HDB Financial 8th becomes the most valuable NBFC with a market cap of 70,200 crores

Shares of HDB Financial Services were released on July 2, a list of Rs 835 on both BSE and NSE – 12.8% higher than its issue price.

Meanwhile, on listing day, the stock reached 45 845.7575.

Bajaj Finance continues to lead the pack with a market cap of over 77.7777 lakh crore, followed by JIO Financial Services (Rs 1.8 lakh crore), and Cholamandalam Investment and Finance (Rs 1.3131 lakh crore).

Other major players include Shriram Finance (Rs 1.28 lakh crore), Muthoot Finance (Rs 1.05 lakh crore), SBI cards (Rs 87,017 crore) and Aditya Birla Capital (Rs 71,324 crore).

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HDFC Bank supported, HDB Financial IPOs received more than Rs 1.61 lakh crore in bids but the institutional interest was higher than retail. While the QIB (qualified institutional buyer) was overscribed than part 55X, retail was kept on 1.4x. Overall, the IPO was overscribed about 17 times.

This offered the second most subscribed IPO among HDB’s 10,000+ crore issues, just behind the list of record-breaking Tata technologies. Nevertheless, it was reduced by the Bajaj Housing Finance IPO, surpassing the all -over of Rs 3 lakh crore, Mehta Equities said.

Brokerage has asked customers to keep HDB Financial shares for a long time, though it is strategically located in India’s structural credit growth, especially in retail and SME financing segments.

Amk starts coverage with ‘Buy’

Amk Global became the first brokerage to start coverage with ‘Buy’ rating and ‘Buy’ rating and a target price of 900 by June 2026, which evaluates stock at the 3X FY 27 estimated book value.
Brokerage three key positively published:

Custom and scalable franchise: With more than 19 million customers, HDB Financial has created a large, geographical and varied -wise lending business. Its top 20 exposure is only 0.34% of the total AUM, which shows granularity.

Concentrated strategy and leadership stability: About 5% distributions were directly source in the fiscal year 25, with 70% of the branches located in Tier -4 towns and beyond. Emke noted that the focusing on the underded segments has been run by an experienced leadership team, many have been with the company for a decade.

Improve a view on profitability: Amcane is expected to have favorable macro terms, including front-load rate cuts and central credit costs to support margin expansion and earnings growth. Brokerage projects to achieve 17% return on HDB Financial 2.7% property (ROA) and equity (ROE) by FY28, with 20% AUM CAGR and 27% EPS CAGR on FY 25-228.

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