The retail broking arm and a key subsidiary of HDFC Bank, HDFC Securities, concluded the financial year 2025-26 on a high note. HDFC Securities Q4 FY26 results reported a healthy double-digit growth in its top-line. After a challenging first half of the fiscal year, the brokerage firm has successfully engineered a turnaround, driven by a recovery in retail participation and a relentless focus on digital-first operations.

HDFC Securities Q4 FY26 Results: Key Highlights

• Net Revenue: INR 850 crore, up 14.5% year-on-year (YoY) compared to INR 742 crore in Q4 FY25.
• Net Profit (PAT): INR 268 crore, growing 6.8% YoY. On a sequential basis (QoQ), profits jumped over 22%, signalling a sharp recovery from Q3 levels.
• Earnings Per Share (EPS): INR 150.3, significantly higher than INR 122.9 in the previous quarter.
• Full-Year Profit (FY26): INR 930 crore, reflecting the impact of a subdued H1, compared to INR 1,125 crore in FY25.
• Book Value per Share: Touched a milestone of INR 2,012 as of 31 March 2026.
• Digital Dominance: Approximately 97% of active clients utilised digital platforms, highlighting the successful pivot away from traditional physical touchpoints.

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HDFC Securities Quarterly Trend in FY26

To better understand the HDFC Securities FY26 journey, we should divide it into two halves. While the Q1 and Q2 were marred by market uncertainty and compressed yields, Q4 emerges as a recovery dose for uptrend that began in Q3.

The significant jump in Fees and Commission Income in Q4 (INR 420.5 crore vs INR 387.4 crore in Q4 FY25) indicates a resurgence in trading volumes and a potentially higher “ticket size” per active user.

HDFC Securities FY26 Results: Operational Performance

Despite the segment is dominated by discount brokers, HDFC Securities has managed to grow its customer base, expanding to 78 lakh, up from 76 lakh in the previous quarter.

The firm also continued its branch rationalisation strategy, closing the year with 128 branches across 103 cities. This lean model, combined with a 97% digital adoption rate, has allowed the brokerage to manage “Other Expenses” effectively, which dropped from INR 105.3 crore in Q3 to INR 90.3 crore in Q4.

HDFC Bank maintains a commanding 94.01% stake in the brokerage arm. While HDFC Securities faced cyclical headwinds earlier in the year, its balance sheet remains one of the strongest in the industry, with a book value now exceeding the INR 2,000 mark.

Bottomline

HDFC Securities Q4 results signals that the “cyclical trough” has ended. The 14.5% revenue growth is particularly impressive given the regulatory tightening in the derivatives (F&O) segment seen throughout 2025.

However, when we look at the full year, the PAT in FY26 (INR 930 crore) has declined compared to FY25’s (INR 1,125 crore). This indicates that while the exit rate for the year is strong, the brokerage is still working through the high-base effect of previous years and increased employee benefit costs (up ~20% for the full year).

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