, though it remains below the ideal benchmark of 1.0. This ratio measures the company’s ability to service debt—both interest and principal—from operating profits. A DSCR below 1 implies that current operating profits are not sufficient to fully cover debt obligations, which may raise concerns for lenders or investors unless future performance improves or refinancing is planned.
Interest Service Coverage Ratio (ISCR)
The ISCR dropped slightly from 3.12 to 2.91, suggesting a modest decline in the company’s ability to cover interest expenses with earnings before interest and taxes (EBIT). Despite the decrease, a ratio above 2 is still strong, indicating that the company earns nearly three times its interest obligations—reflecting sound debt servicing capacity.
Current Liability Ratio
This ratio remained steady at 0.99 across both years, indicating that current liabilities form nearly the entire portion of total liabilities. While not inherently negative, it highlights the company’s dependence on short-term financing. Such a structure may pressure liquidity if not balanced with strong operational cash flows.
Total Debts to Assets Ratio
The ratio improved from 0.68 in 2024 to 0.57 in 2025, showing that the proportion of total assets funded by debt has declined. This reduction enhances the company’s solvency position and reduces credit risk. It’s a positive signal, showing progress toward a more asset-backed, less debt-heavy structure.
Debt Turnover Ratio
This efficiency ratio increased from 2.07 to 2.77, implying that the company is generating more revenue per unit of debt in 2025 compared to the prior year. A higher debt turnover means better utilization of borrowed funds in generating sales, which suggests improved financial efficiency and lower dependence on external borrowings for operations.
Operating Profit Ratio
The operating profit ratio dipped slightly from 48% to 46%, showing a marginal decline in the operating efficiency of the business. While still strong, this drop could be due to increased costs, reduced pricing power, or lower operating leverage. It's worth monitoring to ensure it doesn't signal a downward trend in operational control.
Net Profit Margin
The net profit margin also saw a slight decline from 36% to 34%, mirroring the trend seen in operating margins. Though still high, this drop indicates that slightly more costs or tax obligations may have eaten into bottom-line profits. Nonetheless, a 34% margin is excellent, reflecting continued strong profitability.
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