Rurash Financials Private Limited | Unlisted Equity Investments in India, Leading Stock Brokers and Stock Dealers in India

Q4FY21 Result Update- HDFC Securities Limited


HDFC Securities Limited is a financial services intermediary and a subsidiary of HDFC Bank, which is a leading private bank in India. HSL is one of the prime broking companies in India and ranked 3rd among all the broking houses, in terms of number of active customers. HSL provides a 360-degree view of financial planning options and a one-stop shop for all investments-equity, gold, debt and real estate. Its parent company, HDFC Bank Ltd, has a stake of 97.29% in the company

Mr. Bharat Shah chairs the company and Mr. Dhiraj Relli is the Managing Director of the company,



Result Update Q4FY21


HDFC Securities have ended the financial year on a strong note. Q4FY21 top-line growth was in-line with the expectation, given the solid equity market performance, along with an increase in IPOs during the quarter. We saw a drastic cut in the operating cost of the company in the said quarter, which came as a surprise, leading to a margin expansion of 560 bps and 390 bps, on yearly and sequential basis respectively. Overall, FY21 was one of the strongest year for the equity market and thus brokerage companies like HDFC Securities have benefitted enormously due to huge investments made in the equity markets both by domestic and foreign players. With new Robinhood investors kicking in the market this year, we do not expect equity markets to dry up easily, hence going forward, the company’s performance is expected to remain good, albeit not at the same growth pace.


This article is prepared by CA Shraddha Jain, Senior Research Analyst – Unlisted & Private Equity, on April 16, 2021. The views expressed herein are based on the facts and assumptions indicated in the document.

All investment / financial opinions and/or views expressed herein are the personal views of the author. All the information contained her ein is to be construed as indicative data which has to be correlated with actual market and economic conditions.

It is very important for investors to do their own analysis before making any investment. The investor should take independent financial advice or independently research and verify, any information herein. The information contained in the report is not intended as, and shall not be understood or construed as, financial advice.

Unintended and misprints may occur despite best efforts to ensure that all information is accurate and up to date.
Please remember at all times that –

  • Investment in unlisted securities is subject to market risks.
  • Unlisted securities do not offer an easy exit route, such as selling on stock exchange, as in the case of listed securities. Any future gains or losses indicated herein are projections, based on our understanding of the market and macro-economic situation as well as our understanding of the enterprise issuing the unlisted securities, as on the date of this communication. Future course of events may change the projections. We do not assume responsibility to update this report based on such changes.
  • We do not guarantee any profits, losses or rate of return.

Connect with our team of experts to know all about HDFC Securities Limited now. Call now or drop a mail to