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Earnings transcript
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HDB
HDFC Bank Limited
$22.18
0.38
(1.74%)
| Exchange: | NYSE |
| Market Cap: | 113.769B |
| Shares Outstanding: | 795.466M |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Banks – RegionalView industry performance | |||||
| CEO: | Sashidhar Jagdishan | |||||
| Full Time Employees: | 211206 | |||||
| Address: |
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| Website: | https://www.hdfc.bank.in |
HDFC Bank Limited is a prominent financial institution providing a comprehensive suite of banking and financial services, catering to both individual and corporate clients across India, Bahrain, Hong Kong, and Dubai. The bank organizes its operations into several key segments: Treasury, Retail Banking, Wholesale Banking, Other Banking Business, and Unallocated. Its offerings include a wide array of deposit products such as savings, salary, current, rural, public provident fund, and pension accounts, alongside Demat accounts for investments. Customers can also opt for fixed and recurring deposits, safe deposit lockers, offshore accounts and deposits, overdraft facilities against fixed deposits, and sweep-in options. HDFC Bank extends a diverse range of lending solutions, encompassing personal, home, vehicle (car and two-wheeler), business, educational, gold, consumer, and rural loans. It also provides specialized financing against properties, securities, rental receivables, and assets, as well as tailored loans for professionals and participation in government-sponsored schemes. Furthermore, the bank offers credit card-linked loans, working capital financing, and funding for commercial/construction equipment, healthcare/medical devices, and commercial vehicles. Dealer finance, term loans, and professional loans complete its extensive lending portfolio. Beyond lending, the bank issues credit, debit, prepaid, and forex cards, and facilitates various payment and collection services. These include export, import, remittance, bank guarantees, letters of credit, trade finance, hedging solutions, and comprehensive merchant and cash management services. Clients can also access insurance and investment products through HDFC Bank. For its corporate and institutional clients, HDFC Bank provides short-term finance, bill discounting, structured finance, export credit, loan syndication, and document collection services. The bank embraces digital innovation, offering online, wholesale, mobile, and phone banking, alongside instant payment systems like UPI, IMPS, NEFT, and RTGS. Additional services include channel and vendor financing, reimbursement accounts, money market operations, derivatives, employee trusts, solutions for cash-surplus corporates, tax payment services, and acting as bankers to rights/public issues. It also delivers bespoke financial solutions for supply chain partners and agricultural clients. As of March 31, 2022, HDFC Bank maintained a substantial physical presence, operating 21,683 banking outlets, including 6,342 branches and 18,130 automated teller machines (ATMs) across 3,188 cities and towns. Established in 1994, HDFC Bank Limited is headquartered in Mumbai, India.
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Revenue Segmentation
Revenue by type
Revenue by region
HDB full analysis
Hey everyone, welcome back to MarketSnap. HDFC Bank just posted a quarter that flipped the story on its head — deposits up almost nineteen percent, margins management calling the bottom, and a new CEO waiting in the wings — and yet the stock is down more than thirty percent over the past year while its regional banking peers are up nearly thirty. That gap is either a screaming opportunity or a warning sign, and today we're going to figure out…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| HDB | HDFC Bank Limited | 113.8B | 13.3 | 14.3 | 1.6% |
 MFG | Mizuho Financial Group, Inc. | 116.6B | 13.8 | 15.4 | 0.5% |
 IBN | ICICI Bank Limited | 104.7B | 17.0 | 19.8 | 1.9% |
 USB | U.S. Bancorp | 92.6B | 11.6 | 11.3 | 5.0% |
 PNC | The PNC Financial Services Group, Inc. | 90.5B | 12.1 | 12.0 | 4.9% |
 LYG | Lloyds Banking Group plc | 71.9B | 9.6 | 9.1 | 1.3% |
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 3,520,857,100 | 4,194,985,200 | 5,213,303,040 |
| Gross Profit | 1,853,871,200 | 2,190,128,100 | 2,981,069,008 |
| EBITDA | 757,807,300 | 924,567,500 | 1,115,891,974 |
| Operating Income | 705,459,000 | 861,546,200 | 1,074,741,274 |
| Net Income | 622,656,600 | 673,508,300 | 799,951,909 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 44,118,573,000 | 43,924,174,200 | 48,108,748,395 |
| Total Liabilities | 36,232,390,200 | 38,542,689,900 | 42,144,759,718 |
| Total Stockholders Equity | 4,563,952,500 | 5,217,893,900 | 5,744,570,697 |
| Total Debt | 8,093,552,100 | 6,346,055,700 | 5,768,341,396 |
| Cash and Cash Equivalents | 3,425,973,300 | 3,222,323,100 | 3,057,507,536 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 190,693,400 | -2,067,691,100 | 1,763,604,876 |
| Capital Expenditure | -42,867,200 | -40,758,900 | -40,930,605 |
| Free Cash Flow | 147,826,200 | -2,108,450,000 | 1,722,674,271 |
| Net Income | 751,841,400 | 707,922,500 | 799,951,909 |
| Net Change in Cash | 698,636,200 | 211,133,900 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,907,792,561.300 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 3,442,547,374.361 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 3,159,987,875.418 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 1,581,318,148.517 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 1,959,405,610.712 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 1,759,627,702.370 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 1,201,495,141.230 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 1,496,416,559.380 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 1,340,582,817.364 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 590,909,601.849 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 699,580,267.659 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 642,159,692.601 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 260.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 290.980 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 233.630 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 10 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Sustained top-line and bottom-line expansion: FY revenue grew from ~1.60T (2022) to ~5.21T (2026), with net income rising from ~386B to ~800B over the same period; FY2026 net income grew ~18.8% YoY on ~24.3% revenue growth, indicating operating leverage.
- Profitability and balance-sheet scale: net profit margin TTM of ~15.9% and ROE TTM of ~13.7%, against total assets of ~48.1T and stockholders' equity of ~5.74T (FY2026).
- Low market sensitivity: beta of 0.422 suggests defensive characteristics relative to broad market volatility.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates HDB intrinsic value between $4.07 – $8.95 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about HDB valuation
Is HDFC Bank Limited (HDB) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for HDFC Bank Limited (HDB) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is HDB a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether HDB trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is HDB’s P/E ratio?
You can see HDB’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for HDB?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is HDB a good long-term investment?
Whether HDB fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
HDB
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Daily snapshot
1.74
Trading Metrics:
| Open: | 22.02 | Previous Close: | 21.8 | |
| Day Low: | 22.01 | Day High: | 22.31 | |
| Year Low: | 21.36 | Year High: | 37.35 | |
| Price Avg 50: | 22.72 | Price Avg 200: | 25.86 | |
| Volume: | 7.169M | Average Volume: | 9.392M |
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