HDFC Securities Limited

HDFC Securities Limited — Unlisted Shares Overview HDFC Securities Limited is a subsidiary of HDFC Bank, one of India's top-tier private sector banks. Headquartered in Mumbai, this leading stock broking firm was established in 2000 — marking a journey of over 20 years. Initially, it was a joint venture between HDFC Bank Limited, HDFC Limited, and Indocean eSecurities Holdings Limited. Beyond stock broking, the company has also become a prominent distributor of financial products. In 2006, HDFC Bank acquired HDFC Ltd.'s stake, and in 2008, it further purchased an additional 4% from Indocean Securities — making HDFC Securities a fully-owned subsidiary of HDFC Bank. As one of India's pioneering broking houses, HDFC Securities is an affiliated member of both the BSE and NSE. Its online trading portal is highly popular among professional traders. As of 31 March 2020, the company had 262 branches spread across 161 Indian cities. Financials (₹ in Cr) Particulars FY23 FY24 FY25 FY26 (Latest) YoY Change Revenue 1,874 2,660 3,264 3,107 ▼5% EBITDA 1,377 1,936 2,351 2,130.9 ▼9% OPM (%) 73.48 72.78 72.03 68.58 ▼5% PBT 1,042 1,271 1,496 1,233.6 ▼18% PAT 777 951 1,124 926.6 ▼18% EPS (₹) 491.77 595.49 635.03 518.52 ▼18% Other Key Details: Face Value: ₹10 ISIN: INE700G01014 Dividend Yield: 25.79% Book Value (related figure): ₹2,015.52 Valuation Analysis (Based on FY26 EPS) HDFC Securities unlisted shares are currently trading at a 16x P/E multiple, which appears attractively priced compared to listed broking peers like Angel One (28x) and Groww (52x).