NSE: HDFCBANK · BSE: 500180
HDFC BANK LTD
Operates as a private-sector bank that takes deposits and lends through retail, wholesale, treasury and other banking operations. Retail Banking is the largest revenue segment at 49.6% of segment revenue for the nine months ended December 2024, covering personal loans, mortgages, home loans and unsecured credit lines to individuals. Wholesale Banking contributes 33.6%, serving corporates, mid-market enterprises, MSME business banking and trade finance, while Treasury at 10.7% runs the investment book and balance-sheet hedging, and Other Banking Business at 6.1% covers insurance distribution and allied activities. At Q1 FY27, period-end gross advances stood at Rs 30,610 billion (up 15.4% YoY) and average deposits at Rs 30,114 billion (up 13.3% YoY). The franchise runs about 9,700 branches serving roughly 100 million customers, with digital adoption at 97% on payments. Recent growth drivers include MSME business banking at 22.3% YoY, mortgage disbursements up 14% YoY, and Rs 14,000 crore disbursed under ECLGS 5.0. Asset quality remains tight at GNPA of 1.17% and capital adequacy of 19.57%, with NIM around 3.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking (50%), Wholesale Banking (34%), Treasury (11%), Other Banking Business (6%). Private-sector diversified commercial bank with a large retail franchise and integrated treasury
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 38,053 | 45,997 | 64,062 | 68,144 | 76,026 |
| EPS, as reported (₹) | 68.80 | 82.64 | 90.42 | 92.81 | 49.50 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (11,960) | 20,814 | 19,069 | 1,27,242 | 1,13,506 |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 23,167 | 23,973 | 25,124 | 20,850 | 25,906 | 26,961 | 26,948 | 27,193 |
| Net profit | 17,826 | 18,340 | 18,835 | 17,090 | 19,611 | 20,691 | 20,351 | 20,383 |
| EPS (₹) | 23.40 | 23.11 | 24.62 | 21.23 | 12.78 | 12.88 | 13.22 | 12.50 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HDFC BANK LTD ◆ | 10,47,596 | 13.2 | — | — | — | — | — | — |
| ICICI BANK LTD. | 9,95,059 | 17.7 | — | — | — | — | — | — |
| KOTAK MAHINDRA BANK LTD | 4,40,141 | 11.5 | — | — | — | — | — | — |
| AXIS BANK LIMITED | 3,75,069 | 13.5 | — | — | — | — | — | — |
| FEDERAL BANK LTD | 84,309 | 18.0 | — | — | — | — | — | — |
| IDBI BANK LIMITED | 83,869 | 9.0 | — | — | — | — | — | — |
| INDUSIND BANK LIMITED | 64,925 | 49.1 | — | — | — | — | — | — |
| IDFC FIRST BANK LIMITED | 61,475 | 27.4 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.2 | 12.3 | 12 of 20 | 42% |
| Profit growth | 19.3 | 29.5 | 15 of 20 | 26% |
| Market cap | 1047596 | 41910 | 1 of 20 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Anup Bagchi succeeds Jagdishan as HDFC Bank Managing Director and CEO | management changes | critical | — | — |
| 24 Oct 2026 · HDFC Bank grants 13.02 lakh employee stock options | capital market events | low | — | — |
| 23 Oct 2026 · HDFC Bank Q2 FY27: margins seen at bottom, Bagchi named new chief executive | investor communications | medium | — | — |
| 22 Oct 2026 · Allotment of 91.38 lakh shares under ESOP/RSU exercise | capital market events | low | — | — |
| 22 Oct 2026 · HDFC Bank confirms postal ballot dispatch via newspaper notice | compliance | minimal | — | — |
| 21 Oct 2026 · HDFC Bank postal ballot to re-appoint Mrs Lily Vadera as Independent Director | board shareholder meetings | low | — | — |
| 17 Oct 2026 · HDFC Bank Q2 FY27 earnings call audio recording now available on website | investor communications | medium | — | — |
| 17 Oct 2026 · HDFC Bank DMD Bharucha to step down Dec 31; Vadera re-appointed Independent Director | management changes | medium | — | — |
| 17 Oct 2026 · Earnings Call Presentation Now Available on Website | investor communications | medium | — | — |
| 17 Oct 2026 · HDFC Bank Q2 FY26 results: Net profit Rs 19,610 crore, up 2.8% YoY | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.