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HDFC Bank Ltd.

•
hdfc.bank.inBSE: 500180NSE: HDFCBANK
Market Cap₹ 10,59,339 Cr.
Current Price
High / Low₹ 1,020 / 687
Stock P/E14.0
Book Value₹ 375
Price to Book2.02
Dividend Yield2.26 %
ROCE12.9 %
ROE14.1 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 50.5% • Wholesale Banking: 29.2% • Treasury: 14.1%

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%
  • Solid return on assets for a lender - ROA of 1.8%
  • Strong return ratios for a lender: 3Y avg ROE 15.2%, ROA 1.9%
  • Company has delivered good sales growth of 20.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 32.0%

CONS

  • A large part of profit comes from other income (65.7% of PBT)
  • Operating margins have contracted to 38.6% from 43.6%

* 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.HDFCBANK687.2513.411059339.462.26203826.901092.64905753.30936.6612.8135.64
2.ICICIBANK1390.1017.79997793.420.8616209.7412.6252240.856.4416.5132.39
3.KOTAKBANK414.4020.31412230.870.165487.0623.8918354.576.4112.0519.05
4.AXISBANK1239.5013.89385909.170.087656.5122.3135541.969.8711.0463.88
5.IDBI81.639.4287771.860.002130.575.277549.287.4414.7676.80
6.FEDERALBNK344.8518.2185260.580.351297.6137.067861.589.9410.9866.11
7.AUBANK1061.0043.7079680.010.097959.531270.3153027.421111.1014.1756.24
8.INDUSINDBK1002.0059.0478069.880.151037.0271.6811309.94-7.784.9755.07
9.IDFCFIRSTB86.0032.1774146.700.291147.82153.1211051.0914.615.4238.45
10.YESBANK22.4318.6570403.950.001071.8132.538054.495.928.0458.47
11.RBLBANK416.8071.9064643.150.242342.30993.4138402.401015.976.4940.95
12.KARURVYSYA340.4511.9932911.760.76755.7044.923049.4218.7223.6271.82
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
48,58767,69870,58371,47373,03374,01776,00777,46077,47076,69176,75176,6107,93,628
Interest Expended24,98840,31342,11142,39643,19643,90345,35445,39446,03245,13944,13643,5284,58,288
Net Interest Income23,59927,38528,47129,07729,83730,11430,65332,06631,43831,55232,61533,0823,35,340
9,23010,70811,13718,16610,66811,48311,45412,02821,73014,35013,25413,1991,28,216
Total Income00001,16,9961,21,4571,12,1941,20,2691,33,0551,18,5611,26,9271,16,9209,21,844
Operating Expenses14,05715,39915,96117,96916,62116,89117,10617,55717,43417,97818,77118,4781,81,875
Operating Profit18,77222,69423,64729,27423,88524,70625,00026,53735,73427,92427,09827,8032,81,681
Provisions & Contingencies2,8602,9044,21713,5122,6022,7003,1543,19314,4423,5012,8382,61030,598
Profit before Tax15,91219,79019,43115,76321,28322,00521,84723,34421,29224,42324,26025,1932,51,083
Tax %24.89%19.27%15.74%-4.75%24.00%23.56%23.40%24.54%14.73%23.67%23.11%23.71%24.09%
Net Profit11,95215,97616,37316,51216,17516,82116,73617,61618,15518,64118,65419,2211,90,597
EPS21212222211111122412121212

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
00000002,58,3413,00,5173,07,522—
Interest Expended36,16740,14650,72958,62655,97955,74474,7431,49,8081,77,8471,78,8361,78,633
Net Interest Income-36,167-40,146-50,729-58,626-55,979-55,744-74,7431,08,5321,22,6701,28,686—
12,29615,22017,62623,26125,20529,51031,21549,24145,63262,53353,624
Total Income00000003,07,5823,46,1493,70,0554,54,592
000000063,38668,17572,660—
Operating Profit-36,167-40,146-50,729-58,626-55,979-55,744-74,74394,3871,00,1271,18,558—
3,5305,5387,0479,88712,30011,36312,21023,49211,64923,390—
Profit before Tax22,13926,69732,20036,60741,65949,01558,48570,89588,47895,16998,985
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%14.22%23.88%21.54%23.65%
Net Profit14,55017,48721,07826,25731,11736,96144,10960,81267,34774,67175,576
EPS56673948566679808849—

COMPOUNDED SALES GROWTH

10 Years:
18%
5 Years:
21%
3 Years:
24%

COMPOUNDED PROFIT GROWTH

10 Years:
20%
5 Years:
19%
3 Years:
19%

STOCK PRICE CAGR

10 Years:
8%
5 Years:
-2%
3 Years:
-5%
1 Year:
-28%

RETURN ON EQUITY

10 Years:
16%
5 Years:
16%
3 Years:
15%
Last Year:
14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
88,9501,05,7761,48,6621,70,4382,03,1702,39,2122,78,5744,36,8334,96,8545,56,816
6,43,6407,88,7719,23,14111,47,50213,35,06015,59,21718,83,39523,79,78627,14,71531,05,250
74,0291,23,1051,17,0851,44,6291,35,4871,84,8172,06,7666,62,1535,47,9314,89,395
Other Liabilities & Provisions56,70945,76455,10867,39472,60284,40795,7221,35,4381,46,1292,07,340
Total Liabilities8,63,84010,63,93412,44,54115,30,51117,46,87120,68,53524,66,081362391436
ASSETS----------
37,8971,04,67046,76472,20597,3411,29,9961,17,1611,78,6831,44,3552,00,679
Balances with Banks & Money at Call11,05518,24534,58414,41422,13022,33176,60440,46495,21697,787
2,14,4632,42,2002,93,1163,91,8274,43,7284,55,5365,17,0017,02,4158,36,3608,84,201
5,54,5686,58,3338,19,4019,93,70311,32,83713,68,82116,00,58624,84,86226,19,60929,37,166
3,6713,6514,0744,4764,9546,1288,06111,39913,65514,725
42,23036,87946,64653,93145,92685,7681,46,7131,99,8002,01,0052,30,328
Total Assets8,63,84010,63,93412,44,54115,30,51117,46,87120,68,53524,66,081362391436

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
23,58526,074-56,055-16,69041,495-14,20927,31335,0151,45,1771,23,617
Cash from Investing-1,956-533-1,326-1,105-1,120-1,292-2,4297,094-2,0399,254
Cash from Financing-11,56848,41115,71822,852-7,38148,19216,122-22,237-1,22,909-75,070
10,06273,952-41,6635,05732,99432,69141,00619,87220,22957,801

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)56.7867.3877.4047.8956.4466.6579.0580.0588.0148.51
Book Value (₹)349.12409.60547.89311.83369.54432.36500.26576.01650.29362.72
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%3.19%3.32%3.12%
ROA %1.81%1.81%1.83%1.89%1.90%1.94%1.95%2.00%1.79%1.80%
ROE %17.95%17.87%16.50%16.40%16.61%16.67%17.00%16.97%14.40%14.14%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%40.18%40.51%38.00%
ASSET QUALITY
Gross NPA %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.40%
Net NPA %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.47%
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%38.19%34.79%34.15%
Credit-Deposit Ratio %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.28%0.20%0.16%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%18.80%19.55%19.71%
GROWTH & VALUATION
Net Profit Growth %18.33%20.19%20.54%24.57%18.51%18.78%19.34%37.87%10.75%10.87%
Book Value Growth %0.00%0.00%0.00%0.00%0.00%0.00%0.00%15.14%12.90%-44.22%
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x18.09x10.39x15.09x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.51x2.81x2.02x
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

2026-09-10
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

2026-08-24
General Updates

2026-08-24 - HDFC Bank Limited has informed the Exchange about General Updates

2026-08-20
General Updates

2026-08-20 - HDFC Bank Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for HDFCBANK

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