HDFC Securities: Financial & Operational Performance (FY26 vs FY25)

23 April 2026

Financial Performance (FY26 vs FY25): HDFC Securities reported a moderation in financial performance in FY26, with Total Income declining to ₹3,110crore, compared to ₹3,265 crore in FY25, reflecting a ~4.7% year-on-year (YoY) decline. This decline was mainly due to lower trading activity and normalization of market volumes, particularly in the derivatives segment following regulatory changes. Profitability also declined during the year, with Profit Before Tax (PBT) at ₹1,237 crore versus ₹1,496 crore in FY25, while Profit After Tax (PAT) stood at ₹929 crore, down from ₹1,125 crore in the previous year. Unlike some cases where profits are impacted by one-time items, the decline here reflects a core business slowdown driven by market conditions, indicating a more normalized earnings environment.

Operational Metrics (FY26 vs FY25): ​Operationally, HDFC Securities remained resilient despite pressure on brokerage income, with Revenue from Operations at ₹3,107.5 crore in FY26 compared to ₹3,263.8 crore in FY25. The revenue mix showed a clear shift, where fees and commission income declined to ₹1,515.8 crore from ₹1,744.2 crore, impacted by lower trading volumes, while interest income increased to ₹1,497.9 crore from ₹1,418.3 crore, supported by growth in margin trading and lending activities. Other income streams remained stable, helping offset some of the decline in brokerage revenue. On the cost side, total expenses increased to ₹1,873.1 crore from ₹1,768.7 crore, indicating controlled cost expansion aligned with business growth, although margins saw some moderation due to revenue pressure.

Strategic Developments & Outlook: HDFC Securities continues to benefit from structural growth in India’s capital markets, driven by increasing retail participation and long-term financialization trends. The company is gradually transitioning towards a more diversified business model, balancing brokerage income with interest-based income and digital platform services, which enhances stability in earnings. Looking ahead, its strong brand, large customer base, and backing from the HDFC group position it well to capture future growth opportunities as trading volumes improve. Continued focus on technology, customer engagement, and product diversification is expected to support long-term earnings visibility and sustainable value creation.