HDFCBANK · NSE · Private Sector Bank
HDFC Bank Ltd
What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Large Cap · AMFI list Jan-Jun 2026 · Vendor sector: Financial Services
dear
low confidence
No valuation within 120 days; P/E 13.8 vs peers 9.5 (6th of 9); P/B 2.0 vs peers 1.7 (7th of 9).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model
What is HDFC Bank's share price today?
HDFC Bank last traded at ₹704.90 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.3% on the day, down 27.6% over a year. Its 52-week range is ₹682 to ₹1,020. The live price is in the app.
₹704.90
−0.3% today
−27.6% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range7% of the way up
Low ₹682High ₹1,020
What is HDFC Bank's market cap?
HDFC Bank's market capitalisation is about ₹10.90 lakh crore: what it would cost to buy every share at today's price. That makes it the 3rd largest large cap company we cover.
₹10.9 L Cr
Large Cap3rd largest large cap company
Share price₹704.90
×
Shares in issue1,547 crore
=
Market cap₹10.9 L Cr
Large Cap means the 100 largest listed companies, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →
Key facts
From the exchange
- Symbol
- NSE: HDFCBANK
- ISIN
- INE040A01034
- Cap bucket
- Large Cap, 3rd largest by market cap
- Industry (NSE)
- Financial Services › Banks › Private Sector Bank
- Listed since
- 1995
- Futures and options
- Traded
Is HDFC Bank overvalued?
Dear, with low confidence: no valuation within 120 days; P/E 13.8 vs peers 9.5 (6th of 9); P/B 2.0 vs peers 1.7 (7th of 9).
Valuation
Latest price and trailing 12 months
P/E
13.77
vs peers 9.5 · 6th of 9
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B
2.00
vs peers 1.7 · 7th of 9
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap
₹10.90 lakh Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield
2.1%
vs peers 2.0% · 5th of 9
Last year's dividends as a share of today's price. Learn more →
PEG (vendor)
2.65
vs peers 2.5 · 4th of 7
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth
2.22
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
Is HDFC Bank a quality business?
Quality score 60.4, 3rd of 9 in its peer set; CLEAN on 18 of 22 lender flags judged.
Quality and risk
Data as of 12 Oct 2026
Business quality
Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score
60.4
vs peers 52.0 · 3rd of 9
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level
CLEAN
18 of 22 lender flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →
Lender scorecard
Statements through FY2026 (Mar-26)
Basis: standalone accounts, FY2026 (Mar-26) against FY2025; NSE/BSE XBRL, the Q4 results filing; NIM is interest earned less expended over average advances and investments; cost to income is operating expenses over net interest income plus other income; credit cost is FY2026 provisions over average advances; ROA over average total assets; ROE over average equity; GNPA, NNPA, provision coverage, CET1 from the Jun-26 quarter filing
Net interest margin
3.5%
vs peers 3.0% · 4th of 9
What a lender earns on its loans and investments less what it pays for deposits and borrowings, as a share of the assets that earn interest (or of all assets where the split is not filed). Learn more →
Gross NPA
1.2%
vs peers 1.7% · 1st of 9
Loans on which repayment has stopped, as a share of all loans, before any provision against them; from the latest results filing. Learn more →
Net NPA
0.4%
vs peers 0.4% · 7th of 9
Bad loans after the provisions already set aside against them, as a share of loans. Learn more →
Provision coverage
65.5%
How much of the gross bad loans has already been provided for. Learn more →
Credit cost
0.8%
vs peers 0.5% · 8th of 9
The year's provisions for bad loans as a share of the average loan book. Learn more →
Cost to income
38.0%
vs peers 48.4% · 1st of 9
Operating expenses (staff, branches, technology) over net interest income plus other income. Learn more →
Return on assets
1.8%
vs peers 1.3% · 3rd of 9
Profit as a share of average total assets. Learn more →
CET1 ratio
19.6%
Common equity tier 1 capital, the hardest kind, against risk-weighted assets; from the latest results filing. Learn more →
Loan growth YoY
12.1%
vs peers 16.0% · 8th of 9
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth YoY
14.4%
vs peers 11.7% · 2nd of 9
Growth in deposits over the latest fiscal year. Learn more →
CASA ratio
Not available
Current and savings account balances as a share of all deposits. Learn more →
Inside the app
Get a sneak peek of Valarth
Has HDFC Bank made money for shareholders?
Not over these periods: −27.6% over one year and −2.3% a year over five years.
Shareholder returns
5-year return
−2.3% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer
Yes
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →
Returns
3Y and 5Y are yearly averages
1W
+0.3%1M
−1.3%3M
−13.5%6M
−11.0%1Y
−27.6%3Y
−1.4%5Y
−2.3%Does HDFC Bank pay a dividend?
Yes. HDFC Bank's dividend yield is 2.12% at the latest price; the last payout was ₹13.00 a share, ex-dividend 19 Jun 2026.
Dividends
Per share, by ex-dividend date
Dividend yield2.12%
The past 12 months' dividends as a share of today's price.
19 Jun 2026 · Final₹13.00
25 Jul 2025 · Special₹2.50
27 Jun 2025 · Final₹11.00
10 May 2024 · Final₹9.75
16 May 2023 · Final₹9.50
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.
Is HDFC Bank growing?
Loan growth 12.1%; deposit growth 14.4%; revenue 3 years 34.3% a year. History break: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
Growth
Statements through FY2026 (Mar-26)
Loan growth
12.1%
vs peers 16.0% · 8th of 9
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth
14.4%
vs peers 11.7% · 2nd of 9
Growth in deposits over the latest fiscal year. Learn more →
Revenue 3 years
34.3% a year
vs peers 14.8% · 1st of 9
Compound annual growth of revenue over three years. Learn more →
↯
History break: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
EPS 3 years
6.2% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
↯
History break: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
Revenue 5 years
24.2% a year
Compound annual growth of revenue over five years. Learn more →
↯
History break: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
EPS 5 years
11.3% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
↯
History break: FY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures.
How did HDFC Bank do last quarter?
HDFC Bank reported income of ₹1.3 L Cr, up 5.2% on a year earlier and a net profit of ₹19,245 Cr, up 7.4% in the Jun 2026 quarter.
Latest quarter
Jun 2026
Income, latest quarter₹1.3 L Cr
+5.2% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹19,245 Cr
+7.4% on a year earlier
What was left for shareholders after every cost and tax.
How does HDFC Bank compare with its peers?
Compared with 8 Banks (the industry, as the basic industry was too small); 6th of 9 on P/E; 3rd of 9 on quality score.
Compared with 8 Banks (the industry, as the basic industry was too small)
8 companies
HDFC Bank against its peers
Largest 8 of 8 peers, by market cap
CompanyMarket capP/EP/BROE1YQuality 🔒Rank 🔒
HDFC Bank Ltd₹10.9 L Cr13.82.014.0%−27.6%
Peer median—9.51.715.0%+4.2%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.
Who owns HDFC Bank?
HDFC Bank has no promoter holding; it is widely held.
Shareholding pattern
Latest filing, percent of shares
Promoters0.0%
The founders and controlling group.
Foreign institutions39.4%
Overseas funds investing through the FPI route.
Domestic institutions43.6%
Indian insurers, banks, pension and mutual funds together.
Mutual funds31.9%
Indian mutual fund schemes; part of domestic institutions.
Retail and others10.9%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.
What do analysts say about HDFC Bank?
40 analysts cover HDFC Bank, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.
Analyst consensus
40 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.
What does HDFC Bank do and what is it sensitive to?
HDFC Bank Limited is India's leading private sector bank serving 97 million customers through retail, wholesale/corporate, and commercial/rural banking segments. Sensitive to: interest rate cuts and monetary policy.
Business-model card
FY2025 · 63 verified
5Revenue
6Channels
4Regulators
6Reg. dependencies
9Sensitivities
6Costs
2Geographies
HDFC Bank Limited is India's leading private sector bank serving 97 million customers through retail, wholesale/corporate, and commercial/rural banking segments. It earns revenue primarily from net interest income on loans and deposits, plus fees from transaction services, trade financing, foreign exchange, derivatives, and third-party product distribution across domestic and international operations.
Revenue by segment
year ended March 31, 2025
Treasury8.9%
Retail banking - Digital banking0.0%
Retail banking - Non digital banking40.6%
Wholesale banking27.5%
Other banking business5.1%
Insurance business15.4%
Other2.5%
Revenue engine
5 verified
Net Interest Income
Interest earned on retail loans, wholesale loans to corporate clients, and deposits minus interest paid on customer deposits and wholesale funding
Retail Banking segment
Revenues from interest on retail loans, fees from services rendered to individuals, salaried professionals, micro/small businesses, self-help groups, NRIs and HNW individuals
Wholesale Banking segment
Interest earned on loans to corporate customers, interest/fees from transaction services, earnings from trade services, non-fund facilities and foreign exchange and derivative transactions
2 more statements
Other banking Operations segment
Income from parabanking activities including credit cards, debit cards, third party product distribution and primary dealership business
Subsidiary HDFC Life Insurance Company Limited
Operations of consolidated insurance subsidiary included in segment reporting
Customers & channels
6 verified
Retail Banking customers
Individuals, salaried professionals, micro and small businesses, self-help groups, non-resident Indians and high net worth individuals served through branches, ATMs, digital channels and Virtual Relationship Management
Wholesale / Corporate Banking customers
Prominent and large business houses, Multi-National Corporations, manufacturing and service sector companies, public sector enterprises and financial institutions
Non-Resident Indians (NRI) through international branches
NRI clients offered offshore deposits, bonds, equity, mutual funds, treasury and structured products through Bahrain branch and representative offices in Kenya, Abu Dhabi, Dubai and London
3 more statements
Physical branch distribution network
9,455 branches including international branches and DBUs across 4,150 towns/cities with 51% in semi-urban and rural areas, complemented by 21,139 ATMs/CRMs
Digital and Virtual Relationship Management (VRM) channels
Virtual channels including remote and digital platforms for customer engagement, reach-out through relationship managers to expand managed customer base, generate leads and drive revenue growth
Unassisted digital channels
Digital self-service channels contributing 20-45% of overall business across core products including credit cards, personal loans, savings accounts and lending through performance marketing and omni-channel campaigns
Regulators
4 verified
Reserve Bank of India (RBI)
Regulates bank licensing, capital requirements, liquidity management, credit risk policies, interest rate policy, monetary policy transmission and systemic stability of banking sector
Securities and Exchange Board of India (SEBI)
Regulates capital market activities, listing standards, insider trading, substantial acquisitions, capital issuances, share-based benefits, depositories, merchant banking, custodial services, foreign portfolio investors and debenture trustees
Insurance Regulatory and Development Authority of India (IRDAI)
Regulates subsidiary insurance operations and group oversight of systemically important financial intermediaries through inter-regulatory forum reports
1 more statement
Ministry of Corporate Affairs
Requires compliance with Companies Act 2013 and National Guidelines for Responsible Business Conduct (NGRBC) including corporate governance, CSR and sustainable business conduct
Regulatory dependencies
6 verified
Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)
RBI mandates minimum liquidity and stable funding ratios that constrain deposit withdrawals, wholesale funding obligations and loan growth; measured daily with board-approved Asset Liability Management Policy
Capital Adequacy and Risk Weights
RBI mandates minimum capital ratios and standardised risk weights for different asset classes (retail loans, corporate loans, securities) affecting how much capital must be held and how much lending can be done
Credit risk management policies and provisioning requirements
RBI prescribes credit risk architecture, front-end and back-end systems, factors for retail loan sanctioning (income, demographics, credit history, tenure, banking behavior) and provisioning for non-performing assets
3 more statements
Digital Personal Data Protection Act 2023
Regulators require robust data privacy, cybersecurity controls and breach notification affecting customer service delivery and operational costs
CRR (Cash Reserve Ratio) cuts and monetary policy transmission
RBI's reduction in CRR increases liquidity available for lending; 100 bps rate cuts announced reduce borrowing costs and influence loan demand across retail and corporate portfolios
Group Oversight Framework
RBI requires coordinated governance across subsidiary entities including HDFC Life Insurance and HDFC ERGO, formally introduced April 2024, affecting consolidated financial reporting and capital management
Sensitivities
9 verified
Interest rate cuts and monetary policy
RBI rate cuts lower borrowing costs, increase loan demand and credit growth, but reduce net interest margin on existing assets; 100 bps cuts announced in FY2025-26 expected to spur credit demand
Inflation and consumption demand
Elevated inflation moderates urban consumption and discretionary spending; moderation in inflation (below 4%) supports consumption recovery in rural and urban segments; monsoon impacts agricultural production and rural demand
Credit growth and banking system demand
Banking system credit growth fell from 20.2% to 11.0%, indicating demand sensitivity to rates and economic conditions; recovery depends on consumption revival and investment appetite
6 more statements
Rural demand and monsoon patterns
Normal monsoon and healthy agricultural output support rural consumption recovery; adverse weather disruptions cause inflation spikes and reduce rural purchasing power affecting retail loan demand
US tariffs and global trade patterns
US tariff announcements increase global uncertainty and risk growth slowdown; could weigh on India's services exports and corporate earnings, affecting wholesale lending portfolio and NRI remittances
Currency fluctuation and rupee depreciation
Sharp rupee depreciation pressures inflation and affects foreign currency positions, NRI deposit flows and external commercial borrowing costs for corporate customers
Global growth slowdown and export demand
IMF estimates global growth to slow to 2.8% in 2025 from 3.3%, affecting India's services exports and corporate investment; could reduce corporate loan demand and NRI business
Climate and weather-related disruptions
Acute physical hazards (cyclones, floods, water stress) damage collateral, impair assets, cause bad debts and interrupt operations; affect rural credit portfolio quality
Geopolitical tensions and commodity volatility
Russia-Ukraine, Israel-Hamas conflicts and Middle East tensions increase volatility in global energy markets affecting corporate earnings, credit quality and treasury positions
Cost inputs
6 verified
Employee costs and salary expenses
Payments to employees including salaries, allowances and benefits; affected by competitive talent market, compliance training costs and productivity improvements through GenAI
Wholesale funding costs
Interest expense on deposits borrowed from external wholesale sources and internal segments; sensitive to repo rates, term funding market rates and liquidity conditions
Technology and digital infrastructure investment
Capex and operating costs for cloud-enabled services, cybersecurity, GenAI platforms, mobile and core modernisation through Factory model; subject to compliance requirements
3 more statements
Depreciation on bank property
Annual depreciation expense on physical assets including branches, ATMs, buildings and equipment
Advertisement and marketing expenses
Digital marketing, performance marketing on Google/Meta, full-funnel campaigns and customer advocacy; scaled with digital transformation and campaign intensity
Cybersecurity and data protection costs
Investment in advanced cybersecurity capabilities, AI-enabled security measures and compliance with Digital Personal Data Protection Act 2023 and cloud security requirements
Geographies
2 verified
International operations (1.4%)
International branches in Hong Kong, Singapore, Bahrain, Dubai International Financial Centre and GIFT City; representative offices in Dubai, Kenya, Abu Dhabi and UK; US$10.83 billion balance sheet with 1.75% of total advances
High-potential micro-markets
Granular micro-market focused multi-format distribution using multi-variate model considering population demographics, deposits/advances data, delinquency insights, climate risk and future trends
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.
What changed recently?
Q1 FY2027 results filed (18 Jul 2026).
Change log
6 entries · newest first
- Results filedQ1 FY2027 results filed.
- Results filedQ4 FY2026 results filed.
- Results filedQ3 FY2026 results filed.
- Results filedQ2 FY2026 results filed.
- Results filedQ1 FY2026 results filed.
- Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.
What this page does not tell you
What could not be judged, and why. Never empty.
- Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
- FlagsCLEAN on 18 of 22 lender flags judged; no red flag; 4 could not be judged.
- History breakFY2024 step year (revenue +99%, shares +36%) in the 3- and 5-year growth figures: those figures span the accounts before and after it.
- Data gapsBusiness quality, CASA ratio: not available yet.
Not applicable to a bank, lender or insurer · 12
- Altman ZAltman Z reads working capital and sales over assets, which a lender's balance sheet does not have.
- Piotroski F-scorePiotroski's leverage and liquidity checks read deposits and borrowings as weakness.
- Beneish M-scoreThe Beneish model reads receivables, margins and depreciation that a lender's accounts do not report.
- Operating marginInterest is a lender's cost of goods, so operating profit before interest is not defined.
- Interest coverageInterest is a lender's main cost, not a charge on operating profit.
- Debt to equityBorrowings and deposits are a lender's raw material; gearing is judged by capital adequacy instead.
- EV/EBITDAEnterprise value adds borrowings to market cap; for a lender borrowings are the business, not a claim on it.
- FCF yieldOperating cash flow less capex is not free cash flow for a lender: loan growth sits in operating cash flow.
- Cash conversion cycleA lender's receivables are its loan book, not invoices waiting to be paid.
- Asset turnoverA lender earns a spread on its assets, not a turnover of them.
- ROCEEBIT over capital employed reads a lender's interest income against its borrowings; return on assets and return on equity are the lender's measures.
- ROCE, 10-year averageEBIT over capital employed reads a lender's interest income against its borrowings; return on assets is the lender's measure (HDFC Bank's 1.7% ten-year ROCE means nothing).
What this page rests on
✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓285 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 63 verified
Questions people ask
What is HDFC Bank's share price today?
HDFC Bank last traded at ₹704.90 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.3% on the day, down 27.6% over a year. Its 52-week range is ₹682 to ₹1,020. The live price is in the app.
What is HDFC Bank's market cap?
HDFC Bank's market capitalisation is about ₹10.90 lakh crore: what it would cost to buy every share at today's price. That makes it the 3rd largest large cap company we cover.
Is HDFC Bank Ltd a large cap, mid cap or small cap?
HDFC Bank Ltd (HDFCBANK) is a large cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.
What is HDFC Bank Ltd's P/E ratio?
13.77, vs peers 9.5 · 6th of 9. Price divided by last year's earnings per share: how many years of today's profit you pay for.
Is HDFC Bank Ltd overvalued?
Dear, with low confidence: no valuation within 120 days; P/E 13.8 vs peers 9.5 (6th of 9); P/B 2.0 vs peers 1.7 (7th of 9).
How does HDFC Bank Ltd make money?
HDFC Bank Limited is India's leading private sector bank serving 97 million customers through retail, wholesale/corporate, and commercial/rural banking segments. It earns revenue primarily from net interest income on loans and deposits, plus fees from transaction services, trade financing, foreign exchange, derivatives, and third-party product distribution across domestic and international operations.
Why is there no Altman Z or debt to equity for HDFC Bank?
Borrowing is a bank's or lender's raw material, so those ratios mislead. Net interest margin, gross NPA, return on assets and the capital ratios are shown instead.
Who are HDFC Bank Ltd's peers?
Compared with 8 Banks (the industry, as the basic industry was too small): ICICI Bank Ltd, State Bank of India, Kotak Mahindra Bank Ltd, Axis Bank Ltd, Punjab National Bank and 3 more. The app shows how they compare on every figure.
Is this investment advice?
No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.
How did HDFC Bank do last quarter?
HDFC Bank reported income of ₹1.3 L Cr, up 5.2% on a year earlier and a net profit of ₹19,245 Cr, up 7.4% in the Jun 2026 quarter.
Who owns HDFC Bank?
HDFC Bank has no promoter holding; it is widely held.
Does HDFC Bank pay a dividend?
Yes. HDFC Bank's dividend yield is 2.12% at the latest price; the last payout was ₹13.00 a share, ex-dividend 19 Jun 2026.
What do analysts say about HDFC Bank?
40 analysts cover HDFC Bank, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.