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HDFC Bank Limited

HDB Financial Banks Regional

HDFC Bank Limited’s revenue for fiscal 2026 (year ended March 2026) was $46.4 billion, down 5.46% from fiscal 2025.

Revenue
−9.36%
EPS
+8.11%
Free cash flow
−1.95%

Quarter to June 2026, against a year earlier

24.68 0.35 +1.44%
Market cap
$127.0B
P/E
16.7×
Fwd P/E
—
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.27
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 2 1 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 127,020.00
Revenue ttm 44,967.76
Net income ttm 7,748.90
Free cash flow ttm 34,160.11
Net debt Q (167,234.50)
Valuation
P/E 16.65
Forward P/E —
Price / sales 2.82
Forward P/S Powerpack
Price / FCF 3.71
Price / book 1.90
Financial health
Current ratio Q 0.42
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −9.36% (below 0%: shrinking)
Operating income growth Q +18.16% (above 0%: growing)
EPS, this year +10.56%
EPS, next year A +16.40% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs +4.62%
EPS, next 5 yrs A +14.19%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 4.18%
10-year low 10-year high
P/S against its own 10 years 4.77%
10-year low 10-year high
P/B against its own 10 years 9.35%
10-year low 10-year high

Dividends raised 2 years running

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
+18.3%/yr
  1. 0.21 ’16
  2. 0.26 ’17 +21
  3. 0.28 ’18 +10
  4. 0.32 ’19 +14
  5. 0.26 ’21 −19
  6. 0.58 ’22 +122
  7. 0.68 ’23 +18
paid change on the year, %

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 30,975 34,619 40,689 167,235
Receivables — — — —
Inventory — — — —
Other — — — —
349,974 367,357 374,510 167,235
2024 2025 2026 Q'26
Payables 285,196 317,347 330,403 335,737
ST’ Debt — — — —
Other — — — —
320,040 354,236 369,184 395,719

Compound Annual Growth %

10y 5y 3y
Sales 15.59% 17.30% 24.42%
Cash Flow 16.60% (1.11%) 27.10%
Earnings 15.49% 11.00% 7.61%
Book Value 22.20% 26.98% 40.10%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.40 Actual 0.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.39 0.43 Beat by 0.04
Mar 2026 0.39 0.43 Beat by 0.04
Jun 2026 0.38 0.40 Beat by 0.02
Sep 2026 0.40 0.49 Beat by 0.09
Dec 2026 0.42 — Reports 15 January 2027

EPS $

Jun Sep Dec Mar Year
’26 0.40 — — — —
’26 0.37 0.44 0.43 0.21 1.46
’25 0.39 0.43 0.41 0.31 1.57
’24 0.40 0.40 0.41 0.42 1.59
’23 0.33 0.38 0.42 0.41 1.54
’22 0.29 0.33 0.38 0.38 1.38
’21 0.17 0.28 0.32 0.21 1.17
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 14,110 — — — —
’26 15,567 13,634 14,216 3,008 46,426
’25 14,040 14,453 13,239 7,372 49,104
’24 7,445 13,016 13,802 7,985 42,247
’23 5,746 6,148 6,603 5,604 24,102
’22 5,295 13,052 5,768 (2,977) 21,138
’21 2,791 5,189 5,418 3,665 20,904
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 11,921
’25 — — — — 13,995
’24 — — — — 12,267
’23 — — — — 5,806
’22 — — — — 7,658
’21 — — — — 12,603
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 11,412 — (3,815) — 11,412
’25 13,230 — 13,334 — 13,230
’24 11,639 — (5,721) — 11,639
’23 5,281 — (8,590) — 5,281
’22 7,313 — 5,121 — 7,313
’21 — — 4,540 — 12,362
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jun ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 12,889 15,176 17,378 18,706 20,904 21,138 24,102 42,247 49,104 46,426 44,968 +15.3% — — — —
Gross margin, % 55.29 57.46 55.55 56.14 61.26 63.57 60.85 56.43 56.53 57.29 57.09 +2.0 pt
EBT 3,392 4,256 4,916 4,853 6,014 6,843 8,059 8,465 10,085 10,008 10,451 +12.8%
EBT margin, % 26.32 28.04 28.29 25.94 28.77 32.37 33.44 20.04 20.54 21.56 23.24 (4.8) pt
Net income 2,170 2,747 3,189 3,454 4,457 5,095 6,038 7,531 8,036 7,749 7,749 +15.2%
Per share, $
Per share, $ Revenue 3.80 4.41 4.86 5.13 5.70 5.73 6.50 8.95 9.66 9.07 8.76 +10.1%
Earnings 0.63 0.78 0.84 0.99 1.17 1.39 1.55 1.60 1.58 1.47 1.48 +9.9%
Cash flow 1.72 0.42 0.74 0.62 3.44 2.08 1.56 2.60 2.75 2.33 0.00 +3.4%
Capex (0.06) (0.04) (0.07) (0.07) (0.07) (0.09) (0.14) (0.13) (0.15) (0.10) 0.00 +6.4%
Free cash flow 1.67 0.38 0.68 0.56 3.37 1.98 1.42 2.47 2.60 2.23 0.00 +3.3%
Book value 4.67 5.25 6.62 6.90 8.07 8.97 9.57 20.05 19.85 19.07 13.00 +16.9%
Shares, m 3,392 3,441 3,573 3,646 3,666 3,689 3,710 4,720 5,085 5,119 5,122 +4.7%
Valuation, ×
Valuation, × P/E 27.87 36.58 42.71 31.70 39.81 22.14 21.72 17.15 21.61 17.14 16.65 27.8
P/S 7.32 9.61 11.23 5.92 4.20 5.35 5.13 3.14 3.44 2.74 2.82 5.8
P/B 6.56 8.61 4.63 2.67 2.50 3.42 3.48 1.40 1.67 1.30 1.90 3.6
EV/Sales 7.15 9.44 11.62 7.19 1.58 5.36 5.17 4.30 4.13 3.04 — 5.9
EV/FCF 13.65 18.02 21.02 9.30 2.51 5.52 13.66 69.57 6.25 4.13 — 16.4
Cash, $m
Cash, $m Operating cash flow 5,848 1,448 2,650 2,271 12,603 7,658 5,806 12,267 13,995 11,921 35,772 +8.2%
Capex (193) (139) (233) (240) (241) (344) (525) (628) (766) (509) (1,612) +11.4%
Free cash flow 5,655 1,308 2,417 2,030 12,362 7,313 5,281 11,639 13,230 11,412 34,160 +8.1%
Balance, $m
Balance, $m Working capital (10,536) (5,910) (6,753) (17,826) (20,813) (17,534) (19,051) 29,933 13,121 5,327 (228,485) n/m
Net debt 1,292 (9,194) (463) (1,862) (1,717) 80 924 48,804 34,047 13,872 (167,234) +30.2%
Shareholders’ equity 15,851 18,069 23,650 25,156 29,579 33,076 35,501 94,627 100,935 97,631 66,715 +22.4%
Returns, %
Returns, % ROA 1.69 1.74 1.74 1.71 1.95 1.94 2.04 1.77 1.44 1.34 1.46 (0.3) pt
ROIC 12.37 29.97 13.25 13.02 13.49 12.90 13.83 3.69 4.67 5.61 0.00 (6.8) pt
ROE 14.95 16.17 15.26 14.15 16.29 16.24 17.58 11.48 8.06 7.57 11.54 (7.4) pt
People
People Employees 84,325 88,253 98,061 116,971 120,093 141,579 173,222 213,527 214,521 211,178 — +10.7%
Revenue/emp, $m 0.15 0.17 0.18 0.16 0.17 0.15 0.14 0.20 0.23 0.22 — +4.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

HDFC Bank Limited vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HDB HDFC Bank Limited $125.1B 16.7× — −9.36% (below 0%: shrinking) +8.11% (above 0%: growing) −1.95% (below 0%: shrinking) 64.22% 0.00%
MFG Mizuho Financial Group, Inc. $118.1B 2.1× 12.7× +12.59% (above 0%: growing) +54.65% (above 0%: growing) +15.81% (above 0%: growing) 52.09% 0.00% Compare
IBN ICICI Bank Limited $112.2B 18.9× — +5.71% (above 0%: growing) +25.00% (above 0%: growing) −61.24% (below 0%: shrinking) 70.90% 0.00% Compare
USB U.S. Bancorp $95.1B 11.7× 11.2× +2.26% (above 0%: growing) +9.84% (above 0%: growing) +151.96% (above 0%: growing) 70.62% 0.00% Compare
PNC The PNC Financial Services Group, Inc $92.7B 12.1× 12.0× +6.44% (above 0%: growing) +14.22% (above 0%: growing) +45.07% (above 0%: growing) 70.11% 0.00% Compare
LYG Lloyds Banking Group PLC $75.4B 12.0× — −67.58% (below 0%: shrinking) +66.24% (above 0%: growing) +62.30% (above 0%: growing) 100.00% 0.00% Compare
DB Deutsche Bank Aktiengesellschaft $68.1B 10.1× 9.2× +5.77% (above 0%: growing) +25.97% (above 0%: growing) +127.23% (above 0%: growing) 57.34% 0.00% Compare
NWG NatWest Group plc $65.4B 8.3× 7.9× +12.91% (above 0%: growing) +40.54% (above 0%: growing) −47.36% (below 0%: shrinking) 58.30% 0.00% Compare
TFC Truist Financial Corporation $61.0B 12.7× 11.7× −22.06% (below 0%: shrinking) −45.71% (below 0%: shrinking) +17.77% (above 0%: growing) 61.29% 0.00% Compare
Median of peers $84.0B 11.8× 11.5× +5.74% +25.49% +31.42% 65.70% 0.00%

All 327 Banks Regional stocks →

HDFC Bank Limited (HDB) Latest News

22 Oct

Impact 4 · · retailbankerinternational.com

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17 Oct

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Impact 3 · · Investing.com

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19 Jul

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18 Jul

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13 Jul

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12 Jul

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17 Jun

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20 Apr

Impact 4 ·

18 Apr

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31 Mar

Impact 3 · · retailbankerinternational.com

30 Mar

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26 Mar

Impact 4 · · Reuters
Impact 3 · · Reuters

24 Mar

Impact 4 · · retailbankerinternational.com

19 Mar

Impact 4 · · Reuters
Impact 3 · · Reuters

18 Mar

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11 Mar

Impact 4 · · PR Newswire

26 Feb

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HDB metrics, ten years each

stockrow.com/HDB · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com