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HDFC Bank Ltd.

•
hdfc.bank.inBSE: 500180NSE: HDFCBANK
Market Cap₹ 10,91,324 Cr.
Current Price
High / Low₹ 1,020 / 682
Stock P/E13.8
Book Value₹ 390
Price to Book1.94
Dividend Yield2.19 %
ROCE12.8 %
ROE14.4 %
Face Value₹ 1

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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 GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

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

Financial ServicesBankBank - Private
Part ofNIFTY BANKNIFTY 50NIFTYLARGEMIDCAP250NIFTY PVT BANKNIFTY100 LOWVOL30
S.No.Name
1.HDFCBANK708.0013.811091323.882.19203826.901092.64905753.30936.6612.8135.64
2.ICICIBANK1379.1517.65989980.040.8716209.7412.6252240.856.4416.5132.39
3.KOTAKBANK418.7020.52416508.360.165487.0623.8918354.576.4112.0519.05
4.AXISBANK1247.5013.98388399.910.087656.5122.3135541.969.8711.0463.88
5.IDBI83.449.6389718.040.002130.575.277549.287.4414.7676.80
6.FEDERALBNK344.4018.1885149.330.351297.6137.067861.589.9410.9866.11
7.AUBANK1058.0043.5779454.720.097959.531270.3153027.421111.1014.1756.24
8.INDUSINDBK977.8057.6176184.770.151037.0271.6811309.94-7.784.9755.07
9.IDFCFIRSTB86.2032.2474319.140.291147.82153.1211051.0914.615.4238.45
10.YESBANK23.4719.5273668.680.001071.8132.538054.495.928.0458.47
11.RBLBANK412.8071.2164022.780.242342.30993.4138402.401015.976.4940.95
12.KARURVYSYA333.8511.7632273.730.78755.7044.923049.4218.7223.6271.82
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51,16875,03978,00879,43481,54683,00285,04086,77987,37286,99487,06787,1829,05,753
Interest Expended25,95541,25043,24243,69244,58045,41446,91446,98647,70946,74145,82145,2204,76,256
Net Interest Income25,21333,78934,76635,74236,96737,58838,12639,79339,66340,25341,24641,9624,29,497
9,85332,52837,00744,95835,45038,45527,15433,48945,68331,56739,86029,7374,25,350
Total Income00001,16,9961,21,4571,12,1941,20,2691,33,0551,18,5611,26,9271,16,92013,31,104
Operating Expenses00004,65,4654,88,0523,73,4954,39,0384,91,8304,08,7905,05,2404,05,8785,44,887
Operating Profit00002,58,7052,72,3732,79,3022,93,7883,61,6353,09,4073,05,8183,11,1173,09,960
Provisions & Contingencies000031,43132,68939,57338,0541,53,13642,81836,20734,40038,028
Profit before Tax16,59720,96721,24317,76122,72723,96823,97325,57320,85026,65926,96127,6722,71,932
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 Profit000017,18818,62718,34019,28517,09020,36420,69121,0742,03,827
EPS22222323221212122113131312

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
00000002,83,6493,36,3673,48,615—
Interest Expended38,04242,38153,71362,13759,24858,58477,7801,54,1391,83,8941,85,4911,85,408
Net Interest Income-38,042-42,381-53,713-62,137-59,248-58,584-77,7801,29,5101,52,4731,63,124—
12,87816,05718,94724,87927,33331,75933,9121,24,3461,34,5481,46,8481,43,700
Total Income00000004,07,9954,70,9164,95,4634,95,518
00000001,52,2691,76,6051,81,174—
Operating Profit-38,042-42,381-53,713-62,137-59,248-58,584-77,7801,01,5871,10,4171,28,798—
3,9276,1767,88311,44314,43213,77114,01925,01814,17526,656—
Profit before Tax23,36628,46434,31838,19542,79650,87361,49876,56996,2421,02,1411,08,485
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%14.53%23.69%22.44%23.94%
Net Profit15,28718,56122,44627,29631,85738,15146,14965,44673,44079,21982,512
EPS59714149586882849349—

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

Corporate actions

2025

Aug 26

1:1

Quarterly Results & Interim Dividend & Bonus issue

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
LIABILITIES----------
Equity Capital5135195455485515555587607651,539
91,2811,09,0801,53,1281,75,8102,09,2592,46,4312,87,7624,52,9835,17,2195,79,975
6,43,1347,88,3759,22,50311,46,20713,33,72115,58,00318,82,66323,76,88727,10,89830,99,638
98,4161,56,4421,57,7331,86,8341,77,6972,26,9662,56,5497,30,6156,34,6065,88,485
Other Liabilities & Provisions58,70948,41358,39670,85477,64689,9181,00,9234,52,9135,08,7656,11,474
Total Liabilities8,92,34411,03,18612,92,80615,80,83017,99,50721,22,93425,30,43240,30,19443,92,41749,08,041
ASSETS----------
37,9111,04,68846,80572,21197,3701,30,0311,17,1891,78,7191,44,3902,00,707
Balances with Banks & Money at Call11,40118,37335,01315,72923,90225,35579,95950,1161,05,5581,11,219
2,10,7772,38,4612,89,4463,89,3054,38,8234,49,2645,11,58210,05,68211,86,47312,80,216
5,85,4817,00,0348,69,22310,43,67111,85,28414,20,94216,61,94925,71,91727,24,93830,50,783
3,8593,8554,2644,6715,2936,4768,47612,60415,25816,492
42,96037,81948,10055,28848,87990,9101,51,3222,11,1582,15,8012,48,624
Total Assets8,92,34411,03,18612,92,80615,80,83017,99,50721,22,93425,30,43240,30,19443,92,41749,08,041

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
17,28217,214-62,872-16,86942,476-11,96020,81419,0691,27,2421,13,506
Cash from Investing-1,148-852-1,598-1,617-1,681-2,216-3,4245,314-3,8516,363
Cash from Financing-5,89357,37823,13124,394-7,32148,12423,941-3,983-1,02,478-59,005
10,24173,740-41,3395,90833,47433,94841,33020,40020,91460,864

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)59.6371.3382.0049.7057.7468.6282.4484.3392.5149.39
Book Value (₹)358.21422.33564.29321.63380.59445.38516.73597.27676.91377.77
Dividend per Share (₹)11.0013.0015.002.506.5015.5019.0019.5022.0015.50
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)0.00x0.00x0.00x0.00x0.00x0.00x0.00x17.17x9.88x14.82x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.42x2.70x1.94x
0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.35%1.20%2.12%

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters0.000.000.000.000.000.000.000.00
48.0049.1948.2848.8248.3747.6644.0441.82
35.0534.2735.6435.7636.0636.9940.1341.74
Government0.000.000.000.000.000.000.000.00
16.7516.3315.8915.2115.3615.1415.6516.26

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12
Disclosure of material issue

2026-09-12 - HDFC Bank Limited has informed regarding Disclosure of material information

2026-09-11
General Updates

2026-09-11 - HDFC Bank Limited has informed the Exchange about General Updates

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - HDFC Bank Limited has informed the Exchange about Schedule of meet

2026-09-06
Updates

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
General Updates

2026-09-01 - HDFC Bank Limited has informed the Exchange about General Updates

2026-09-01
General Updates

2026-09-01 - HDFC Bank Limited has informed the Exchange about General Updates

2026-08-31
ESOP/ESOS/ESPS

2026-08-31 - HDFC Bank Limited has informed the Exchange regarding Allotment of 3058164 Shares.

2026-08-29
General Updates

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
General Updates

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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