Platform	Last Traded Price	Min Quantity
★★★★☆	₹10,250	1
★★★★★☆	₹10,500	1
★★★★★	₹10,500	1
★★★★☆	₹10,500	1
★★★★★	₹10,500	1

★★★★☆

LTP:₹10,250

Min Qty:1

★★★★★☆

LTP:₹10,500

Min Qty:1

★★★★★

LTP:₹10,500

Min Qty:1

★★★★☆

LTP:₹10,500

Min Qty:1

★★★★★

LTP:₹10,500

Min Qty:1

Strengths & Weaknesses

Strengths

Established Player In Retail Broking: HSL is a full-service securities brokerage primarily focused on retail, with about 99% of its broking volumes in the first nine months of FY2024 coming from the retail segment. Its strong retail presence is bolstered by its status as a subsidiary of HDFC Bank.

Increasing Gearing Ratio: HSL’s gearing ratio increased to 4.4x as of December 31, 2023, up from 2.9x on March 31, 2023, 2.8x on March 31, 2022, and 0.6x on March 31, 2020.

Strong Market Position: HSL ranks among the top equity brokers by active clients, with 1.03 million active customers on the NSE as of June 30, 2023. It holds a market share of approximately 3.4% in active clients and has a stronger presence in the high-yielding cash segment.

Profitability: HSL has maintained strong profitability, with a 4-year average net profit (PAT) to net operating income (NOI) ratio of 51.0% and a return on equity (RoE) of 47.6% between FY2020 and FY2023.

Weaknesses

Capital Market Risks: The cyclical nature of the brokerage industry means that HDFC Securities' trading volumes and earnings are closely linked to capital market activity, leading to potential volatility in profitability.

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Trade Receivables	1176.54	1286.57	407.27	505.86	439.61	165.38	659.11
Cash & Cash Equivalents	5693.44	5375.85	3591.9	3598.83	2178.35	1967.95	582.19
Other Financial Assets	6799.36	7123.03	4000.26	3588.27	1953.95	481.40	695.18
Total Financial Assets	13669.34	13785.45	7999.43	7692.96	4571.91	2614.73	1936.48
Fixed Assets (incl. WIP)	147.84	62.09	81.63	98.71	81.47	111.61	55.25
Other Non Financial Assets	213.48	255.53	195.48	130.87	105.53	44.20	45.48
Total Non Financial Assets	361.32	317.62	277.11	229.58	187.00	155.81	100.73
Total Assets	14030.66	14103.07	8276.54	7922.54	4758.91	2770.54	2037.21
Borrowings	202.25	0.00	996.27	4619.14	2040.43	690.91	0.00
Other Financial Liabilities	10,383.87	11996.89	5429.15	1494.73	1102.68	719.40	747.57
Total Financial Liabilities	10,586.12	11996.89	6425.42	6113.87	3143.11	1410.31	747.57
Tax Liabilities (Deferred and Current)	3.97	11.10	5.46	4.59	1.79	1.79	12.86
Provisions	24.44	15.01	14.60	117.33	87.47	71.32	65.33
Other Non-Financial Liabilities	68.11	50.83	33.92	28.84	46.23	39.53	17.69
Total Non-Financial Liabilities	96.52	76.94	53.98	150.76	135.49	112.64	95.88
Equity Capital	17.77	15.97	15.89	15.83	15.77	15.73	15.61
Reserves	3,330.25	2013.27	1781.25	1642.08	1464.54	1231.87	1178.15
Total Equity	3,348.02	2029.24	1797.14	1657.91	1480.31	1247.60	1193.76
Equity + Liabilities	14030.66	14103.07	8276.54	7922.54	4758.91	2770.55	2037.21

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	3263.80	2660.12	1891.27	1975.57	1368.16	857.47	770.56
Growth %	23%	41%	-4%	44%	60%	11%	0
Operating Expenses	913.89	724.88	496.4	471.4	364.5	294.1	256.6
Growth %	26%	46%	5%	29%	24%	15%	0
Operating Profit	2349.91	1935.2	1394.9	1504.2	1003.7	563.4	513.9
Op. Profit Margin %	72.0%	72.8%	73.8%	76.1%	73.4%	65.7%	66.7%
Other Income	0.75	0.61	0.4	14.7	31.3	4.8	0.1
Interest Expense	785.45	600.5	295.9	156.3	53.1	28.8	0.1
Depreciation	69.62	63.92	57.5	42.3	36.3	30.4	18.6
Profit Before Tax	1495.59	1271.4	1041.9	1320.3	945.6	509.0	495.3
Tax	371.13	320.54	264.7	336.0	242.4	124.9	165.4
Tax %	25%	25%	25%	25%	26%	25%	33%
Profit After Tax	1124.46	950.9	777.2	984.3	703.2	384.2	329.9
Growth %	18.3%	22.3%	-21.0%	40.0%	83.1%	16.5%	0
PAT %	34%	36%	41%	50%	51%	45%	43%
Diluted EPS	635.21	597.35	489.8	621.8	446.5	245.9	210.6

Shareholding Pattern

Color	Shareholder	Holding
	HDFC Bank Limited	95.13%
	Others	4.87%

Fundamentals

Quick Insights

Strong Parentage: HDFC Securities (HSL), a subsidiary of HDFC Bank with around a 95% stake, enhances the bank's service offerings. It benefits from customer sourcing, cross-selling opportunities, and access to HDFC Bank's retail clients and extensive branch network Established Player In Retail Broking: HSL is a full-service securities brokerage primarily focused on retail, with about 99% of its broking volumes in the first nine months of FY2024 coming from the retail segment. Its strong retail presence is bolstered by its status as a subsidiary of HDFC Bank. Increasing Gearing Ratio: HSL’s gearing ratio increased to 4.4x as of December 31, 2023, up from 2.9x on March 31, 2023, 2.8x on March 31, 2022, and 0.6x on March 31, 2020. Strong Market Position: HSL ranks among the top equity brokers by active clients, with 1.03 million active customers on the NSE as of June 30, 2023. It holds a market share of approximately 3.4% in active clients and has a stronger presence in the high-yielding cash segment. Profitability: HSL has maintained strong profitability, with a 4-year average net profit (PAT) to net operating income (NOI) ratio of 51.0% and a return on equity (RoE) of 47.6% between FY2020 and FY2023.

Market Cap₹17,112.38 Cr

PE Ratio18

EPS₹597.35

Dividend Yield-

Book Value₹1,274.8 Cr

Debt/Equity-

Price/Book8.43

Price/Sales-

Industry PE-

Sales₹2,660.12 Cr

Profit After Tax₹950.9 Cr

Share Capital₹15.97 Cr

Shares Outstanding-

ISININE700G01014

SectorFinance

Symbol-

About Company

HDFC Securities Limited (HSL), a subsidiary of HDFC Bank, specializes in securities broking. Founded in 2000 as a joint venture between HDFC Bank, HDFC Limited, and Indocean eSecurities Holdings, it aimed to provide capital market services, including broking and financial product distribution

Latest News

hdfc securities pays Rs65 lakh to sebi to settle regulatory violationsTheEconomicTimes - 3/10/2025Read full article

hdfc securities records 18 yoy growth in fy25 profitMoney control - 4/17/2025Read full article

Annual Reports

FY 19 FY 20 FY 21 FY 22 FY 23 FY 24

Board of Directors

Neeraj SwaroopIndependent Director & Chairperson

Dhiraj RelliCEO/MD

Amla SamantaDirector

Samir BhatiaDirector

Tarun BalramDirector

Malay PatelDirector

Arvind VohraDirector

Bhavesh ZaveriDirector

Ashish RathiDirector

Senior Management

DHIRAJ RELLICEO/MD

ASHISH RATHIDIRECTORS

ANAND MATHURCFO

MITUL PALANKARCOMPANY SECRETARY

MURLI VIJAY KARKERACOMPLIANCE OFFICER

Platform

Last Traded Price

Min Quantity

★★★★☆

₹10,250

★★★★★☆

₹10,500

★★★★★

₹10,500

★★★★☆

₹10,500

★★★★★

₹10,500

Quick Insights

Strong Parentage: HDFC Securities (HSL), a subsidiary of HDFC Bank with around a 95% stake, enhances the bank's service offerings. It benefits from customer sourcing, cross-selling opportunities, and access to HDFC Bank's retail clients and extensive branch network Established Player In Retail Broking: HSL is a full-service securities brokerage primarily focused on retail, with about 99% of its broking volumes in the first nine months of FY2024 coming from the retail segment. Its strong retail presence is bolstered by its status as a subsidiary of HDFC Bank. Increasing Gearing Ratio: HSL’s gearing ratio increased to 4.4x as of December 31, 2023, up from 2.9x on March 31, 2023, 2.8x on March 31, 2022, and 0.6x on March 31, 2020. Strong Market Position: HSL ranks among the top equity brokers by active clients, with 1.03 million active customers on the NSE as of June 30, 2023. It holds a market share of approximately 3.4% in active clients and has a stronger presence in the high-yielding cash segment. Profitability: HSL has maintained strong profitability, with a 4-year average net profit (PAT) to net operating income (NOI) ratio of 51.0% and a return on equity (RoE) of 47.6% between FY2020 and FY2023.

Balance Sheet

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Trade Receivables

1176.54

1286.57

407.27

505.86

439.61

165.38

659.11

Cash & Cash Equivalents

5693.44

5375.85

3591.9

3598.83

2178.35

1967.95

582.19

Other Financial Assets

6799.36

7123.03

4000.26

3588.27

1953.95

481.40

695.18

Total Financial Assets

13669.34

13785.45

7999.43

7692.96

4571.91

2614.73

1936.48

Fixed Assets (incl. WIP)

147.84

62.09

81.63

98.71

81.47

111.61

55.25

Other Non Financial Assets

213.48

255.53

195.48

130.87

105.53

44.20

45.48

Total Non Financial Assets

361.32

317.62

277.11

229.58

187.00

155.81

100.73

Total Assets

14030.66

14103.07

8276.54

7922.54

4758.91

2770.54

2037.21

Borrowings

202.25

0.00

996.27

4619.14

2040.43

690.91

0.00

Other Financial Liabilities

10,383.87

11996.89

5429.15

1494.73

1102.68

719.40

747.57

Total Financial Liabilities

10,586.12

11996.89

6425.42

6113.87

3143.11

1410.31

747.57

Tax Liabilities (Deferred and Current)

3.97

11.10

5.46

4.59

1.79

12.86

Provisions

24.44

15.01

14.60

117.33

87.47

71.32

65.33

Other Non-Financial Liabilities

68.11

50.83

33.92

28.84

46.23

39.53

17.69

Total Non-Financial Liabilities

96.52

76.94

53.98

150.76

135.49

112.64

95.88

Equity Capital

17.77

15.97

15.89

15.83

15.77

15.73

15.61

Reserves

3,330.25

2013.27

1781.25

1642.08

1464.54

1231.87

1178.15

Total Equity

3,348.02

2029.24

1797.14

1657.91

1480.31

1247.60

1193.76

Equity + Liabilities

14030.66

14103.07

8276.54

7922.54

4758.91

2770.55

2037.21

Profit & Loss

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Revenue from Operations

3263.80

2660.12

1891.27

1975.57

1368.16

857.47

770.56

Growth %

23%

41%

-4%

44%

60%

11%

Operating Expenses

913.89

724.88

496.4

471.4

364.5

294.1

256.6

Growth %

26%

46%

29%

24%

15%

Operating Profit

2349.91

1935.2

1394.9

1504.2

1003.7

563.4

513.9

Op. Profit Margin %

72.0%

72.8%

73.8%

76.1%

73.4%

65.7%

66.7%

Other Income

0.75

0.61

0.4

14.7

31.3

4.8

0.1

Interest Expense

785.45

600.5

295.9

156.3

53.1

28.8

0.1

Depreciation

69.62

63.92

57.5

42.3

36.3

30.4

18.6

Profit Before Tax

1495.59

1271.4

1041.9

1320.3

945.6

509.0

495.3

Tax

371.13

320.54

264.7

336.0

242.4

124.9

165.4

Tax %

25%

26%

25%

33%

Profit After Tax

1124.46

950.9

777.2

984.3

703.2

384.2

329.9

Growth %

18.3%

22.3%

-21.0%

40.0%

83.1%

16.5%

PAT %

34%

36%

41%

50%

51%

45%

43%

Diluted EPS

635.21

597.35

489.8

621.8

446.5

245.9

210.6

Color

Shareholder

Holding

HDFC Bank Limited

95.13%

Others

4.87%

FAQs – Buying Unlisted Shares

What are unlisted shares?+

Unlisted shares are stocks of companies that are not listed on any stock exchange like NSE or BSE. They are traded in the over-the-counter (OTC) market through dealers, brokers, and private transactions.

How is the price of an unlisted share decided?+

Unlike listed shares, there’s no central marketplace or live order book. Prices are based on demand and supply, dealer quotes, and recent transaction trends. This leads to price fragmentation — different dealers can quote very different prices for the same stock.

Why should I compare prices before buying?+

Because the same share can be available at a 5–20% price difference depending on the dealer. Not comparing means you could be paying a premium for no reason — directly impacting your returns.

Is buying unlisted shares risky?+

Yes, like any investment, unlisted shares carry risks — including liquidity risk (harder to sell), company performance risk, and price transparency issues. Comparing prices helps reduce one avoidable risk — overpaying.

How can I know if the price I’m getting is fair?+

You can check recent transaction prices, ask multiple dealers, and soon — use our price comparison platform to instantly see live market quotes.

What documents are required to buy unlisted shares?+

Typically: PAN Card Demat Account details KYC documents (address proof, ID proof)

How do I sell unlisted shares?+

You can sell them via a dealer, private buyer, or once the company gets listed on a stock exchange. Having access to multiple dealer quotes helps you get the best selling price.

Can dealers lose business if they don’t offer the best price?+

Absolutely. If an investor finds a better price elsewhere, they’ll switch — often for good. That’s why transparent pricing protects both investors and dealers.

How soon will I receive the shares after purchase?+

Usually within T+2 to T+7 days after payment and documentation, depending on the dealer and the company’s transfer process.

Do I need to be an accredited investor to buy unlisted shares?+

No, but you must meet the regulatory requirements under SEBI guidelines and have a valid Demat account.

HDFC Securities Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares