HDFC Bank Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 41.8% • Wholesale Banking: 24.1% • Insurance Business: 14.9%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 19.7%
- Asset quality is healthy - gross NPA of just 1.1%
- Strong return ratios for a lender: 3Y avg ROE 15.7%, ROA 1.8%
- Solid return on assets for a lender - ROA of 1.8%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 22.1% CAGR over last 5 years
CONS
- A large part of profit comes from other income (143.8% of PBT)
- Operating margins have contracted to 36.9% from 44.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 708.00 | 13.81 | 1091323.88 | 2.19 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1379.15 | 17.65 | 989980.04 | 0.87 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 418.70 | 20.52 | 416508.36 | 0.16 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1247.50 | 13.98 | 388399.91 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 83.44 | 9.63 | 89718.04 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 344.40 | 18.18 | 85149.33 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1058.00 | 43.57 | 79454.72 | 0.09 | 7959.53 | 1270.31 | 53027.42 | 1111.10 | 14.17 | 56.24 |
| INDUSINDBK | 977.80 | 57.61 | 76184.77 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.20 | 32.24 | 74319.14 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 23.47 | 19.52 | 73668.68 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 412.80 | 71.21 | 64022.78 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| KARURVYSYA | 333.85 | 11.76 | 32273.73 | 0.78 | 755.70 | 44.92 | 3049.42 | 18.72 | 23.62 | 71.82 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51,168 | 75,039 | 78,008 | 79,434 | 81,546 | 83,002 | 85,040 | 86,779 | 87,372 | 86,994 | 87,067 | 87,182 | 9,05,753 | |
| Interest Expended | 25,955 | 41,250 | 43,242 | 43,692 | 44,580 | 45,414 | 46,914 | 46,986 | 47,709 | 46,741 | 45,821 | 45,220 | 4,76,256 |
| Net Interest Income | 25,213 | 33,789 | 34,766 | 35,742 | 36,967 | 37,588 | 38,126 | 39,793 | 39,663 | 40,253 | 41,246 | 41,962 | 4,29,497 |
| 9,853 | 32,528 | 37,007 | 44,958 | 35,450 | 38,455 | 27,154 | 33,489 | 45,683 | 31,567 | 39,860 | 29,737 | 4,25,350 | |
| Total Income | 0 | 0 | 0 | 0 | 1,16,996 | 1,21,457 | 1,12,194 | 1,20,269 | 1,33,055 | 1,18,561 | 1,26,927 | 1,16,920 | 13,31,104 |
| Operating Expenses | 0 | 0 | 0 | 0 | 4,65,465 | 4,88,052 | 3,73,495 | 4,39,038 | 4,91,830 | 4,08,790 | 5,05,240 | 4,05,878 | 5,44,887 |
| Operating Profit | 0 | 0 | 0 | 0 | 2,58,705 | 2,72,373 | 2,79,302 | 2,93,788 | 3,61,635 | 3,09,407 | 3,05,818 | 3,11,117 | 3,09,960 |
| Provisions & Contingencies | 0 | 0 | 0 | 0 | 31,431 | 32,689 | 39,573 | 38,054 | 1,53,136 | 42,818 | 36,207 | 34,400 | 38,028 |
| Profit before Tax | 16,597 | 20,967 | 21,243 | 17,761 | 22,727 | 23,968 | 23,973 | 25,573 | 20,850 | 26,659 | 26,961 | 27,672 | 2,71,932 |
| Tax % | 25.27% | 17.43% | 16.59% | -1.42% | 24.37% | 22.28% | 23.50% | 24.59% | 18.03% | 23.61% | 23.26% | 23.84% | 25.04% |
| Net Profit | 0 | 0 | 0 | 0 | 17,188 | 18,627 | 18,340 | 19,285 | 17,090 | 20,364 | 20,691 | 21,074 | 2,03,827 |
| EPS | 22 | 22 | 23 | 23 | 22 | 12 | 12 | 12 | 21 | 13 | 13 | 13 | 12 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,83,649 | 3,36,367 | 3,48,615 | — | |
| Interest Expended | 38,042 | 42,381 | 53,713 | 62,137 | 59,248 | 58,584 | 77,780 | 1,54,139 | 1,83,894 | 1,85,491 | 1,85,408 |
| Net Interest Income | -38,042 | -42,381 | -53,713 | -62,137 | -59,248 | -58,584 | -77,780 | 1,29,510 | 1,52,473 | 1,63,124 | — |
| 12,878 | 16,057 | 18,947 | 24,879 | 27,333 | 31,759 | 33,912 | 1,24,346 | 1,34,548 | 1,46,848 | 1,43,700 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,07,995 | 4,70,916 | 4,95,463 | 4,95,518 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,52,269 | 1,76,605 | 1,81,174 | — | |
| Operating Profit | -38,042 | -42,381 | -53,713 | -62,137 | -59,248 | -58,584 | -77,780 | 1,01,587 | 1,10,417 | 1,28,798 | — |
| 3,927 | 6,176 | 7,883 | 11,443 | 14,432 | 13,771 | 14,019 | 25,018 | 14,175 | 26,656 | — | |
| Profit before Tax | 23,366 | 28,464 | 34,318 | 38,195 | 42,796 | 50,873 | 61,498 | 76,569 | 96,242 | 1,02,141 | 1,08,485 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.53% | 23.69% | 22.44% | 23.94% |
| Net Profit | 15,287 | 18,561 | 22,446 | 27,296 | 31,857 | 38,151 | 46,149 | 65,446 | 73,440 | 79,219 | 82,512 |
| EPS | 59 | 71 | 41 | 49 | 58 | 68 | 82 | 84 | 93 | 49 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 19%
- 5 Years:
- 22%
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 20%
- 5 Years:
- 19%
- 3 Years:
- 18%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- -2%
- 3 Years:
- -5%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 16%
- 3 Years:
- 16%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 513 | 519 | 545 | 548 | 551 | 555 | 558 | 760 | 765 | 1,539 |
| 91,281 | 1,09,080 | 1,53,128 | 1,75,810 | 2,09,259 | 2,46,431 | 2,87,762 | 4,52,983 | 5,17,219 | 5,79,975 | |
| 6,43,134 | 7,88,375 | 9,22,503 | 11,46,207 | 13,33,721 | 15,58,003 | 18,82,663 | 23,76,887 | 27,10,898 | 30,99,638 | |
| 98,416 | 1,56,442 | 1,57,733 | 1,86,834 | 1,77,697 | 2,26,966 | 2,56,549 | 7,30,615 | 6,34,606 | 5,88,485 | |
| Other Liabilities & Provisions | 58,709 | 48,413 | 58,396 | 70,854 | 77,646 | 89,918 | 1,00,923 | 4,52,913 | 5,08,765 | 6,11,474 |
| Total Liabilities | 8,92,344 | 11,03,186 | 12,92,806 | 15,80,830 | 17,99,507 | 21,22,934 | 25,30,432 | 40,30,194 | 43,92,417 | 49,08,041 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 37,911 | 1,04,688 | 46,805 | 72,211 | 97,370 | 1,30,031 | 1,17,189 | 1,78,719 | 1,44,390 | 2,00,707 | |
| Balances with Banks & Money at Call | 11,401 | 18,373 | 35,013 | 15,729 | 23,902 | 25,355 | 79,959 | 50,116 | 1,05,558 | 1,11,219 |
| 2,10,777 | 2,38,461 | 2,89,446 | 3,89,305 | 4,38,823 | 4,49,264 | 5,11,582 | 10,05,682 | 11,86,473 | 12,80,216 | |
| 5,85,481 | 7,00,034 | 8,69,223 | 10,43,671 | 11,85,284 | 14,20,942 | 16,61,949 | 25,71,917 | 27,24,938 | 30,50,783 | |
| 3,859 | 3,855 | 4,264 | 4,671 | 5,293 | 6,476 | 8,476 | 12,604 | 15,258 | 16,492 | |
| 42,960 | 37,819 | 48,100 | 55,288 | 48,879 | 90,910 | 1,51,322 | 2,11,158 | 2,15,801 | 2,48,624 | |
| Total Assets | 8,92,344 | 11,03,186 | 12,92,806 | 15,80,830 | 17,99,507 | 21,22,934 | 25,30,432 | 40,30,194 | 43,92,417 | 49,08,041 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 17,282 | 17,214 | -62,872 | -16,869 | 42,476 | -11,960 | 20,814 | 19,069 | 1,27,242 | 1,13,506 | |
| Cash from Investing | -1,148 | -852 | -1,598 | -1,617 | -1,681 | -2,216 | -3,424 | 5,314 | -3,851 | 6,363 |
| Cash from Financing | -5,893 | 57,378 | 23,131 | 24,394 | -7,321 | 48,124 | 23,941 | -3,983 | -1,02,478 | -59,005 |
| 10,241 | 73,740 | -41,339 | 5,908 | 33,474 | 33,948 | 41,330 | 20,400 | 20,914 | 60,864 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 59.63 | 71.33 | 82.00 | 49.70 | 57.74 | 68.62 | 82.44 | 84.33 | 92.51 | 49.39 |
| Book Value (₹) | 358.21 | 422.33 | 564.29 | 321.63 | 380.59 | 445.38 | 516.73 | 597.27 | 676.91 | 377.77 |
| Dividend per Share (₹) | 11.00 | 13.00 | 15.00 | 2.50 | 6.50 | 15.50 | 19.00 | 19.50 | 22.00 | 15.50 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.40% | 3.66% | 3.51% |
| ROA % | 1.85% | 1.86% | 1.87% | 1.90% | 1.88% | 1.95% | 1.98% | 2.00% | 1.74% | 1.70% |
| ROE % | 18.41% | 18.43% | 17.05% | 16.54% | 16.50% | 16.70% | 17.24% | 17.64% | 15.12% | 14.41% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 59.98% | 61.53% | 58.45% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 38.14% | 34.74% | 34.07% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.31% | 0.23% | 0.19% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 19.27% | 21.41% | 20.93% | 21.61% | 16.71% | 19.76% | 20.96% | 41.82% | 12.21% | 7.87% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.59% | 13.33% | -44.19% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.17x | 9.88x | 14.82x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.42x | 2.70x | 1.94x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.35% | 1.20% | 2.12% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - HDFC Bank Limited has informed regarding Disclosure of material information
2026-09-11 - HDFC Bank Limited has informed the Exchange about General Updates
2026-09-10 - HDFC Bank Limited has informed the Exchange about Schedule of meet
2026-09-06 - HDFC Bank Limited has informed the Exchange regarding 'Grant of stock options under Employees Stock Option Scheme 2024 and Grant of Restricted Stock Units under Employees Stock Incentive Master Scheme 2022'.
2026-09-01 - HDFC Bank Limited has informed the Exchange about General Updates
2026-09-01 - HDFC Bank Limited has informed the Exchange about General Updates
2026-08-31 - HDFC Bank Limited has informed the Exchange regarding Allotment of 3058164 Shares.
2026-08-29 - HDFC Bank Limited has informed the Exchange regarding Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-29 - HDFC Bank Limited has informed the Exchange regarding Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
News
Recent coverage and analyst commentary for HDFCBANK
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