HDFC Bank · Research view

HDFC Bank Ltd.

NSE: HDFCBANKBSE: 500180ISIN INE040A01034Face value ₹1standalone

₹719

−0.09% · 2026-10-01 · 52-wk ₹687–₹1,010

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

Nothing crossed the threshold for this company yet.

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Banks › Private Sector Bank.

Market cap: ₹11.07 L cr
FY2026 total income: ₹3,70,055 cr
FY2026 net profit: ₹74,671 cr
Net worth: ₹5,58,356 cr
Advances: ₹29,37,166 cr
EPS (basic): ₹48.62
Listed: NSE · BSE
Reporting: Banking (Sch. III)Apr–Mar

Peer set used on this page: 8 private sector bank.

Section 04 · Business performance

Is the business growing?

Total income & net profit — FY22 to FY26₹ crore · consolidated

Total incomeNet profit

Advances & deposits — FY22 to FY26₹ crore · consolidated

Advances (loans)Deposits

Total income and profit over the loaded history are shown above.

Advances growth per year: +21.0%over 4 years
Advances growth: +12.1%vs last year
Deposits growth: +14.4%vs last year
Net profit growth: +10.9%vs last year

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹19,245 cr, up 18.4% from ₹16,258 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 total income of ₹1,33,110 cr is the highest of the 13 quarters on record for this company.

Rule QTR_REVENUE_AT_RECORD

Strength

Q1 FY27 net profit grew 18.4% while total income grew 0.0% vs the same quarter last year — a gap of 18.3 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

Total incomeNet profit

Quarter	Total income	YoY	Net profit	YoY
Q2 FY25	1,21,457	—	17,826	—
Q3 FY25	1,12,194	−2.5%	17,657	+2.3%
Q4 FY25	1,20,269	−3.3%	18,385	+4.3%
Q1 FY26	1,33,055	+13.7%	16,258	−1.3%
Q2 FY26	1,18,561	−2.4%	19,611	+10.0%
Q3 FY26	1,26,927	+13.1%	19,807	+12.2%
Q4 FY26	1,16,920	−2.8%	20,351	+10.7%
Q1 FY27	1,33,110	+0.0%	19,245	+18.4%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Total income: ₹4,95,518 crTTM
PBT: ₹1,07,008 crTTM
Net profit: ₹79,013 crTTM

C. Corporate actions

19 Jun 2026DividendFinal Dividend - Rs. - 13.0000 — ₹13.00/share

26 Aug 2025Bonus issueBonus issue 1:1 — 1:2

25 Jul 2025DividendSpecial Dividend - Rs. - 5.0000 — ₹5.00/share

27 Jun 2025DividendDividend - Rs. - 22.0000 — ₹22.00/share

10 May 2024DividendFinal Dividend - Rs. - 19.5000 — ₹19.50/share

16 May 2023DividendFinal Dividend - Rs. - 19.0000 — ₹19.00/share

12 May 2022DividendFinal Dividend - Rs. - 15.5000 — ₹15.50/share

29 Jun 2021DividendDividend - Rs. - 6.5000 — ₹6.50/share

19 Sept 2019Stock splitStock Split From Rs.2/- to Rs.1/- — 2:1

1 Aug 2019DividendSpecial Dividend - Rs. - 5.0000 — ₹5.00/share

20 Jun 2019DividendDividend - Rs. - 15.0000 — ₹15.00/share

31 May 2018DividendDividend - Rs. - 13.0000 — ₹13.00/share

29 Jun 2017DividendDividend - Rs. - 11.0000 — ₹11.00/share

29 Jun 2016DividendDividend - Rs. - 9.5000 — ₹9.50/share

2 Jul 2015DividendDividend - Rs. - 8.0000 — ₹8.00/share

5 Jun 2014DividendDividend - Rs. - 6.8500 — ₹6.85/share

13 Jun 2013DividendDividend - Rs. - 5.5000 — ₹5.50/share

28 Jun 2012DividendDividend - Rs. - 4.3000 — ₹4.30/share

14 Jul 2011Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2

2 Jun 2011DividendDividend - Rs. - 16.5000 — ₹16.50/share

10 Jun 2010DividendDividend - Rs. - 12.0000 — ₹12.00/share

22 Jun 2009DividendDividend - Rs. - 10.0000 — ₹10.00/share

5 Jun 2008DividendDividend - Rs. - 8.5000 — ₹8.50/share

29 Apr 2008DividendDividend - Rs. - 8.5000 — ₹8.50/share

20 Apr 2001DividendDividend - Rs. - 2.0000 — ₹2.00/share

Section 06 · Business performance

Is it becoming more profitable?

Net interest margin & ROE — FY22 to FY26% · consolidated

Net interest margin (left)Return on equity (right)

Margin and return trends are shown above.

NIM FY2026: 3.11%
Cost-to-income: 38.0%
ROE FY2026: 14.1%
ROA FY2026: 1.80%

Section 07 · Financial health

Is financial health improving?

Asset quality — gross & net NPA, FY22 to FY26% of advances · lower is better

Gross NPA %Net NPA %

Asset quality and capitalisation over the loaded history are shown above.

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (capital + reserves)

Gross NPA FY2026: 1.15%
Net NPA: 0.38%
Credit cost: 0.84%of advances
Credit / deposit: 95%

Section 08 · Relative position

How does it compare with peers?

Ranked against 8 private sector bank (FY2026, consolidated). No peer-relative rule fired for this company.

Return on equity

HDFCBANK · 2nd of 8 · set median 11.4%

P/E ratio

HDFCBANK · 2nd of 8 · set median 16.9×

P / E: 14.0×TTM to Jun 26
P / B: 1.9×latest book
P / S: 2.2×TTM sales
Earnings yield: 7.1%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 14.6× · P/S 2.2× · ROE 13.8%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: −25.5%
3-year return: −5.7%
5-year return: −9.1%
From 52-wk high: −28.7%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹726
vs 200-day avg: Below₹818
RSI (14): 47.5neutral
MACD histogram: 1.3
From 52-wk high: −28.7%
From 52-wk low: +4.7%
30-day volatility: 19.3%ann.
6-month return: −4.9%

RSI (14) · 0–10047.5 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Nothing is flagged for review for this company.

Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Total income	1,57,263	1,92,800	3,07,582	3,46,149	3,70,055
Interest earned	1,27,753	1,61,586	2,58,341	3,00,517	3,07,522
Interest expended	55,744	74,743	1,49,808	1,77,847	1,78,836
Net interest income	72,010	86,842	1,08,532	1,22,670	1,28,686
Pre-provision operating profit	64,077	70,405	94,387	1,00,127	1,18,558
Provisions & contingencies	15,062	11,920	23,492	11,649	23,390
Profit before tax	49,015	58,485	70,895	88,478	95,169
Net profit	36,961	44,109	60,812	67,347	74,671
EPS (₹)	66.8	79.3	85.8	88.3	48.6
Net worth	2,40,093	2,80,199	4,37,593	4,97,619	5,58,356
Total debt	1,84,817	2,06,766	6,62,153	5,47,931	4,89,395
Advances	13,68,821	16,00,586	24,84,862	26,19,609	29,37,166
Deposits	15,59,217	18,83,395	23,79,786	27,14,715	31,05,250
Borrowings	1,84,817	2,06,766	6,62,153	5,47,931	4,89,395
Investments	4,55,536	5,17,001	7,02,415	8,36,360	8,84,201
Gross NPAs	16,141	18,019	31,173	35,223	34,061
Net NPAs	4,408	4,368	8,092	11,320	11,170
Operating cash flow	−14,209	27,313	35,015	1,45,177	1,23,617

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Advances growth YoY	—	16.9	55.2	5.4	12.1
Deposits growth YoY	—	20.8	26.4	14.1	14.4
Profit growth YoY	—	19.3	37.9	10.7	10.9
Profitability
Net interest margin %	3.5	3.8	3.6	3.3	3.1
Cost-to-income %	36.9	40.4	40.2	40.5	38.0
Return on equity %	15.4	17.0	16.9	14.4	14.1
Return on assets %	1.8	1.9	2.0	1.8	1.8
Asset quality
Gross NPA %	1.2	1.1	1.2	1.3	1.2
Net NPA %	0.3	0.3	0.3	0.4	0.4
Credit cost %	1.1	0.8	1.2	0.5	0.8
Credit / deposit %	87.8	85.0	104.4	96.5	94.6