---
title: "Buy HDB Financial Services; target of Rs 900: ICICI Securities"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278494243.md"
description: "ICICI Securities has initiated coverage on HDB Financial Services (HDBFS) with a 'BUY' rating and a target price of INR 900. The report highlights HDBFS's strong asset franchise, particularly in underserved areas, and its impressive AUM growth despite macroeconomic challenges. The company is expected to achieve approximately 18% AUM and 25% PAT CAGRs from FY26 to FY28. HDBFS's effective risk management and focus on direct customer sourcing are noted as key strengths."
datetime: "2026-03-10T05:11:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278494243.md)
  - [en](https://longbridge.com/en/news/278494243.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278494243.md)
---

# Buy HDB Financial Services; target of Rs 900: ICICI Securities

**ICICI Securities research report on HDB Financial Services**

HDB Financial Services (HDBFS) – a blue-chip heritage paired with a formidable low-cost borrowing moat. The combination bestows an inherent advantage upon the company to command sustainable, scalable and high-margin growth. Notably, HDBFS has been strategically firming up an asset franchise stronghold (\>INR 1trn, as of FY25) in India’s underserved hinterlands (~70% branches in tier-4+ locations). Separately, despite macroeconomic headwinds, it delivered a \>20% AUM CAGR (FY14–25), bolstering its leading NBFC status. A decadal ~2% credit cost average is testament to HDBFS’ cycle-tested underwriting and risk-management protocols. HDBFS’ focus on direct customer sourcing - accounts for \>80% of FY25 disbursements – facilitates customer quality and operational efficiency.

**Outlook**

These vantages should help HDBFS deliver ~18%/~25% AUM/PAT CAGRs over FY26–28E. We initiate coverage at BUY and a TP of INR 900, basis 3x Sep’27E BVPS.

**For all recommendations report, click here**

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

HDB Financial Services - 1003026 - icici

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