Housing Finance Companies” (HFC’s) form a major component of the mortgage lending institutions in India and are specialized institutions set up for lending in housing. Housing Development Finance Corporation (HDFC) is the first and country's largest private sector housing finance company set up in 1977. This paper attempts to analyze the financial performance of HDFC for the period 2009 to 2018 by using the DuPont system of financial analysis which is based on analysis of return on equity. The return on equity model disaggregates performance into three components: net profit margin, total asset turnover, and the equity multiplier. For analyzing the performance, mean, compound annual growth rate and coefficient of variation and correlation of ROE with NP Margin, Assets Turnover ratio, Equity multiplier is calculated. It was found that the financial performance of HDFC is relatively steady and reflects minimal volatility in the return on equity. Net profit margin has considerably been in the increasing trend for the decade while total assets turnover as well as equity multiplier have declined for the decade 2008-09 to 2017-18 indicating  that HDFC  had less financial leverage in the recent years, which means the HDFC is relying less on debt to finance its assets.

KEYWORDS:  DuPont, Return on Equity, Net Profit Margin, Equity Multiplier, Asset Utilization.