HDFC Securities 9M FY26 Results & Unlisted Valuation (2026)
· 6 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
HDFC Securities faced operating leverage reversal and margin compression in FY26 as regulatory shifts slowed broking fee growth. Here is a detailed review of 9M FY26 performance, cost trends, and unlisted valuation metrics.
Direct answer: HDFC Securities experienced financial normalization during FY26 following regulatory tightening in derivative trading and margin shifts across capital markets. Nine-month operating revenue fell ~10.5% year-on-year to ₹2,257 Cr, leading to profit margin contraction. According to BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, market valuations now reflect cyclical earnings normalization across unlisted broking shares.
Financial Overview: 9M FY26 Revenue and Profit Moderation
During the nine months ended 31 Dec 2025, HDFC Securities Limited recorded operating revenue of ₹2,257 Cr, reflecting a ~10.5% decline from ₹2,521 Cr reported in the corresponding nine-month period of FY25. This top-line contraction triggered an operating leverage reversal after multiple years of compounding growth between 2020 and 2024.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹7,650 | 16 Oct 2026 |
| Lot size | 4 shares | 16 Oct 2026 |
| Minimum investment | ₹31,000 | 16 Oct 2026 |
| Market cap | ₹13,773 Cr | 16 Oct 2026 |
| Face value | ₹10 | 16 Oct 2026 |
| Book value | ₹1889.32 | 16 Oct 2026 |
| P/E | 14.23 | 16 Oct 2026 |
| ISIN | INE700G01014 | 16 Oct 2026 |
| Sector | Financials | 16 Oct 2026 |
| Listing status | UNLISTED | 16 Oct 2026 |
Profitability saw a correction over the same nine-month period. Profit before tax (PBT) fell ~24.1% year-on-year from ₹1,164 Cr in 9M FY25 to a reported ₹884 Cr in 9M FY26. Net profit (PAT) contracted from ₹873 Cr in 9M FY25 to a reported ₹661 Cr in 9M FY26. For the full year FY26, as approved by the board on 13 Apr 2026, full-year net profit closed at ₹926.6 Cr (with multi-year financials recording ₹929.9 Cr) on total revenue of ₹3,107 Cr, representing an overall annual net profit decline of roughly 17%. These figures follow earlier quarterly headwinds covered in HDFC Securities Q2 Results 2026: Profit Drops 36% to ₹200 Crore.
Primary Revenue Drivers: Fee Moderation vs Interest Income Resilience
The underlying slowdown in HDFC Securities' operational performance during 9M FY26 stems primarily from fee-based revenue streams. Fees and commission earnings decreased ~19.3% year-on-year to ₹1,095.3 Cr for 9M FY26, down from ₹1,356.8 Cr in 9M FY25. Regulatory interventions by SEBI, including tightened equity derivative rules and 'true-to-label' charge mandates, curtailed transactional volumes across retail trading.
In contrast, credit-linked earnings demonstrated relative stability. Interest income generated through the company's Margin Trading Facility (MTF) reached ₹1,071 Cr in 9M FY26, compared to ₹1,092 Cr in 9M FY25, marking a mild ~2% shift. Over the full fiscal year FY26, total interest income expanded to ₹1,498 Cr as balance sheet assets expanded roughly 55% from ₹14,031 Cr to ₹21,784 Cr, supported by MTF loan book expansion from ₹5,512 Cr to ₹7,133 Cr. This evolving revenue mix is detailed further in A HDFC Security Q1 FY27 Results: Interest Income Overtakes Broking — Explained.
Operating Cost Escalation and Margin Contraction
While revenue softened, operating expenditures faced persistent upward pressure during 9M FY26. Personnel expenditures expanded year-on-year, with staff benefit costs rising ~30% compared to ₹345 Cr recorded in 9M FY25 (with 9M FY26 staff expenses reported at ₹449 Cr). Furthermore, a statutory provision of ₹29 Cr for gratuity past service costs associated with new Labour Codes was recognized in the quarter ended 31 Dec 2025.
Higher fixed operating costs combined with lower brokerage receipts drove margin compression across metrics. Operating margin (PBT divided by operational revenue) compressed from 46% in 9M FY25 to 39% in 9M FY26. Similarly, net profit margin contracted from 35% to 29% over the same timeframe.
The multi-year financial chart illustrates revenue expanding from ₹1,874 Cr in FY23 to a peak of ₹3,264 Cr in FY25 before softening to ₹3,107 Cr in FY26, with net profit following a similar trajectory from ₹777 Cr to ₹1,124 Cr before moderating to ₹926.6 Cr.
Unlisted Valuation and Peer Multiple Comparison
In the over-the-counter market, HDFC Securities Limited trades at a distinct valuation adjustment compared to high-frequency listed discount broking peers. Based on FY26 net profit of ₹926.6 Cr and total equity outstanding of 1.78 Cr shares (yielding an EPS of ₹518.52), HDFC Securities commands an unlisted price-to-earnings (P/E) multiple of roughly 14.23x to 18.66x (at an implied market valuation reported around ₹16,800 Cr). By comparison, listed peer Angel One trades at a P/E multiple of approximately 29x as of October 2026.
This valuation discount reflects HDFC Securities' hybrid operating structure. While discount brokers maintain purely digital cost models, HDFC Securities operates 128 physical branches across more than 100 cities while scaling digital apps such as HDFC SKY and InvestRight. As tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, the indicative unlisted share price for HDFC Securities stood at ₹7,650 as of 16 Oct 2026, down from a high of ₹8,450 recorded in July 2026. Investors monitoring broader capital market offerings can track upcoming public issuances via the IPO calendar.
The unlisted share price chart demonstrates a gradual decline in indicative valuation, falling from a high of ₹8,450 in July 2026 to ₹7,650 by October 2026.
Investors evaluating unlisted capital market intermediaries can review the complete HDFC Securities Limited on BuyUnlistedShares profile or explore the broader Unlisted shares screener. For current transaction quotes, order execution, and settlement guidelines, contact BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 via our enquiry desk.
Frequently Asked Questions
Is trading in HDFC Securities Limited unlisted shares legal in India?
Yes, trading unlisted shares of HDFC Securities Limited is legal in India. Transactions occur off-exchange in the over-the-counter market through specialized dealing desks and are settled directly between demat accounts.
What caused the decline in HDFC Securities' 9M FY26 revenue?
The top-line contraction was primarily driven by a ~19.3% drop in fee and commission income to ₹1,095.3 Cr due to regulatory modifications in derivative rules and fee structuring, partially offset by resilient margin trading interest income of ₹1,071 Cr.
How does HDFC Securities' valuation compare to listed broking peers?
HDFC Securities trades at an implied unlisted P/E multiple of approximately 14.2x to 18.7x based on FY26 earnings, compared to ~29x for listed peer Angel One. This discount reflects differences in operating cost structures, distribution models, and growth trajectories.
Are unlisted share transactions in HDFC Securities regulated by SEBI?
While SEBI does not directly administer over-the-counter unlisted stock platforms, standard regulatory mandates apply to all transfers, including depository participant charges, stamp duty regulations, mandatory PAN verification, and statutory lock-in periods upon any eventual IPO.
Is HDFC Securities unlisted share a good investment for retail buyers?
As a dealing desk, we do not make suitability calls, provide buy or sell recommendations, or assign investment ratings. Investors must independently evaluate company financial statements, industry cyclicality, liquidity risks, and personal risk tolerance before entering unlisted share transactions.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
