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HDFC Bank

HDFCBANK NSE
₹736.70 +11.20 (+1.54%)
P/E
14.16
View as Markdown
MCP
Close 4 Nov 2026 ₹736.70 −247.95 −25.2% 1Y
Start ₹984.65

Key Fundamentals

LargecapBanksFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

EPS (TTM)
₹52.02
Book Value
₹391.04
Market Cap
—
P/E (TTM)
14.16
P/B
1.88
ROE
13.60%
Dividend Yield
2.48%
52W High
₹1,017.50
52W Low
₹669.20
Day Range
₹719.25 – ₹741.30
Volume
5,06,77,695
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
Debt to Equity
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Banks › Private Bank › Private Sector Bank

HDFC Bank peer comparison
HDFC Bank (this company)
₹736.7014.16₹11,37,598 Cr1.882.48%13.60%—₹3,59,956 Cr₹83,685 Cr
ICICI Bank
₹1,424.1017.28₹10,25,874 Cr2.670.84%15.90%—₹2,06,190 Cr₹62,827 Cr
Kotak Bank
₹459.4021.29₹4,58,686 Cr2.350.14%11.40%—₹73,545 Cr₹21,472 Cr
Axis Bank
₹1,232.0012.79₹3,83,779 Cr1.670.08%13.10%—₹1,41,510 Cr₹30,038 Cr
IDBI Bank
₹79.2910.26₹83,815 Cr1.322.70%14.10%—₹30,953 Cr₹8,329 Cr
Federal Bank
₹335.2015.94₹81,875 Cr2.010.36%11.60%—₹31,552 Cr₹5,387 Cr
Indusind Bank
₹865.1550.98₹66,694 Cr1.000.18%1.36%—₹45,297 Cr₹1,322 Cr
Median 7 companies₹736.7015.94₹3,83,779 Cr1.880.36%13.10%—₹73,545 Cr₹21,472 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
43
Weak
Cheap vs sector & own history 24% weight
Growth
40
Weak
Sales & profit trajectory 9% weight
Financial Health
97
Strong
Solvency, leverage, coverage 9% weight
Momentum
30
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.1,46,360 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
62.09
Neutral
MACD (12,26,9)
−1.40
Bullish
SMA (50)
711.86
Bullish
SMA (200)
786.21
Bearish

As of

Analyst Rating

Based on 40 analysts
BUY95%

38 of 40 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
38
95%
HOLD
2
5%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+18.63%
5Y+22.08%
3Y+26.86%
1Y+3.64%
TTM+3.98%

Net profit

Net profit growth by window
10Y+19.97%
5Y+19.98%
3Y+19.74%
1Y+7.87%
TTM+11.46%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹73,271 Cr
Mar 2018₹85,288 Cr
Mar 2019₹1,05,161 Cr
Mar 2020₹1,22,189 Cr
Mar 2021₹1,28,552 Cr
Mar 2022₹1,35,936 Cr
Mar 2023₹1,70,754 Cr
Mar 2024₹2,83,649 Cr
Mar 2025₹3,36,367 Cr
Mar 2026₹3,48,615 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹15,317 Cr
Mar 2018₹18,561 Cr
Mar 2019₹22,446 Cr
Mar 2020₹27,296 Cr
Mar 2021₹31,857 Cr
Mar 2022₹38,151 Cr
Mar 2023₹46,149 Cr
Mar 2024₹65,446 Cr
Mar 2025₹73,440 Cr
Mar 2026₹79,219 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EPS
₹13.01 −3.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

HDFC Bank Ltd trades at a price of Rs.725.5 as of 2026-11-03 with a market cap of Rs.11,03,296 Cr, a trailing PE of 13.95 and a price-to-book of 1.86. The stock sits roughly 28.7% below its 52-week high of Rs.1,017.5 while profit has compounded at 19% over the past decade, though TTM sales growth has decelerated sharply to 4%.

Bull Case 7
  • Consistent long-term profit compounder — profit has grown at a 19% CAGR over both 5-year and 10-year periods, demonstrating durable earnings power across cycles.
  • Undemanding valuation at a TTM PE of 13.95 and PB of 1.86, which are modest multiples for a large-cap bank with a long track record of double-digit earnings growth.
  • Healthy dividend payout of 26.1% translating into a dividend yield of 2.57% at the current price, offering meaningful income support while still retaining capital for growth.
  • Strong revenue compounding — sales have grown at 22% CAGR over five years and 19% CAGR over ten years, with a median sales growth of 16.3% over the last decade.
  • Significant scale advantage with a market capitalisation of Rs.11,03,296 Cr, making it one of the largest private-sector banks in India with deep distribution and deposit franchises.
  • Stock is trading at Rs.725.5, roughly 28.7% below the 52-week high of Rs.1,017.5, meaning much of the negative sentiment may already be reflected in the price.
  • Return on equity averaged 15% over both 3-year and 5-year horizons and 16% over the past decade, indicating consistent above-cost-of-equity profitability.
Bear Case 8
  • Sharp deceleration in top-line momentum — TTM sales growth has slowed to just 4% compared with the 5-year CAGR of 22%, raising questions about near-term revenue trajectory.
  • TTM profit growth of 11% is materially below the 5-year CAGR of 19%, suggesting earnings momentum is fading.
  • Low interest coverage ratio flags potential vulnerability to rising funding costs or asset-quality stress in a tightening rate environment.
  • Massive contingent liabilities of Rs.35,61,957 Cr represent a significant off-balance-sheet exposure that could crystallise under adverse scenarios.
  • Earnings quality concern — other income of Rs.1,46,360 Cr forms a notable component of total earnings, meaning core lending profitability may be overstated.
  • Persistent stock underperformance — the share price has delivered a -29% return over 1 year, -2% CAGR over 3 years and -3% CAGR over 5 years, well behind broader market indices.
  • Current ROE of 13.02% (as of 2026-11-03) has drifted below the 10-year average of 16%, partly reflecting balance-sheet dilution and integration challenges post-merger.
  • ROCE stands at just 5.86%, which is low in absolute terms and signals that the expanded asset base is not yet generating commensurate returns on total capital employed.

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

AI News Digest

9h ago

TL;DR: HDFC Bank's news flow in October 2026 is dominated by leadership transitions — RBI's approval of Anup Bagchi as new CEO provides continuity and removes succession uncertainty, which is mildly positive. The retirement of long-serving SME head D'Souza and board-level changes are routine governance events. No material headwinds surfaced this period; the trend is stable with a smooth leadership handover underway.

Positives 1
  • RBI approves new CEO Bagchi Oct 7

    RBI approved Anup Bagchi as MD & CEO effective October 27, 2026. Postal ballot voting open from October 8 to November 6, with annualized salary at ₹3.32 crore.

Neutral 2
  • SME head D'Souza retires Oct 31

    Sanjay D'Souza retired as Group Head of Business Banking and SME after nearly 27 years. He was credited with building HDFC Bank's leadership position in the SME sector.

  • Board reappoints independent director Oct 17

    Board approved Lily Vadera's re-appointment as Independent Director for three years and accepted Kaizad Bharucha's cessation request.

Quarterly Results

₹ Cr
HDFCBANK quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue
75,039
78,008
79,434
81,546
83,002
85,040
86,779
87,372
86,994
87,067
87,182
90,575
95,132
Expenses
45,349
50,530
62,938
49,690
52,074
41,307
47,709
64,497
45,161
54,145
44,028
58,292
50,029
Financing Profit
−11,560
−15,764
−27,196
−12,723
−14,487
−3,181
−7,916
−24,833
−4,908
−12,899
−2,066
−15,342
−5,565
Fin. Margin %
−15%
−20%
−34%
−16%
−17%
−4%
−9%
−28%
−6%
−15%
−2%
−17%
−6%
Other Income
32,528
37,007
44,958
35,450
38,455
27,154
33,489
45,683
31,567
39,860
29,737
42,535
34,227
Interest
41,250
43,242
43,692
44,580
45,414
46,914
46,986
47,709
46,741
45,821
45,220
47,626
50,667
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
20,967
21,243
17,761
22,727
23,968
23,973
25,573
20,850
26,659
26,961
27,672
27,193
28,663
Tax %
17%
17%
−1%
24%
22%
24%
25%
18%
24%
23%
24%
25%
25%
Net Profit
17,312
17,718
18,013
17,188
18,627
18,340
19,285
17,090
20,364
20,691
21,074
20,383
21,537
EPS (₹)
11.09
11.37
11.6
10.83
11.68
11.54
12.31
10.6
12.76
12.87
13.22
12.5
13.43

Profit & Loss

₹ Cr
HDFCBANK profit and loss, annual, ₹ crore
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
3,59,956
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
2,06,493
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
−35,871
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
1,46,360
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
1,89,335
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
1,10,488
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
83,685
EPS (₹)
10.66
12.66
14.91
17.83
20.5
24.85
28.87
34.31
41.22
42.16
46.26
49.39
52.02
Div. Payout %
19%
19%
18%
18%
18%
5%
11%
23%
23%
23%
24%
31%
—

Balance Sheet

₹ Cr
HDFCBANK balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
501
506
513
519
545
548
551
555
558
760
765
1,539
1,542
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
6,01,927
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
5,94,144
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
33,24,146
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
6,44,083
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
51,65,842
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
16,431
CWIP
0
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
13,56,850
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
37,92,561
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
51,65,842

Cash Flow

₹ Cr
HDFCBANK cash flow, annual, ₹ crore
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

Ratios

HDFCBANK financial ratios, annual
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

Log in to view HDFC Bank insights

86 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 43.63%
  • FIIs 39.40%
  • Public 13.68%
  • Others 3.29%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of HDFC Bank Ltd?
HDFC Bank Ltd trades at a PE ratio of 14.16 as of 4 Nov 2026, on earnings per share of ₹52.02, against a book value of ₹391.04 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 ₹669.2 and ₹1,017.5 as of 4 Nov 2026.
Does HDFC Bank Ltd pay dividends?
HDFC Bank Ltd has a dividend yield of 2.48%.
What is the Return on Equity (ROE) of HDFC Bank Ltd?
HDFC Bank Ltd reported a return on equity of 13.60%.

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.

Website hdfcbank.com
CEO Mr. Sashidhar Jagdishan
Employees 2,15,739
Listed 19 May 1995
Face Value ₹1

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