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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. 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%
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% (at or above 15%: strong)
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
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

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
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.

HDFC Bank Limited (HDB) Latest News

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stockrow.com/HDB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com