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India's largest private-sector bank, offering retail, corporate and wealth banking after merging with mortgage lender HDFC.
India's largest private-sector bank, offering retail, corporate and wealth banking after merging with mortgage lender HDFC.
Earns mostly from the spread between low-cost savings and current-account deposits and loans, with a branch network that funds retail and corporate lending cheaply. Its 2023 merger with its parent, the mortgage lender HDFC Ltd, added a large home-loan book that now has to be funded with more deposits.
In one line: India's JPMorgan Chase / Wells Fargo for retail banking.
Moat: wide (scale, brand, distribution). Largest private-bank branch/ATM network and low-cost deposit franchise built over three decades.
Headquarters: Mumbai, India · Founded: 1994 · Employees: 211,206
Size HDFC Bank (HDFCBANK.NS) is an India Financials company (Major Banks) with a market value of $129B, the 4th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹788.25 on 6 Nov 2026.
Performance Over six months the shares fell 1.0%, against +9.6% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +3.0%); the operating margin is 34.9% (peer median 38.3%).
Valuation It trades at 2.00× book value against a peer median of 1.61× (6th most expensive of 21).
Price implies The share price implies a return on equity of about 24.8%; HDFC Bank delivers 13.9%, so the price asks more than the business earns today.
Next results Next results expected around 18 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹5.06T | ₹5.03T | ₹4.75T | ₹4.01T | ₹2.05T |
| Revenue growth | — | +6% | +18% | +95% | — |
| Net income | ₹801B | ₹760B | ₹708B | ₹641B | ₹460B |
| Free cash flow | n/a | ₹1.64T | ₹1.39T | ₹754B | ₹114B |
| Capital expenditure | n/a | ₹38.9B | ₹40.8B | ₹42.9B | ₹34.7B |
| Total debt | ₹5.94T | ₹6.25T | ₹6.71T | ₹7.52T | ₹2.84T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| HDFC Bank HDFCBANK.NS | $129B | -1% | +5% | 14% | 2.00× | 24.8% |
| ICICI Bank ICICIBANK.NS | $119B | +23% | +8% | 16% | 2.89× | 36.7% |
| Kotak Mahindra Bank KOTAKBANK.NS | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% |
| Axis Bank AXISBANK.NS | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% |
| State Bank of India SBIN.NS | $99.5B | -7% | +6% | 15% | 1.40× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HDFCBANK.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +2.7% | highest of 21 |
| 6-month return | -1.0% | +9.6% | lowest of 21 |
| Return on equity | 13.9% | 12.9% | 5th highest of 21 |
| Price / book | 2.00× | 1.61× | 6th most expensive of 21 |
| Trailing P/E | 15.2× | 12.0× | 7th most expensive of 20 |
| ROE the price implies | 24.8% | 14.4% | 3rd most demanding of 21 |
| ROE delivered | 13.9% | 12.9% | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |