MarketFriction

HDFC Bank Ltd

NSE HDFCBANK · BSE 500180 · Private Sector Bank
₹721.20 +1.76%
NSE close2026-10-01
52 week range681.90 - 1,020.50
Market cap₹11,14,302 Cr.
P/E14.1
Results 17-10 Nifty 50Nifty 100Nifty 200Nifty 500Nifty BankNifty Private BankNifty Financial Services No price band Delivery 63.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue75,03978,00879,43481,54683,00285,04086,77987,37286,99487,06787,18290,575
Interest41,25043,24243,69244,58045,41446,91446,98647,70946,74145,82145,22047,626
Expenses45,34950,53062,93849,69052,07441,30747,70964,49745,16154,14544,02858,292
Financing Profit-11,560-15,764-27,196-12,723-14,487-3,181-7,916-24,833-4,908-12,899-2,066-15,342
Financing Margin %-15%-20%-34%-16%-17%-4%-9%-28%-6%-15%-2%-17%
Other Income32,52837,00744,95835,45038,45527,15433,48945,68331,56739,86029,73742,535
Depreciation000000000000
Profit before tax20,96721,24317,76122,72723,96823,97325,57320,85026,65926,96127,67227,193
Tax %17%17%-1%24%22%24%25%18%24%23%24%25%
Net Profit17,31217,71818,01317,18818,62718,34019,28517,09020,36420,69121,07420,383
EPS in Rs11.0911.3711.6010.8311.6811.5412.3110.6012.7612.8713.2212.50
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue63,16273,27185,288105,161122,189128,552135,936170,754283,649336,367348,615351,819
Interest34,07038,04242,38153,71362,13759,24858,58477,780154,139183,894185,491185,408
Expenses20,05523,85629,53234,85645,45952,45756,55763,042174,196186,974203,635201,625
Financing Profit9,03711,37413,37416,59214,59316,84820,79529,932-44,685-34,501-40,511-35,215
Financing Margin %14%16%16%16%12%13%15%18%-16%-10%-12%-10%
Other Income11,21212,90516,05718,94724,87927,33331,75933,912124,346134,548146,848143,700
Depreciation7388869671,2211,2771,3851,6812,3453,0923,8054,1950
Profit before tax19,51123,39328,46434,31838,19542,79650,87361,49876,56996,242102,141108,485
Tax %34%35%35%35%29%26%25%25%15%24%22%
Net Profit12,82115,31718,56122,44627,29631,85738,15146,14965,44673,44079,21982,512
EPS in Rs12.6614.9117.8320.5024.8528.8734.3141.2242.1646.2649.3951.35
Dividend Payout %19%18%18%18%5%11%23%23%23%24%31%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth19%22%27%3%
Compounded Profit Growth19%19%18%12%
Stock Price CAGR9%-2%-2%-24%
Return on Equity16%15%15%14%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital5015065135195455485515555587607651,539
Reserves62,65373,79891,281109,080153,128175,810209,259246,772288,880455,636521,024584,520
Deposits450,284545,873643,134788,375922,5031,146,2071,333,7211,558,0031,882,6632,376,8872,710,8983,099,638
Borrowing59,478103,71498,416156,442157,733186,834177,697226,966256,549730,615634,606588,485
Other Liabilities34,18138,32159,00048,77058,89871,43078,27990,639101,783466,296524,817633,519
Total Liabilities607,097762,212892,3441,103,1861,292,8061,580,8301,799,5072,122,9342,530,4324,030,1944,392,1104,907,701
Fixed Assets3,2253,6674,0004,0084,3694,7765,2486,4328,43112,60415,25816,492
CWIP000000000000
Investments149,454193,634210,777238,461289,446389,305438,823449,264511,5821,005,6821,186,4731,280,216
Other Assets454,417564,912677,567860,717998,9911,186,7501,355,4351,667,2382,010,4193,011,9093,190,3793,610,993
Total Assets607,097762,212892,3441,103,1861,292,8061,580,8301,799,5072,122,9342,530,4324,030,1944,392,1104,907,701
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-21,281-34,43517,28217,214-62,872-16,86942,476-11,96020,81419,069127,242113,506
Cash from Investing Activity-800-837-1,146-842-1,503-1,403-1,823-2,051-2,99216,600-3,6517,477
Cash from Financing Activity18,69437,815-5,89357,37823,13124,394-7,32148,12423,941-3,983-102,478-59,005
Net Cash Flow-3,3872,54210,24273,750-41,2446,12233,33234,11341,76231,68721,11361,978
Free Cash Flow-22,020-35,30116,13416,377-64,470-18,48640,796-14,17617,39014,882123,267110,144
CFO/OP-45%-63%51%49%-72%-8%73%4%35%38%98%94%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %20%19%18%18%17%16%16%17%17%17%14%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
FIIs52.13%52.31%47.83%47.17%48.02%49.21%48.30%48.84%48.38%47.67%44.05%41.82%
DIIs30.39%30.54%33.33%35.20%35.05%34.37%35.68%35.77%36.07%37.00%40.14%41.75%
Government0.17%0.17%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%
Public17.30%16.98%18.64%17.44%16.75%16.23%15.84%15.19%15.33%15.11%15.64%16.27%
No. of Shareholders30,58,65930,18,24741,21,81536,64,32539,21,91039,24,44238,29,14637,25,91137,01,27236,50,08742,30,42545,32,753

Fundamentals

Market Cap₹ 11,14,302 Cr.
Current Price₹ 723
Stock P/E14.1
Book Value₹ 390
ROCE7.02 %
ROE13.6 %
Dividend Yield1.80 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)3%
Compounded Profit Growth (TTM)12%
Consolidated figures.
Valuation
Market capRs 1,110,170 Cr
Enterprise valueRs 4,597,585 Cr
P/E (TTM)14.05x
Price to book1.89x
Price to sales3.16x
EV / EBITDA15.42x
EV / EBIT15.64x
EV / sales13.07x
Price to cash flow9.78x
Earnings yield7.12%
Dividend yield2.15%
P/E, 3-year average11.09x
P/B, 3-year average1.49x
P/E, 5-year average10.75x
P/B, 5-year average1.53x
Profitability
Operating margin (excl. other income)41.59%
Operating margin (incl. other income)83.71%
EBITDA margin84.73%
Pre-tax margin30.84%
Net profit margin22.46%
Net margin, latest quarter21.25%
ROE13.72%
ROCE7.07%
ROA1.64%
ROE, 3-year average15.13%
ROCE, 3-year average7.43%
ROA, 3-year average1.76%
ROE, 5-year average15.83%
ROCE, 5-year average6.88%
ROA, 5-year average1.84%
ROIC (approx.)5.60%
Tax rate22.44%
Other income / net worth25.06%
Growth
Sales growth (latest year)3.64%
Profit growth (latest year)7.39%
Sales CAGR, 3 years26.86%
Sales CAGR, 5 years22.08%
Profit CAGR, 3 years18.23%
Profit CAGR, 5 years19.02%
Sales growth QoQ3.89%
Profit growth QoQ-5.43%
Sales growth YoY (latest quarter)3.67%
Profit growth YoY (latest quarter)18.37%
Per share
EPS (TTM)Rs 51.33
EPS (latest year)Rs 49.39
EPS (latest quarter)Rs 12.50
EPS, 3-year averageRs 75.41
EPS, 5-year averageRs 75.46
Book value per shareRs 380.72
Sales per shareRs 228.55
Cash flow per shareRs 73.74
Free cash flow per shareRs 71.55
Dividend per share (latest year)Rs 15.50
Dividend per share, 3-year averageRs 19.00
Dividend per share, 5-year averageRs 18.30
Dividends
Dividend payout31.38%
Dividend payout, 3-year average26.10%
Dividend payout, 5-year average24.79%
Efficiency
Asset turnover0.07x
Fixed asset turnover21.14x
Leverage
Total debtRs 3,688,123 Cr
Cash and bankRs 200,707 Cr
Net debtRs 3,487,416 Cr
Debt to equity6.29x
Net debt / EBITDA11.70x
Interest coverage1.59x
Owners' fund to total sources11.94%
Debt to assets75.15%
Cash flow
Cash from Operating Activity (latest year)Rs 113,506 Cr
Cash from Investing Activity (latest year)Rs 7,477 Cr
Cash from Financing Activity (latest year)Rs -59,005 Cr
Net Cash Flow (latest year)Rs 61,978 Cr
Free cash flow (latest year)Rs 110,144 Cr
FCFE (approx.: FCF + change in debt)Rs 452,763 Cr
Cash from ops / profit, 5 years0.89x
Sales to cash flow3.07x
Statement figures
Net sales (TTM)Rs 351,819 Cr
Net sales (latest year)Rs 348,615 Cr
Sales (latest quarter)Rs 90,575 Cr
Operating profit excl. other income (latest year)Rs 144,980 Cr
Operating profit (latest quarter)Rs 32,284 Cr
Other income (TTM)Rs 143,700 Cr
EBITDA (TTM)Rs 298,088 Cr
PBDT (TTM)Rs 112,680 Cr
Profit before tax (TTM)Rs 108,485 Cr
Tax (latest year)Rs 22,922 Cr
Net profit (TTM)Rs 79,013 Cr
Net profit (latest year)Rs 76,026 Cr
Net profit (latest quarter)Rs 19,245 Cr
Depreciation (TTM)Rs 4,195 Cr
Interest (TTM)Rs 185,408 Cr
Cost of goods sold (latest year)Rs 4,691 Cr
Total expenditure (latest year)Rs 203,635 Cr
Total income (latest year)Rs 495,463 Cr
Share capitalRs 1,539 Cr
ReservesRs 584,520 Cr
Shareholders' fundsRs 586,059 Cr
Total assetsRs 4,907,701 Cr
Net blockRs 16,492 Cr
InvestmentsRs 1,280,216 Cr
Other liabilitiesRs 633,519 Cr
Shares outstanding (crore)1,539.34
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 14.1 is at the 2th percentile of its own 9.4-year range (median 32.8, low 13.8, high 53.9).
P/B 1.89 is at the 2th percentile (median 5.01).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHDFCBANKNifty 50Difference
1 week-1.1%-2.8% +1.7 pts
1 month+1.3%-6.8% +8.1 pts
3 months-10.0%-7.6% -2.4 pts
6 months-1.4%+0.4% -1.8 pts
1 year-24.1%-9.9% -14.2 pts
2 years-18.0%-13.6% -4.5 pts
3 years-5.5%+14.2% -19.7 pts
5 years-8.9%+27.9% -36.8 pts
687 mutual fund schemes hold about ₹208,405 Cr. Over three months 122 bought more and 238 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Parag Parikh Flexi Cap Fund7.63%11,254 +2%
HDFC Flexi Cap Fund5.71%6,491 -6%
ICICI Pru Large Cap Fund7.86%6,303 -0%
ICICI Pru Multi Asset Allocation Fund5.59%4,906 -1%
Nippon India Large Cap Fund8.65%4,685 -3%
HDFC Balanced Advantage Fund4.13%4,429 -2%
SBI Large Cap Fundd7.78%4,289 -1%
Nippon India Multi Cap Fund6.64%3,740 -2%
Mirae Asset Large Cap Fund8.57%3,320 +1%
ICICI Pru India Opp Fund8.56%3,283 +5%
ICICI Pru Aggressive Hybrid Fund(A6.06%3,177 -1%
UTI Nifty 50 Index Fund9.85%2,905 -2%
Kotak Flexi Cap Fund4.97%2,801 -2%
Kotak Flexi Cap Fund4.97%2,787 -2%
HDFC Large Cap Fund6.88%2,748 -4%
Mirae Asset Large & Midcap Fund5.99%2,744 -1%
SBI Large & Midcap Fund6.36%2,694 -5%
Axis Large Cap Fund8.03%2,518 +13%
ICICI Pru Balanced Advantage Fund(M3.25%2,453 -1%
SBI Arbitrage Fund5.14%2,429 +3%
HDFC Nifty 50 Index Fund9.85%2,383 -2%
Mirae Asset ELSS Tax Saver Fund8.43%2,222 -2%
SBI Contra Fund4.54%2,159 -2%
Kotak Arbitrage Fund(M2.85%2,158 +17%
HDFC Focused Fund7.17%2,023 -4%

Red flags

F-score 5 of 8
explainShare dilution Share count up 1% in a year, 38% in three
lookProfit leans on other income Other income was 144% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-03-24CHAKRAPANI VENKATACHARIOthersell17,500Rs 3.15 CrMarket Sale
2025-03-24Lopa RuparelOthersell2,000Rs 0.36 CrMarket Sale
2025-03-24Lopa RuparelOthersell2,250Rs 0.40 CrMarket Sale
2025-03-24Vaishali VyasOthersell110Rs 0.02 CrMarket Sale
2025-03-24Anita IyerOthersell1,000Rs 0.18 CrMarket Sale
2025-03-21Lopa RuparelOthersell1,000Rs 0.18 CrMarket Sale
2025-03-21Vaishali VyasOthersell50Rs 0.01 CrMarket Sale
2025-03-20CHAKRAPANI VENKATACHARIOthersell15,000Rs 2.64 CrMarket Sale
2025-03-20Lopa RuparelOthersell2,000Rs 0.35 CrMarket Sale
2025-03-19Chakrapani VenkatachariOthersell10,000Rs 1.74 CrMarket Sale
2025-03-18Anita IyerOthersell1,000Rs 0.17 CrMarket Sale
2025-03-18Ashesh KumarOthersell1,000Rs 0.17 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Revenue ₹90,575 Cr +3.7% vs Jun 2025. Net profit ₹20,383 Cr +19.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-19Dividend - Rs 13 Per Share
2025-08-26Bonus 1:10.5000
2025-07-25Special Dividend - Rs 5 Per Share
2025-06-27Dividend - Rs 22 Per Share
2024-05-10Dividend - Rs 19.50 Per Share
2023-05-16Dividend - Rs 19 Per Share
2022-05-12Dividend - Rs 15.50 Per Share
2021-06-29 Dividend - Rs 6.50 Per Share
2019-09-19 Face Value Split (Sub-Division) - From Rs 2 Per Share To Rs 1 Per Share0.5000
2019-08-01 Special Dividend - Rs 5 Per Share
2019-06-20 Dividend Rs 15 Per Sh
2018-05-31 Dividend- Rs 13 Per Share
2017-06-29 Dividend - Rs 11/- Per Share
2016-06-29 Dividend - Rs 9.50/- Per Share
2015-07-02Annual General Meeting/ Dividend - Rs 8/- Per Share
2014-06-05Annual General Meeting And Dividend - Rs.6.85/- Per Share
2013-06-13Annual General Meeting / Final Dividend Rs.5.50/- Per Equity Share
2012-06-28Annual General Meeting And Dividend Rs.4.30 Per Share
2011-07-14Face Value Split From Rs.10/- To Rs.2/-0.2000
2011-06-02Annual General Meeting And Dividend Rs.16.50 Per Share
2010-06-10Agm/Div-Rs.12/- Per Share
2009-06-22Agm/Div-Rs.10/- Per Share
2008-06-05Annual General Meeting
2008-04-29Div-Rs.8.50 Per Share Purpose Revised
2007-05-17Agm/Div-Rs.7/- Per Sh
2006-05-11Agm/Div-Rs.5.50 Per Share
DateTypeWhat it says
2026-10-01Director changeChange in Director(s) of the company.
2026-09-30Change in ManagementChange in Management
2026-09-30Change in ManagementChange in Management
2026-09-29General UpdatesNewspaper publication regarding special window for transfer and dematerialization of physical shares of HDFC Bank Limited.
2026-09-25ESOPAllotment of 1897180 Shares.
2026-09-16ESOPAllotment of 2521106 Shares.
2026-09-12Disclosure of material issueHDFC Bank Limited has informed regarding Disclosure of material information
2026-09-11General UpdatesGeneral Updates
2026-09-10Concall / analyst meetSchedule of meet
2026-09-06UpdatesGrant of stock options under Employees Stock Option Scheme 2024 and Grant of Restricted Stock Units under Employees Stock Incentive Master Scheme ...
2026-09-01General UpdatesGeneral Updates
2026-09-01General UpdatesGeneral Updates
2026-08-31ESOPAllotment of 3058164 Shares.
2026-08-29General UpdatesDisclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-29General UpdatesDisclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-24General UpdatesGeneral Updates
2026-08-20General UpdatesGeneral Updates
2026-08-20Credit RatingCredit Rating
2026-08-19Credit RatingCredit Rating
2026-08-19UpdatesIntimation under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations...
2026-08-16Concall / analyst meetSchedule of meet
2026-08-14ESOPAllotment of 1729212 Shares.
2026-08-13Concall / analyst meetSchedule of meet
2026-08-05Shareholder meetingProceedings of Annual General Meeting held on August 05, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with...
2026-07-31ESOPAllotment of 4248902 Shares.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.66
Max pain (expiry 2026-10-27)730
Largest call open interest at750
Largest put open interest at720
Implied volatility, at the money24.1%
Underlying at snapshot721.20
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30550
2026-09-2918,707
2026-09-28130
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-06-03NCLTAnish Niranjan Nanavaty Vs HDFC Bank & Others
2021-06-01NCLTK ishwar Bhat. Vs HDFC Bank Ltd &Ors.
2021-04-29NCLTK ishwar Bhat. Vs HDFC Bank Ltd &Ors.
2021-04-08NCLATMohd Nazim Khan VS HDFC Bank Ltd & Anr
2021-03-23NCLATMohd Nazim Khan VS HDFC Bank Ltd & Anr
2021-03-15NCLATMohd Nazim Khan VS HDFC Bank Ltd & Anr
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03