| Market Cap (cr): | ₹82,420 Cr | Book Value: | ₹2,617 |
|---|---|---|---|
| Lot Size: | 100 | 52 Week High: | ₹13,700 |
| 52 Week Low: | ₹8,000 | EPS: | ₹635.21 |
| Demat Account: | PB: | 5.1x | |
| Face Value: | ₹10 | Debt To Equity: | 0.18 |
| No Of Shares: | ~1.57 Crore | Url: | https://www.hdfcsec.com |
Overview :
Key Takeaways
- HDFC Securities Limited is one of India's leading full-service stockbroking and financial services firms, and a subsidiary of HDFC Bank — India's largest private sector bank.
- Recent price reference: approximately ₹8,450 per share (July 2026), making it one of the highest-priced financial-sector unlisted shares.
- The bank-backed distribution model is the moat: HDFC Securities acquires customers through HDFC Bank's vast branch network and customer base — an advantage standalone brokers spend enormously to replicate.
- Business spans equity broking, derivatives, currency, commodities, mutual fund distribution, insurance distribution, IPO distribution, PMS, research and wealth management.
- Understand the sector shift: discount brokers (Zerodha, Groww, Angel One, Upstox) have fundamentally reshaped Indian broking economics. Full-service brokers face structural pressure on brokerage rates.
Company Overview & Fundamentals
| Parameter | Details |
| Company Name | HDFC Securities Limited |
| Parent | HDFC Bank — India's largest private sector bank |
| Industry | Stockbroking and Financial Services |
| Recent Price Reference | ~₹8,450 (July 2026) |
| Business Lines | Equity, derivatives, currency, commodities, MF and insurance distribution, IPO distribution, PMS, research, wealth management |
| Listing Status | Unlisted |
The Business
1. Retail Broking — the core Equity delivery and intraday, futures and options, currency and commodity derivatives, executed across web, mobile and branch channels.
2. Distribution Mutual funds, insurance, bonds, fixed deposits, NCDs and IPOs — fee-based revenue that is less volatile than transaction-linked brokerage.
3. Wealth Management and PMS Advisory and portfolio management for HNI clients — high-margin, sticky, recurring-fee business.
4. Research Equity research supporting both advisory revenue and client acquisition.
Why the HDFC Bank Relationship Is the Central Asset
| Advantage | Why It Matters |
| Customer acquisition | Access to HDFC Bank's enormous customer base at near-zero marketing cost |
| 3-in-1 account | Bank + demat + trading integration creates convenience and stickiness |
| Branch distribution | Physical presence across India that digital-first brokers lack |
| Trust transfer | HDFC Bank's brand credibility extends to the broking arm |
| Cross-sell | Bank relationships enable distribution of MFs, insurance and PMS |
Standalone brokers spend enormous sums acquiring customers. HDFC Securities inherits them. That structural cost advantage is the single strongest argument for the business.
The IPO Question
HDFC Securities has long featured in market speculation about a potential listing, and bank subsidiaries listing separately has become an established pattern in India — HDB Financial Services (HDFC Bank's NBFC) completed its IPO, and several bank-owned asset managers and insurers have listed.
However: no confirmed DRHP or IPO announcement for HDFC Securities is in the public domain. Treat any listing expectation as speculation, not a plan. Confirm the current status with Arms Securities at +91-8882245112 before investing on that basis.
And apply the HDB Financial lesson: HDB Financial Services — also an HDFC Bank subsidiary — was priced at ₹740 in its IPO, more than a 40% discount to its then-prevailing unlisted price of ₹1,250, and listed muted. Do not assume a bank subsidiary IPO will price above the unlisted market.
Why Investors Buy HDFC Securities Unlisted Shares
- HDFC Bank parentage — India's largest private bank, providing customers, credibility and capital
- Structural customer-acquisition advantage — the branch network and 3-in-1 account model
- Diversified revenue — broking plus distribution, wealth management and PMS reduces dependence on trading volumes
- India's demat account expansion — retail participation in equities has grown enormously from a low base
- Financialisation of savings — household savings shifting from physical to financial assets
- Fee-based distribution income — mutual fund, insurance and bond distribution is less volatile than brokerage
- HNI wealth management — a high-margin, growing segment
- Listed peer benchmarks — several Indian brokers are listed, providing valuation references
Risks to Consider — Read Carefully
- Discount broking has reshaped the industry. Full-service brokers face structural, permanent pressure on their core revenue line. This is the most important risk on this page.
- Market-cycle dependence. Broking revenue rises and falls with market volumes and retail participation. Bear markets hit brokers hard.
- Regulatory change. SEBI has repeatedly tightened margin rules, F&O regulations and disclosure requirements — each change affects volumes and revenue.
- F&O regulation. Recent SEBI measures to curb retail derivatives speculation directly reduce a high-margin revenue stream for brokers.
- IPO pricing risk. If a listing occurs, the HDB Financial precedent (₹740 IPO price versus ₹1,250 unlisted price) shows pricing can come well below unlisted levels.
- Minority position in a bank subsidiary — HDFC Bank controls strategy and any corporate action.
- Very high per-share price at ~₹8,450 means substantial minimum tickets.
- Limited standalone disclosure — request the latest available financials from Arms Securities before investing.
- No confirmed IPO — verify status before investing on a listing thesis.
How to Buy from Arms Securities
Call/WhatsApp +91-8882245112 → request the latest available financials and confirm current IPO status → confirm price and lot → share CMR → pay via NEFT/RTGS → shares credited in 24–48 hours.
FAQs
What is the current price of HDFC Securities unlisted shares?
Recent references place HDFC Securities around ₹8,450 per share (July 2026). Prices move with OTC demand and market sentiment. Call +91-8882245112 for today's confirmed Arms Securities quote and available quantity.
Who owns HDFC Securities?
HDFC Securities Limited is a subsidiary of HDFC Bank, India's largest private sector bank. As a minority shareholder you have no influence over strategy or corporate actions.
What does HDFC Securities do?
Equity broking (delivery, intraday, F&O), currency and commodity derivatives, distribution of mutual funds, insurance, bonds, fixed deposits and IPOs, portfolio management services, equity research and wealth management — delivered across web, mobile and branch channels.
Will HDFC Securities do an IPO?
No confirmed DRHP or IPO announcement is in the public domain, though the company features regularly in listing speculation. Bank subsidiaries listing separately has become an established pattern in India. Confirm the current status with Arms Securities before investing on a listing thesis.
What is the biggest risk for HDFC Securities?
Discount broking disruption. Zerodha, Groww, Angel One and Upstox have driven brokerage rates toward zero on delivery and to flat fees on intraday trades. Full-service brokers face structural, permanent pressure on their core revenue line. Additional risks include market-cycle dependence and SEBI regulation on margins and F&O.
What is the HDB Financial lesson for HDFC Securities buyers?
HDB Financial Services — also an HDFC Bank subsidiary — was priced at ₹740 in its IPO, more than a 40% discount to its then-prevailing unlisted market price of ₹1,250, and its listing was muted. Do not assume a bank subsidiary listing will price above the unlisted market. Anchor your entry to fundamentals.
+91-8882245112 | contact@armssecurities.com
Key Financials
Profit & Loss
| (In Rs. Crore) | 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 |
Balance Sheet
| (In Rs. Crore) | 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 |
Net Sales (in cr.)
Total Income (in cr.)
Operating Profit (in cr.)
Net Profit (in cr.)
Shareholder Funds (in cr.)
Total Assets (in cr.)
Frequently Ask Question
Have Your Any Question?
Open a demat account and transact directly with Arms Securities for end-to-end compliance and secure settlement.
Complete a Delivery Instruction Slip (DIS) for off-market demat transfer; Arms Securities ensures safe, prompt settlement.
No lock-in for secondary trades; pre-IPO/anchor placements may include SEBI lock-in as specified.
Only through reputed SEBI-registered brokers like Arms Securities.
A DIS authorizes demat-to-demat transfer; submit it via your DP for secure settlement.
Yes, provided all trades are routed through SEBI-compliant and demat-based processes.
Short-term (<12 months): taxed at 15%; long-term (≥12 months): 10% over ₹1 lakh (no indexation).
Yes—SEBI prescribes rules for all brokers, KYC, and transfer processes.
Directly from ESOP holders, institutional/retail demat investors, and verified sellers.
Connected with Arms Securities for rates and updates; see hdfcsec.com for disclosures.