Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

HDB Financial Services Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> operates a nationwide network of 1,744 branches, leveraging its <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> backing to serve 22 million underserved aspirational retail and MSME customers.</li>
<li>Strong growth is powered by a surging high-yield consumer segment and expanded margins following the strategic 125 bps repo rate cuts that reduced borrowing costs.</li>
<li>Management anticipates reaching an 18-20% AUM growth target by scaling digital-first lending and expanding secured gold loan portfolios while maintaining resilient margins and asset quality.</li>
</ul>



HDB Financial Services Ltd (0117739D IN) operates a nationwide network of 1,744 branches, leveraging its HDFC Limited (HDFC IN) backing to serve 22 million underserved aspirational retail and MSME customers.
Strong growth is powered by a surging high-yield consumer segment and expanded margins following the strategic 125 bps repo rate cuts that reduced borrowing costs.
Management anticipates reaching an 18-20% AUM growth target by scaling digital-first lending and expanding secured gold loan portfolios while maintaining resilient margins and asset quality.


HDB Financial Services Ltd: The High-Yield Engine of the HDFC Ecosystem

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) raised around US$1.4bn in its India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.


HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

HDB Financial Services Ltd / Index Rebalance

<ul>
<li>The free float is estimated to gradually increase from ~15% up to 30% over six months due to the lock-up expiries of Anchor Investors and pre-IPO Shareholders.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is forecasted to be added to Global All-World in December 2025 following the lock-up expiry of the Anchor Investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> has a chance of inclusion in Global Standard in February 2026 following the lock-up expiry of pre-IPO shareholders which can increase free float up to 30%.</li>
</ul>


The free float is estimated to gradually increase from ~15% up to 30% over six months due to the lock-up expiries of Anchor Investors and pre-IPO Shareholders.

HDB Financial Services is forecasted to be added to Global All-World in December 2025 following the lock-up expiry of the Anchor Investors.

HDB Financial Services has a chance of inclusion in Global Standard in February 2026 following the lock-up expiry of pre-IPO shareholders which can increase free float up to 30%.


HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is India's seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).</li>
<li>I discussed the fundamentals in <a href="https://www.smartkarma.com/insights/hdb-financial-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:191077" rel="noopener">HDB Financial IPO: The Investment Case</a>. The shares will be listed on 2 July.</li>
<li>My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.</li>
</ul>



HDB Financial Services Ltd (0117739D IN) is India's seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).
I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.


Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.</li>
<li>Track Record &amp; Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.</li>
<li>Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.</li>
</ul>


Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
Track Record &amp; Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.


HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery

India

HDB Financial Services Limited provides financial services. The Company offers personal, gold, auto, business, durable, and commercial vehicle finance, as well as loan against property. HDB Financial Services serves customers in India.

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HDB Financial Services Ltd (0117739D IN)

HDB Financial Services Ltd: The High-Yield Engine of the HDFC Ecosystem

HDB Financial Services leverages HDFC Limited backing to serve underserved customers, aiming for 18-20% AUM growth through digital-first lending...

Nimish Maheshwari

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion

HDB Financial Services is expected to enter Global All-World in December 2025, with potential inclusion in Global Standard in February 2026,...

Dimitris Ioannidis

HDB Financial IPO: Valuation Insights

My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

Arun George

HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery

Upcoming ₹12,500 crore IPO for a company with strong growth potential, but caution advised due to high valuation and expectations. Proceeds to...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDB Financial Services Ltd: The High-Yield Engine of the HDFC Ecosystem

​HDB Financial Services leverages HDFC Limited backing to serve underserved customers, aiming for 18-20% AUM growth through digital-first lending...

Nimish Maheshwari

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion

HDB Financial Services is expected to enter Global All-World in December 2025, with potential inclusion in Global Standard in February 2026,...

Dimitris Ioannidis

HDB Financial IPO: Valuation Insights

My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

Arun George

HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery

​Upcoming ₹12,500 crore IPO for a company with strong growth potential, but caution advised due to high valuation and expectations. Proceeds to...

Rahul Jain

HDB Financial Services leverages HDFC Limited backing to serve underserved customers, aiming for 18-20% AUM growth through digital-first lending...

Upcoming ₹12,500 crore IPO for a company with strong growth potential, but caution advised due to high valuation and expectations. Proceeds to...