HDFC Bank logo

HDFC Bank

HDFCBANK NSE

Key Fundamentals

LargecapPrivate BankBanks
Market Cap
10.6L Cr
Volatility
Moderate
P/E Ratio
13.79
EBITDA
1.1L Cr
Return on Equity
13.02%
Debt to Equity
0
Book Value
₹390.17
EPS
₹89.49
52W High
₹1,020.5
52W Low
₹686.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has delivered good profit growth of 18.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 26.1%
  • Company's median sales growth is 16.3% of last 10 years

Weaknesses

3
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.35,61,957 Cr.
  • Earnings include an other income of Rs.1,43,700 Cr.

Growth Rate

Revenue Growth
5.21% lower than 3Y
Net Income Growth
7.87% lower than 3Y
Cash Flow Change
-10.8% lower than 3Y
ROE
-4.62% lower than 3Y
ROCE
-8.15% lower than 3Y
EBITDA Margin (Avg.)
-2.32% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

HDFC Bank, with a market cap of ~₹10.56 lakh crore, trades at a PE of 13x and PB of 1.78x. The bank has delivered 19% compounded profit growth over the last 10 years, though TTM sales growth has decelerated sharply to 3% and the stock has underperformed with a -28% one-year return.

Bull Case 7
  • Strong long-term profit compounding at 19% CAGR over both 5-year and 10-year periods, indicating consistent earnings power
  • PE of 13x is notably below HDFC Bank's historical average multiples, suggesting compressed valuations relative to its own track record
  • Healthy dividend payout of 26.1% with a current dividend yield of 2.59%, attractive for a large-cap private bank
  • Median sales growth of 16.3% over the last 10 years reflects a sustained ability to grow the loan book and revenue base
  • Compounded sales growth of 22% over 5 years and 27% over 3 years (boosted by the HDFC Ltd merger) shows significant scale-up in the revenue base
  • ROE has been steady at 15-16% over 3, 5, and 10-year periods, demonstrating consistent return generation on equity
  • Market cap of ₹10.56 lakh crore provides deep liquidity and index weight, making it a core large-cap banking franchise
Bear Case 8
  • Stock has delivered -28% return over 1 year and -5% CAGR over 3 years, significantly underperforming broader indices
  • TTM sales growth has decelerated sharply to just 3%, a steep drop from the 27% three-year CAGR, raising questions about post-merger organic growth momentum
  • Contingent liabilities stand at a massive ₹35.62 lakh crore, which is over 3x the market cap and represents a material tail risk
  • Low interest coverage ratio flagged as a concern, which may pressure profitability if funding costs rise further
  • Other income of ₹1.44 lakh crore forms a significant portion of earnings, meaning core lending profitability may be lower than headline numbers suggest
  • Last year ROE dipped to 14% from the 15-16% range maintained over longer periods, indicating some near-term dilution in return efficiency post-merger
  • 10-year stock CAGR of only 8% shows that much of the fundamental growth has not translated into proportionate shareholder returns over the long term
  • TTM profit growth of 12%, while positive, marks a deceleration from the 18-19% range seen over 3 and 5-year horizons

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • US class action over interest fraud Aug 17

    US class action lawsuit alleges HDFC Bank disguised above-market interest payments to MSRDC as marketing expenses, leading to a 4.1% stock drop. Lead plaintiff deadline is Oct 12, 2026.

  • Stock underperformed 28% YTD Aug 31

    HDFC Bank stock has underperformed by 28% year-to-date per Macquarie. Succession uncertainty is cited as a key factor weighing on investor confidence.

  • NCLT ruling legal challenge likely Aug 27

    HDFC Bank is likely to challenge an NCLT ruling related to Subhash Chandra. No timeline or grounds for the potential legal action have been disclosed.

Positives 3
  • RBI approves LIC stake hike Aug 19

    RBI approved LIC to acquire up to 9.99% stake in HDFC Bank, up from the current 4.11% held as of Aug 14, 2026. This signals institutional confidence in the bank.

  • $1.75bn bond issuance completed Aug 20

    HDFC Bank completed a $1,750 million senior unsecured bond issuance via GIFT City Branch in two tranches at 5.159% and 5.401% coupons, rated Baa3/BBB by Moody's and S&P.

  • Brokerages set bullish targets Aug 31

    Macquarie set ₹1,150 target with Outperform, Morgan Stanley maintains Overweight at ₹1,025, and JPMorgan set ₹990 citing limited de-rating risk.

Neutral 5
  • MD Jagdishan retiring Oct 26 Aug 29

    MD Sashidhar Jagdishan will retire on Oct 26, 2026 after deciding not to seek reappointment. Board is fast-tracking successor selection with two candidates proposed to RBI.

  • Two new EDs appointed Sep 12

    HDFC Bank appointed V. Srinivasa Rangan and Jimmy Tata as Executive Directors, strengthening the leadership bench amid the ongoing CEO succession process.

  • ESG rating of 77.78 received Sep 11

    HDFC Bank received an ESG rating of 77.78 from Niche Ninety Nine on Sep 11, 2026. The bank clarified it did not engage the agency for the independent assessment.

  • London investor meet Sep 17 Sep 10

    HDFC Bank will host a group meeting with analysts and institutional investors on Sep 17, 2026 at the JP Morgan EM Conference in London.

  • Debt investor roadshow held Aug 16

    HDFC Bank hosted a virtual debt investor roadshow on Aug 19, 2026 as part of its SEBI Listing Regulations disclosure obligations.

TL;DR: HDFC Bank is navigating a significant leadership transition with MD Jagdishan retiring Oct 26 and two new EDs appointed, while the board fast-tracks CEO succession with RBI. On the positive side, RBI's approval for LIC to raise its stake to 9.99% and a successful $1.75bn bond issuance signal strong institutional backing. Key risks include a US class action lawsuit alleging interest fraud and 28% YTD stock underperformance. The trend hinges on a smooth CEO succession — a credible appointment could be the catalyst to close the valuation gap flagged by multiple brokerages.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
51,168
75,039
78,008
79,434
81,546
83,002
85,040
86,779
87,372
86,994
87,067
87,182
90,575
Expenses
18,470
45,349
50,530
62,938
49,690
52,074
41,307
47,709
64,497
45,161
54,145
44,028
58,292
Financing Profit
6,744
-11,560
-15,764
-27,196
-12,723
-14,487
-3,181
-7,916
-24,833
-4,908
-12,899
-2,066
-15,342
Fin. Margin %
13%
-15%
-20%
-34%
-16%
-17%
-4%
-9%
-28%
-6%
-15%
-2%
-17%
Other Income
9,853
32,528
37,007
44,958
35,450
38,455
27,154
33,489
45,683
31,567
39,860
29,737
42,535
Interest
25,955
41,250
43,242
43,692
44,580
45,414
46,914
46,986
47,709
46,741
45,821
45,220
47,626
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
16,597
20,967
21,243
17,761
22,727
23,968
23,973
25,573
20,850
26,659
26,961
27,672
27,193
Tax %
25%
17%
17%
-1%
24%
22%
24%
25%
18%
24%
23%
24%
25%
Net Profit
12,403
17,312
17,718
18,013
17,188
18,627
18,340
19,285
17,090
20,364
20,691
21,074
20,383
EPS in Rs
11.06
11.09
11.37
11.6
10.83
11.68
11.54
12.31
10.6
12.76
12.87
13.22
12.5
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
50,666
63,162
73,271
85,288
1,05,161
1,22,189
1,28,552
1,35,936
1,70,754
2,83,649
3,36,367
3,48,615
3,51,819
Expenses
16,164
20,055
23,856
29,532
34,856
45,459
52,457
56,557
63,042
1,74,196
1,86,974
2,03,635
2,01,625
Financing Profit
7,214
9,037
11,374
13,374
16,592
14,593
16,848
20,795
29,932
-44,685
-34,501
-40,511
-35,215
Fin. Margin %
14%
14%
16%
16%
16%
12%
13%
15%
18%
-16%
-10%
-12%
-10%
Other Income
9,546
11,212
12,905
16,057
18,947
24,879
27,333
31,759
33,912
1,24,346
1,34,548
1,46,848
1,43,700
Interest
27,288
34,070
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
Depreciation
680
738
886
967
1,221
1,277
1,385
1,681
2,345
3,092
3,805
4,195
0
PBT
16,079
19,511
23,393
28,464
34,318
38,195
42,796
50,873
61,498
76,569
96,242
1,02,141
1,08,485
Tax %
33%
34%
35%
35%
35%
29%
26%
25%
25%
15%
24%
22%
—
Net Profit
10,703
12,821
15,317
18,561
22,446
27,296
31,857
38,151
46,149
65,446
73,440
79,219
82,512
EPS in Rs
10.66
12.66
14.91
17.83
20.5
24.85
28.87
34.31
41.22
42.16
46.26
49.39
51.35
Div. Payout %
19%
19%
18%
18%
18%
5%
11%
23%
23%
23%
24%
31%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
501
506
513
519
545
548
551
555
558
760
765
1,539
Reserves
62,653
73,798
91,281
1,09,080
1,53,128
1,75,810
2,09,259
2,46,772
2,88,880
4,55,636
5,21,024
5,84,520
Borrowing
59,478
1,03,714
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
Deposits
4,50,284
5,45,873
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
Other Liabilities
34,181
38,321
59,000
48,770
58,898
71,430
78,279
90,639
1,01,783
4,66,296
5,24,817
6,33,519
Total Liabilities
6,07,097
7,62,212
8,92,344
11,03,186
12,92,806
15,80,830
17,99,507
21,22,934
25,30,432
40,30,194
43,92,110
49,07,701
Fixed Assets
3,225
3,667
4,000
4,008
4,369
4,776
5,248
6,432
8,431
12,604
15,258
16,492
CWIP
0
0
0
0
0
0
0
0
0
0
0
0
Investments
1,49,454
1,93,634
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
Other Assets
4,54,417
5,64,912
6,77,567
8,60,717
9,98,991
11,86,750
13,55,435
16,67,238
20,10,419
30,11,909
31,90,379
36,10,993
Total Assets
6,07,097
7,62,212
8,92,344
11,03,186
12,92,806
15,80,830
17,99,507
21,22,934
25,30,432
40,30,194
43,92,110
49,07,701
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-21,281
-34,435
17,282
17,214
-62,872
-16,869
42,476
-11,960
20,814
19,069
1,27,242
1,13,506
Investing
-800
-837
-1,146
-842
-1,503
-1,403
-1,823
-2,051
-2,992
16,600
-3,651
7,477
Financing
18,694
37,815
-5,893
57,378
23,131
24,394
-7,321
48,124
23,941
-3,983
-1,02,478
-59,005
Net Cash Flow
-3,387
2,542
10,242
73,750
-41,244
6,122
33,332
34,113
41,762
31,687
21,113
61,978
Free Cash Flow
-22,020
-35,301
16,134
16,377
-64,470
-18,486
40,796
-14,176
17,390
14,882
1,23,267
1,10,144
CFO/OP
-45
-63
51
49
-72
-8
73
4
35
38
98
94
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
20%
19%
18%
18%
17%
16%
16%
17%
17%
17%
14%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.18%FIIs41.83%Others3.21%Public13.04%DIIs41.74%As ofJun 2026

Documents

Frequently Asked Questions about HDFC Bank

What does HDFC Bank Ltd do?
HDFC Bank Limited (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024. As of April 2024, HDFC Bank has a market capitalizati...
Where is HDFC Bank Ltd (HDFCBANK) listed?
HDFC Bank Ltd trades as HDFCBANK on the NSE and under code 500180 on the BSE.
Which sector does HDFC Bank Ltd belong to?
HDFC Bank Ltd is classified under the Banks sector, in the Private Bank industry.
What is the market capitalisation of HDFC Bank Ltd?
HDFC Bank Ltd has a market capitalisation of ₹10,56,034 Cr, which places it in the Large Cap band.
What is the PE ratio of HDFC Bank Ltd?
HDFC Bank Ltd trades at a PE ratio of 13.79, on earnings per share of ₹89.49, against a book value of ₹390.17 per share.
What is the 52-week high and low of HDFC Bank Ltd?
Over the last 52 weeks HDFC Bank Ltd has traded between ₹686.2 and ₹1,020.5.
Does HDFC Bank Ltd pay dividends?
HDFC Bank Ltd has a dividend yield of 2.59%.
What is the Return on Equity (ROE) of HDFC Bank Ltd?
HDFC Bank Ltd reported a return on equity of 13.02%. Its debt-to-equity ratio is 0.00.

Company Information

HDFC Bank Limited (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024. As of April 2024, HDFC Bank has a market capitalization of $145 billion, making it the third-largest company on the Indian stock exchanges. [1]

Website hdfcbank.com
CEO Mr. Sashidhar Jagdishan
Employees 2,15,739
Listed 1995-05-19
Face Value ₹ 1
Issued Size 15,38,45,77,216

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