Does HDB Financial Services have an economic moat?
Not clearly
HDB Financial Services earns 4.8% a year on the money invested in it, a return competitors could match.
The numbers behind it
Return on invested capital, average of recent years4.8%
Return on invested capital, latest year4.3%
Gross margin62.6%Share of each sale left after production costs
Net margin14.0%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about HDB Financial Services
Data as of Nov 13, 2026.