Latest balance sheet of HDB Financial Services is strong. Strength was visible historically as well.

The profit is oscillating.
The profit of HDB Financial Services is ₹2,176 Crs for Mar 2025, ₹2,461 Crs for Mar 2024 and ₹1,959 Crs for Mar 2023

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
HDB Financial Services latest dividend payout ratio is 10.97% and 3yr average dividend payout ratio is 8.36%

Company has been allocating majority of new resources to relatively unproductive uses like cash and Gov Securities instead of loans.
This can be seen as either negative or company is being safe.