# Equirus Securities has initiated coverage on HDB Financial Services Ltd with a 'Long' rating and 22 per cent upside target.

*fintech · news · 2026-04-13 · Business Today*

## Key points

- Equirus Securities initiated coverage on HDB Financial with a 'Long' rating and 22% upside target.
- HDB Financial's loan book is 74% secured and targets underbanked, low- to middle-income households.
- Equirus projects HDB's AUM to grow at 18% CAGR and PAT at 27.4% CAGR through FY28.
- HDB Financial provides BPO, sales, and collections support to HDFC Bank, deepening operational integration.

**Companies:** HDFC Bank, HDB Financial Services Ltd
**Countries:** India

[Read the full story on Business Today](https://www.businesstoday.in/markets/stocks/story/hdb-financial-share-price-22-upside-hdfc-bank-arm-gets-long-rating-ahead-q4-results-on-april-15-525293-2026-04-13)

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