NSE:HDFCBANK · Risk Score Report

NSE:HDFCBANKNSEFinancial Services

HDFC Bank Limited

📊 Banks - Regional

Day ₹780

₹790 Neutral

52W ₹727

₹1,020 Oversold

₹785.10

▲ ₹2.55 (+0.33%)

Vol: 10,165,851 · Avg: 42,950,627

As of April 29, 2026 · 06:23 IST

COMPOSITE RISK SCORE

VAL:20/25 · FIN:9/25 · GRO:8/25 · TECH:9/25

📈 P/E RATIO

17.5x

Trailing

📖 P/B RATIO

2.1x

Price to Book

💰 EPS

₹44.84

TTM

🏛 MARKET CAP

₹1,208,665Cr

Large Cap

📊 ROE

13.8%

Return on Equity

📈 REV GROWTH

-1.8%

YoY

🏢 Company Analysis · HDFC Bank Limited

💼 BUSINESS MODEL

HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai..
The company operates through Treasury, Retail Banking, Wholesale Banking, Other Banking Business, Insurance Business, and Other segments..
It offers savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits..
The company also provides personal, home, car, two-wheeler, business, doctor, educational, gold, consumer, and rural loans; loans against properties, securities, mutual funds, rental receivables, and assets; loans for professionals; government sponsored programs; and loans on credit card, as well as working capital and commercial/construction equipment finance, healthcare/medical equipment, commercial vehicle finance, dealer finance, and term loans..
Operates in Banks - Regional within the Financial Services sector.
Workforce of 211,178 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹1,208,665 Cr) — dominant market position with significant scale advantages.
ROE of 13.8% — decent but not exceptional capital efficiency.
Profit margin of 26.8% suggests pricing power / cost moat.
Key competitors: HDFC Bank, Kotak Mah. Bank, ICICI Bank, T N Merc. Bank.

🚀 CATALYSTS

Company has delivered good profit growth of 19.0% CAGR over last 5 years
Company's median sales growth is 16.3% of last 10 years
HSBC vs. HDB: Which Stock Should Value Investors Buy Now? (Zacks)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹890 — ₹1,360 (mean ₹1,041, 38 analysts).
Favorable asymmetry — upside potential of +73% vs downside floor of +13% (5.5x reward-to-risk).
P/E of 17.5x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Strong Buy (38 analysts).
Latest quarter earnings change: +8% YoY — relatively flat.

✅ PROS

Company has delivered good profit growth of 19.0% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 26.1%
Company's median sales growth is 16.3% of last 10 years

❌ CONS

Company has low interest coverage ratio.
Contingent liabilities of Rs.27,80,601 Cr.
Earnings include an other income of Rs.1,46,848 Cr.

VALUATION

20/25

25% WEIGHT

P/E at 18x
P/B at 2.1x
Analyst target: ₹1041 (+32.6%)
1Y return: -16.6%

FINANCIAL HEALTH

9/25

25% WEIGHT

ROE: 13.8%
Profit margin: 26.8%
Revenue growth: -1.8%
Debt/Equity: 0%

GROWTH

8/25

25% WEIGHT

Revenue growth: -1.8%
Earnings growth: 7.5%
Beta: 0.49
Sector: Financial Services

TECHNICAL

9/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

17.5x

Trailing twelve months

P/B RATIO

2.1x

Price to Book value

ROE

13.8%

Return on Equity

PROFIT MARGIN

26.8%

Net profit margin

OPM

40.5%

Operating profit margin

ANALYST TARGET

₹1,041

Range: ₹890 - ₹1,360

Yahoo Finance ↗

PEG RATIO

0.89

Price/Earnings to Growth

EV/EBITDA

N/A

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

1.66%

Annual yield

ROA

1.7%

Return on Assets

GROSS MARGIN

N/A

Gross profit margin

INDUSTRY AVERAGES — PRIVATE SECTOR BANK

P/E 15.9x (above avg)

P/B 3.0x (sector fair)

ROCE 7.2% (below avg)

ROE 18% (sector good)

OPM 30% (sector good)

Div Yield 0.72%

D/E <200 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹19,555 Cr	—	₹17,381 Cr	—	N/A	N/A
Q3 FY25	₹65,280 Cr	+233.8%	₹17,657 Cr	+1.6%	N/A	N/A
Q4 FY25	₹95,306 Cr	+46.0%	₹15,393 Cr	-12.8%	N/A	N/A
Q1 FY26	₹85,346 Cr	-10.4%	₹16,258 Cr	+5.6%	N/A	N/A

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹101,941 Cr	—	₹38,600 Cr	—	₹58,102 Cr	—
FY23	₹120,538 Cr	+18.2%	₹49,545 Cr	+28.4%	₹47,720 Cr	-17.9%
FY24	₹198,693 Cr	+64.8%	₹62,266 Cr	+25.7%	₹102,232 Cr	+114.2%
FY25	₹237,151 Cr	+19.4%	₹67,351 Cr	+8.2%	₹119,562 Cr	+17.0%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How HDFC Bank Limited Makes Its Money

🏦 Snapshot of HDFC Bank Limited's Balance Sheet

💸 Looking into HDFC Bank Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue +	75,039	78,008	79,434	81,546	83,002	85,040	86,779	87,372	86,994	87,067	87,182
YOY Sales Growth %	83.34%	73.34%	67.06%	59.37%	10.61%	9.01%	9.25%	7.14%	4.81%	2.38%	0.46%
Interest	41,250	43,242	43,692	44,580	45,414	46,914	46,986	47,709	46,741	45,821	45,220
Expenses +	45,349	50,530	62,938	49,690	52,074	41,307	47,709	64,497	45,161	54,145	44,028
Employee Cost %	10.38%	10.08%	11.86%	10.16%	10.26%	10.02%	10.15%	10.18%	10.71%	11.83%	10.43%
Financing Profit	-11,560	-15,764	-27,196	-12,723	-14,487	-3,181	-7,916	-24,833	-4,908	-12,899	-2,066
Financing Margin %	-15%	-20%	-34%	-16%	-17%	-4%	-9%	-28%	-6%	-15%	-2%
Other Income +	32,528	37,007	44,958	35,450	38,455	27,154	33,489	45,683	31,567	39,860	29,737
Other income normal	32,528	37,007	44,958	35,450	38,455	27,154	33,489	45,683	31,567	39,860	29,737
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	20,967	21,243	17,761	22,727	23,968	23,973	25,573	20,850	26,659	26,961	27,672
Tax %	17%	17%	-1%	24%	22%	24%	25%	18%	24%	23%	24%
Net Profit +	17,312	17,718	18,013	17,188	18,627	18,340	19,285	17,090	20,364	20,691	21,074
Minority share	-501	-460	-390	-713	-802	-684	-450	-833	-753	-884	-723
Profit excl Excep	17,312	17,718	18,013	17,188	18,627	18,340	19,285	17,090	20,364	20,691	21,074
Profit for PE	16,811	17,258	17,622	16,475	17,826	17,657	18,835	16,258	19,611	19,807	20,351
Profit for EPS	16,811	17,258	17,622	16,475	17,826	17,657	18,835	16,258	19,611	19,807	20,351
YOY Profit Growth %	51%	36%	40%	33%	6%	2%	7%	-1%	10%	12%	8%
EPS in Rs	11.09	11.37	11.60	10.83	11.68	11.54	12.31	10.60	12.76	12.87	13.22
Gross NPA %
Net NPA %
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue +	85,288	105,161	122,189	128,552	135,936	170,754	283,649	336,367	348,615
Sales Growth %	16.40%	23.30%	16.19%	5.21%	5.74%	25.61%	66.12%	18.59%	3.64%
Interest	42,381	53,713	62,137	59,248	58,584	77,780	154,139	183,894	185,491
Expenses +	29,532	34,856	45,459	52,457	56,557	63,042	174,196	186,974	207,830
Manufacturing Cost %	1.54%	1.22%	1.06%	1.28%	1.30%	1.27%	1.15%	1.17%	0.00%
Employee Cost %	10.78%	9.94%	10.58%	10.64%	11.70%	11.73%	10.95%	10.16%	10.79%
Other Cost %	22.30%	21.98%	25.57%	28.88%	28.60%	23.91%	49.32%	44.26%	48.83%
Financing Profit	13,374	16,592	14,593	16,848	20,795	29,932	-44,685	-34,501	-44,706
Financing Margin %	16%	16%	12%	13%	15%	18%	-16%	-10%	-13%
Other Income +	16,057	18,947	24,879	27,333	31,759	33,912	124,346	134,548	146,848
Exceptional items	-1	33	26	47	71	93	200	156	0
Other income normal	16,058	18,914	24,853	27,286	31,688	33,819	124,146	134,392	146,848
Depreciation	967	1,221	1,277	1,385	1,681	2,345	3,092	3,805	0
Profit before tax	28,464	34,318	38,195	42,796	50,873	61,498	76,569	96,242	102,141
Tax %	35%	35%	29%	26%	25%	25%	15%	24%	22%
Net Profit +	18,561	22,446	27,296	31,857	38,151	46,149	65,446	73,440	79,219
Profit from Associates	1	0	0	0	0	0	0	0	0
Minority share	-51	-113	-42	-24	-98	-152	-1,384	-2,648	-3,193
Exceptional items AT	-1	21	19	33	51	70	163	119	0
Profit excl Excep	18,562	22,425	27,278	31,824	38,100	46,079	65,283	73,321	79,219
Profit for PE	18,511	22,312	27,235	31,800	38,002	45,927	63,902	70,677	76,026
Profit for EPS	18,510	22,332	27,254	31,833	38,053	45,997	64,062	70,792	76,026
Profit Growth %	21%	21%	22%	17%	20%	21%	39%	11%	8%
EPS in Rs	17.83	20.50	24.85	28.87	34.31	41.22	42.16	46.26	49.39
Dividend Payout %	18%	18%	5%	11%	23%	23%	23%	24%	31%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	519	545	548	551	555	558	760	765	1,539
Reserves	109,080	153,128	175,810	209,259	246,772	288,880	455,636	521,024	579,975
Deposits	788,375	922,503	1,146,207	1,333,721	1,558,003	1,882,663	2,376,887	2,710,898	3,099,638
Borrowing	156,442	157,733	186,834	177,697	226,966	256,549	730,615	634,606	588,485
Other Liabilities +	48,770	58,898	71,430	78,279	90,639	101,783	466,296	524,817	638,404
Non controlling int	356	502	577	633	720	860	13,383	16,359	22,385
Trade Payables	8,222	7,040	7,584	12,424	13,094	11,791	13,933	13,654	0
Other liability items	40,192	51,355	63,270	65,222	76,824	89,132	438,980	494,804	616,019
Total Liabilities	1,103,186	1,292,806	1,580,830	1,799,507	2,122,934	2,530,432	4,030,194	4,392,110	4,908,041
Fixed Assets +	4,008	4,369	4,776	5,248	6,432	8,431	12,604	15,258	16,492
Building	1,728.58	1,825.86	1,891.07	2,055.77	2,209.47	2,462.70	5,054.62	5,652.45
Other fixed assets	9,863.26	11,188.32	12,305.10	13,259.04	15,467.84	19,359.66	25,211.71	29,522.50
Gross Block	11,591.84	13,014.18	14,196.17	15,314.81	17,677.31	21,822.36	30,266.33	35,174.95
Accumulated Depreciation	7,539.47	8,601.30	9,376.27	10,066.46	11,245.24	13,391.01	17,662.57	19,917.01
CWIP	0	0	0	0	0	0	0	0	0
Investments	238,461	289,446	389,305	438,823	449,264	511,582	1,005,682	1,186,473	1,280,216
Other Assets +	860,717	998,991	1,186,750	1,355,435	1,667,238	2,010,419	3,011,909	3,190,379	3,611,333
Cash Equivalents	97,138	39,372	62,997	86,648	118,791	103,918	165,659	132,227	200,707
Loans n Advances	1,830	1,955	2,656	3,527	4,289	5,201	17,439	16,646	3,050,783
Other asset items	761,749	957,664	1,121,096	1,265,260	1,544,158	1,901,300	2,828,811	3,041,505	359,843
Total Assets	1,103,186	1,292,806	1,580,830	1,799,507	2,122,934	2,530,432	4,030,194	4,392,110	4,908,041

💰 Cash Flow Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	17,214	-62,872	-16,869	42,476	-11,960	20,814	19,069	127,242	113,506
Profit from operations	36,737	44,497	54,764	65,619	70,781	79,722	91,618	117,642	133,545
Loans Advances	-120,305	-176,608	-185,500	-155,681	-248,946	-254,569	-312,488	-169,918	-340,271
Operating investments	-28,231	-51,458	-101,070	-50,157	-10,849	-64,182	-88,412	-180,363	-102,573
Operating Deposits	145,241	134,128	223,704	187,514	224,282	324,660	336,965	334,011	388,740
Other WC items	-6,218	-932	2,110	8,203	-32,389	-48,450	14,229	45,578	56,721
Working capital changes	-9,513	-94,870	-60,756	-10,121	-67,902	-42,541	-49,706	29,308	2,617
Direct taxes	-10,010	-12,498	-10,877	-13,021	-14,838	-16,367	-22,843	-19,709	-22,656
Cash from Investing Activity +	-842	-1,503	-1,403	-1,823	-2,051	-2,992	16,600	-3,651	6,363
Fixed assets purchased	-848	-1,621	-1,636	-1,696	-2,236	-3,467	-4,287	-4,076	-3,890
Fixed assets sold	10	22	19	15	20	43	100	101	528
Investments sold	0	0	0	0	0	0	9,501	192	0
Invest in subsidiaries	0	0	0	0	0	0	0	-67	-81
Redemp n Canc of Shares	0	0	0	0	0	0	0	0	9,806
Acquisition of companies	-14	0	0	0	0	0	0	0	0
Other investing items	11	95	214	-142	165	432	11,287	200	0
Cash from Financing Activity +	57,378	23,131	24,394	-7,321	48,124	23,941	-3,983	-102,478	-59,005
Proceeds from shares	13,006	26,690	1,849	1,760	2,610	3,416	5,250	6,346	5,108
Proceeds from debentures	0	0	744	356	8,313	23,000	2,350	1,182	700
Redemption of debentures	0	-2,875	0	-1,105	-3,650	-12,077	-230	-500	0
Proceeds from borrowings	0	3,266	28,358	0	44,308	18,007	0	0	0
Repayment of borrowings	0	0	0	-8,389	0	0	-7,343	-97,063	-48,895
Dividends paid	-2,831	-4,096	-6,631	0	-3,592	-8,605	-8,404	-14,826	-20,706
Other financing items	47,203	145	75	56	136	199	4,394	2,383	4,788
Net Cash Flow	73,750	-41,244	6,122	33,332	34,113	41,762	31,687	21,113	60,864
Free Cash Flow	16,377	-64,470	-18,486	40,796	-14,176	17,390	14,882	123,267	110,144
CFO/OP	49%	-72%	-8%	73%	4%	35%	38%	98%	97%

📈 Key Financial Ratios

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROE %	18%	17%	16%	16%	17%	17%	17%	14%	14%

🏭 Industry Peers — Private Sector Bank

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	HDFC Bank ★	₹786	15.9	₹1,209,443	7.0%	+8.1%	63
2	Kotak Mah. Bank	₹382	20.2	₹380,303	8.2%	+4.8%	61
3	ICICI Bank	₹1,291	17.1	₹924,767	7.2%	+9.3%	60
4	T N Merc. Bank	₹765	9.1	₹12,108	7.5%	+28.0%	54
5	Karur Vysya Bank	₹295	12.4	₹28,541	7.4%	+39.1%	52
6	DCB Bank	₹189	8.3	₹6,099	7.4%	+16.1%	52
7	CSB Bank	₹398	11.1	₹6,898	7.1%	+0.7%	46
8	Federal Bank	₹297	17.9	₹73,166	7.0%	+15.9%	44
9	RBL Bank	₹342	25.7	₹21,126	5.8%	+234.4%	44

★ HDFCBANK is the top-ranked techno-fundamental pick in Private Sector Bank

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	49.21%	48.30%	48.84%	48.38%	47.67%	44.05%
DIIs	34.37%	35.68%	35.77%	36.07%	37.00%	40.14%
Government	0.18%	0.18%	0.18%	0.18%	0.18%	0.18%
Public	16.23%	15.84%	15.19%	15.33%	15.11%	15.64%
No. of Shareholders	39,24,442	38,29,146	37,25,911	37,01,272	36,50,087	42,30,425

🟢 CATALYSTS

🏆Analyst Upside (33%): Mean target of ₹1041 above current price.

💹Low Beta (0.49): Less volatile than market — defensive play.

🔀Sector Opportunity: Financial Services / Banks - Regional — positioned in growth sector.

🔴 RISKS

📜Revenue Decline (-1.8%): Top-line shrinking — negative trend.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Financial Services space.

🕸 Factor Analysis · Radar

Momentum 4/10
1M +7.3%, 6M -22.1%, RSI 45, MACD bullish, Below 200DMA

Sentiment 9/10
Analyst upside +32.6%, Rec: strong buy

Value 7/10
P/E 17.5, P/B 2.1, PEG 0.89

Quality 6/10
ROE 13.8%, Margin 26.8%

Low Volatility 10/10
Beta 0.49, Ann. vol 19%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 32.6% analyst upside	OPM of 41% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-3.62%)	Miss further upside if momentum continues; 1M return of +7.3% shows momentum
SELL	Lock in -16.6% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 32.6% with mean target of ₹1,041
Operating margin of 41% shows pricing power (sector norm: 30%)

REASONS TO SELL / AVOID

FII stake falling (-3.62%) — institutional exit signal

📰 Latest News

Asian Equities Traded in the US as American Depositary Receipts Slightly Lower in Monday Trading

MT Newswires · 2026-04-27T14:47

Is HDFC Bank (HDB) One of the Best Indian Stocks to Buy According to Hedge Funds?

Insider Monkey · 2026-04-24T16:41

Asian Equities Traded in the US as American Depositary Receipts Rise in Friday Trading

MT Newswires · 2026-04-24T14:48

HSBC vs. HDB: Which Stock Should Value Investors Buy Now?

Zacks · 2026-04-22T15:40

Asian Equities Traded in US as ADRs Fall in Tuesday Trading

MT Newswires · 2026-04-21T14:37

HDFC Bank Ltd (HDB) Q4 2026 Earnings Call Highlights: Strong Deposit Growth and Strategic ...

GuruFocus.com · 2026-04-20T07:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

46/100

HDFC Bank Limited trades at ₹785.10 with a composite risk score of 46/100. The stock scores 20/25 on valuation, 9/25 on financial health, 8/25 on growth, and 9/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 32.6% with a mean target of ₹1041. Revenue growth is at -1.8% — a concern.

Bottom Line: Neutral for Financial Services — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE UPSIDE POTENTIAL CHEAP