Interim report
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HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057. Web: www.hdbfs.com Tel: 022 – 4911 6350 Fax: 022 – 4911 6666 CIN: L65993GJ2007PLC051028 Email: investorcommunications@hdbfs.com Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. HDB/SLC/2026/1535 October 14, 2026 To, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Plot No C/1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Scrip Code: HDBFS To, Listing Compliance Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400001 Scrip Code: 544429 Dear Sir / Madam, Sub.: Submission of Unaudited Financial Results along with Limited Review Report for the quarter and half year ended September 30, 2026, Security Cover Certificate, Statement of utilization and Statement of deviation and Declaration of Interim Dividend Pursuant to the provisions of Regulation 30 and Regulation 51 read with Part A and Part B of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“ SEBI Listing Regulations ”), as amended from time to time, we wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. Wednesday, October 14, 2026, inter-alia, considered and approved the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, as duly reviewed by the Audit Committee. Following documents are enclosed: 1. A copy of the Unaudited Financial Results along with the Limited Review Reports issued by the Joint Statutory Auditors pursuant to Regulation 33 and Regulation 52 of SEBI Listing Regulations. The Limited Review Report contains an unmodified opinion; 2. Disclosures in compliance with Regulations 52(4) of the SEBI Listing Regulations; 3. Certificate of Security Cover pursuant to Regulation 54 (3) of the SEBI Listing Regulations read with SEBI Master Circular dated September 28, 2026 . Further, in terms of Regulation 54 of the SEBI Listing Regulations, the disclosure of the extent and nature of security created and maintained for secured non - convertible securities of the Company has been made in the aforesaid Unaudited Financial Results; 4. Statement of utilization of issue proceeds and statement of deviation(s) or variation(s) , pursuant to Regulation 52(7) and Regulation 52(7A) of the SEBI Listing Regulations read with SEBI Master circular dated July 11, 2025, for the quarter ended September 30, 2026; and 5. Statement of deviation(s) or variation(s) in respect of Public Issue pursuant to Regulation 32(1) of the SEBI Listing Regulations for the quarter ended September 30, 2026. Further, the Board of Directors of the Company has declared an interim dividend of Rs. 2.00/- (Rupees Two Only) per equity share (i.e. 20% on face value o f each equity shares) for financial year 202 6-27. The interim dividend shall be paid to the equity shareholders of the Company, whose names appear in the Register of Members / the list of beneficiary holders of the Depositories as on Friday, October 23, 2026 , which is the Record Date fixed for the purpose. Further, in continuation to our intimation dated September 29, 2026, we wish to inform you that based on the recommendation of the Nomination & Remuneration Committee, the Board of Directors of the Compa ny, at its meeting held today i.e. October 14, 2026, has approved the appointment of Mr. Vinod Koyande as Company Secretary (Key Managerial Personnel) and Compliance Officer of the Company under the SEBI Listing Regulations and SEBI (Prohibition of Insider Trading) Regulations, 2015, with effect from October 31, 2026 in place of Ms. Dipti Khandelwal. Brief profile of Mr. Vinod Koyande is attached herewith as Annexure.
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Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. In view of the aforesaid appointment and pursuant to Regulation 30(5) of the SEBI Listing Regulations, following are the contact details of Key Managerial Personnel of the Company, who have been severally authorized for the purpose of determining materiality of events and information as per the Company’s Policy on Determination of Materiality of Events/ Information and to make necessary disclosures to the Stock Exchanges: S.N. Name & Designation Contact Details 1. Mr. Ramesh Ganesan Managing Director and Chief Executive Officer Address: HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057 Phone: +91 02249116350 Email id: investorcommunications@hdbfs.com 2. Mr. Jaykumar Pravinchandra Shah Chief Financial Officer 3. Mr. Vinod Koyande Company Secretary and Compliance Officer The Meeting of the Board of Directors of the Company commenced at 10:40 a.m. and concluded at 3:45 p.m. This is for your information and appropriate dissemination. Thanking you, For HDB Financial Services Limited Dipti Jayesh Khandelwal Company Secretary and Compliance Officer Membership No. F11340 Encl.: As Above
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Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. Annexure Information as required under Regulation 30 - Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Sr. No. Particulars Description 1 Reason for Change Appointment of Mr. Vinod Koyande as Company Secretary (Key Managerial Personnel) and Compliance Officer of the Company. 2 Date of appointment The effective date of appointment is October 31, 2026 3 Brief Profile Mr. Vinod Koyande is a qualified Company Secretary, Law Graduate (LL.B.) and Master of Commerce (M.Com.), with over 15 years of professional experience in corporate governance, regulatory compliance, capital markets, Board advisory and secretarial functions across leading listed organisations. He is currently associated with HDB Financial Services Limited as Deputy Company Secretary, where he has played a pivotal role in the Company’s Initial Public Offering (IPO) and strengthening the post -listing governance and regulatory compliance framework. Previously, he served as Company Secretary of SBI Life Insurance Company Limited for over five years, overseeing corporate governance, Board and Committee affairs, and regulatory compliance. He has also held key positions with BSE Limited and ICICI Lombard General Insurance Company Limited. His core expertise encompasses Board and Committee governance, SEBI LODR Regulations, Companies Act, RBI and IRDAI regulatory frameworks, IPO execution, insider trading compliance, ESOP administration and investor relations. His experience with BSE Limited has provided him with a strong understanding of capital market regulations, listing compliance and regulatory enforcement. His diverse industry exposure and extensive regulatory expertise enable him to effectively manage complex governance matters and contribute to the Company’s governance standards and strategic objectives. 4 Disclosure of relationships between directors Not Applicable
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GDApte&Co Chartered Accountants Neelkanth Business Park, 5h Floor, Office No. D-509, Nathani Road, Vidyavihar (West), Mumbai - 400086, Maharashtra, India, Tel: +912235123184 Kalyaniwalla & Mistry LLP Chartered Accountants 29, Esplanade House, Hazarimal Somani Marg, Mumbai -400001 Maharashtra, India Tel:+91 226158 7200 Limited Review report on unaudited financial results for the quarter and half year under Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015 as amended TO THE BOARD OF DIRECTORS HDB FINANCIAL SER VICES L1MI TED We have reviewed the accompanying Statement of Unaudited Financial Results of 11DB Financial Services Limited ("the Company") for the quarter and half year ended September 30, 2026, together with the Statement of Unaudited Assets and Liabilities, Unaudited Cash Flows Statement and the notes thereon, ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, ("the Listing Regulations"), duly initialled by us for identification. 2. This Statement, which is the responsibility of the Company's Management and has been approved by the Board of Directors at their meeting held on October 14, 2026, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' ('md AS 34'), prescribed under section 133 of the Companies Act, 2013 ("the Act") read with relevant Rules issued thereunder, as applicable, and the circulars, guidelines and directions issued by Reserve Bank of India (RBI) from time to time, as applicable ("RBI guidelines") and other accounting principles generally accepted in India and in compliance with the presentation and disclosure requirement under Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
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G D Apte & Co. Kalyaniwalla & Mistry LLP 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters. For GD Apte & Co Chartered Accountants Firm Registration No: 1005 15W Saurahh Peshwe Partner Membership Number: 121546 UDIN: 2612 1546PDHPCX9904 For Kalyaniwalla & Mistry LLP Chartered Accountants Firm Registration No: 104607W/Wi 00166 Roshni R. Marfatia Partner Membership Number: 106548 UDIN: 26l06548PMKWHN6382 Place: Mumbai Date: October 14, 2026 Place: Mumbai Date: October 14, 2026 r 4
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HDB FINANCIAL SERVICES LIMITED Regd. Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad- 380009 CIN: L65993GJ2007PLC051 028 I www.hdbfs.com Tel: +9122491163001 Fax: +9122491166661 Email: investorcommunicationshdbfs.com Unaudited Financial Results for the quarter and half year ended September 30, 2026 (RuDees in million) Quarter ended Half Year ended Year ended Particulars Sep 30,2026 Jun 30, 2026 Sep 30,2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited - ______________________________________________ Revenue from operations Interest income 43,508 42,620 38,865 86,128 77180 1,57,883 Saleofservices 2,972 3,129 3,203 6,101 6,242 12,239 Otherfinancial charges 3,454 3,513 3,255 6,967 6,314 13,663 Net gain on fair value changes 119 117 134 236 383 524 Net gain/(loss) on derecognised financial instnjments - (0) (3) (0) (ii) (12) Total Revenue from operations 50,053 49,379 45,454 99,432 90,108 1,84,297 Expenses Finance costs 18,171 17,533 16.940 35,704 34,337 68,202 Impairment of financial instruments 7,299 6,971 7,483 14,270 14,179 28.148 Employee benefits expenses 10,164 10,354 9,577 20,518 19,178 39.136 Depreciation, amortisation and impairment 574 548 524 1.122 1.038 2,093 Others expenses 3,408 3,422 3.108 6,830 6,228 12.855 Total expenses 39,616 38,828 37,632 78,444 74,960 1,50,434 Profit before tax (I-lI) 10,437 10,551 7,822 20,988 15,148 33,863 IV Tax expense: a, Current tax 3,207 3,156 2,118 6,363 4,269 9,301 b. Deferred tax (572) (457) (110) (1.029) (347) (609) c. Income tax for earlier year - - - - (267) (267) Total tax expense 2,635 2,699 2,008 5,334 3,655 8.425 V Net Profit for the perlod(year (lll-lV) 7,802 7,852 5,814 15,654 11,493 25,438 VI Other Comprehensive income/(Loss) (net of tax) (a) Items that will not be reclassified to profit or loss -Remeasurement loss on defined benefitplan (148) (71) (67) (219) (98) (251) - Income tax relating to items that will not be reclassified to profit or loss 37 IS 17 55 25 63 Subtotal (a) (111) (53) (50) (164) (73) (188) (b) Items that will be reclassified to profit or loss - Change in fair value of debt instruments measured at fair value through other comprehensive income (974) 688 (122) (286) (132) (640) - Movement in cash flow hedge reserve 1,496 (439) 811 1,056 (254) 937 relating to items that will be reclassified to (131) (63) (173) (194) 97 (75) Sub total (b) 391 186 516 576 (289) 222 Total OtherComprehensive lncomel(Loss) 280 133 466 412 (362) 34 VII Total Comprehensive income (aftertax) (V+Vl) 8.082 7,985 6,280 16.066 11,131 25.472 VIII Earnings per equity share (Not annualised for interim period) a. Basic (in Rupees) 9.39 9.46 7.01 18.85 14.14 30.97 b. Diluted (in Rupees) 9.37 9.43 6.98 18.81 14.08 30.88 - Facevaluepershare(inRupees) 10 10 10 10 10 10
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Notes: 1 Statement of Assets and Liabilities (Rupees in million) Particulars Asat Sep 30, 2026 Asat Mar 31, 2026 Unaudited Audited ASSETS I Financial Assets (a) Cash and cash equivalents 16320 12,461 (b) Bank balances other than cash and cash equivalents 6,738 4,275 (c) Derivative financial instruments 15,662 13,374 (d) Trade receivables 3,565 2,960 (e) Loans (Net) 12,03,786 11,46,895 (f) Investments 41,744 37,476 (g) Other financial assets 548 553 12,88,363 12,17,994 2 Non-financial Assets (a) Current tax assets (Net) 156 - (b) Deferred tax assets (Net) 10,321 9,431 (c) Property, Plant and Equipment 2,201 2,301 (d) Other intangible assets 588 653 (e) Right of use assets 4,948 4,781 (f) Other non-financial assets 1,193 1,355 19,407 18,521 TOTAL ASSETS 13,07,770 12,36,515 LIABILITIES AND EQUITY 3 Financial Liabilities (a) Derivative financial instruments 14 58 (b) Trade payables (i) Total outstanding dues of micro and small enterprises 626 553 (0) Total outstanding dues of creditors other than micro and small enterprises 1,228 1,246 (c) Debt securities 3,37,633 3,23,590 (d) Borrowings (other than debt securities) 6,38,640 5,98,952 (e) Subordinated liabilities 68,142 69,759 (f) Otherfinancial liabilities 31,576 26,810 10,77,859 10,20,968 4 Non-Financial Liabilities (a) Current tax liabilities (Net) 1,236 925 (b) Provisions 6,110 7,152 (c) Other non-financial liabilities 1,033 830 8,379 8,907 5 Equity (a) Equity share capital 8,308 8,303 (b) Other equity 2,13,224 1,98,337 2,21,532 2,06,640 TOTAL LIABILITIES AND EQUITY 13,07,770 12,36,515
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2 Statement of Cash Flows I Half Year ended I I Particulars I I I I Sep 30, 2026 I Sep 30, 2025 I Profit before tax 20,988 15,148 Adjustments for Interest income (86,128) (77,180) Interest expenses 34,902 33,122 (Profit)/loss on sale of asset (4) (5) Realised net (gain)/ loss on FVTPL investments (249) (352) Unrealised (gain)/loss on FVTPL investments 12 (32) Discount on commercial paper 600 1,063 Provision for compensated absence and gratuity (429) 39 Employee share based payment expenses 239 260 Depreciation, amortisation and impairment 1,122 1,038 Impairment on financial instruments 14,270 14,179 Operating cash flow before working capital changes (14,677) (12,720) Adjustments for working capital changes: (lncrease)/decrease in loans (71,094) (58,332) (Increase)/ decrease in trade receivables (672) (281) (lncrease)/decrease in other financial assets and others (5,242) (6,068) lncrease/(decrease) in other financial and non financial liabilities & provisions 7,194 9,256 (Decrease)/increase in trade payables 56 (2,326) Cash generated from/(used in) operations before adjustments for interest 184 4351 ' (70 471) received and interest paid ' Interest paid (41,944) (39,068) Interest received 85,192 75,788 Cash generated from/(used in) operations (41,187) (33,751) Direct taxes paid (net of refunds) (5,815) (4,395) (47,002) (38,146) Net cash flow generated from/(used in) operating activities A Cash flow from investing activities Purchase of investments (1,77,826) (2,57,438. Sale of investments 1,73,541 2,48,217 Purchase of property, plant and equipment (501) (417 Sale of property, plant and equipment 11 13 Net cash generated from/(used in) investing activities B (4,775) (9,625 h flow from financing activities securities issued 1,75,545 1,07,600 securities repaid (1,53,665) (1,44,480 owings other than debt securities issued 4,81,344 2,44,640 "owings other than debt securities repaid (4,43,595) (1,85,572 ordinated debt issued - 4,000 ordinated debt repaid (2,200) - eeds from Share application money pending allotment 32 - eeds from issue of shares and securities premium 215 24,590 ayment of lease liabilities (379) (341 Jend and tax paid on dividend (1,661) (796 55,636 49,641 cash generated from/(used in) financing activities C Net increase/(decrease) in cash and cash equivalents A+B+C 3,859 1,870 Add Cash and cash equivalents as at the beginning of the year 12,461 9,505 Cash and cash equivalents as at the end of the year* 16.320 11,375 *Components of cash and cash equivalents Cash on hand 166 230 Balances with banks Demand drafts on han?(T"jr) 16,078 11,089 76 56 16.320 11,375
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3 FtDB Financial Services Umited (the Company') is a Non-Banking Financial Company registered with the Reserve Bank of India. The Company has been classified as upper layer (NBFC . UI) based on RBI direction RBUDO2025-26/339 DOR.FIN.REC,No.258/03.10.119/2025-26 - Reserve Bank of India (Non-Banking Financial Companies - Registration, Exemptions and Framework for Scale Based Regulation) Directions. 2025. dated November 28, 2025 (amended from time to time) and presa release no.2026-2027/823 dated August 6. 2026. 4 The unaudited financial results have been prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standards ('md AS') 34 Interim Financial Reporting aa prescribed under Section 133 of the Companies Act, 2013 (the Act') read with the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time, oilier recognised accounting practices generally accepted in India, the circutars guidelines and directions issued by Reserve Bank of India from time to time and other relevant provisions of the Act and in compliance with Regulations 33 and 52 of the Securities and Exchange Board of India (listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time, 5 The above results for the quarter and half year ended September 30, 2026, have been reviewed by the Audit Committee and approved by tie Board of Directors at its meeting held on Oclober 14,2026 and have been reviewed by the Joint Statutory Auditors. 6 The Secured listed non-convellible debt securities of the Company are secured by first pad passu mortgage on immovable property situated at l'teera Panna Commercial Complex, 3rd Floor. Dr. Yagnik Road, Rajkot and/or first and exclusive charge on receivables of the Company by way of hypothecation to the extent of minimum 1.0 times of the outstanding principal and interest thereon. 7 Other equity includes statutory reserve as per Section 451C of Reserve Bank of India Act, 1934, balance in securities premium, retained earnings. ESOP reserve, cash flow hedge and Fair value changes of debt instruments measured at fair value through other comprehensive income. 8 Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 is attached as Annexure 1. 9 The disclosure in terms or md-AS 108 'Operating Segmenr as specified under Section 133 of the Companies Act, 2013 is attached as Annexure 2. 10 Information pertaining to Resolution Framework for COVIo.19-related Stress and resolution Framework- 2.O: Resolution of Covid.19 related stress of Individuals and Small Businesses to be read with Reserve Bank of India (Non'Banking Financial Companies Resolution of Stressed Assets) Directions, 2025. RBl/DO2O25-26/357 DOR.STR.REC.276/21 .04.048/2025-26. dated November 28, 2025 is attached as Annexure 3. 11 As on September 30, 2026 the security cover available in respect of secured non convertible debt securities is 1.03 and the asset cover available in respect of unsecured non convertible debt securities is 2.76. The security cover certificate as per Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 is attached as Annexure 4, 12 The Board in its meeting held on October 14.2026, has declared en Interim dividend of Rs.2,00 (Two rupees only) per share (i.e. 20% on face value of each equity shares) for the FY 2026-27. 13 During the previous year ended March 31,2026, the Company has raised equity capital through Initial Public Offer(IPO), ofl6,89.18,917 equityshares of Rs, 10 each, comprising a fresh issue of 3.37.83,782 equity shares and 13.51,35,135 equity shares offered for sate by the selling shareholders. The equityshares were issued at a price of Ra 740 per equity share (including a Share premium of 115. 730 per equity share). Pursuant to the aforesaid aaotment of equity shares, the issued, subscribed and paid- up capital of the Company stands increased to Rs, 8.307,94 milton (83,07,94,415 Equity shares of Ra 10 each) and securities premium stands increased to Rs.58.744.72 milton (net of offer expenses Rs, 434 million) as at September 30, 2026. The Company's equity shares were listed on National Stock Exchange of India Umited and on BSE Limited on July 02, 2025. The details of utilization of the IPO proceeds (fresh issues) of Rs,25,000 million is as follows: In mIllion Amount Objects ofthe issue as per prospectus Amount to be utillsed upto Total amount unutlllaed up No. ublised (net) September to September 30,2026(1 30 2026 I Augmenting capital base to meet the fixture business requirements of the Company towards onward lendin 24,566 24,566 - 2 Estimated P0 enses # 434 371 Total 25.000 24 937 63 tinutilised amount from estimated IPO expenses wilich are parked in escrow accounts shall be received upon submission of requisite documents. 4 To the extent offresh issue, the P0 expense or Rs.434 millions includes Rs, 20 million of additional expenses estimated above the offer expenses mentioned in the prospectus. 14 Details of loans transferred / acquired during he quarter ended September 30, 2026 under the Reserve Bank of India (Non.Banking Financial Companies 'Transfer and Distribution of Credit Risk) Directions 2025 and Reserve Bank of India (Non-Banking Financial Companies Financial Stiatemenis: Presentation and Disclosures) Directions, 2025 dated November 28. 2025 (as amended from time to time are given below (i) The Company has not transferred Non-Performing Assets. (iia) The Company has not transferred any loan not in default (tixb) The Company has acquired following loans not in default: Particulars For the r ended Se 30,2026 Beneficia economic interest u'red go.oo% Number of accounts a uired 5260 A unt of loan account uired Rs in m'llion 1.318,11 We hted avera residual matu in months 29.28 W hted ave ho eriod n months 17.38 Covera olta tIe aecu ' '100% Raun wvse distribution of rated loans Unrated Acquired by the assignee (ii) The Company has not acquired! transferred any special mention account, (iv) The Company has not acquired any stressed loan. 15 The Company does not have investh,ent in any subsidiaries, associates, joint ventures or controlled structure entity during the haf year and thus requirement of the consolidated financial results for the quarter and halfyear ended September 30,2026 is not applicable. 16 The Company during the quarter and halfyear ended September 30. 2026 has allotted equity shares of 4,17,739 and 4,67,199 respectively, of face value Rs.1O filly paid up, (for the quarter and year ended March 31, 2026 has allotted equity shares of 2.89.036 and 7.67.089 respectively) on exercise of options by eligible grantees. in accordance with the Employee Stock Option Schemes. 17 Read with RBI Direction - RBI/DORf2025.26/347 DOR.CRE.REC.No,266/07-O1.OOB/2025-26 - Reserve Bank of India (Non-Banking Financial Companies-Credit Facilities) Directions, 2025 dated November 28. 2025 (as amended from time to time), the Company has not lent any fends during the quarter and half year ended September 30. 2026 for project finance activities nor has any recoverable batance as at the same date. 18 Disdosures on Co-lending Asrangements (Ct.As) for the quarter and half year ended September 30, 2026 as per the Reserve Bank of India (Non.Banking Financial Companies - Financial Statements: Presentation and Disclosures) Directons in terms of the RBI circular RBI/DOR.r2025,26/359 DOR.ACC.REC.No.27a/21.04.018/2025.26 dated November 28. 2025 (as amended from time to time), are given below No. Particulars As at September 30, 2026 _______________________________ i _________________________________________________________________ Quantum of CLA's _______________________________________ (i) Number of CLA parb'iers (No.) 1 - (i) Number ofouistanding cases (No.) 1.BO,298 - (ii) Amount of Gross Outstanding (Ps. In million) 14,204.77 - 2 Weighted average rate of interest 25.99% 3 Fees charged / paid during the period 4 (Rain mition) 62.22 Broad sectors in which CIA was made Salaried & Self-Employed Customers - 5 Performance of cons under CIA Gross Stage 3-0.80% Net Stage 3- 0.06% 6 Details related to default loss guarantee. if any Upto 5% 4 Contractual charges to the customer 19 Figure ft By fthe For Inamu me h&- "..9...yuIrec' DIN :05291597 the previous period/year have been regrouped wherever necessary, in order to make them comparable with current period / year. Services limited Date : October 14, 2026 Place : Mumbai 1(5 1* "t' * .X" 'ea Ac6 *
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HDB Financial Services Limited Annexure I Disclosures in compliance with Regulations 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and half year ended September 30, 2026. P ii' I a Icu ars Quarter ended Half Year ended Year ended ____________ Sep 30, 2026 Jun 30, 2026 ____________ Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31,2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited - 1 ____________________________________ Debt-equity ratio (times)1 4.94 5.02 5.01 4.94 5.01 5.03 2 Debt service coverage ratio NA NA NA NA NA NA 3 Interest service coverage ratio NA NA NA NA NA NA Outstanding redeemable preference shares (Quantity) Nil Nil Nil Nil Nil Nil - Outstanding redeemable preference shares (value) (Rs. in million) Nil Nil Nil Nil Nil Nil - 6 Capital redemption reserve (Rs. in million) Nil Nil Nil Nil Nil Nil 7 Debenture redemption reserve (Rs. in million) Nil Nil Nil Nil Nil Nil 8 Networth (Rs. in million)2 2,11,210 2,03,324 1,84,081 2,11,210 1,84,081 1,97,210 9 Net profit after tax (Rs. in million) 7,802 7,852 5,814 15,654 11,493 25,438 10 Earnings per equity share (Not annualised for the interim periods) ____________ ____________ ____________ - Basic(Rs.) ____________ 9.39 ____________ 9.46 ____________ 7.01 18.85 14.14 30.97 Diluted (Rs.) 9.37 9.43 6.98 18.81 14.08 30.88 - 11 Current ratio (times) 1.03 1.29 1.16 1.03 1.16 1.29 12 Long term debt to working capital (times) 34.61 6.09 9.71 34.61 9.71 6.06 13 Bad debts to accounts receivable ratio NA NA NA NA NA NA 14 Current liability ratio 45.94% 35.94% 39.10% 45.94% 39.10% 35.38% 15 Total debts to total assets 79.86% 80.18% 80.36% 79.86% 80.36% 80.25% 16 Debtors turnover NA NA NA NA NA NA 17 Inventory turnover NA NA NA NA NA NA 18 Operating margin NA NA NA NA NA NA 19 Net profit margin 15.59% 15.90% 12.79% 15.74% 12.75% 13.80% 20 Sector specific equivalent ratios Capital adequacy ratio ____________ 21.37% ____________ 21.29% ____________ 21.82% 21.37% 21.82% 21,40% Gross Stage 3 ratio 2.43% 2.34% 2.81% 2.43% 2.81% 2.44% - Net Stage 3 ratio 1.09% 1.04% 1.27% 1.09% 1.27% 1.09% Liquidity coverage ratio3 164.22% 159.17% 173.93% 161.67% 161.64% 166.38% Stage 3 provision coverage ratio 55.00% 55.73% 54.73% 55.00% 54.73% 55.53% Notes: 1) Debt equity ratio is (Debt securities + Borrowings + Subordinated liabilities) I Net worth. 2) Net worth is equal to paid up equity share capital plus other equity less deferred tax. 3) LCR is calculated basis the daily averages of the respective corresponding periods.
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HDB Financial Services Limited Annexure 2 Segment Reporting for the quarter and half year ended September 30, 2026. (Rupees in million) Si No. Particulars Quarter ended Half Year ended Year ended _____________ Sep 30. 2026 Jun 30. 2026 _____________ Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 _________________________________ Unaudited Unaudited Unaudited Unaudited Unaudited Audited - i. _________________________________ Segment Revenue Lending business 47,081 46,250 42,251 93,331 83,866 1,72,058 BPO Services 2,972 3,129 3,203 6,101 6,242 12,239 Unallocated - - - - - - Income from Operations 50,053 49,379 45,454 99,432 90,108 1,84,297 ii. Segment Results Lending business 10,418 10,451 7,683 20,869 15,019 33,640 BPO Services 179 260 288 439 426 812 Unallocated (160) (160) (149) (320) (298) (589) Profit before tax 10,437 10,551 7,822 20,988 15,148 33,863 Income Tax expenses Currenttax 3,207 3,156 2,118 6,363 4,269 9,301 Deferred tax Asset (572) (457) (110) (1,029) (347) (609) Income tax for earlier year - - - - (267) (267) 7,802 7.852 5,814 15,654 11,493 25,438 Net Profit iii. Capital Employed Segment assets Lending business 12,95,061 12,61,472 11,36,428 12,95,061 11,36,428 12,25,208 BPO Services 2,152 2,329 1,886 2,152 1,886 1,796 Unallocated 10,557 9,990 9,427 10,557 9,427 9,511 13,07,770 12,73,791 11,47,740 13,07,770 11,47,740 12,36,515 Total Assets Segment Liabilities Lendingbusiness 10,80,623 10,54,627 9,51,117 10,80,623 9,51,117 10,25,104 BPO Services 3,299 2,735 2,140 3,299 2,140 3,014 Unallocated 2,316 3,262 1,101 2,316 1,101 1,757 10,86,238 10,60,624 9,54,358 10,86,238 9,54,358 10,29,875 Total Liabilities 2,21,532 2,13,167 1,93,382 2,21,532 1,93,382 2,06,640 Net Segment assets! (liabilities) a) Chief Operating Decision Maker Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision Maker (CODM). The Managing Director & CEO of the Company has been identified as the CODM as defined by md AS 108 Operating Segments, who assesses the financial performance and position of the Company and makes strategic decisions. b) Operating Segment Primary Segment (Business Segment) The Company is organised primarily into two operating segments, i.e. Lending business and BPO services. Lending business includes providing finance to customers for a variety of purposes like purchase of commercial equipment and commercial vehicles, personal purposes, enterprise loans, etc. Revenue from lending business includes (i) interest income and processing fees net of loan origination costs, (ii) collection-related charges like cheque bouncing charges, late payment charges and prepayment charges, and (iii) insurance commission. BRO services comprises of sales support services, back office, operations, processing support, running collection call centres. Secondary Segment (Geographical Segment) Since the business operations of the Company are primarily concentrated in India, the Company is considered to operate only in the domestic segment and therefore there is no reportable geographic segment. c) Segment Revenue and Expense Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on a reasonable basis have been disclosed as 'Unallocated'. d) Segment Assets and Liabilities Segment assets and segment liabilities represent assets and liabilities in respective segments. Tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as 'Unallocated'. e) Accounting Policies The accounting policies consistently used in the preparation of the financial ts are also applied to items of in individual segments. 1ØA (r" *
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HDB Financial Services Limited Annexure 3 Disclosure pertaining to Resolution Framework for COVID-19-related Stress and resolution Framework - 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses to be read with Reserve Bank of India (Non- Banking Financial Companies - Resolution of Stressed Assets) Directions, 2025, RB11D0RJ2025-261357 DOR.STR.REC.276/21.04.048/2025-26, dated November 28,2025. Format-B For Resolution framework (Rupees in million) Type of borrower Exposure to Of (A), aggregate Of (A) amount Of (A) amount paid Exposure to" accounts classified debt that slipped written off during by the borrowers accounts classified as Standard into NPA during six month ended during the six as Standard consequent to six month period 30 Sep 2026 month ended 30 consequent to implementation of ended 30 Sep Sep 2026 implementation of resolution plan - 2026 resolution plan - Position as at the Position as at the end of 31 Mar end of 30 Sep 2026 2026 (A) Personal Loans 68 22 0 43 2 Corporate persons - - - - - Of which, MSMEs - - - - - Others - - - - - Total 68 22 0 43 2 I!
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HDB Financial Services Limited lRuoees in million) Annexure 4 Security cover certificate as per Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 as on September 30, 2026. ____________________ Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K I Column L I Column M I Column N I Column 0 Exclusive Exclusive Pari-Passu Parl-Passu Parl-Passu Assets not offered as Elimination (amount in Total Related to only those items covered by this certificate Charge Charge Charge Charge Charge Security negative) (C to H) Description of Particulars asset for which this certificate Other sssets Debt Carrylnglbook value Canying valuelbook relate Assets shared by on which amount for exclusive charge value for part passu pan passu debt there is pan- considered Market Value assets where market Market charge assets where Debt for Other Debt for holder (includes passu more than for Assets value is not Value for market value is not Total which this Secured whtch this debt for which charge once (due charged on ascertainable or Pan passu ascertainable or Value(=Ki-L certificate Debt certificate this certificate Is (excluding to exclusive Exclusive applicsble (For Eg. charge applicable (For Eg. +M+N) being issued being issued issued & other items plus pan basis Bank Balance, DSRA Assets Bank Balance, DSRA debt with part- covered in passu market value is not market value Is not passu charge) column F) charge) applicable) applicable) Book Value Book Value veslNo Book Value Book Value _________ ___________ ___________ ________________ Relating to Column F _________ ____________________ ASSETS _____________ __________ __________ _________ Property, Plant and _____________ Immovable __________ - __________ - __________ Yes ______________ 100 __________ - 2.200 - 2.201 - . 3 . 3 Equipment Property (Note 1) Capital Work-in-Pronress - . - . - - - - - - - RiqhtofUseAssets - - - - 4.948 - 4.948 - - - - Goodwit _____________ - - - - - - - - - - - Intanqible Assets - - - - 588 - 588 - - - - Intangible Assets under Development - - - - - - - - - - - Investments - - - - 41,144 - 41,744 - - . - _____________ Receivables Loans under financing 3,06.549 6,73,029 2.24.208 - 12.03.786 - 3,06,549 - - 3,06,549 activities (Note 2) ________________________ Inventories ____________ - ____________ . _____________ - . - - - - - - Trade Receivables - - . - 3.565 - 3.565 - - - - Cash and Cash ________________ 16.320 16.320 Equivalents . - - - . Bank Balances other than Cash & Cash 6,738 6.738 Equivalents - - - - ____________________ __________ Others ________________ - - - - 27.880 __________ 27,880 ____________ __________________ Total ______________ 3.06,549 6.73,029 ___________ 1 - 3,28.191 . 13,07,170 - 3.06,549 3 . 3,06.553 C, øt 9 * 1 * 9\4J?
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NOB Financial Services Limited (Rupees in million) Annexure, Security cover certificate as par Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on September 30,2026. ____________________ Column A Column B Column C Column 0 Column E Column F Column C Column It Column I Column J Column 1< I Column L I Column M I Column N I Column 0 Exclusive Exclusive Pari-Passu Pari-Passu Pari-Passu Assets not offered as Elimination (amount in Total Related to only those items covered by this certificate Charge Charge Charge Charge Charge Security negative) (C to H) Description of asset for which Particulars this certificate Other assets Debt Carrying/book value Carrying value/book relate Assets shared by on which amount for exclusive charge value for pad passu pan passu debt there is pan- considered Market Value assets where market Market charge assets where Debt for Other Debt for holder (includes passu more than for Assets value is not Value for market value is not Total which this Secured which this debt for which charge once (due charged on ascertainable or Pad passu ascertainable or Vallse(K+L certificate Debt certificate this certificate is (excluding to exclusive Exclusive applicable (For 8g. charge applicable (For Eg. +M+N) being issued being issued issued & other items plus pad basis Bank Balance, DSRA Assets Bank Balance, DSRA debt with pan- covered in passu market value is not market value is not passu charge) column F) charge) applicable) applicable) Book Value Book Value Yes/No Book Value Book Value _________ __________ __________ ________________ Relating to Column F LIABILfl'IES ______________ __________ Debt securities to which _____________ __________ 2,97,543 __________ - __________ - - - - 2,97,543 - 2,97,543 - - 2,97,543 this ceitificate pertains Other debt sharing pan- ________________ _____________ passu charge with above debt - - - - - - - - . - - - Other Debt nottobefluled 59,416 - - - - 59,416 - - - - - Subordinated debt ____________ - _________ _______________ ___________ 52,191 - 52.791 - - - - - Borrowings - ___________ - - - - - - - - - - Bank _____________ 5,65.072 - . - - 5.65.072 - - - - - Debt Securities _______________ - ___________ - - 15.558 - 15.558 - - - - - Others ______________ ___________ . - - - 40,400 - 40.400 - - - - Trade payables _____________ . - - - 1.855 - 1.855 - - - - - Lease Liabilities ______________ - - - - 5,674 - 5,674 _____________ - - - - Provisions ________________ - - - - 6.110 - 6,110 - - - - - Other-Liabilities - - . 41.819 __________ 41.819 ____________ - - - Total ___________ 2.97,543 6,24.488 - - 1,64.207 - 10.BB,238 - 2,97,543 . - 2,97,543 Cover on Book Value ______________ 1.03 - ___________ Cover on Market Value _____________ 1.03 - ___________ ___________ _____________ Exclusive Pari-Passu Secunty 1.03 Security Cover ___________ Cover Ratio ________ _________ Ratio NA ________ ________ Notes: 1) The market value of Rs 3 million of the immovable property son the basis of certified valuation done on March 31,2026. 2) Receivable under flnandng activities consist of large number of ama tickel loans. This is part of the non trading book where loans are in the nalure of held to maturily and created with a sole objective of collecting pnncipat and interest. Therefore Company has considered the carrying value (net off allowance for lh certificate. 3) We confirm that the Company has complied with the covenants menlioned in the disclosure documents of the Secured Redeemable Non-convertible Debentures for the quarter and haff year ended Seplember 30, 2026. Se/-k 0
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r. HDB FINANCIAL SERVICES REIMAGINING OPPORTUNITIES October 14, 2026 To, BSE Limited P. J. Towers, Dalal Street, Mumbai -400001 K.A.: Listing Compliance Department HDB Financial Services Limited HDB House,Tukaram Sandam Marg, A- Subhash Road, Vile Parle (E), Mumbai- 400057 Tel :022-49116300 Fax:022- 49116666 Web www.hdbfs.com CIN : L65993GJ2007PLC051028 Email ID: compliance@hdbfs.com Sub.: Statement of utilisation of issue proceeds under Regulation 52(7) and Statement of deviation/ variation under Regulation 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, Statement of utilisation of issue proceeds under Regulation 52(7) and Statement of deviation/ variation under Regulation 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Pursuant to the Regulation 52(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that, the proceeds of the below Non-Convertible Securities issued by the Company during the quarter ended September 30, 2026, listed on the Stock Exchange, have been utilised for the purpose for which these proceeds were raised in accordance with the respective Offer Documents of the issues: Name of the issuer: HDB Financial Services Limited If Yes, then Mode of Amount Fund specify Fund Date Raised utilised the Raising Type of of (Face Any purpose Remarks, ISIN (Public deviation of for issues / instrument raising Value (Yes/No) which if any _________ (Face Private funds Rs. in the placement) Crore) Value funds Rs.in were Crore) utilised _______________ ___________ Private ___________ _______ 02- _________ _________ _________ 1NE756107FR2 Placement NCD Jul-26 1,000.00 1,000.00 No NA NA Private 09- lNE756l07FJ9 Placement NCD Jul-26 200.00 200.00 No NA NA ,.. W Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedaba 3 09.
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_. HDn FINANCIAL 0 SERVICES REIMAGINING OPPORTUNITIES Private 09-1NE756107FS0 Placement Jul-26 100.'' 100.00 Private 17- 1NE756107FT8 I No s NA Placement Jul-26 310.00 310.00 Private 23- 1NE756107FQ4 I No s A Placement Jul-26 400.00 400.00 06-Private 1NE756107FQ4 I Aug- Placement 544.50 544.50 26 09-Private 1NE756107EV7 I Sep- Placement 2,000.00 2,000.00 26 B. Statement of deviation/ variation in use of Issue proceeds for the quarter ended September 30, 2026: Particulars Remarks Name of the listed entity HDB Financial Services Limited Mode of fund raising Private placement Type of Instrument Non-convertible Securities Date of raising funds As mentioned in above table Amount raised As per mentioned in above table Report filed for quarter ended September 30, 2026 Is there a deviation! variation in use of funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus! offer document? No lives, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the deviation! variation Not Applicable Comments of the audit committee after review None Comments of the auditors, if any No Deviation Objects for which funds have been raised and where there has been a deviation! variation, in the following table: Not Applicable - - - _________________________ Percentage of Purpose fund raised (%) Original object For disbursements of loans Upto 100 to borrowers - _________________ 4
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[. HDn FINANCIAL OSERVICES REIMAGINING OPPORTUNITIES ________________________________________________ - For refinancing existing - borrowings! repayment of Upto 75 existing borrowings For general corporate ___________________ Upto 50 purposes __________________ Further, pending utilisation, the issue proceeds may be utilised / invested as may be approved from time to time in the ordinary course of business, in fixed deposits with banks, mutual fund units, etc. Additionally, the proceeds of the issuance shall be in accordance with RBI guidelines applicable for bank finance to NBFCs. ________________________________________________ Modified object, if any Nil Funds have been allocated as per the objects Original allocation stated above in compliance with the applicable laws. Modified allocation, if any Nil Funds utilised Funds have been utilised as per the objects stated . above in compliance with the applicable laws. Amount of deviation! variation for the quarter according to application object (in Rs. crore and in Not Applicable %) Remarks, if any _________________________________ Nil Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilised as against what was originally disclosed. Please take the above on record. For HDB Financial Services Limited 4 Jaykumar Shah (Chief Financial Officer)
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HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057. Web: www.hdbfs.com Tel: 022 – 4911 6350 Fax: 022 – 4911 6666 CIN: L65993GJ2007PLC051028 Email: investorcommunications@hdbfs.com Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. HDB/SLC/2026/1538 October 14, 2026 To, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Plot No C/1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Scrip Code: HDBFS To, Listing Compliance Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400001 Scrip Code: 544429 Dear Sir / Madam, Sub.: Statement of deviation(s) or variation(s) for the quarter ended September 30, 2026 under regulation 32(1) of Securities and Exch ange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) The equity shares of the Com pany have been listed on National Stock Exchange of India Limited and BSE Limited w.e.f. July 02, 2025. Accordingly, pursuant to Regulation 32(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, a Statement confirming no deviation or variation in the utilization of proceeds raised through issuance of equity shares by way of Initial Public offer (‘IPO’) for quarter ended September 30, 2026 is enclosed herein, in the format as prescribed. This is for your information and appropriate dissemination. Thanking you, For HDB Financial Services Limited Dipti Jayesh Khandelwal Company Secretary and Compliance Officer Membership No. F11340 Encl.: As above
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STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE Statement on deviation / variation in utilisation of funds raised Name of listed entity HDB Financial Services Limited Mode of Fund Raising Public Issue- Initial Public Offer (IPO) Date of Raising Funds June 30, 2025 Amount Raised (Rs. in Crore) 2,500 (Fresh Issue) Report filed for Quarter ended September 30, 2026 Monitoring Agency Applicable Monitoring Agency Name, if applicable CARE Ratings Limited Is there a Deviation / Variation in use of funds raised No If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders NA If Yes, Date of shareholder Approval NA Explanation for the Deviation / Variation NA Comments of the Audit Committee after review Nil Comments of the auditors, if any Nil Objects for which funds have been raised and where there has been a deviation, in the following table Original Object Modified Object, if any Original Allocation Modified allocation, if any Funds Utilised Amount of Deviation/Variation for the quarter according to applicable object Remarks if any NA Deviation or variation could mean: (a) Deviation in the objects or purposes for which the funds have been raised or (b) Deviation in the amount of funds actually utilized as against what was originally disclosed or (c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc. For HDB Financial Services Limited Dipti Jayesh Khandelwal Company Secretary and Compliance Officer Membership No. F11340