HDFC Bank
HDFC Bank
Banks F&OKey Fundamentals
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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.1,43,700 Cr.
Growth Rate
AI Analysis — Bull vs Bear
HDFC Bank has a market capitalisation of about Rs 11,22,334 Cr. It trades at a P/E of 13.6x and a P/B of 1.87x, with a 2.47% dividend yield. Profit has grown at a 19% CAGR over the last 5 and 10 years, but the stock has returned -22% over 1 year and -2% CAGR over 5 years, so its valuation multiple has fallen well behind earnings growth. Recent momentum has slowed: TTM revenue growth is 3% against a 3-year CAGR of 27%, which was inflated by the July 2023 merger with HDFC Ltd, and last-year ROE of 14% is below the 10-year average of 16%.
- Profit has compounded at 19% over both 5 and 10 years, with an 18% 3-year CAGR. That is a long record of steady earnings growth through several credit and rate cycles.
- The stock's valuation has fallen a long way. It now trades at 13.6x earnings and 1.87x book, after a 5-year stock CAGR of -2% while profits grew about 19% a year, so the multiple has shrunk while earnings compounded.
- TTM profit growth of 12% is well ahead of TTM revenue growth of 3%. This suggests the bank is protecting earnings through cost control, provisioning or a better revenue mix, even as top-line growth normalises after the merger.
- ROE has been consistent: 16% over 10 years and 15% over both 5 and 3 years. That stability matters for a bank of this size, and a P/B of 1.87x against about 14-15% ROE implies an earnings yield of roughly 7.4%.
- The dividend yield of 2.47% comes with a payout of only 26.1%. That leaves about 74% of earnings to fund balance-sheet growth without depending as heavily on raising new capital.
- Median revenue growth of 16.3% over 10 years, and a 19% 10-year revenue CAGR, show a long record of steady franchise growth that goes back well before the merger.
- At about Rs 11.22 lakh Cr market cap, the bank's size gives it advantages in funding costs, distribution reach and brand. The stock has still delivered a 9% 10-year CAGR despite the recent derating.
- The stock has fallen 22% over the past year and posted CAGRs of -1% over 3 years and -2% over 5 years. Shareholders have seen almost no return for half a decade despite earnings growth, which points to ongoing market concerns about growth and margins after the merger.
- Revenue growth has slowed sharply, from a 27% 3-year CAGR to 3% TTM. Much of the 3-year number came from merging HDFC Ltd's balance sheet, so the underlying organic growth rate now looks much lower.
- Last-year ROE of 14% is below the 5-year average of 15% and the 10-year average of 16%. The merger added lower-yielding mortgage assets and higher-cost borrowings, which weigh on returns.
- Other income of Rs 1,43,700 Cr is a large part of reported earnings. Part of it is consolidated subsidiary income, such as insurance premiums, and part may be treasury or one-off gains, which could make headline profit growth less repeatable.
- Contingent liabilities of Rs 35,61,957 Cr are about 3.2x the bank's market cap and roughly 5.9x its implied book value of about Rs 6.0 lakh Cr. Most of this is typically derivatives, guarantees and similar off-balance-sheet items, but it is still a large exposure if stress hits.
- TTM profit growth of 12% is well below the 19% 5-year CAGR. If profit keeps growing more slowly than its history, the 13.6x P/E may not re-rate.
- The flagged low interest coverage ratio mostly reflects how banks are built, since interest expense is their main cost. Still, it highlights sensitivity to deposit costs and to the loan-to-deposit mismatch inherited from the merger.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Share price slides in block trades Sep 29
Large-trade prices fell from ₹744.00 on Sep 22 (2,20,350 shares, ₹16.39 cr) to ₹723.00 on Sep 28 (8,10,365 shares, ₹58.59 cr) and ₹707.25 on Sep 29 (8,03,720 shares, ₹56.84 cr), a drop of about 4.9% in a week. These are real-time signals, not confirmed exchange disclosures, and buyer and seller identities are unknown.
- Senior leadership churn Sep 30
Group General Counsel Sudhir Kumar Jha steps down effective September 30, 2026. His exit comes as the MD & CEO role passes from Sashidhar Jagdishan to Anup Bagchi on October 27, which adds near-term transition risk.
- RBI clears Bagchi as CEO Oct 1
RBI approved Anup Bagchi as MD & CEO for three years, effective October 27, succeeding Sashidhar Jagdishan. The approval settles the succession question that opened when the board sent two candidates to RBI on Sep 12.
- Rangan, Tata named EDs Sep 12
V. Srinivasa Rangan and Jimmy Tata were appointed Executive Directors, which deepens the top management bench. The board also proposed two MD & CEO candidates to RBI at the same time.
- ESG rating of 77.78 Sep 11
Niche Ninety Nine Capability and Certifications gave HDFC Bank an ESG score of 77.78 on September 11, 2026. The bank said it did not engage the agency for this independent assessment.
- Q2 results on October 17 Sep 22
The board meets on October 17 to consider Q2 financial results. This will be the last earnings release before Bagchi takes over as CEO on October 27.
- London investor meet Sep 10
HDFC Bank hosted a group meeting with analysts and institutional investors on September 17, 2026, at the JP Morgan Emerging and Frontier Markets Opportunities Conference in London. This is routine investor outreach.
TL;DR: HDFC Bank's governance picture got clearer: RBI approved Anup Bagchi as MD & CEO from October 27, and new EDs Rangan and Tata strengthen the bench. On the risk side, the stock fell about 5% through large trades, from ₹744 to ₹707.25 between Sep 22 and Sep 29, and the General Counsel's exit adds to leadership turnover. The news flow on governance is improving while short-term price action is weakening. Q2 results on October 17 and Bagchi's first moves as CEO will likely decide the stock's next direction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 51,168 | 75,039 | 78,008 | 79,434 | 81,546 | 83,002 | 85,040 | 86,779 | 87,372 | 86,994 | 87,067 | 87,182 | 90,575 |
| Expenses | 18,470 | 45,349 | 50,530 | 62,938 | 49,690 | 52,074 | 41,307 | 47,709 | 64,497 | 45,161 | 54,145 | 44,028 | 58,292 |
| Financing Profit | 6,744 | -11,560 | -15,764 | -27,196 | -12,723 | -14,487 | -3,181 | -7,916 | -24,833 | -4,908 | -12,899 | -2,066 | -15,342 |
| Fin. Margin % | 13% | -15% | -20% | -34% | -16% | -17% | -4% | -9% | -28% | -6% | -15% | -2% | -17% |
| Other Income | 9,853 | 32,528 | 37,007 | 44,958 | 35,450 | 38,455 | 27,154 | 33,489 | 45,683 | 31,567 | 39,860 | 29,737 | 42,535 |
| Interest | 25,955 | 41,250 | 43,242 | 43,692 | 44,580 | 45,414 | 46,914 | 46,986 | 47,709 | 46,741 | 45,821 | 45,220 | 47,626 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 16,597 | 20,967 | 21,243 | 17,761 | 22,727 | 23,968 | 23,973 | 25,573 | 20,850 | 26,659 | 26,961 | 27,672 | 27,193 |
| Tax % | 25% | 17% | 17% | -1% | 24% | 22% | 24% | 25% | 18% | 24% | 23% | 24% | 25% |
| Net Profit | 12,403 | 17,312 | 17,718 | 18,013 | 17,188 | 18,627 | 18,340 | 19,285 | 17,090 | 20,364 | 20,691 | 21,074 | 20,383 |
| EPS in Rs | 11.06 | 11.09 | 11.37 | 11.6 | 10.83 | 11.68 | 11.54 | 12.31 | 10.6 | 12.76 | 12.87 | 13.22 | 12.5 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,51,819 |
| 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 | 2,01,625 |
| 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 | -35,215 |
| 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 | 1,43,700 |
| 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 | 1,85,408 |
| 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 | 1,08,485 |
| 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 | 82,512 |
| 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 | 51.35 |
| Div. Payout % | 19% | 19% | 18% | 18% | 18% | 5% | 11% | 23% | 23% | 23% | 24% | 31% | — |
Balance Sheet
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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