HDFC Bank Ltd
HDFC Bank Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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54 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
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.1,46,848 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 6d agoHDFC Bank, with a market cap of Rs.12.70 lakh crore, trades at a PE of 15.9x and PB of 2.17x. The bank has delivered 19% profit CAGR over 5 years but recent TTM sales growth has decelerated to 4%, and the stock has declined 19% over the past year despite the long-term 10-year stock CAGR of 11%.
- Strong long-term profit compounding at 20% CAGR over 10 years demonstrates consistent earnings power
- PE of 15.9x is below historical averages for large private banks, suggesting valuation compression after the HDFC Ltd merger
- 5-year compounded sales growth of 22% reflects robust loan book expansion post-merger
- Dividend yield of 2.2% is relatively attractive for a growth-oriented private sector bank, with a healthy payout ratio of 26.1%
- 10-year median sales growth of 16.3% highlights structural consistency in revenue generation across credit cycles
- 3-year ROE of 15% indicates the bank maintains above-cost-of-equity returns even during the merger integration phase
- Market cap of Rs.12.70 lakh crore provides deep liquidity and index weight, reducing volatility risk for large portfolios
- 5-year profit CAGR of 19% significantly outpaces the 5-year sales CAGR of 22%, pointing to operating leverage and cost discipline
- Stock has delivered negative 19% return over the past 1 year, significantly underperforming broader indices
- TTM sales growth has sharply decelerated to just 4% from 27% over 3 years, raising concerns about post-merger growth normalization
- Contingent liabilities of Rs.27.81 lakh crore are material relative to the bank's balance sheet and represent off-balance-sheet risk
- Low interest coverage ratio indicates potential vulnerability if credit costs rise or margins compress in a rate-cut environment
- Last year ROE declined to 14% from a 10-year average of 16%, suggesting merger-related dilution is still impacting return ratios
- Other income of Rs.1,46,848 crore forms a significant portion of earnings, which may not be sustainable or repeatable
- 3-year and 5-year stock CAGR of 0% and 2% respectively show prolonged shareholder value stagnation despite profit growth
- TTM profit growth of 8% is well below the 5-year CAGR of 19%, indicating near-term earnings momentum is fading
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 7h ago- Advances grow 15.4% YoY in Q1 Jul 4
Gross advances reached ₹30,610 billion as of June 30, 2026, up 15.4% YoY. Deposits rose 14.7% to ₹31,705 billion, showing healthy balance sheet expansion.
- Carbon neutrality target by FY32 Jul 11
HDFC Bank achieved a 15.8% reduction in Scope 2 emissions in FY26 and targets carbon neutrality by FY32. Female employee representation reached 27%.
- Rajiv Kumar appointed Chairman Jul 15
RBI approved Rajiv Kumar as Part-time Chairman for 3 years from July 15, 2026. Keki Mistry steps down from interim role after a brief extension.
- New CFO from December 2026 Jun 29
Puneet Sharma appointed CFO effective December 1, 2026, and Jigar Shah as General Counsel from October 1, 2026.
- CEO tenure decision pending Jun 29
Board to decide on extending MD & CEO Sashidhar Jagdishan's tenure ending October 2026, evaluated alongside the new chairman appointment.
- Block trades signal institutional interest Jul 16
Multiple block trades recorded including 25 trades totalling over ₹888 crores in late June and a ₹81.78 crore trade on Jul 6 at ₹815.65/share, reflecting sustained institutional activity.
- $750M bond issuance at 5.067% Jun 16
HDFC Bank issued USD 750 million 5-year senior unsecured bonds at 5.067% coupon via its GIFT City unit, listing on India International Exchange and NSE IFSC.
- 32nd AGM set for August 5 Jul 12
HDFC Bank will hold its 32nd AGM via video conference on August 5, 2026. Remote e-voting runs August 1-4.
- Q1FY27 earnings call on July 18 Jul 9
HDFC Bank will host an earnings call on July 18, 2026 to discuss unaudited financial results for the quarter ended June 30, 2026.
TL;DR: HDFC Bank is delivering strong growth with advances up 15.4% and deposits up 14.7% YoY in Q1FY27, while leadership transitions are proceeding smoothly with a new chairman and CFO appointed. No material headwinds are visible in the recent news flow. Heavy institutional block trade activity and successful international bond issuance suggest continued market confidence. The upcoming July 18 earnings call will be the next key catalyst to confirm whether margin and asset quality trends support the growth trajectory.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 47,548 | 51,168 | 75,039 | 78,008 | 79,434 | 81,546 | 83,002 | 85,040 | 86,779 | 87,372 | 86,994 | 87,067 | 87,182 |
| Expenses | 17,770 | 18,470 | 45,349 | 50,530 | 62,938 | 49,690 | 52,074 | 41,307 | 47,709 | 64,497 | 45,161 | 54,145 | 44,028 |
| Financing Profit | 7,172 | 6,744 | -11,560 | -15,764 | -27,196 | -12,723 | -14,487 | -3,181 | -7,916 | -24,833 | -4,908 | -12,899 | -2,066 |
| Fin. Margin % | 15% | 13% | -15% | -20% | -34% | -16% | -17% | -4% | -9% | -28% | -6% | -15% | -2% |
| Other Income | 9,610 | 9,853 | 32,528 | 37,007 | 44,958 | 35,450 | 38,455 | 27,154 | 33,489 | 45,683 | 31,567 | 39,860 | 29,737 |
| Interest | 22,606 | 25,955 | 41,250 | 43,242 | 43,692 | 44,580 | 45,414 | 46,914 | 46,986 | 47,709 | 46,741 | 45,821 | 45,220 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 16,783 | 16,597 | 20,967 | 21,243 | 17,761 | 22,727 | 23,968 | 23,973 | 25,573 | 20,850 | 26,659 | 26,961 | 27,672 |
| Tax % | 25% | 25% | 17% | 17% | -1% | 24% | 22% | 24% | 25% | 18% | 24% | 23% | 24% |
| Net Profit | 12,634 | 12,403 | 17,312 | 17,718 | 18,013 | 17,188 | 18,627 | 18,340 | 19,285 | 17,090 | 20,364 | 20,691 | 21,074 |
| EPS in Rs | 11.29 | 11.06 | 11.09 | 11.37 | 11.6 | 10.83 | 11.68 | 11.54 | 12.31 | 10.6 | 12.76 | 12.87 | 13.22 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| Fin. Margin % | 14% | 14% | 16% | 16% | 16% | 12% | 13% | 15% | 18% | -16% | -10% | -12% |
| 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 |
| 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 |
| Depreciation | 680 | 738 | 886 | 967 | 1,221 | 1,277 | 1,385 | 1,681 | 2,345 | 3,092 | 3,805 | 4,195 |
| 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 |
| 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 |
| 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 |
| Div. Payout % | 19% | 19% | 18% | 18% | 18% | 5% | 11% | 23% | 23% | 23% | 24% | 31% |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 20% | 19% | 18% | 18% | 17% | 16% | 16% | 17% | 17% | 17% | 14% | 14% |
Documents
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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]