HDFC is not just a play on rising mortgage penetration, but also on increasing financial literacy and financialization of savings in India. Having incubated several subsidiaries over the past two decades, HDFC derives almost 50% of its value from its subsidiaries, up from ~30% in FY13. In addition, there are still some segments, like health insurance, where HDFC is to yet to enter. The core mortgage business is on a stable growth trajectory, despite intensifying competition. The corporate lending business, on the other hand, has witnessed a revival over the past few quarters, after 3-4 years of modest growth.