Hdfc Bank LTD is a US-listed company in the diversified banks industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $26.4bn, up 1.7% on a year earlier, slower than the 15.7% growth a quarter earlier. That puts it 13 of 14 for growth among the diversified banks companies we cover.
Our model value for Hdfc Bank is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Hdfc Bank LTD's trailing-twelve-month revenue grew 1.7% year on year, with a free-cash-flow margin of 45.8%. Where it lags: change in growth rate of -14.0pp ranks 14 of 14 diversified banks companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 1.7% (-14.0pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for HDB from the sources we follow. See filings →
No model value for Hdfc Bank LTD at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Hdfc Bank LTD as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$30 ~$21–$44 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$31 ~$27–$39 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$25 ~$16–$35 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$14 ~$18–$26 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$15 ~$17–$23 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$34 ~$28–$43 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hdfc Bank LTD with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: January 16, 2027, after the close.
No analyst estimates are published for Hdfc Bank LTD: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.39 | $0.40 | +2.9% |
| Jun 2026 | $0.39 | $0.38 | −1.8% |
| Mar 2026 | $0.39 | $0.40 | +4.3% |
| Dec 2025 | $0.39 | $0.40 | +1.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY15 Q4 | $4.9B |
| FY16 Q4 | $5.6B |
| FY17 Q4 | $6.3B |
| FY18 Q4 | $7.9B |
| FY19 Q4 | $8.5B |
| FY20 Q4 | $9.5B |
| FY21 Q4 | $10.5B |
| FY22 Q4 | $12B |
| FY23 Q4 | $14.1B |
| FY24 Q4 | $22.4B |
| FY25 Q4 | $25.9B |
| FY26 Q4 | $26.4B |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY15 Q4 | 19.7% |
| FY16 Q4 | 15.0% |
| FY17 Q4 | 12.5% |
| FY18 Q4 | 24.6% |
| FY19 Q4 | 8.1% |
| FY20 Q4 | 11.5% |
| FY21 Q4 | 10.8% |
| FY22 Q4 | 13.7% |
| FY23 Q4 | 17.7% |
| FY24 Q4 | 58.9% |
| FY25 Q4 | 15.7% |
| FY26 Q4 | 1.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY15 Q4 | 33.6% |
| FY16 Q4 | 43.5% |
| FY17 Q4 | 86.4% |
| FY18 Q4 | 16.7% |
| FY19 Q4 | 28.0% |
| FY20 Q4 | 22.7% |
| FY21 Q4 | 115.5% |
| FY22 Q4 | 62.2% |
| FY23 Q4 | 38.3% |
| FY24 Q4 | 52.2% |
| FY25 Q4 | 51.6% |
| FY26 Q4 | 45.8% |
What Hdfc Bank earned on its loans and securities in FY2026, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.
| Interest income | $38.1B | |
|---|---|---|
| Fee and other income | $11.3B | 39.9% of revenue |
| Interest paid | $21.1B | |
| Net interest income | $17B | 60.1% of revenue |
| Revenue | $28.3B | |
| Non-interest expense | $15.3B | 54.2% of revenue |
| Credit-loss provisions | $1.9B | 6.7% of revenue |
| Pre-tax profit | $11.1B | 39.1% of revenue |
| Income tax | $2.4B | 8.5% of revenue |
| Other | $669M | 2.4% of revenue |
| Net income | $8B | 28.2% of revenue |
| Fiscal year | 2010 Mar 2010 | 2011 Mar 2011 | 2012 Mar 2012 | 2013 Mar 2013 | 2014 Mar 2014 | 2015 Mar 2015 | 2016 Mar 2016 | 2017 Mar 2017 | 2018 Mar 2018 | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 2.2 | 3.2 | 3.6 | 3.9 | 4.1 | 4.9 | 5.6 | 6.3 | 7.9 | 8.5 | 9.5 | 10.5 | 12.0 | 14.1 | 22.4 | 25.9 | 26.4 |
| Net income | 0.5 | 0.9 | 1.0 | 1.1 | 1.3 | 1.6 | 1.8 | 2.1 | 2.8 | 3.2 | 3.7 | 4.4 | 5.2 | 6.2 | 7.5 | 8.0 | 8.0 |
| Diluted EPS | $0.18 | $0.29 | $0.33 | $0.36 | $0.41 | $0.50 | $0.53 | $0.61 | $0.79 | $0.87 | $1.00 | $1.19 | $1.40 | $1.66 | $1.60 | $1.59 | $1.55 |
| Growth (year on year) | |||||||||||||||||
| Revenue | +18.0% | +43.5% | +12.2% | +7.4% | +6.0% | +19.7% | +15.0% | +12.5% | +24.6% | +8.1% | +11.5% | +10.8% | +13.7% | +17.7% | +58.9% | +15.7% | +1.7% |
| Net income | +56.5% | +74.6% | +15.4% | +8.9% | +15.8% | +23.3% | +11.1% | +16.2% | +32.1% | +13.9% | +16.5% | +19.6% | +18.0% | +19.2% | +21.8% | +5.9% | +0.2% |
| Diluted EPS | +47.8% | +64.7% | +14.6% | +7.6% | +14.8% | +21.3% | +6.8% | +14.9% | +30.1% | +9.9% | +14.5% | +19.2% | +17.1% | +18.7% | −3.4% | −0.6% | −2.3% |
| Margins | |||||||||||||||||
| Net margin | 23.3% | 28.3% | 29.1% | 29.5% | 32.2% | 33.2% | 32.1% | 33.1% | 35.1% | 37.0% | 38.6% | 41.7% | 43.3% | 43.8% | 33.6% | 30.8% | 30.3% |
| Free-cash-flow margin | 97.6% | 30.4% | 17.3% | 29.4% | 47.7% | 33.6% | 43.5% | 86.4% | 16.7% | 28.0% | 22.7% | 115.5% | 62.2% | 38.3% | 52.2% | 51.6% | 45.8% |
| Cash flow | |||||||||||||||||
| Cash from operations | 2.3 | 1.1 | 0.8 | 1.3 | 2.1 | 1.8 | 2.6 | 5.7 | 1.5 | 2.6 | 2.4 | 12.4 | 7.8 | 5.9 | 12.4 | 14.1 | 12.7 |
| Capital spending | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.3 | 0.2 | 0.4 | 0.5 | 0.7 | 0.8 | 0.6 |
| Free cash flow | 2.2 | 1.0 | 0.6 | 1.1 | 2.0 | 1.6 | 2.4 | 5.5 | 1.3 | 2.4 | 2.2 | 12.2 | 7.4 | 5.4 | 11.7 | 13.4 | 12.1 |
| Stock-based pay | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 |
| Free cash flow after stock pay | 2.1 | 0.9 | 0.5 | 1.0 | 1.9 | 1.5 | 2.3 | 5.3 | 1.2 | 2.3 | 2.1 | 12.0 | 7.3 | 5.2 | 11.5 | 13.1 | 11.8 |
| Balance sheet | |||||||||||||||||
| Cash | 6.6 | 6.5 | 3.7 | 4.0 | 6.2 | 5.5 | 5.7 | 6.6 | 8.8 | 10.6 | 8.1 | 12.7 | 14.8 | 16.9 | 25.0 | 23.2 | 27.2 |
| Total debt | 3.9 | 3.8 | 5.7 | 8.1 | 9.1 | 10.8 | 11.7 | 16.2 | 26.3 | 24.6 | 18.6 | 19.3 | 27.8 | 38.3 | 95.5 | 84.0 | 68.9 |
| Net debt (negative = net cash) | −2.7 | −2.7 | 2.0 | 4.1 | 2.9 | 5.3 | 6.0 | 9.6 | 17.5 | 13.9 | 10.5 | 6.6 | 13.0 | 21.4 | 70.5 | 60.7 | 41.8 |
| Diluted shares | 2,946m | 3,123m | 3,143m | 3,181m | 3,211m | 3,263m | 3,394m | 3,434m | 3,485m | 3,609m | 3,671m | 3,682m | 3,709m | 3,725m | 4,738m | 5,106m | 5,135m |
| Returned to shareholders | |||||||||||||||||
| Dividends | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.9 | 0.0 | 0.5 | 1.1 | 1.0 | 1.9 | 2.5 |
| Buybacks | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — | — | — | — | — |
| Total returned | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | 0.9 | 0.0 | 0.5 | 1.1 | 1.0 | 1.9 | 2.5 |
| Last 12 months unless stated | HDB | BMO | BNS | PNC | USB | CM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $26.4bn | $25.9bn | $27.0bn | $25.0bn | $29.7bn | $20.8bn | $28.3bn |
| Revenue growth, last 12 months | 1.7% | 7.5% | 9.0% | 13.2% | 6.7% | 10.6% | 9.6% |
| Revenue growth, 3-year average | 86.1% | — | — | 4.1% | 3.2% | — | 4.9% |
| Revenue growth, latest quarter | — | — | — | 21.4% | 10.1% | — | 10.1% |
| Net margin | 30.3% | 24.0% | 20.6% | 29.4% | 27.5% | 28.9% | 27.2% |
| Cash from operations / revenue | 48.1% | 28.2% | 14.3% | 29.9% | 42.2% | 47.5% | 30.6% |
| Free-cash-flow margin | 45.8% | 22.2% | 10.1% | 28.4% | — | — | 24.3% |
| Free-cash-flow margin, 3-year average | 41.6% | 64.8% | 7.5% | 29.2% | — | — | 27.9% |
| Stock pay / revenue | 1.0% | — | 0.0% | 1.1% | 0.7% | 0.1% | 1.6% |
| Change in share count | 0.6% | −0.7% | 1.3% | 0.1% | −0.3% | −0.1% | −0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 1.7% | 10.2% | 13 of 14 |
| Change in growth rate Growth | -14.0pp | +1.8pp | 14 of 14 |
| Net margin Profitability | 30.3% | 27.5% | 4 of 14 |
| Stock pay as % of revenue Cash generation | 1.0% | 1.7% | 4 of 8 |
| Change in share count Balance sheet | 0.6% | -0.3% | 13 of 14 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Morgan Stanley | $1.4B | 53.3M | 8.2% | ▲ 72.9% |
| Royal Bank Of Canada | $1.1B | 43.2M | 6.7% | ▲ 1.9% |
| Schroder Investment Management Group | $565M | 21.8M | 3.4% | ▼ 3.2% |
| Jpmorgan Chase & Co | $495M | 19.1M | 2.9% | ▲ 4.5% |
| Bank Of America Corp | $446M | 17.3M | 2.7% | ▲ 63.5% |
| Fil Ltd | $433M | 16.8M | 2.6% | ▲ 0.4% |
| Temasek Holdings (Private) Ltd | $395M | 15.3M | 2.4% | ▲ 21.9% |
| Robeco Institutional Asset Management B.V. | $380M | 14.7M | 2.3% | ▲ 17.3% |
| Fisher Asset Management, LLC | $301M | 11.7M | 1.8% | ▼ 4.6% |
| Lazard Asset Management LLC | $295M | 11.4M | 1.8% | ▲ 4.4% |
| Brown Advisory Inc | $292M | 11.3M | 1.7% | ▲ 18.1% |
| Harding Loevner LP | $287M | 11.2M | 1.7% | ▼ 24.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hdfc Bank LTD's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Srinivasan N Group Head - Operations | May 7, 2026 | Sell | 10,000 | $8.72 | $87,200 |
| Parthasarthy Ashish Group Head - Treasury | April 28, 2026 | Sell | 5,600 | $8.70 | $48,720 |
| Parthasarthy Ashish Group Head - Treasury | April 21, 2026 | Sell | 6,000 | $8.94 | $53,640 |
| Srinivasan N Group Head - Operations | March 23, 2026 | Sell | 10,000 | $8.21 | $82,100 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Hdfc Bank LTD shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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