ICICI Bank Limited
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,398.00 last close on 30 Oct 2026 +0.82%
Research updated
HDFC Bank Limited
NSE: HDFCBANKFinancial ServicesBanks - Regional
- Last close
- ₹692.80
- Day change
- +₹9.50 (+1.39%)vs
- Market cap
- ₹10.61 lakh crIndian rupees
- Research updated
- 4 reports
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About HDFC Bank
HDFC Bank Limited, a leading financial institution, serves as one of India's largest private sector banks. Established in 1994, it is a prominent player in retail and wholesale banking services. HDFC Bank provides a comprehensive range of financial products and services including personal loans, credit cards, insurance, investment banking, and treasury management. With a vast network of branches and ATMs across India, it ensures wide accessibility to its customers. The bank is renowned for its digital innovation and robust customer service practices, significantly contributing to the advancement of the Indian banking sector. HDFC Bank plays a crucial role in the financial ecosystem, supporting economic growth through services that cater to both individual consumers and corporate clients. Its strategic focus on technology-driven solutions and expansion aligns with the dynamic needs of the market, marking its significance in the financial landscape. Furthermore, HDFC Bank has been instrumental in promoting financial inclusion by providing banking services in rural and semi-urban areas, thereby fostering economic development across diverse regions.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: HDFCBANK
- Chief executive
- Mr. Sashidhar Jagdishan
- Employees
- 2,15,739
- Headquarters
- Mumbai, India
- ISIN
- INE040A01034
- Website
- hdfc.bank.in
Public research · Report of
Business model & financial foundation
HDFC Bank (NSE: HDFCBANK), Diversified banking: revenue of ₹3,09,972 crore in FY26 (+8.0% on FY25) and net profit of ₹76,026 crore.
- Revenue, FY26 (₹ crore)
- 3,09,972
- consolidated
- Revenue growth, FY26
- +8.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 76,026
- to owners
- Return on equity, FY26
- 13.7%
- on average equity
- Market capitalisation (₹ crore)
- 11,23,776
- at the close of 27 Oct 2026
Company profile
HDFC Bank earns spreads on retail, SME, mortgage and corporate lending funded by deposits and wholesale liabilities, plus fees, payments and treasury income. The merger with HDFC Limited took effect on 1 July 2023. Consolidated reporting includes insurance, asset management, broking and retail finance subsidiaries, so policyholder flows and minority interests cannot be treated as pure bank earnings.
| Item | Value |
|---|---|
| Legal name | HDFC Bank Limited |
| Exchange and ticker | NSE: HDFCBANK; BSE: 500180 |
| ISIN | INE040A01034 |
| CIN | L65920MH1994PLC080618 |
| Sector | Financial Services |
| Industry | Diversified banking |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Batliboi & Purohit and B S R & Co LLP (since FY26) |
| Market capitalisation | ₹11,23,776 crore (27 Oct 2026) |
| Shares outstanding | 1,539 crore shares (FY26) |
| Price | ₹688.0 (close, 27 Oct 2026) |
| 52-week range | ₹681.9 - ₹1,018 (to 27 Oct 2026) |
| Website | https://www.hdfc.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| HDB Financial Services | 74.12% | Retail NBFC lending |
| HDFC Securities | 94.01% | Broking and securities services |
| HDFC AMC | 52.37% | Asset management |
| HDFC Life | 50.54% | Life insurance; stake after 16 June 2026 preferential issue |
| HDFC ERGO | 50.33% | General insurance |
| HDFC Capital Advisors | 89.68% | Private real estate capital advisory |
| HDFC Sales | 100% | Loan origination and distribution |
Fourteen corporate subsidiaries and a consolidated welfare trust at FY26; material step-down entities disclosed in annual report. Life is legally material listed subsidiary. No FY26 associates/JVs reported.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 41.30% | 38.16% | 36.26% | 34.16% |
| Domestic institutions | 32.22% | 34.93% | 36.34% | 37.82% |
| of which mutual funds | 23.09% | 25.59% | 26.54% | 27.64% |
| Retail | 10.45% | 10.83% | 11.30% | 11.86% |
| Other | 16.03% | 16.08% | 16.10% | 16.16% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | capex, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Treasury | 82,158 | 11.4% | 18,963 | 18.6% | 42.5 | 0.7% |
| Retail Banking (including DBUs) | 3,01,854 | 41.8% | 32,027 | 31.4% | 4,082 | 67.9% |
| Wholesale Banking | 1,74,506 | 24.1% | 33,948 | 33.2% | 313.5 | 5.2% |
| Other Banking Operations | 36,841 | 5.1% | 10,416 | 10.2% | 534.2 | 8.9% |
| Insurance Business (HDFC Life and ERGO) | 1,08,080 | 14.9% | 7,084 | 6.9% | 803.0 | 13.3% |
| Others (remaining consolidated entities) | 19,507 | 2.7% | 2,068 | 2.0% | 240.9 | 4.0% |
| Unallocated expenses (negative result) | -2,364 | -2.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| ICICI Bank (ICICIBANK) | Large diversified private deposit franchise |
| Axis Bank (AXISBANK) | Private universal bank with comparable retail/corporate mix |
| Kotak Mahindra Bank (KOTAKBANK) | Private banking franchise and material financial subsidiaries |
| State Bank of India (SBIN) | Scale and mortgage/deposit benchmark; public ownership limits comparability |
| Federal Bank (FEDERALBNK) | Smaller private deposit-franchise comparator |
| AU Small Finance Bank (AUBANK) | Retail funding and secured-credit comparator; small-finance mix differs |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net revenue (NII plus other income) | 1,01,941 | 1,20,538 | 2,53,856 | 2,87,022 | 3,09,972 |
| Other operating costs (vendor classification) * | 32,022 | 40,022 | 95,176 | 59,201 | 62,869 |
| Profit before tax and minority interest | 51,916 | 66,238 | 76,569 | 96,242 | 1,02,141 |
| Tax expense / (credit) | 13,256 | 16,612 | 11,122 | 22,802 | 22,922 |
| PAT before minority interest | 38,660 | 49,626 | 65,447 | 73,440 | 79,219 |
| Diluted EPS, 2025 bonus-adjusted (₹) | 69.38 | 88.68 | 45.01 | 46.20 | 49.28 |
| Depreciation on fixed assets, CF addback | 1,682 | 2,349 | 3,092 | 3,805 | 4,195 |
| Interest earned | 2,83,649 | 3,36,367 | 3,48,615 | ||
| Other income including insurance revenue | 1,24,346 | 1,34,549 | 1,46,848 | ||
| Total income (gross interest plus other income) | 4,07,995 | 4,70,916 | 4,95,463 | ||
| Interest expended | 1,54,139 | 1,83,894 | 1,85,491 | ||
| Employees cost | 31,023 | 34,136 | 37,605 | ||
| Insurance claims, benefits and other insurance expenses | 78,313 | 94,437 | 92,340 | ||
| Other operating expenses | 42,933 | 48,032 | 51,229 | ||
| Total operating expenses excluding interest/provisions | 1,52,269 | 1,76,605 | 1,81,174 | ||
| Provisions other than tax and contingencies | 25,018 | 14,175 | 26,656 | ||
| Minority interest in profit | 1,384 | 2,648 | 3,193 | ||
| PAT attributable to owners | 64,062 | 70,792 | 76,026 | ||
| Net interest income | 1,29,510 | 1,52,473 | 1,63,124 | ||
| Pre-provision operating profit | 1,01,587 | 1,10,417 | 1,28,798 | ||
| Exceptional items separately disclosed | 0.00 | 0.00 | 0.00 | ||
| Signed associate share, additive when applicable | n.d. | n.a. | n.a. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners including ESOP reserve | 2,50,945 | 2,91,784 | 4,56,395 | 5,21,789 | 5,86,059 |
| Consolidated borrowings | 2,18,664 | 3,15,179 | 7,30,615 | 6,34,606 | 5,88,485 |
| Cash and cash equivalents | 1,59,922 | 2,36,392 | 2,28,835 | 2,49,948 | 3,11,926 |
| Trade receivables * | 13,649 | 19,453 | 24,994 | 32,323 | 33,025 |
| Trade payables * | 23,472 | 31,938 | 53,148 | 57,684 | 65,339 |
| Fixed assets, net carrying amount | 9,433 | 11,549 | 12,604 | 15,258 | 16,492 |
| Total assets | 40,30,194 | 43,92,417 | 49,08,041 | ||
| Paid up share capital, as reported | 759.7 | 765.2 | 1,539 | ||
| Employee stock option / unit reserve | 2,653 | 3,805 | 4,545 | ||
| Reserves and surplus | 4,52,983 | 5,17,219 | 5,79,975 | ||
| Minority equity | 13,383 | 16,359 | 22,385 | ||
| Consolidated deposits | 23,76,887 | 27,10,898 | 30,99,638 | ||
| Cash and balances with RBI | 1,78,719 | 1,44,390 | 2,00,707 | ||
| Balances with banks and money at call / short notice | 50,116 | 1,05,558 | 1,11,219 | ||
| Investments including policyholder investments | 10,05,682 | 11,86,473 | 12,80,216 | ||
| Consolidated advances, balance sheet carrying amount | 25,71,917 | 27,24,938 | 30,50,783 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 41,959 | 32,764 | 19,069 | 1,27,242 | 1,13,506 |
| Free cash flow (vendor definition) * | 55,469 | 43,358 | 96,848 | 1,12,922 | 1,06,578 |
| Dividends paid, negative cash outflow | -3,624 | -8,639 | -8,404 | -14,826 | -20,706 |
| Purchase of fixed assets, positive cash outflow | -2,613 | -4,319 | 4,287 | 4,076 | 3,890 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| End-period shares, bonus-adjusted | 553.31 | 556.56 | 1,519 | 1,530 | 1,539 |
| Weighted-average diluted shares, bonus-adjusted | 1,423 | 1,532 | 1,543 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Net revenue (NII plus other income) | 65,280 | 73,283 | 85,346 | 71,820 | 81,106 | 71,700 | 85,485 | 78,691 |
| Other operating costs (vendor classification) * | 25,263 | 87,162 | 36,970 | |||||
| Profit before tax and minority interest | 23,973 | 25,573 | 20,850 | 26,659 | 26,961 | 27,672 | 27,193 | 28,663 |
| Tax expense / (credit) | 5,633 | 6,289 | 3,759 | 6,295 | 6,270 | 6,597 | 6,810 | 7,125 |
| PAT before minority interest | 18,340 | 19,285 | 17,090 | 20,364 | 20,691 | 21,074 | 20,383 | 21,537 |
| Diluted EPS, 2025 bonus-adjusted (₹) | 11.50 | 12.26 | 10.56 | 12.71 | 12.82 | 13.18 | 12.47 | 13.41 |
| Interest earned | 85,040 | 86,779 | 87,372 | 86,994 | 87,067 | 87,183 | 90,575 | 95,132 |
| Other income including insurance revenue | 27,154 | 33,489 | 45,683 | 31,567 | 39,860 | 29,737 | 42,535 | 34,227 |
| Total income (gross interest plus other income) | 1,12,194 | 1,20,269 | 1,33,055 | 1,18,561 | 1,26,927 | 1,16,920 | 1,33,110 | 1,29,359 |
| Interest expended | 46,914 | 46,986 | 47,709 | 46,741 | 45,821 | 45,220 | 47,626 | 50,667 |
| Employees cost | 8,518 | 8,810 | 8,897 | 9,318 | 10,300 | 9,089 | 9,342 | 9,774 |
| Insurance claims, benefits and other insurance expenses | 16,745 | 22,543 | 28,073 | 18,989 | 27,108 | 18,171 | 32,178 | 22,519 |
| Other operating expenses | 12,087 | 12,551 | 12,213 | 12,573 | 13,116 | 13,328 | 12,969 | 13,527 |
| Total operating expenses excluding interest/provisions | 37,350 | 43,904 | 49,183 | 40,879 | 50,524 | 40,588 | 54,489 | 45,820 |
| Provisions other than tax and contingencies | 3,957 | 3,805 | 15,314 | 4,282 | 3,621 | 3,440 | 3,803 | 4,209 |
| Minority interest in profit | 683.5 | 449.7 | 832.5 | 753.1 | 884.4 | 723.5 | 1,138 | 837.1 |
| PAT attributable to owners | 17,657 | 18,835 | 16,258 | 19,611 | 19,807 | 20,351 | 19,245 | 20,700 |
| Net interest income | 38,126 | 39,793 | 39,663 | 40,253 | 41,246 | 41,962 | 42,950 | 44,464 |
| Pre-provision operating profit | 27,930 | 29,379 | 36,163 | 30,941 | 30,582 | 31,112 | 30,996 | 32,872 |
| Exceptional items separately disclosed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Signed associate share, additive when applicable | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.8% | 18.2% | 110.6% | 13.1% | 8.0% |
| Net margin | 25.2% | 24.7% | 24.5% | ||
| Return on equity | 17.1% | 14.5% | 13.7% | ||
| Return on assets | 1.6% | 1.7% | 1.6% | ||
| Dividend payout | 13.1% | 20.9% | 27.2% | ||
| EPS, diluted (₹) | 69.38 | 88.68 | 45.01 | 46.20 | 49.28 |
| Book value per share (₹) | 453.5 | 524.3 | 300.4 | 340.9 | 380.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, 2025 bonus-adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 27 Oct 2026); market data at the close of 27 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on HDFC Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on HDFC Bank
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 27 Oct 2026; page updated 2 Nov 2026.
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