Founded in 2000, HDFC Securities is a premier stockbroking and financial services firm in India and a key subsidiary of HDFC Bank, which owns a 94.55% stake. Over 25 years, the company has built a robust presence in equity broking, mutual fund distribution, and wealth management. HDFC Bank registered with both the NSE and BSE and is a top-5 broker by client base.
HDFC Securities has a well-diversified revenue model:
Brokerage Income: Earned from trading in equity, derivatives, and currency segments. This remains the largest revenue contributor.
Distribution Fees: Commission from selling mutual funds, bonds, insurance, and other third-party products.
Margin Trade Facility (MTF): Interest income from funds lent to clients for trading on margin.
Research & Advisory: Customised investment advisory through platforms like HSL Prime Research and HDFC Tru.
Wealth Management: Offering PMS, AIFs, debt advisory, and VC/PE access for HNIs and corporates.
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue (Cr) | 1,975 | 1,874 | 2,660 | 3,264 |
| EBITDA (Cr) | 1,504 | 1,377 | 1,936 | 2,351 |
| EBITDA Margin (%) | 74.03% | 70.44% | 70.38% | 72.02% |
| PAT (Cr) | 984 | 777 | 951 | 1,124 |
| PAT Margin (%) | 49.82% | 41.45% | 35.75% | 34.44% |
| EPS | 622.78 | 491.77 | 595.49 | 635.03 |
| Assets | Cr | Liabilities | Cr |
| Fixed Assets | 161 | Share Capital | 17.7 |
| Investments | 1,064 | Reserves | 3,330 |
| Trade Receivables | 1,177 | Borrowings | 7,944 |
| Total Assets | 14,031 | Total Liabilities | 14,031 |
ROE: 33.58%
Debt-to-Equity: 2.37 (high leverage)
P/E: 17x (moderate valuation)
P/B: 5.69 (premium brand)
Here are the key cash flow metrics from FY23 to FY25:
| Cash Flow Metric | FY23 (₹ Cr) | FY24 (₹ Cr) | FY25 (₹ Cr) |
| Cash from Operations | 371 | -2,747 | 2,381 |
| Cash from Investment | -973 | 207 | -138 |
| Cash from Financing | -294.6 | 2,906 | -2,210 |
| Net Cash Generated | -925 | 406 | 33 |
| Cash at Year-End | 393 | 798 | 831 |
| Parameter | Value |
| Price/Share | ₹10,750 |
| Market Cap | ₹19,105 Cr |
| P/E Ratio | 17 |
| P/B Ratio | 5.69 |
| Debt to Equity | 2.37 |
| ROE (%) | 33.58% |
| Book Value/Share | ₹1,889.32 |
All-time high near ₹19,000 in early 2022.
Current price of ₹10,750 marks a 28.33% drop from peak.
Price remained largely stable around ₹12,000 during 2023–2024.
Recent dip in 2025 hints at valuation correction amidst margin pressure.
Client Metrics (Fy 25)
Customer Base: 6.8 million
Active Clients: 1.65 million
Equity Trade Volumes: +24% YoY
MTF Book Size: 95,520 Cr (71% YoY growth)
Mutual Fund AUM: Surpassed 25,000 Cr
Digital Brokerage Share: 85% in FY25 (vs 60% in FY24)
| Companies | Revenue (₹ Cr) | EBITDA Margins | PAT Margins | D/E Ratio | MCap (₹ Cr) | P/E |
| HDFC Securities | 3,264 | 72.02% | 34.44% | 2.37 | 19,105 | 17.0 |
| Angel One | 5,239 | 38.00% | 22.40% | ~0.69 | 24,085 | 20.5 |
| ICICI Securities | 6,332 | 70.00% | 30.70% | ~3.89 | 29,149 | 15.2 |
HDFC Securities stands out with the highest EBITDA and PAT margins, highlighting strong profitability. However, its high debt-to-equity ratio raises caution compared to its leaner peers. ICICI Securities leads in revenue and market cap, while Angel One shows strong growth with a balanced capital structure.
GDP Growth: 6.5% in FY24-25, 7.4% in Q4.
Inflation: 4.6% (lowest in 6 years)
Repo Rate: Cut from 6.5% to 5.5% in June 2025
FPIs: Net outflows of $14.6B in FY25
Demat Accounts: 19 crore (vs 15.5 Cr in FY24)
New Investors in FY25: 7 crore (+27% YoY)
Tier II/III Penetration: 45% of new accounts
Median Investor Age: Dropped to 32 (from 38 in 2018)
Digital-Native Users: Growing dominance in equity markets
HSL Prime Research: New-age research arm using data-backed insights.
HDFC Tru: Transparent, commission-free advisory with 2 million+ clients.
Customized Offerings:
Direct Equity, Bonds, Mutual Funds
AIFs, PMS, NCDs
Unlisted Securities, REITs, and more
HDFC Securities delivered a record-breaking FY25, marked by:
Revenue of 3,284 Cr and PAT of 1,124 Cr
Strong ROE of 33.58%
Customer-first tech adoption
Despite margin pressures and high leverage, the company is riding a wave of digital transformation and demographic shifts. With a solid parentage in HDFC Bank, strong digital share, and expanding product suite, HDFC Securities is well-positioned to lead India's retail investing revolution.
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