HDFCBANK
HDFC Bank share price & financials
- Price
- ₹779.8
- Market cap
- ₹11.4L Cr
- Sector
- Financial Services
- Calls analysed
- 8
HDFC Bank Q1 FY27
What went well
- Adjusted PAT growth for Q1 FY27 was 9.8% YoY, indicating underlying strength despite one-time items.
- Balance sheet growth remained robust at 13.5% YoY, demonstrating continued expansion.
- Strong advances growth across key segments: corporate and wholesale at 18%, MSME at 22.3%, unsecured business at 20%, and mortgages at 14%.
What to watch
- CASA ratio declined to 34%, below pre-merger levels of 38-40%, though management is focused on improving it.
- Margins have not yet bottomed out, with potential for 40-50 basis points change in cost of funds, not expected to change in a hurry.
What HDFC Bank does
HDFC Bank is a full-service private-sector bank offering retail, wholesale/corporate and treasury banking, earning mainly from net interest income on its lending book (mortgages, auto/wheels, personal loans, credit cards and corporate/MSME loans) and from fee income on cards, transactions and third-party product distribution. Following its merger with parent HDFC Limited it also originates home loans and cross-sells liability and credit products to that customer base. Beyond the bank, the group operates through subsidiaries spanning NBFC lending, life and general insurance, asset management and broking.
Segments
- Retail Banking
- Wholesale Banking
- Treasury
- Other Banking Operations
- Branch network
- 9,689 branches
- Customer base
- ~101 million
- Mobile app registered customers
- Over 60 million
- Branch footprint mix
- Spread across metro, urban, semi-urban and rural India, with roughly half of branches in semi-urban and rural locations
- Mortgage sourcing coverage
- Over 7,800 locations
- MSME / business banking
- Market leader in India
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 1 delivered 4 missed 14 open- Business Banking (MSME) Growth delivered said Q4 FY26 Promised: we've grown at about 20% year-on-year, and that will continue to also be in that range of 18% to 20%, 21% Q1 FY27: Target exceeded. MSME segment growth was reported at 22.3% YoY, above the guided range of 18-21%.
- PSL Shortfall (SMF/Weaker Section) went quiet said Q2 FY25 Promised: percentage point or so that we do need to close Q1 FY27: Not mentioned. The original deadline of FY25 has long passed.
- Net Interest Margin (NIM) revised down said Q4 FY25 Promised: little bit of a trough in the coming months before it starts to pick up and stabilize Q1 FY27: Guidance further weakened. Management stated margins have 'not yet bottomed out' and cost of funds opportunity will 'not change in a hurry', walking back the previous 'range bound' outlook.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 3.7%, net profit up 19.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83,002 | 85,040 | 86,779 | 87,372 | 86,994 +5% | 87,067 +2% | 87,182 +0% | 90,575 +4% |
| Net profit | 18,627 | 18,340 | 19,285 | 17,090 | 20,364 +9% | 20,691 +13% | 21,074 +9% | 20,383 +19% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −26.7% 1Y
1Y: ₹965.9 on 10 Sept 2025 → ₹708.25. High ₹1,009.5 (27 Nov 2025), low ₹687.1 (9 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.1%
- 18 Jul
- Q4 FY26
- −0.6%
- 18 Apr
- Q3 FY26
- −0.3%
- 17 Jan
- Q2 FY26
- +0.0%
- 18 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 26.9% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹170.8k Cr | ₹283.6k Cr | ₹336.4k Cr | ₹348.6k Cr |
| Interest | ₹77.8k Cr | ₹154.1k Cr | ₹183.9k Cr | ₹185.5k Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹46.1k Cr | ₹65.4k Cr | ₹73.4k Cr | ₹79.2k Cr |
| Net margin | 27.0% | 23.1% | 21.8% | 22.7% |
| ROE | 17.0% | 17.0% | 14.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹551 Cr | ₹555 Cr | ₹558 Cr | ₹760 Cr | ₹1.5k Cr | ₹1.5k Cr |
| Reserves | ₹209.3k Cr | ₹246.8k Cr | ₹288.9k Cr | ₹455.6k Cr | ₹537.6k Cr | ₹584.5k Cr |
| Borrowings | ₹177.7k Cr | ₹227.0k Cr | ₹256.5k Cr | ₹730.6k Cr | — | ₹588.5k Cr |
| Deposits | ₹1333.7k Cr | ₹1558.0k Cr | ₹1882.7k Cr | ₹2376.9k Cr | — | ₹3099.6k Cr |
| Other liabilities | ₹78.3k Cr | ₹90.6k Cr | ₹101.8k Cr | ₹466.3k Cr | ₹577.9k Cr | ₹633.5k Cr |
| Total liabilities | ₹1799.5k Cr | ₹2122.9k Cr | ₹2530.4k Cr | ₹4030.2k Cr | ₹4514.7k Cr | ₹4907.7k Cr |
| Fixed assets | ₹5.2k Cr | ₹6.4k Cr | ₹8.4k Cr | ₹12.6k Cr | ₹15.5k Cr | ₹16.5k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹438.8k Cr | ₹449.3k Cr | ₹511.6k Cr | ₹1005.7k Cr | ₹1250.4k Cr | ₹1280.2k Cr |
| Other assets | ₹1355.4k Cr | ₹1667.2k Cr | ₹2010.4k Cr | ₹3011.9k Cr | ₹3248.8k Cr | ₹3611.0k Cr |
| Total assets | ₹1799.5k Cr | ₹2122.9k Cr | ₹2530.4k Cr | ₹4030.2k Cr | ₹4514.7k Cr | ₹4907.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −7.02 pp while DIIs added +5.98 pp. The shareholder count grew 22% to 45,32,753.
- FIIs
- 41.8%
- DIIs
- 41.8%
- Government
- 0.2%
- Public
- 16.3%
Since Jun 2025
- FIIs −7.02 pp
- DIIs +5.98 pp
- Public +1.08 pp
How it drifted, 12 quarters
Over this window DIIs went from 30.4% to 41.8% — +11.4 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 52.1%, DIIs 30.4%, Government 0.2%, Public 17.3%.Dec '23: FIIs 52.3%, DIIs 30.5%, Government 0.2%, Public 17.0%.Mar '24: FIIs 47.8%, DIIs 33.3%, Government 0.2%, Public 18.6%.Jun '24: FIIs 47.2%, DIIs 35.2%, Government 0.2%, Public 17.4%.Sep '24: FIIs 48.0%, DIIs 35.0%, Government 0.2%, Public 16.8%.Dec '24: FIIs 49.2%, DIIs 34.4%, Government 0.2%, Public 16.2%.Mar '25: FIIs 48.3%, DIIs 35.7%, Government 0.2%, Public 15.8%.Jun '25: FIIs 48.8%, DIIs 35.8%, Government 0.2%, Public 15.2%.Sep '25: FIIs 48.4%, DIIs 36.1%, Government 0.2%, Public 15.3%.Dec '25: FIIs 47.7%, DIIs 37.0%, Government 0.2%, Public 15.1%.Mar '26: FIIs 44.0%, DIIs 40.1%, Government 0.2%, Public 15.6%.Jun '26: FIIs 41.8%, DIIs 41.8%, Government 0.2%, Public 16.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Flexi Cap Fund Mutual fund newly disclosed 1.19% held
- Kotak Flexicap Fund Mutual fund newly disclosed 1.17% held
- Mirae Asset Large Cap Fund Mutual fund newly disclosed 1.16% held
- ICICI Prudential Large Cap Fund Mutual fund +0.56 pp 4.84% held
- Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees Mutual fund +0.43 pp 2.93% held
- NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF +0.25 pp 3.02% held
- UTI Nifty 50 ETF Mutual fund +0.13 pp 2.46% held
- Life Insurance Corporation Of India Insurer +0.10 pp 4.77% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HDFC Bank above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| SBI Nifty 50 ETF Mutual fund | 7.48% | unchanged |
| ICICI Prudential Large Cap Fund Mutual fund | 4.84% | +0.56 pp |
| Life Insurance Corporation Of India Insurer | 4.77% | +0.10 pp |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 3.05% | +0.07 pp |
| NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF | 3.02% | +0.25 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees Mutual fund | 2.93% | +0.43 pp |
| UTI Nifty 50 ETF Mutual fund | 2.46% | +0.13 pp |
| Government Of Singapore - E Sovereign | 2.17% | −0.22 pp |
| Government Pension Fund Global Sovereign | 1.34% | unchanged |
| Vanguard Total International Stock Index Fund Global fund house | 1.25% | unchanged |
| Vanguard Emerging Markets Stock Index Fund, a Series of Vanguard International Equity Index Funds Global fund house | 1.19% | unchanged |
| Parag Parikh Flexi Cap Fund Mutual fund | 1.19% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HDFCBANK
Filings to Aug 2026
2 new, 22 added, 20 trimmed, 0 sold out — net +63.85 L shares (+0.4%).
- Held by funds
- ₹110.8k Cr
- 83 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹21.1k Cr · 9.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹21.1k Cr | +15.62 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹14.4k Cr | +20.20 L | Aug '21 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹6.8k Cr | held | Dec '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹6.6k Cr | +18.74 L | Jan '19 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹4.7k Cr | held | Sep '12 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹4.7k Cr | held | Dec '22 |
| SBI Large Cap Fund SBI Mutual Fund | ₹4.3k Cr | held | Aug '21 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹3.7k Cr | held | Sep '12 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
22 added, 20 trimmed — net +63.85 L shares (+0.4%)
- Funds are sitting on
- -3%
- vs est. average cost
- Held by funds
- ₹110.8k Cr
- 83 schemes · ≈ 11% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹21.1k Cr · 9.8% of that fund
- Longest holder
- Nippon India Large Cap Fund
- 14y · since Sep '12
Shares held by these funds +46%
Aug '23 153.96 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse HDFC Bank
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