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HDB Financial Services Limited — Bonds & AAA (CRISIL) Rating on senior bonds

NBFC · Financial Services

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AAA (CRISIL)
Most common current rating on senior bonds
38 of 38 rated · CRISIL, 28 Sep 2026
Tier II / subordinated: AAA (CRISIL)
AT1 / perpetual: AAA (CRISIL)
Total Debt Outstanding
₹33,307 Cr
Across 69 instruments
Active Bonds
69
First Issue
22 Jul 2016
Latest Issue
17 Jul 2026
Maturity Range
2026 - 2036
Observation
69 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies

Latest events

Last 90 days · company disclosures to the exchanges and agency announcements. Not our assessment.
  • 28 Oct 2026 New rating assigned to AAA CRISIL
  • 28 Oct 2026 Interest payment notice Pursuant to regulation 57(1) of SEBI LODR, Intimation regarding Payment of Interest
  • 15 Sep 2026 Interest payment notice Pursuant to Regulation 57(1) of SEBI LODR, Intimation regarding payment of Interest
  • 9 Sep 2026 Debt securities notice Allotment of Secured Redeemable NCDs on private placement basis
  • 2 Sep 2026 Record date The company has fixed Regulation 60(2) Record Date Interest Payment / Redemption / Dividend for the purpose of…
Issuer health card Nothing flagged on record
  • Current ratings CRISIL AAA, CARE AAA
  • Rating range All current ratings on senior bonds are AAA (CARE 28 Sep 2026, CRISIL 28 Sep 2026). All current ratings on Tier II / subordinated bonds are AAA (CARE 28 Sep 2026, CRISIL 28 Sep 2026). All current ratings on AT1 / perpetual bonds are AAA (CARE 28 Sep 2026, CRISIL 28 Sep 2026)
  • Rating direction, 12 months 0 upgrades, 0 downgrades
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 28 Oct 2026
  • Payment record No payment disclosures since 17 Jul 2026
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 19 of 69 active bonds had an exchange trade
  • Exchange filings, 90 days 40 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

Alert me about HDB Financial Services Limited An email when a rating agency acts on this issuer (including any cut to default grade D) or a payment is disclosed late or short. Free, no account needed.
01 Issuer Overview
Sector
Financial Services
Issuer Type
NBFC
First Tracked Bond
22 Jul 2016
Start of this issuer's debt program timeline
  • 69 active bonds tracked from this issuer.
  • 45 of 68 tracked bonds with a stated security status are secured. (based on 68 bonds with a disclosed security status)
  • Most recent rating action: initial by CRISIL on 28 Oct 2026.

HDB Financial Services Limited is an NBFC in the Financial Services sector. Coupon rates on outstanding bonds range from 7.18% - 9.70%, paid annually. Bonds mature between 2026 - 2036.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
69
Tracked by RetailBonds
Amount Tracked
₹33,307 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt (disclosed for 49 of 69 bonds)
Avg Coupon
8.04%
Range 7.18% - 9.70%
Avg Remaining Tenure
2.7 Yrs
Nearest maturity Dec 2026
Secured
66%
45 of 68 bonds with known status
Callable
4
Of 69 bonds
Avg Spread vs G-Sec
+154 bps
Credit premium, from 17 bonds with a current market yield

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (19 bonds).

0 2026: 3 bonds, ₹1,195 Cr tracked, avg coupon 8.01% 3 bonds 2026 2027: 9 bonds, ₹6,904 Cr tracked, avg coupon 8.16% 9 bonds 2027 2028: 19 bonds, ₹7,533 Cr tracked, avg coupon 7.94% 19 bonds 2028 2029: 13 bonds, ₹8,468 Cr tracked, avg coupon 7.95% 13 bonds 2029 2030: 5 bonds, ₹1,156 Cr tracked, avg coupon 7.41% 5 bonds 2030 2031: 4 bonds, ₹1,600 Cr tracked, avg coupon 7.75% 4 bonds 2031 2033: 2 bonds, ₹3,500 Cr tracked, avg coupon 8.40% 2 bonds 2033 2034: 2 bonds, ₹500 Cr tracked, avg coupon 8.27% 2 bonds 2034 2035: 2 bonds, ₹500 Cr tracked, avg coupon 7.95% 2 bonds 2035 2036: 1 bond, ₹400 Cr tracked, avg coupon 7.79% 1 bond 2036 2042+: 9 bonds, ₹1,550 Cr tracked, avg coupon 8.65% 9 bonds 2042+

Security Type / Instrument Mix

  • NCD 69 bonds · 100% · ₹33,307 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2016: ₹170 Cr issued 2016 2018: ₹1,230 Cr issued 2018 2019: ₹3,743 Cr issued 2019 2020: ₹356 Cr issued 2020 2021: ₹450 Cr issued 2021 2022: ₹2,428 Cr issued 2022 2023: ₹5,993 Cr issued 2023 2024: ₹6,011 Cr issued 2024 2025: ₹6,300 Cr issued 2025 2026: ₹6,625 Cr issued 2026 Cumulative: ₹170 Cr Cumulative: ₹1,400 Cr Cumulative: ₹5,143 Cr Cumulative: ₹5,500 Cr Cumulative: ₹5,950 Cr Cumulative: ₹8,378 Cr Cumulative: ₹14,371 Cr Cumulative: ₹20,382 Cr Cumulative: ₹26,682 Cr Cumulative: ₹33,307 Cr

Based on 49 of 69 active bonds with a known issue date and issue size — the rest are excluded, not assumed zero.

Financial Snapshot

Q1 FY27
Debt / Equity
0.05
 
Debt Service Coverage (DSCR)
0.00
 
Interest Service Coverage (ISCR)
0.00
 
Revenue from Operations
₹4,937.90 Cr
 
Net Profit / Loss
₹785.19 Cr
 
Profit Before Tax
₹1,055.09 Cr
 

As filed under SEBI LODR Reg 52(4) / Integrated Filing, filed 15 Jul 2026. Figures are reported facts, not a rating or recommendation.

03 Credit Profile
  • AAA 50 bonds · 72%
  • Unrated 19 bonds · 28%
AgencyRatingOutlookBonds
CRISIL AAA — 48
CARE AAA — 47
CARE AAA NSDL record — 1
CRISIL AAA NSDL record — 1

Rating History (Trend)

AAA AA A BBB Below BBB Unrated CARE: AAA on 2026-09-04 CARE: AAA on 2026-09-28 CRISIL: AAA on 2026-09-28 CRISIL: AAA on 2026-10-28
Sep 26 — Oct 26 CARE CRISIL

Recent Rating Actions

28 Oct 2026 · CRISIL
AAA
Initial · Stable
13 Oct 2026 · CRISIL
—
Update
28 Sep 2026 · CRISIL
AAA
Reaffirmed · Stable
28 Sep 2026 · CARE
AAA
Reaffirmed · Stable
4 Sep 2026 · CARE
AAA
Reaffirmed · Stable
04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE756I08116 HDB Financial Services 8.05% Dec 2026 NCD 8.05% AAA (CRISIL) 2026-12-04 — —
INE756I07EU9 HDB Financial Services 7.99% Dec 2026 NCD 7.99% AAA (CRISIL) 2026-12-08 — 2026-10-05
IN8756I07182 HDB Financial Services 7.99% Dec 2026 NCD 7.99% — 2026-12-08 — —
INE756I07EX3 HDB Financial Services 8.24% Apr 2027 NCD 8.24% AAA (CRISIL) 2027-04-06 — 2026-10-05
IN8756I07307 HDB Financial Services 8.24% Apr 2027 NCD 8.24% — 2027-04-06 — —
INE756I07EY1 HDB Financial Services 8.33% May 2027 NCD 8.33% AAA (CRISIL) 2027-05-10 — 2026-09-24
IN8756I07240 HDB Financial Services 8.33% May 2027 NCD 8.33% — 2027-05-10 — —
INE756I07EZ8 HDB Financial Services 8.34% Jul 2027 NCD 8.34% AAA (CRISIL) 2027-07-05 8.10% 2026-10-21
INE756I07FA8 HDB Financial Services 8.33% Aug 2027 NCD 8.33% AAA (CRISIL) 2027-08-06 7.90% 2026-10-15
IN8756I07281 HDB Financial Services 8.33% Aug 2027 NCD 8.33% — 2027-08-06 — —
INE756I07EJ2 HDB Financial Services 7.65% Sep 2027 NCD 7.65% AAA (CRISIL) 2027-09-10 8.20% 2026-11-06
IN8756I07265 HDB Financial Services 7.65% Sep 2027 NCD 7.65% — 2027-09-10 — —
INE756I07FB6 HDB Financial Services 7.96% Jan 2028 NCD 7.96% AAA (CRISIL) 2028-01-05 8.58% 2026-10-28
IN8756I07273 HDB Financial Services 7.96% Jan 2028 NCD 7.96% — 2028-01-05 — —
INE756I08124 HDB Financial Services 8.42% Feb 2028 NCD 8.42% AAA (CRISIL) 2028-02-01 — —
INE756I08132 HDB Financial Services 8.45% Feb 2028 NCD 8.45% AAA (CRISIL) 2028-02-21 — —
INE756I07EQ7 HDB Financial Services ZC Mar 2028 NCD — AAA (CRISIL) 2028-03-17 8.50% 2026-10-21
INE756I07FC4 HDB Financial Services 7.65% May 2028 NCD 7.65% AAA (CRISIL) 2028-05-05 — 2026-06-25
IN8756I07315 HDB Financial Services 7.65% May 2028 NCD 7.65% — 2028-05-05 — —
INE756I07FN1 HDB Financial Services 7.58% May 2028 NCD 7.58% AAA (CRISIL) 2028-05-29 8.86% 2026-11-02
INE756I07FG5 HDB Financial Services 7.41% Jun 2028 NCD 7.41% AAA (CRISIL) 2028-06-05 8.59% 2026-11-06
INE756I08140 HDB Financial Services 9.05% Jul 2028 NCD 9.05% AAA (CRISIL) 2028-07-27 8.73% 2026-10-30
INE756I07FJ9 HDB Financial Services 7.33% Aug 2028 NCD 7.33% AAA (CRISIL) 2028-08-04 — 2026-07-20
IN8756I07323 HDB Financial Services 7.33% Aug 2028 NCD 7.33% — 2028-08-04 — —
INE756I07FH3 HDB Financial Services 7.18% Sep 2028 NCD 7.18% AAA (CRISIL) 2028-09-22 8.68% 2026-10-30
IN8756I07331 HDB Financial Services 7.18% Sep 2028 NCD 7.18% — 2028-09-22 — —
INE756I07FI1 HDB Financial Services ZC Oct 2028 NCD — AAA (CRISIL) 2028-10-04 8.35% 2026-11-06
IN8756I07356 HDB Financial Services ZC Oct 2028 NCD — — 2028-10-04 — —
INE756I08173 HDB Financial Services 9.70% Nov 2028 NCD 9.70% AAA (CRISIL) 2028-11-15 9.91% 2026-11-03
INE756I07EW5 HDB Financial Services 8.13% Nov 2028 NCD 8.13% AAA (CRISIL) 2028-11-16 8.41% 2026-10-15
IN8756I07224 HDB Financial Services 8.13% Nov 2028 NCD 8.13% — 2028-11-16 — —
INE756I07FE0 HDB Financial Services 7.55% Apr 2029 NCD 7.55% AAA (CRISIL) 2029-04-04 — 2026-07-23
IN8756I07364 HDB Financial Services 7.55% Apr 2029 NCD 7.55% — 2029-04-04 — —
INE756I07FM3 HDB Financial Services 7.75% May 2029 NCD 7.75% AAA (CRISIL) 2029-05-04 — 2026-09-04
IN8756I07372 HDB Financial Services 7.75% May 2029 NCD 7.75% — 2029-05-04 — —
INE756I07FO9 HDB Financial Services 7.35% May 2029 NCD 7.35% AAA (CRISIL) 2029-05-18 7.27% 2026-11-05
INE756I07FR2 HDB Financial Services 7.90% Jun 2029 NCD 7.90% AAA (CRISIL) 2029-06-04 8.64% 2026-10-28
INE756I08181 HDB Financial Services 8.85% Jun 2029 NCD 8.85% AAA (CRISIL) 2029-06-07 8.30% 2026-10-09
INE756I07FQ4 HDB Financial Services 8.23% Jul 2029 NCD 8.23% AAA (CRISIL) 2029-07-05 8.66% 2026-10-30
IN8756I07380 HDB Financial Services 8.23% Jul 2029 NCD 8.23% — 2029-07-05 — —
INE756I07CT5 HDB Financial Services 8.05% Aug 2029 NCD 8.05% AAA (CRISIL) 2029-08-08 — —
INE756I07EV7 HDB Financial Services 8.05% Aug 2029 NCD 8.05% AAA (CRISIL) 2029-08-08 8.60% 2026-10-27
INE756I07DI6 HDB Financial Services 8.05% Aug 2029 NCD 8.05% AAA (CRISIL, NSDL record 2019) 2029-08-08 — —
IN8756I07398 HDB Financial Services 8.05% Aug 2029 NCD 8.05% — 2029-08-08 — —
INE756I07FD2 HDB Financial Services 7.61% May 2030 NCD 7.61% AAA (CRISIL) 2030-05-06 — —
INE756I07FF7 HDB Financial Services 7.41% Jun 2030 NCD 7.41% AAA (CRISIL) 2030-06-04 — —
INE756I07FK7 HDB Financial Services 7.33% Oct 2030 NCD 7.33% AAA (CRISIL) 2030-10-04 — —
IN8756I07349 HDB Financial Services 7.33% Oct 2030 NCD 7.33% — 2030-10-04 — —
INE756I08215 HDB Financial Services 7.35% Nov 2030 NCD 7.35% AAA (CRISIL) 2030-11-01 — —
INE756I07FL5 HDB Financial Services 7.60% Mar 2031 NCD 7.60% AAA (CRISIL) 2031-03-04 — 2026-08-12
Compare (/) Compare Bonds

YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

More bonds from this issuer (16)
05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

BSE Traded Value (Last 30 Days)
₹4.4 Cr
Number of Trades (Last 30 Days)
47
Avg. Yield (Last 30 Days)
8.37%
06 Regulatory Filings
Credit Rating Rationale
07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 97 2026-09-28
Rating Actions History 5 2026-10-28
Secondary-Market Trades 167 2026-11-06
Reg52(4) Payment Disclosures 0 —

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does HDB Financial Services Limited have?

HDB Financial Services Limited currently has 69 active bonds with coupons of 7.18% - 9.70%, maturities spanning 2026 - 2036.

What is HDB Financial Services Limited's credit rating?

The most common current rating on HDB Financial Services Limited's senior bonds is AAA (CRISIL). Ratings on file come from CARE, CRISIL. Other instrument classes: Tier II / subordinated: AAA (CRISIL) · AT1 / perpetual: AAA (CRISIL).

Are HDB Financial Services Limited's bonds secured?

Of the 68 bonds with a disclosed security status, 45 are secured (66%) and 23 are unsecured.

When do HDB Financial Services Limited's bonds mature?

HDB Financial Services Limited's active bonds mature between 2026 - 2036; the nearest matures in Dec 2026; the average tenure is 2.7 Yrs.

What is the average coupon on HDB Financial Services Limited's bonds?

The average coupon across HDB Financial Services Limited's 69 active bonds is 8.04%.

Disclaimer: This page aggregates publicly available data about HDB Financial Services Limited for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.