Saturday 17 October 2026 Export HDB’s income statement to Excel — free account

HDFC Bank Limited

HDFC Bank Limited’s revenue for fiscal 2026 (year ended March 2026) was $46.4 billion, down 5.46% from fiscal 2025. In the quarter to June 2026, revenue fell 9.36%, EPS grew 8.11% and free cash flow fell 1.95%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

23.76 0.23 +0.98%

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Market cap: $120.9B
P/E: 16.0×
Fwd P/E: —
Dividend yield: —
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	1	2	1	—	—	—	—	—

Insider Ownership 0.04%

Capital & Financial Ratios $m

Market Cap 120,930.00

Revenue 44,967.76

Net Income 7,748.90

Free Cash Flow 34,160.11

Net Debt (167,234.50)

Current Ratio 0.42

Debt/Equity 0.00

P/E ratio 16.03

Fwd P/E —

P/S ratio 2.71

P/B ratio 1.83

Past 5Y EPS Growth 6.82%

This Y EPS Growth 9.38%

Next Y EPS Growth 16.59%

Next Y revenue growth —

Next 5Y EPS Growth 14.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 2.25%

10-year low 10-year high

P/S against its own 10 years 3.10%

10-year low 10-year high

P/B against its own 10 years 7.63%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	0.68	0.68
2022	0.58	0.58
2021	0.26	0.26
2019	0.32	0.32 0.11
2018	0.28	0.28
2017	0.26	0.26
2016	0.21	0.21

special payouts not included in total or ratios

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%

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.

EPS $

	Jun	Sep	Dec	Mar	Year
’26	0.40	—	—	—	—
’26	0.37	0.44	0.43	0.21	1.62
’25	0.39	0.43	0.41	0.31	1.64
’24	0.40	0.40	0.41	0.42	1.63
’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.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027e
Price, $
Price, $	Low	14.75	21.36	23.63	14.75	30.68	25.31	27.98	26.08	28.89	21.71	Analyst estimates 2027–2029 Powerpack
	High	25.50	28.03	32.95	36.22	42.35	36.10	35.88	34.25	39.81	36.73
People
People	Employees	84,325	88,253	98,061	116,971	120,093	141,579	173,222	213,527	214,521	211,178
	Revenue/emp, $m	0.15	0.17	0.18	0.16	0.17	0.15	0.14	0.20	0.23	0.22
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
	Gross margin, %	55.29	57.46	55.55	56.14	61.26	63.57	60.85	56.43	56.53	57.29
	EBT	3,392	4,256	4,916	4,853	6,014	6,843	8,059	8,465	10,085	10,008
	EBT margin, %	26.32	28.04	28.29	25.94	28.77	32.37	33.44	20.04	20.54	21.56
	Net income	2,170	2,747	3,189	3,454	4,457	5,095	6,038	7,531	8,036	7,749
	Depreciation	259	291	328	325	298	366	447	878	1,172	1,227
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
	Earnings	0.63	0.78	0.84	0.99	1.17	1.39	1.55	1.64	1.65	1.62
	Cash flow	1.72	0.42	0.74	0.62	3.44	2.08	1.56	2.60	2.75	2.33
	Capex	(0.06)	(0.04)	(0.07)	(0.07)	(0.07)	(0.09)	(0.14)	(0.13)	(0.15)	(0.10)
	Free cash flow	1.67	0.38	0.68	0.56	3.37	1.98	1.42	2.47	2.60	2.23
	Book value	4.67	5.25	6.62	6.90	8.07	8.97	9.57	20.05	19.85	19.07
	Shares, m	3,392	3,441	3,573	3,646	3,666	3,689	3,710	4,720	5,085	5,119
Valuation, ×
Valuation, ×	P/E	27.87	36.58	42.71	31.70	39.81	22.14	21.72	17.15	21.61	17.14
	P/S	7.32	9.61	11.23	5.92	4.20	5.35	5.13	3.14	3.44	2.74
	P/B	6.56	8.61	4.63	2.67	2.50	3.42	3.48	1.40	1.67	1.30
	EV/Sales	7.15	9.44	11.62	7.19	1.58	5.36	5.17	4.30	4.13	3.04
	EV/FCF	13.65	18.02	21.02	9.30	2.51	5.52	13.66	69.57	6.25	4.13
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
	Capex	(193)	(139)	(233)	(240)	(241)	(344)	(525)	(628)	(766)	(509)
	Free cash flow	5,655	1,308	2,417	2,030	12,362	7,313	5,281	11,639	13,230	11,412
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
	Total debt	11,271	14,328	15,103	13,616	16,062	20,487	24,996	79,779	68,666	54,561
	Net debt	1,292	(9,194)	(463)	(1,862)	(1,717)	80	924	48,804	34,047	13,872
	Shareholders’ equity	15,851	18,069	23,650	25,156	29,579	33,076	35,501	94,627	100,935	97,631
Returns, %
Returns, %	ROA	1.69	1.74	1.74	1.71	1.95	1.94	2.04	1.77	1.44	1.34
	ROIC	12.37	29.97	13.25	13.02	13.49	12.90	13.83	3.69	4.67	5.61
	ROE	14.95	16.17	15.26	14.15	16.29	16.24	17.58	11.48	8.06	7.57

Negative figures in brackets.

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MFG Mizuho Financial Group, Inc.	$124.4B	2.3×	13.9×	+12.59% (above 0%: growing)	+54.65% (above 0%: growing)	+15.81% (above 0%: growing)	52.09%	0.00%	Compare
HDB HDFC Bank Limited	$120.9B	16.0×	—	−9.36% (below 0%: shrinking)	+8.11% (above 0%: growing)	−1.95% (below 0%: shrinking)	64.22%	0.00%
IBN ICICI Bank Limited	$105.7B	18.5×	—	−3.19% (below 0%: shrinking)	+2.33% (above 0%: growing)	−61.24% (below 0%: shrinking)	71.06%	0.00%	Compare
USB U.S. Bancorp	$89.4B	11.3×	10.9×	+2.26% (above 0%: growing)	+16.16% (above 0%: growing)	+151.96% (above 0%: growing)	70.62%	0.00%	Compare
PNC The PNC Financial Services Group, Inc	$85.8B	11.4×	12.4×	+6.44% (above 0%: growing)	+19.94% (above 0%: growing)	+45.07% (above 0%: growing)	70.11%	0.00%	Compare
LYG Lloyds Banking Group PLC	$78.4B	15.5×	—	−67.58% (below 0%: shrinking)	+413.83% (above 0%: growing)	+62.30% (above 0%: growing)	100.00%	0.00%	Compare
NU Nu Holdings Ltd.	$71.2B	19.7×	14.5×	+50.29% (above 0%: growing)	+69.23% (above 0%: growing)	−102.15% (below 0%: shrinking)	71.77%	0.00%	Compare
NWG NatWest Group plc	$69.2B	9.9×	8.4×	+14.08% (above 0%: growing)	+77.78% (above 0%: growing)	−47.36% (below 0%: shrinking)	59.01%	0.00%	Compare
DB Deutsche Bank Aktiengesellschaft	$61.8B	7.6×	8.4×	+5.77% (above 0%: growing)	+160.96% (above 0%: growing)	+127.23% (above 0%: growing)	57.34%	0.00%	Compare
Median of peers	$82.1B	11.3×	11.7×	+6.11%	+61.94%	+30.44%	70.37%	0.00%

All 323 Banks Regional stocks →

HDFC Bank Limited (HDB) key facts

Concern: HDFC Bank Limited’s revenue for fiscal 2026 (year ended March 2026) was $46.4 billion, down 5.46% from fiscal 2025.
HDFC Bank Limited (HDB) is a Banks Regional company in the Financial sector, traded in the US as an ADR.
As of October 16, 2026, HDB traded at $23.76, a market capitalization of $120.9 billion.
Return on equity was 7.57% and debt-to-equity 0.00.
Its Piotroski F-score is 5 out of 9 for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.